Last week, the crypto world experienced a mix of excitement and surprise. Bitcoin whales are becoming increasingly bullish due to the recent rate pauses by the US Federal Reserve (Fed), while former crypto mogul Sam Bankman-Fried’s conviction has drawn attention to the industry. Fed Chair Jerome Powell confirmed that interest rates will remain unchanged, and this decision has had a positive effect on Bitcoin and other cryptocurrencies. Historically, rate increases have led to significant declines in the price of Bitcoin, so a pause in rate hikes could be beneficial for the crypto market. On-chain data also shows an increase in whale transactions, indicating higher demand from institutional investors. Another metric suggests that Bitcoin needs to overcome the $35,100 resistance level to reach $40,000.
Apart from Bitcoin, Solana is predicted to experience significant growth by 2030 if its user base reaches 100 million. The recent rate pause announcement saw Solana’s price surge by 16%. However, not all news was positive in the crypto world. Users of LastPass, a password manager, lost approximately $4 billion in crypto assets due to a hack. It is advised that affected individuals move their assets and file complaints with relevant authorities.
Elon Musk’s rebranding of Twitter as X has had mixed results. While he has integrated new features into the platform, such as video and audio capabilities, eliminating bots remains a challenge. Despite declining user numbers since Musk took over, Twitter remains popular among crypto enthusiasts and continues to influence markets through Musk’s tweets.
In a shocking turn of events, former FTX CEO Sam Bankman-Fried was found guilty on several counts of fraud and money-laundering. This marks a significant downfall for someone who was once considered a prominent figure in the crypto industry. Bankman-Fried maintains his innocence and plans to fight the judgment.
Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!
In summary, the Fed’s rate pause decision has brought optimism to the crypto market, with Bitcoin whales becoming more bullish. Solana also experienced a surge in price, while LastPass users suffered losses due to a hack. Elon Musk’s efforts to transform Twitter into X are ongoing, and Sam Bankman-Fried’s conviction has shocked the industry.
