This week in the crypto market, Bitcoin dropped below $98K due to the DeepSeek AI app’s rise. MicroStrategy acquired more Bitcoin, bringing its total to over 461K BTC. Kraken will delist USDT in Europe amidst regulatory changes. Ripple’s XRP excelled with significant inflows, while Tether remains profitable despite challenges. Predictions of further Bitcoin drops emerge, highlighting market volatility.
The crypto market experienced another tumultuous week. Bitcoin plummeted below $98,000, largely influenced by the surge of the DeepSeek AI app, which cemented its place as the top free app on Apple’s App Store. This significant decline wiped out nearly $900 million in just one day. Meanwhile, MicroStrategy boldly continued its Bitcoin buying spree, acquiring an additional 10,107 BTC, lifting its total holdings to 461,000 BTC valued at approximately $29.3 billion.
In the face of regulatory adjustments, Kraken has decided to delist Tether (USDT) from Europe, following the move by Coinbase and Crypto.com. This decision coincides with a broader trend as the stablecoin market surpassed a $200 million cap. Additionally, Ripple’s XRP outshined its competitors with inflows of $2.1 million, achieving remarkable performance during the market dip. CEO Brad Garlinghouse’s push for XRP to be included in national crypto reserves sparked debates among Bitcoin enthusiasts.
Interest in traditional financial institutions is also shifting, with the Bank of Japan anticipated to raise rates to 0.75% by July, as indicated by a survey of experts. Meanwhile, Tether reported impressive profits of $13 billion for 2024, despite regulatory challenges in Europe.
On the other hand, FTX founder Sam Bankman-Fried’s parents are seeking a presidential pardon for him, inspired by other controversial pardons. Financial expert Robert Kiyosaki hinted at potential sharp declines in Bitcoin’s price due to emerging tariffs, echoing the predictions of analyst Arthur Hayes.
Amid this chaos, the market saw its top performers and worst-hit assets for the week. Among the gainers were Mantra (OM) at +8.5%, Jasmy Coin (JASMY) at +7%, and Jito (JTO) rising by +6.37%. Conversely, Pudge Penguins (PENGU) suffered a significant drop of -42%, followed by Virtual Protocol at -35.6%, and Official Trump (TRUMP) down by -33%.
In summary, the crypto landscape witnessed a roller-coaster week, marked by Bitcoin’s sharp decline influenced by the rise of AI technologies. MicroStrategy’s aggressive Bitcoin acquisitions signified ongoing institutional interest, while regulatory shifts challenged stablecoins in Europe. Amidst the volatility, Ripple’s XRP gained momentum, attracting substantial inflows, contrasting with the overall market dip. As predictions of further declines circulate, investors must stay vigilant amid changing market dynamics.
Original Source: coinpedia.org
