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.
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.
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