A Raging Week For Bitcoin

Quite a week we have had here as of late. From El Salvador to Paraguay to China, here’s a review of this week’s events

https://cryptopotato.com/between-china-el-salvador-and-paraguay-a-raging-week-for-bitcoin/

Unfortunately, it was another challenging week in the cryptocurrency market, though this can only be said about the developments in terms of price. Elsewhere – adoption seems to be booming, especially when it comes to Bitcoin.

Starting off with the price – bitcoin is currently trading at around $33,000, down about 13% in the past seven days. The cryptocurrency started off relatively flat, but on Monday, things took a turn for the worse, as BTC dropped from $36K down to $32K. This happened as the third-biggest bank in China announced a bank on crypto.

Then, on Tuesday, things escalated even more, and BTC dropped to below $30,000 for the first time since January 2021. Even though the price stayed there for just a few hours, if not minutes, this had the market trembling. Fortunately, BTC bounced by over $6,000, and by Wednesday, we were back above $34K. It’s been a few days of general indecisiveness ever since.

Altcoins look no better in comparison. Over the past week, Ethereum lost more than 22%, BNB – 18%, Cardano – 13%, XRP – 25%, and Polkadot’s DOT is down by a steep 33%. This had Bitcoin’s dominance over the entire market at over 45%.

Elsewhere, the entire community, perhaps not only in crypto but in tech, in general, was shaken by the news that John McAfee – legendary internet tycoon and founder of the McAfee Anti-virus, was found dead in his prison cell in Barcelona. This happened on the same day Spain’s High Court allowed for him to be extradited to the US.