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Bitcoin’s price went on quite the wild ride throughout the past seven days. The cryptocurrency is down 4.2% during that period but this summary doesn’t do the action any justice, so let’s dive in.
The market was fairly calm in the beginning of the week, trading at around $64K with little signs of significant volatility. Things started going downhill after April 30th, however. It was then BTC took a massive hit, dropping toward $60K, sending many investors in panic.
The next day, on May 1st, BTC tumbled below $57K. This coincided with the first-ever day of IBIT ETF outflows. This is the spot Bitcoin ETF launched by BlackRock, which was up only in terms of flows until that date. The market has since been recovering, with BTC skyrocketing toward $62K today, recording gains upwards of 5% in the past 24 hours alone.
I told you things got heated up, but that’s not all.
Putting price-action aside, the industry saw a couple of major developments as well. Firs, Changpeng Zhao – the former CEO and one of Binance’s founders – finally received his sentence. He will spend 4 months in jail for violating regulations associated with anti-money laundering.
This puts an end to a case that’s been dragged on for many months. CZ said he will do his time and move on to the next chapter of his life – education.
In another piece of news, it was reported that Bitcoin Jeasus – Roger Ver – got arrested in Spain. He is reportedly accused of tax evasion to the tune of a whopping $50 million. Ver is closely associated with Bitcoin Cash and one of the cryptocurrency’s most vocal supporters.
All in all, the BTC halving is gone and many were expecting for the prices to continue ripping. So far, this has clearly not been the case, but some analysts are pointing out that this is in line with historical price movements preceding a post-halving bull run.
Will the market pick up? Time will tell! If one thing is clear, it’s that next week will likely be just as exciting as this one!
Market Data
Market Cap: $2.4T | 24H Vol: $88B | BTC Dominance: 50.4%
BTC: $61,700 (-4.2%) | ETH: $3,056 (-2.2%) | BNB: $576 (-4.9%)
This Week’s Crypto Headlines You Better Not Miss
Ex-Binance CEO Changpeng Zhao Receives 4 Months Jail Time For AML Violations. The sentence for Changpeng Zhao – the former CEO and one of the founders of the world’s largest cryptocurrency exchange – Binance – is finally in. He will serve four months in prison for violating anti-money laundering regulations.
US Prosecutors Investigate Jack Dorsey’s Block Over Non-Compliant Crypto Services: Report. Block – the payment firm co-founded by Jack Dorse (Twitter co-founder) is purportedly under investigation. According to reports, the firm has failed to maintain the necessary standards when handling transactions which violate sanctions.
BlackRock’s Spot Bitcoin ETF Sees First Outflows Amid BTC Price Slump. For the first time since its creation, the spot Bitcoin ETF launched by BlackRock – IBIT ETF – saw BTC outflows. This came amid times of broader market decline.
Robinhood Partners With Uniswap to Simplify Crypto Purchases for US Users. One of the more popular retail-oriented traditional trading venues – Robinhood – has partnered with Uniswap. The goal is to simplify purchases of cryptocurrencies for US-based users.
US DOJ Arrests ‘Bitcoin Jesus’ Roger Ver for $50M Tax Evasion. Bitcoin Jeasus – which is one of the popular aliases of Roger Ver – has been arrested in Spain this weekend. The Bitcoin Cash proponent and one of the most popular figures within the crypto industry has been accused of evading taxes to the tune of $50 million.
Coinbase Adds Support for Bitcoin Lightning Network. Coinbase – the world’s second-largest cryptocurrency exchange and the most popular one within the United States – has added support for the Bitcoin Lightning Network. The integration aims to reduce the cost of sending BTC globally.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot – click here for the complete price analysis.
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