Crypto News Digest for the Past Week (May 20-26, 2024)
1. Market:
The cryptocurrency market experienced a volatile week, with BTC rising from a low of $66,000 at the beginning of the week to a high of $72,000 at the end of the week.
- However, BTC later pulled back and ended the week at $69,000.Ethereum (ETH) also had a volatile week, rising from $3500 to $3900 before falling to $3800 at the end of the week.Other altcoins performed similarly, with many coins experiencing significant gains before pulling back slightly at the end of the week.
2. News:
The U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin Spot ETF application, seen as a major step forward for Bitcoin and cryptocurrency adoption. #Tesla CEO Elon Musk said the company could start accepting Bitcoin payments again in the near future.
- #MicroStrategy, the business intelligence software company, bought an additional 4,827 BTC at an average price of $25,044/BTC, bringing their total Bitcoin holdings to 125,051 BTC.The People's Bank of China (PBOC) reiterated its anti-cryptocurrency stance, warning of the risks associated with their use.
3. Events:
Consensus 2024, one of the world's largest blockchain events, took place in Austin, Texas, from May 22-25.The Bitcoin 2024 event, another major Bitcoin conference, will take place in Miami, Florida, from May 30-June 2.
4. Predictions:
Market analysts remain divided on the short-term outlook for Bitcoin and cryptocurrencies. Some believe the market will continue to rise, while others believe there will be a major correction.However, many analysts remain optimistic about the long-term prospects for Bitcoin and cryptocurrencies, believing they will continue to grow and gain wider adoption.
