The crypto market saw significant events this week. Binance founder Changpeng “CZ” Zhao was released from prison. In addition, Bitcoin (BTC) and altcoins closed the week with a strong bullish move. Shiba Inu (SHIB) drew attention by extending its weekly gains to over 35%. Here are the major crypto news of the week:
CZ Released From Prison
Binance founder and former CEO Changpeng Zhao was released this week after serving a 118-day prison sentence. Zhao was arrested for violating money laundering laws and sentenced to four months in prison. However, he was released two days before the end of his sentence. CZ’s release caused quite a stir in the crypto world. He announced his return in a statement on social media platform X. This development had a positive impact on the crypto market, and investors began to eagerly await CZ’s future at Binance.
Bitcoin Blows Bullish Winds
This week, the crypto market has gained positive momentum in general. The Bitcoin (BTC) price has increased by about 5% in the last seven days. While September was generally expected to be negative, this increase drew attention. The altcoin market has also experienced a similar increase with Bitcoin. It is said that the price of Bitcoin could rise to $ 100,000. This expectation is driven by China’s 50 basis point reduction in reserve ratio and a 20 basis point decrease in short-term interest rates. In addition, the market is talking about the “Uptober” rally, which is expected to see Bitcoin rise in October.
Exciting Developments in Shiba Inu$SHIB
Shiba Inu (SHIB) has been one of the top altcoins this week, bringing its weekly gains to over 35%. The community is hopeful about the future of Shiba Inu. SHIB admin Lucie hinted that a stablecoin project called SHI could be launched soon. In addition, Shiba Inu lead developer Shytoshi Kusama stated that the coming week could be important for SHIB. In addition to these developments, the large increase in the SHIB burn rate also had a positive impact on the coin’s price movements. The Shiba Inu community believes that the price could rise even higher.
General Market Assessment
This week’s crypto market developments have created a generally positive atmosphere. Bitcoin and Shiba Inu’s bullish movements have given new hope to investors. In particular, CZ’s release and innovations in the Shiba Inu community indicate that the positive atmosphere in the market may continue.
