BTC, ETH, XRP Weekly Market Recap
Crypto Market Week in Review: BTC, ETH, XRP
The cryptocurrency market experienced another week of volatility, leaving investors cautious. Bitcoin (BTC) traded sideways, while Ethereum (ETH) saw a slight dip. Ripple's XRP continued its consolidation phase, fueling speculation.
Bitcoin (BTC) Price Action
BTC closed the week near $85,000, fluctuating between $83,000 and $86,000. Despite bullish news, investor sentiment remained mixed.
- MicroStrategy's purchase: Michael Saylor's MicroStrategy purchased 3,459 BTC for $285 million, boosting its holdings and impacting MSTR stock price.
- Semler Scientific's investment: Semler Scientific announced plans to acquire $500 million in Bitcoin, despite market uncertainty and a recent DoJ settlement.
- Tariff impacts: US President Trump's announcement of tariffs on China and China's potential sale of 15,000 BTC added to market uncertainty.
- Whale activity: Bitcoin whales absorbed 300% of the new BTC supply, generating optimism among some investors about long-term price appreciation.
Ethereum (ETH) and XRP Price Movements
ETH traded around $1,600, experiencing a 3% drop over the week. Despite this, predictions of a rally to $4,800 remain, driven by the coin's position above a key resistance level.
- Selling pressure: Increased selling pressure from ETH whales this week caused concern about a possible dip below $1,500.
- ETF outflows: Ethereum ETFs experienced $32 million in outflows, adding to the uncertainty surrounding ETH price.
- Low Ethereum fees: Decreased user activity and market turmoil caused Ethereum transaction fees to plummet to their lowest level in five years.
XRP hovered around $2.08 following a volatile week. Despite the filing of 9 XRP ETFs (including Bitwise, 21Shares, Grayscale, and Canary Capital), the price has not yet reacted positively. Large XRP transactions (hundreds of millions of dollars) by whales were also observed.
The ongoing XRP lawsuit progressed, with the court granting a joint motion from Ripple and the SEC to temporarily suspend appeals. This reflects ongoing developments in the legal battle.
Disclaimer: This market analysis is for informational purposes only and should not be considered financial advice. Conduct thorough research before making any investment decisions.
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