It has been an eventful week in the cryptocurrency world. Bitcoin has continued to reach new highs, surpassing $39,000 before dropping down again. Currently, it is trading at $38,806 per coin, showing a 24-hour rise of approximately 1% and a 3% increase over the week.
One of the reasons for Bitcoin’s surge is believed to be a dovish forecast from the Federal Reserve. Governor Christopher J. Waller stated that he is increasingly confident that current policies will help slow the economy and bring inflation back to 2%. This favorable announcement influenced Bitcoin’s prices, according to James Butterfill, head of research at CoinShares.
In addition to Bitcoin’s surge, there has been a surge of interest in meme coins. However, this surge is not necessarily for positive reasons. Following the death of former Berkshire Hathaway Vice Chairman Charlie Munger, an Ethereum-based token called MUNGER started trading. It saw a significant increase of 31,000% before crashing. Similarly, after the death of Henry Kissinger, several Ethereum-based coins minted in his honor experienced a price increase.
Furthermore, meme coins related to comments made by Tesla CEO Elon Musk also started trading after he made controversial statements in an interview. Elon Musk has been involved with meme coins in the past, openly endorsing Dogecoin. Interestingly, Dogecoin has been the best-performing cryptocurrency of the week, with a nearly 8% rise in its value.
The current crypto market cap stands at $1.52 trillion, showing a 1.2% increase over the past day.
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Edited by Ryan Ozawa.
