Crypto Twitter was in a frenzy at the beginning of the week due to grim global economic data impacting the cryptocurrency market. Over the weekend, renowned Bitcoin critic Peter Schiff warned of a potential “Crypto black Monday.”
#Bitcoin dropped below $58K. If it falls below its July low before the U.S. #StockMarket opens, #BitcoinETFs will plummet by more than 15%, 30% down from their January highs. This significant loss could lead to mass ETF liquidations and a potential #Crypto black Monday.
Later, he mentioned, “Bitcoin HODlers are in denial. You guys are whistling past a crypto graveyard—don’t say I didn’t warn you.”
With traditional financial markets experiencing significant declines globally, BTC’s price indeed fell below $50,000 on Monday, plummeting by 12% in just 24 hours. Despite widespread concern and worry, many loyal Bitcoin supporters, like MicroStrategy co-founder Michael Saylor, remained steadfast.
The financial turmoil provided a crash course in international finance and the Japanese yen for crypto enthusiasts, who suddenly became experts in the subject.
[guy who’s just learned about the Yen carry trade] ah you see it’s all about the Yen carry trade
Amidst the chaos, the highly anticipated reveal of the U.S. Vice President Kamala Harris’s running mate generated some excitement. The surprise pick of Minnesota Gov. Tim Walz over favored candidate Pennsylvania Gov. Josh Shapiro on Polymarket created discussions on the accuracy of prediction markets like Polymarket.
As the week progressed, crypto markets began to stabilize, with Solana showing unexpected strength. However, Ethereum continued to struggle despite the introduction of new spot Ethereum ETFs. Observers humorously noted that Solana and Ethereum were both heading towards significant price milestones in opposite directions.
The Trump family stirred up crypto conversations this week, with Eric and Donald Trump Jr. teasing a “big announcement” for the crypto and DeFi space. Given the controversies surrounding Donald Trump’s interest in crypto and a series of Trump-themed meme coins, skepticism abounded. YouTube investigator Coffeezilla suggested it could be a “new crypto grift.”
The speculation led to expectations of an official Trump-related token, revolving around a “Restore the Republic” (RTR) coin on Solana. The token’s market cap surged past $100 million before Eric Trump cautioned about “fake tokens,” causing the RTR token to collapse.
The hype around Trump-themed meme coins led to losses for some investors, showcasing the volatile nature of the crypto market.
Closing the week, crypto investors were relieved to see a rebound in prices, with Bitcoin crossing $62,000 and other cryptocurrencies recovering from earlier losses.
Edited by Andrew Hayward
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