The cryptocurrency market experienced a sharp decline during the evening of last Friday. Bitcoin’s price crashed below $70K, prompting a considerable market sell-off. The total capitalization is down by about $100 billion in the process, currently sitting at around $2.57 trillion.
The following seven days were incredibly choppy. The price plateaued during the weekend, but the bulls initiated a recovery attempt later during the week. Unfortunately, it was unsuccessful. The move toward $70K was sparked by the publishing of the CPi for the previous month. The number, which gauges the inflation in the United States, was within expectations but it showed that inflation was somewhat slightly slowing down.
Meme coins are also continuing to cause a stir. Last week saw the appearance of a meme coin launched by Andrew Tate . He and another celebrity – Iggy Azalea – are now being accused by community members of insider trading.
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