The Bitcoin (BTC) market has experienced yet another week of extreme volatility. Bitcoin, the sleeping monster, has finally awoken and crossed the $56,000 USD barrier, kicking off a huge surge. The majority of other cryptocurrencies followed the main cryptocurrency’s lead.
Ethereum (ETH), the largest altcoin, has surpassed the $3500 USD barrier. According to a letter sent to customers by JP Morgan, this price movement was primarily driven by institutional investors seeking a way to hedge against inflation. Large investors appear to be recognizing the value of BTC in contrast to gold. Polkadot, one of the most popular cryptos, has fared well during recent market downturns. Polkadot has yet to launch its para chain slot auctions. Once that happens, DOT will very certainly be able to reach incredible heights.
In terms of all the macro news impacting the cryptocurrency market, the weak was likewise exciting. According to reports, numerous hedge funds have lately expanded their bitcoin holdings.
In a stunning change of events, the US Federal Reserve said that cryptocurrencies will not be banned. It provides hope that certain policymakers in the United States see the enormous potential of cryptocurrencies and blockchain technology in the not-too-distant future.
The US Department of Justice announced the formation of a nationwide cryptocurrency enforcement unit to combat bitcoin-related offenses.
The NFT ecosystem is becoming increasingly active. The NFT sales volume surpassed 10.7 billion USD in Q3 2021. That’s a nine-hundred percent increase over the previous quarter. Coinbase, one of the major cryptocurrency exchanges, has admitted that hackers breached its databases, affecting almost 6,000 accounts. All 6,000 clients who might be affected received a letter from Coinbase lately.
Influencers’ social media interventions continue to have an impact on the crypto industry. Elon Musk has once again disrupted the market’s momentum by tweeting a photo of his beloved dog, Floki. All Floki-themed coins skyrocketed as a result of this event. Shiba Inu, a meme currency, was one of the top gainers this week. Many long-term investors continue to be concerned about market manipulation techniques like these.