PEPE’s Crash and Burn, Bitcoin Falls to $26K, Crypto Markets in Freefall: This Week’s Roundup

In the last seven days, the cryptocurrency market has lost close to $100 billion of its total capitalization, which currently stands at $1.150 billion. It hasn’t been much fun for the market players as most coins are trading well in the red. Once again, the hottest story of the week might as well be PEPE, but not for the same reasons as last week. Let’s dive in.

First of all, Bitcoin’s price crashed by about 9% over the past week and is currently trading at around $26,500. There’s no sugar coating it – it’s just been down and buyers couldn’t catch a break. The Bears were relentless, rejecting the $30K single attempt price this time last week, and it’s been an avalanche since.

The price dipped below $29K last Saturday and failed to recover from that level. As of Monday night, it was already trading for close to $27K. The CPI announcement on Wednesday offered some hope, as BTC pumped above $28K, but it was short-lived as the correction was almost immediate. Since then, the cryptocurrency has continued to spiral downward and is found where it is currently trading at around $26,500.

Looking at altcoins, it doesn’t get much better as most of them trade well in the red. ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, DOT – all chart significant losses.

But all of the above pales in comparison to PEPE. The memecoin that ruled the market for the past few weeks seems to have finally found some kind of top and has crashed by 60% on the week and by more than 70% since the ATH.

And while it will be interesting to see if PEPE will stage a recovery, the odds don’t look very good at the moment.

All in all, market sentiment has definitely changed over the past few weeks and optimism is waning. It will be interesting to see if this is just a temporary correction or if a deeper winter is once again in the making, albeit in the summer. Sell ​​in May and walk away? Will the popular saying be true?

Market data

Market value: 1150 billion dollars | 24H Vol: $49B | BTC dominance: 44.5%

BTC: $26,455 (-9.1%) | ETH: $1,771 (-7.7%) | BNB: $306 (-5.6%)

This week’s crypto headlines you can’t miss

Terraform Labs founder Do Kwon will be released on $440,000 bail ( report ). Do Kwon – the founder of Terraform Labs, has pleaded not guilty to allegations that he traveled to Montenegro with a forged passport. He can be released on $400,000 bail.

Twitter CEO Elon Musk passes Mantle on to new CEO, takes role as CTO. The owner of Twitter – Elon Musk – will step down as the company’s CEO. Instead, he will take on the role of CTO, while a potential CEO candidate is reportedly Linda Yaccarino of NBC Universal.

Ethereum crashes to 6-week low despite ETH on exchanges falling. ETH has crashed to a six-week low despite Ethereum stored on exchanges continuing to decline. In fact, ETH on exchanges has fallen to just 10.3%.

USDC Issuer Circuit Rebalances Treasuries Amid US Debt Ceiling Crisis. The issuer of the second largest stablecoin by total market capitalization – USDC – will rebalance its treasury amid the US debt ceiling crisis. Circle prepares to avoid potential lapses.

New York Will Embrace Stablecoins as a Payment Method for Bail. Assembly bill number 7024 is aimed at giving stablecoins the status of official tender for bail bonds in the state of New York. This would be a significant step forward if it becomes a reality.

Institutions intend to buy Bitcoin in late 2023: Interview with CryptoQuant. During an interview for CryptoPotato at Consensus this year, CryptoQuant analysts shared that institutions seem intent on buying BTC in late 2023. This would also fit with other estimates that the bull market could start later this year or next.

Diagrams

This week we have chart analysis of Ethereum, Ripple, Cardano, PEPE and DOGE – click here for full price analysis.