Summary:
Bitcoin price plunged below $50,000 amid global economic turmoil.
Peter Schiff warned of a potential Crypto black Monday.
The crypto market stabilized midweek, with Solana showing strength.
Buzz around Donald Trump and his family's involvement in crypto led to speculation about new tokens.
The RTR coin's market cap soared but collapsed after warnings of fake tokens.
Crypto Twitter scrambled at the start of the week as dire global economic numbers flooded the crypto market with a sea of red. Renowned Bitcoin critic Peter Schiff warned of a potential “Crypto black Monday.”
“Bitcoin HODlers are in denial,” he noted. “You guys are whistling past a crypto graveyard—don't say I didn't warn you.”
As traditional financial markets plummeted, Bitcoin's price dipped below $50,000, marking a 12% drop in just 24 hours. Despite the turmoil, many Bitcoin supporters, including MicroStrategy co-founder Michael Saylor, remained steadfast.
The global financial chaos led to a rapid education in international finance, as crypto enthusiasts suddenly became experts on the Japanese yen.
A brief distraction came with the announcement of U.S. Vice President Kamala Harris's running mate, Tim Walz, which surprised many on the Polymarket crypto betting platform.
By midweek, crypto markets began to stabilize, with Solana showing unexpected strength, while Ethereum continued to struggle despite new spot ETFs.
The week saw significant buzz around Donald Trump and his family's hints at a big announcement for the crypto space. However, skepticism arose due to the controversies surrounding Trump and the plethora of Trump-themed meme coins.
YouTube investigator Coffeezilla labeled it a potential “new crypto grift.” The announcement led to speculation about an official token, with much attention turning to the “Restore the Republic” (RTR) coin, which saw its market cap soar past $100 million.
However, Eric Trump later warned of “fake tokens,” causing RTR's value to collapse almost entirely. The hype also ensnared numerous investors, with one losing nearly $900,000.
Moreover, another meme coin, DJT, also plummeted in price after a significant sell-off by a developer-linked wallet, categorized as a rug pull by traders.
As the week concluded, crypto investors breathed a sigh of relief as prices rebounded, with Bitcoin climbing back above $62,000 on Friday, alongside recoveries in other cryptocurrencies.
Comments