In a whirlwind week for the cryptocurrency market, Bitcoin has hit an all-time high, Ethereum fees have skyrocketed due to memecoin mania, and rumors are swirling about Tesla potentially buying Bitcoin again.
Bitcoin reached unprecedented heights, briefly surpassing $70,000 for the first time ever. This surge was fueled by billions pouring into Bitcoin ETFs and excitement surrounding the upcoming halving event. Meanwhile, Ethereum also saw a significant milestone, hitting $4,000 for the first time in over two years, driven by speculation about spot Ether ETFs.
The meme coin craze has also made a comeback, with tokens like Shiba Inu leading the pack with a market cap of over $25 billion. This surge in memecoin popularity has caused Ethereum gas fees to soar to nearly a 2-year high, posing challenges for transfers.
Asian investors, particularly from South Korea, China, and Hong Kong, have played a significant role in Bitcoin’s recent surge, accounting for 70% of trading volume. This FOMO effect in the region is evident in the 12-fold increase in “bitcoin” searches on the WeChat messaging app.
In other news, BlackRock, the world’s largest asset manager, has indicated its intention to purchase spot Bitcoin ETFs for its funds. Additionally, FTX and BlockFi have settled their legal battle, with FTX agreeing to pay $874 million to BlockFi to resolve the dispute.
However, not all news in the crypto world is positive. Spain has halted the Worldcoin crypto project due to privacy concerns, and speculation is rife about whether Tesla is buying Bitcoin again, as its BTC wallet currently holds more bitcoins than previously reported.
As the crypto market continues to make headlines, stay tuned for more updates next week.
