The crypto market experienced a volatile week, with several noteworthy developments. Toncoin, the cryptocurrency associated with Telegram, saw a significant 14% drop following the arrest of its CEO, Pavel Durov. The arrest sparked concerns among investors, leading to a decline in the coin’s value.
Meanwhile, the canine memecoin space continues to boom, with Shiba Inu and Dogecoin leading the charge. These coins have witnessed significant gains in 2024, attracting investors seeking high returns. International Dog Day further boosted their popularity, as investors celebrated the canine theme.
Bitcoin, the leading cryptocurrency, has been consolidating in recent weeks. However, popular crypto trader and analyst, Michaël van de Poppe, predicts that this consolidation is a prelude to a major breakout. He believes Bitcoin is poised for a significant upward movement in the near future.
In other crypto news, former US President Donald Trump’s crypto project has been renamed to ‘World Liberty Financial.’ The rebranding comes amid concerns about fake tokens and scams associated with the project. The community is advised to be cautious and verify any information before investing.
The recent rate cut signal from the Federal Reserve has had a positive impact on the crypto market. Bitcoin, Ethereum, and Dogecoin have all held onto gains made following the Fed’s announcement. Analysts believe that the King Crypto, Bitcoin, is unlikely to face significant resistance until it reaches $85,000.
These are just some of the key developments in the crypto world this week. As the market continues to evolve, investors should stay informed about the latest news and trends to make informed decisions.
