The world of cryptocurrencies has been in a state of flux recently, with various coins experiencing unexpected movements and well-known figures making bold statements. Here’s a rundown of some of the key events that transpired over the weekend.
First up, the meme coin market saw a standout performer in the form of Book Of Meme (BOME). While most meme coins struggled, BOME managed to report a 6.4% price surge and a 13.4% increase in trading volume on Sunday. What set BOME apart was its trading volume of $1.5 billion, which far exceeded that of the popular “Dogecoin Killer,” Shiba Inu (SHIB). The announcement of BOME being listed on Binance’s spot market and futures platform provided a further boost to its performance.
On the flip side, major cryptocurrencies experienced a significant plunge over the weekend. Bitcoin (BTC) saw its price drop below $63,000, leading to an 8% decrease in market capitalization over 24 hours. This sell-off resulted in over $650 million worth of cryptocurrencies being liquidated in a single day, marking a challenging period for the digital asset market.
Renowned author and investor Robert Kiyosaki weighed in on the situation, advising investors to consider alternative assets like gold, silver, and Bitcoin amidst the economic instability in China. Kiyosaki criticized China’s borrowing strategy to prop up its stock market as “foolish” and “desperate,” highlighting the need for safer investment options.
Meanwhile, a report from 10x Research accurately predicted a dip in Bitcoin’s price, with the cryptocurrency falling by 13% over the past week. The report identified several risk factors and outlined potential critical support levels if the current retracement continues, providing valuable insights for investors navigating the volatile cryptocurrency market.
Bitcoin critic Peter Schiff also made headlines by accusing CNBC of bias in its coverage of the cryptocurrency. Schiff claimed that CNBC focused on Bitcoin’s gains while ignoring its losses, pointing out a lack of coverage when Bitcoin experienced a 6% drop overnight. Schiff’s comments highlighted the ongoing debate surrounding media coverage of cryptocurrencies and the need for balanced reporting.
Overall, the cryptocurrency market remains unpredictable and subject to rapid fluctuations. As investors navigate these turbulent waters, staying informed about the latest developments and expert opinions can help guide decision-making in this ever-evolving landscape.
