Bitcoin Resumes Uptrend
A lot of things have happened this week in the cryptocurrency market. From Bitcoin touching levels it hadn’t seen since April 2022 to the creation of new meme coins. Here are the eye-catching events in crypto this week:
On Saturday, Bitcoin crossed $39,000. The oldest and most popular coin had not touched this level since April last year. According to data from CoinGecko, BTC is valued at $39,428 as of this writing after growing 6.32% over the past seven days.
So, what’s fueling Bitcoin’s current rally? Per analysts, the latest surge is mainly driven by statements made by Federal Reserve governor Christoper Waller. On Tuesday, the Central Bank’s top official said even though inflation in the United States was still above the institution’s target level, he was becoming more confident that monetary policies adopted by the Fed were well positioned to drop inflation to 2%.
Waller’s statement fueled investor interest in risk-on assets, including crypto and stock. Investors have been avoiding these types of assets ever since the US Central Bank started hiking interest rates in 2022 to curb inflation.
Elsewhere, several meme coins have seen their prices rally this week. The price increases came after news emerged that former Vice Chairman of Berkshire Hathaway, Charlie Munger, who was one of the biggest crypto critics, had passed away.
MUNGER Token Hits the Market Following Charlie Munger’s Death
Following his death, an ERC-20 token, MUNGER, hit the market. Within a few hours of its debut, the token had surged 30,000%. Data from GeckoTerminal shows the crypto asset is valued at $0.0721 as of this writing. Its market cap and liquidity have dropped to $15,700 and $12,950, respectively.
Moreover, following the demise of the former US Secretary of State Henry Kissinger earlier this week, several tokens were created in his honor. Their prices surged massively. Some of the tokens include Henry Kissinger Dr. Evil and Kissinger69BidenObamaInu420.
Dogecoin Surges 14.3% This Week
Meanwhile, Dogecoin ends the week as the top performer among the leading cryptocurrencies after surging 14.3% in the past seven days. The rally is attributed to Elon Musk’s recent interview, in which he accused several big companies of trying to blackmail him with money.
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