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


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.

Master Asked on June 25, 2021 in Bitcoin.
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