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The past week was not exactly fireworks in the crypto market in terms of price movements. Bitcoin (BTC) and most altcoins are currently several percent lower than a week earlier, as the market appears to be preparing for more volatility. This is currently, together with liquidity, at a very low level. Only fake news revealing that there had been a major explosion near the Pentagon complex in Washington DD triggered a certain amount of volatility in the crypto market. BTC also closed the day yesterday with a few percent in the red, which means it is currently trading 4% lower than last week.
At the time of writing, the bitcoin price is $26,197 on Binance and $24,435 on Bitvavo.
The total crypto market cap is equal to $1.1 trillion and the Fear & Greed Index comes in at 50 (neutral).
With a consolidating bitcoin price, it seems like a ticking time bomb before another major price movement is imminent. To fully prepare new users, the Dutch crypto exchange Anycoin Direct offers everyone the opportunity to trade the first €1,500 free of charge. All you have to do is create an account via this link.
Unrest at Ledger: crypto wallet maker in trouble?
The crypto news of the past seven days has been in a sense swamped by the issues surrounding Ledger, the popular maker of hardware wallets. After the superpower within the crypto world announced a new update, Ledger recoverythere was a lot of commotion within the crypto community. With the update it is possible to restore your crypto wallets in case you lose your seed phrase loses. With an optional paid subscription, the recovery phrase will be split into three parts, encrypted and shared with three different service providers.
The new update, according to many, goes against the principles of self-preservation. Ledger’s CEO also confirmed in a podcast that the stored recovery phrases could theoretically be turned over to governments should the company receive a subpoena.
Meanwhile, the much-criticized update has been postponed until the code open source is available.
Notice that #Bitcoin appears to be losing all major areas of support. This increases the probability of a correction to the next important demand wall between $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 $BTC. pic.twitter.com/IvBLJKiSVw
— Ali (@ali_charts) May 24, 2023
Is bitcoin exchange Binance misusing customer funds?
This week you could also read that Binance, the world’s largest crypto exchange, is accused of mixing customer money with its own money for two years. This would allow Binance to use the customer funds for its own purposes. The quickly responded Chief Communications Officer from Binance, Patrick Hillmann, to debunk the story. In a tweet, he took down the article from the Reuters news agency, which had highlighted the scandals in a special report on May 23.
Bitcoin price volatile after this fake news
An image of an explosion near the Pentagon generated by artificial intelligence (AI), created a certain amount of fear in the crypto market resulting in increased selling pressure. However, after the ‘news’ went to the trash, many investors seemed to see the dip as a buying opportunity that quickly helped BTC find its way back up. However, the bitcoin price has now dropped again, turning it into red over the past seven days.
Litecoin is the hardest faller as it approaches halving
While the much-discussed Bitcoin halving is less than a year away, the important halving of block rewards for the miners on the Litecoin (LTC) network will take place in a few months. Currently, the date for splitting the mining rewards in two is set for August 10.
While this major event is generally regarded as a bullish catalyst, the altcoin is often dependent on its ‘bigger brother’ BTC. With a fall of more than 10%, LTC is the hardest faller of the past week. At the time of writing, the price stands at $84.31
Litecoin Block Reward Halving is in..
74 Days!!https://t.co/RJAdGwJbkL pic.twitter.com/lpKvhmLkVB
— Litecoin (@litecoin) May 20, 2023
PEPE falls after this news
While the crypto market was completely in turmoil a while back with the newly launched meme-coin pepe (PEPE), the hype surrounding the green frog coins seems to have died down for now. Earlier this month, Anycoin Direct had listed the meme coin allowing Dutch crypto investors to expose themselves to the wildly popular crypto coin.
In recent weeks, the price of PEPE has fallen sharply and the newly launched meme-coin was also unable to prevent a significant fall in the past 7 days. In total, it has fallen by more than 10% in the past week.
In the altcoin news this week, you could read that Blackrock, the largest asset manager in the world, had withdrawn a total of 1.27 trillion PEPE tokens, worth almost $2 million, from Binance. By tracing the blockchain, it can be seen that the asset manager bought 1 trillion Pepe tokens on April 21 for a total of $244 thousand and sold them again on May 5 for a whopping $2.63 million.
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