Bitcoin seems to be relatively stable around $40K in an otherwise eventful week. BAYC also released their long-awaited APE token and airdropped users cashed in big time.
This week was action-packed, and even though the broader cryptocurrency market managed to recover some of the losses from the previous period. Bitcoin maintains relative stability around $40K and seems to have reclaimed the level. Let’s unpack.
Bitcoin was sitting at around $39,000 this time last week, and we saw little to no action for quite a while. On Monday, the price dipped below $38K, but the bulls were quick to step up, and all losses were recovered by the end of the day. On Tuesday, BTC had a failed attempt to reclaim $40K, and the price was subsequently rejected below $39K once again.
The massive volatility came on Wednesday, and it was somewhat expected from many industry participants. The reason was the monthly FOMC meeting which, not surprisingly, resulted in an interest rate increase by 25 bps. This saw the BTC pricetowards $41K and drop to $39K in a couple of consecutive hourly candles. It was up only from there, though, and the price finally broke out convincingly and has been trading above $40K ever since.
The rest of the market more or less followed similar trajectories, and the total capitalization managed to regain about $60 billion in the process. The hot story of the week, however, was the highly-anticipated airdrop of APE – the token of the Bored Ape Yacht Club ecosystem. It launched on Thursday and, in less than 24 hours, generated billions in total trading volume, cementing its place in the top 100 cryptocurrencies by market cap from the get-go. Holders of BAYC-related NFTs received five-figures worth of cryptocurrency at the very worst, where some users reported getting tokens worth millions of dollars.This is all you need not to miss any price action in the raging crypto markets.
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