Market Recap
As another week concludes, the crypto market has once again kept traders and investors vigilant. Bitcoin (BTC) experienced a sharp drop from the $64,000 level to a low of $59,000, raising alarms among investors. This decline is part of a broader trend of massive sell-offs on exchanges, causing concern.
At the same time, Pepe Coin (PEPE) and Ripple’s XRP captured significant attention. Developments surrounding the SEC lawsuit have created a buzz, but analysts remain cautious about a bullish outlook for XRP. Meanwhile, major PEPE holders have been making moves, transferring large amounts of the coin, which has drawn significant investor focus.
Bitcoin News Today
BTC faced severe turbulence this week, primarily driven by large-scale Bitcoin movements to centralized exchanges (CEXs). The U.S. and German governments both transferred significant amounts of Bitcoin to exchanges, fueling speculation amid the market's instability.
Additionally, significant whale sell-offs contributed to bearish market sentiments. Institutional investors took this as a cue to shift their focus from Bitcoin to altcoins, anticipating an impending market correction. The long-awaited repayments from the beleaguered exchange Mt. Gox, in the form of Bitcoin and Bitcoin Cash, have added to the uncertainty around Bitcoin's price.
On a brighter note, the cooling of U.S. PCE and core PCE inflation rates has injected some positive sentiment into the market. Despite this, the overall sentiment suggests that Bitcoin could see further declines.
Although Bitcoin ETFs saw four consecutive days of inflows, this hasn’t translated into significant upward momentum for Bitcoin's price. The inflows are being overshadowed by substantial sell-offs from BTC miners, hinting at miner capitulation.
BTC/USD 1-day chart - TradingView
Pepe Coin News Today
In the meantime, Pepe Coin (PEPE) exhibited significant volatility this week, with its price falling to $0.000011 at the time of writing. A savvy investor capitalized on PEPE’s price movements, selling billions of coins for an 11-fold return this week, sparking concerns over PEPE's potential peak. Adding to the buzz, a whale transferred nearly 1 trillion PEPE to Binance, exchanging it for Ethereum in light of the impending ETH ETF launch.
BTC/USD 1-day chart - TradingView
This move has cast a shadow over PEPE's future prospects, although it has generated some positive sentiment for Ethereum’s potential movements.
XRP News Today
Despite a lackluster price performance, analysts are projecting an optimistic $2 price target for XRP. This week, XRP whales purchased hundreds of millions of XRP, signaling potential upward movement for the Ripple-backed cryptocurrency.
Ripple's president, Monica Long, further fueled positive sentiment by discussing the ongoing Ripple vs. SEC lawsuit, the RLUSD stablecoin, and the potential launch of an XRP ETF. These developments have generated a wave of optimism for XRP across the crypto industry.
BTC/USD 1-day chart - TradingView
