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Description by Mitchell Prefer for Decrypt.
It's been a rough week. Bitcoin— and the broader crypto market — but as of yesterday, things were looking bright.
of The price of Bitcoin Now it is 63 107 US dollars. According to CoinGecko data, which was seven days ago, the percentage has decreased. This is an improvement from earlier in the week when it was trading below $57,000 per coin.
Bitcoin's midweek slump was exacerbated by Bitcoin exchange-traded funds (ETFs). Posting their bad day on the record on Wednesday. And that was later Bad week Last week as well.
Even BlackRock's highly successful iShares Bitcoin Trust experienced outflows for the first time since January, putting downward pressure on Bitcoin prices.
The sell-off came as investors reacted to news that the Federal Reserve was in no rush to cut interest rates. On Wednesday, the chairman of the central bank confirmed the same – saying that there would be no further hikes, even if inflation continues to accelerate. The Fed decided to keep the key interest rate steady.
However, it was not all bad news: the US government's agricultural payrolls report on Friday He showed. April's unemployment rate was higher than expected, causing a jump in the price of Bitcoin.
When unemployment is high, the Federal Reserve is more likely to cut interest rates. Low unemployment often means people spend more, which leads to rising prices – or inflation. Low inflation can drive interest rates lower, whetting investors' appetite for riskier assets like crypto.
Jobs figures may have lifted BTC back out of the pool. Investors who have been playing against the top cryptocurrency saw their short positions flee by $100 million yesterday.
Elsewhere, meme coins They continued running.Based on Ethereum PEPE Amazing big profits and Solana– Established Bonk We have a good week. Although it is difficult for seven days, they are more than 20% and 15%.
Other alts based on ordinal Ameld And Toncoin, began a procession on Friday. ORDI is now at $41, a 24-hour jump of 10%, and Toncoin is up 9% at $5.
Perhaps more newsworthy—certainly more shocking—is a young boy and his mother He put on a sad live show. To pick up a meme based on Solana LIVEMOM Market value of about 300,000 dollars Before disappearing in what appears to be a classic rug-pulling scam.
The coin's market value has risen to over $500,000 even after the duo spirited it. There is never a dull moment in the crypto world.
Edited by Ryan Ozawa.
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