This week was action-packed, and even though the broader cryptocurrency market managed to recover some of the losses from the previous period. Bitcoin maintains relative stability around $40K and seems to have reclaimed the level. Let’s unpack.
Bitcoin was sitting at around $39,000 this time last week, and we saw little to no action for quite a while. On Monday, the price dipped below $38K, but the bulls were quick to step up, and all losses were recovered by the end of the day. On Tuesday, BTC had a failed attempt to reclaim $40K, and the price was subsequently rejected below $39K once again.
The massive volatility came on Wednesday, and it was somewhat expected from many industry participants. The reason was the monthly FOMC meeting which, not surprisingly, resulted in an interest rate increase by 25 bps. This saw the BTC price shoot towards $41K and drop to $39K in a couple of consecutive hourly candles. It was up only from there, though, and the price finally broke out convincingly and has been trading above $40K ever since.
The rest of the market more or less followed similar trajectories, and the total capitalization managed to regain about $60 billion in the process. The hot story of the week, however, was the highly-anticipated airdrop of APE – the token of the Bored Ape Yacht Club ecosystem.
It launched on Thursday and, in less than 24 hours, generated billions in total trading volume, cementing its place in the top 100 cryptocurrencies by market cap from the get-go. Holders of BAYC-related NFTs received five-figures worth of cryptocurrency at the very worst, where some users reported getting tokens worth millions of dollars.
You can find everything there is to know about the Ape Coin in our extensive guide.
All in all, it was an exciting week with plenty of developments, and it seems that the market is responding favorably, at least so far.
Market Cap: $1,928B | 24H Vol: $88B | BTC Dominance: 40.3%
BTC: $40,905 (+3.9%%) | ETH: $2,896 (+10.9%) | ADA: $0.84 (+4.5%)
This Week’s Crypto Headlines You Can’t Miss
What is APE Coin? The Cryptocurrency Behind Bored Ape Yacht Club NFTs. APE coin – the cryptocurrency to power the entire ecosystem of the Bored Ape Yacht Club has launched. The coin was also airdropped to holders of BAYC-related NFTs that bagged five at least figures from the event.
Binance Awarded Limited Crypto Asset License in Dubai. The world’s leading cryptocurrency exchange – Binance – has acquired a limited crypto-asset license in Dubai The Middle East seems to be becoming a hub for blockchain-based businesses.
Rihanna Files Application To Offer Products In The Metaverse. The US trademark attorney Josh Gerben revealed that singer and businesswoman Rihanna has filed a new batch of trademark applications to start offering her company’s cosmetics in the virtual world. With this, the superstar is also venturing into the metaverse.
MetaMask Token Confirmed, DAO in the Plans. The most popular Web3 non-custodial browser – MetaMask – will be launching a token. This was confirmed by the CEO of ConsenSys, Joseph Lubin. The team will also reportedly launch a DAO to fund and work on the wallet’s growth.
HSBC Enters The Metaverse by Partnering With The Sandbox. British banking organization – HSBC – which has been a vocal critic of cryptocurrencies, has teamed up with The Sandbox. With this, the company aims to be amongst the first global banks to enter the metaverse.
NFTs are Coming to Instagram, Confirms Mark Zuckerberg. Non-fungible tokens (NFTs) will be coming to Instagram. This was confirmed by the company CEO Mark Zuckerberg, and it should happen in the “near term.” Moreover, the platform might also allow NFT minting.
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