Here’s What Happened In Crypto This Week

Another week draws to a close within the crypto landscape, keeping crypto market traders and investors on their toes. Bitcoin’s (BTC) price slipped from the $64K price level to as low as $59K this week, raising investor concerns. This tumbled movement comes against the backdrop of massive dumps to exchanges.

Meanwhile, Pepe Coin (PEPE) and Ripple’s XRP piqued significant interest. While developments related to the SEC lawsuit unfolded, market analysts ruled out a highly bullish forecast for XRP. Simultaneously, PEPE whales have taken action, moving billions of coins, garnering investor attention.

So, let’s take a closer look at some of the top crypto headlines for this week.

Bitcoin Price Struggles

BTC encountered immense volatility this week, primarily due to massive token dumps to exchanges. Notably, the U.S. and the German governments moved whopping amounts of Bitcoin to CEXs this week, stirring worldwide speculation amid crypto’s turbulent movement.

Simultaneously, a report by CoinGape further spotlighted massive whale dumps, generating bearish market sentiments.

Institutional investors saw this week as an opportunity to shift focus from Bitcoin to altcoins, as the broader industry expects a true correction is underway. The beleaguered exchange Mt. Gox’s plans to repay creditors in Bitcoin and Bitcoin cash has further raised price uncertainty.

However, the US PCE and core PCE inflation cooled down, triggering some positive sentiments in the market. Nonetheless, the broader sentiments convey a further dip in Bitcoin price is possible.

Despite Bitcoin ETFs recording a 4-day inflow streak, the crypto’s price has failed to gain a notable upside momentum. The inflows remain undermined as BTC miners sold whopping amounts of Bitcoin this week, aligning with miner capitulation.

However, the Binance CEO remained immensely bullish on Bitcoin’s long-term prospects.

Pepe Coin Stirs Speculations

Meanwhile, PEPE’s weekly chart showed a highly volatile movement, with the meme coin down to the $0.000011 price level at press time.

A smart money dumped billions of PEPE with 11-fold returns this week, birthing speculations over a topped price action for Pepe coin. Simultaneously, in light of the looming ETH ETF launch, a whale offloaded nearly 1 trillion PEPE to Binance, swapping it for Ethereum.

This strategic shift has sparked negative sentiments over PEPE’s future, although it added a bullish tint to ETH’s future movements.

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XRP Creates Buzz

Meanwhile, despite a sluggish price action, analysts took the stage to forecast a highly optimistic $2 price target for the crypto XRP. Amid this optimistic buzz, it was recorded that XRP whales bagged hundreds of millions of the Ripple-backed coin, indicating a potential bolstered price movement ahead.

Ripple president Monica Long further talked about Ripple vs the SEC lawsuit, the RLUSD stablecoin, and a potential XRP ETF launch. This garnered notable bullish sentiments for XRP across the broader industry.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.