Here’s a lowdown of the biggest events in the crypto world last week:
Kanye West’s YZY Token Launched With Mixed Signals 📊
The main character from last week was Yeezy Money (YZY). The Kanye West-linked token broke into the market, pumping about 1,400% to reach $3 in an hour. But not long after, it crashed back down by 74% to around $0.77.
But while some traders “mourned” the crash, on-chain data showed that a few wallets became millionaires after withdrawing about $24 million before the crash. Was it just a wild market move or a “beautiful dark twisted fantasy” from Kanye himself?
Bitcoin Loses Its Grip on $115K 📉
It wasn’t only Kanye’s new token that hit a downward slope last week. Bitcoin (BTC) also slid to around $113K after losing its grip on the $115K mark. As of the time of writing, the BTC price had reduced by about 4% compared to the past week.
According to reports, the market seems to be reacting to the Federal Reserve Chair, Jerome Powell’s speech at Jackson Hole. In the speech, Powell hinted at interest rate cuts, which could impact the crypto market, as more money circulates. This means people could have more money and have their appetite for risky assets increase, resulting in price swings.
Ethereum Sets a New All-Time High 📈
Unlike BTC, Ethereum (ETH) has been moving in an upward direction over the past week. The ETH price has surged by nearly 6% in the last 7 days, reaching a new all-time high of over $4,900.
The last time Ethereum set a new all-time high was in 2021, and now, the altcoin has its eyes set on the $5K mark. Some reasons for the Ethereum rally include:
- The unexpected demand for Spot Ethereum Exchange-Traded Funds (ETFs), especially the recent $1 billion+ inflows in a single day.
- Corporate accumulation by Ethereum treasury companies who are stockpiling ETH.
- The European Union (EU) considering creating a single digital currency on the Ethereum blockchain.
But as of the time of writing, the ETH price had pulled back to around $4,700. Will Ethereum bounce back and eventually cross $5,000? We have to wait and see.
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
