Here’s a lowdown of the biggest events in the crypto world last week:
$WLFI Came Strong But Got Hit Hard 💔
The Trump-backed World Liberty Finance (WLFI) token came into the market like it was going to the moon last week, but the landing was brutal. After all the hype, the WLFI got hit hard, and both retail and big-name traders were burned.
Even Andrew Tate wasn’t spared 😬. He lost about $67,500 after going long on WLFI (predicting that the token’s price would increase). Some other whales also lost millions, proving no one is immune to price swings 📊. But what really sent WLFI down? Well, there was drama around Justin Sun, Tron founder and crypto billionaire.
According to reports, his wallet got suddenly blacklisted by the WLFI protocol, freezing over 2.9 billion WLFI tokens (worth about $9 billion). That move caused controversy and damaged the reputation of the Trump-family-linked platform. Investors quickly reacted with massive sell-offs that chopped the token’s price nearly in half, dropping it from above $0.30 to around $0.16.
To make things worse, WLFI blacklisted over 270 more wallets, claiming it was a security measure against scams and phishing. Critics, however, say it exposed how centralized the project is, which is unlike what decentralised finance (DeFi) represents.
So, while WLFI looked like it was starting a new drive of politically-backed cryptocurrencies, it reminded us that hype can pump a coin, but trust and decentralisation are more likely to keep it alive.
Bitcoin (BTC) Fell Below $110K After a Fresh Dip 📉
Bitcoin has been on a downward slope for two weeks now, but last week, the world’s largest cryptocurrency lost its grip on $110,000 😟. The BTC price initially dipped about 2% to $109,500 before pulling back to around $111K. But, analysts warn that it could slide below $100K if bulls don’t reclaim ground fast.
While it’s normal for crypto prices to rise and fall, the recent dip in the Bitcoin price could have been influenced by the following factors:
- September Weakness: Historically September is one of Bitcoin’s weakest months, with average price drops between 5–12%. Data shows that since 2013, Bitcoin has closed September in the red 8 out of 12 times 🩸.
- Macroeconomic Factors: There have been strong reports of lay-offs and the US unemployment rate climbing to 4.3%. This has caused more people to turn away from risky assets like Bitcoin and pitch their tents with relatively stable ones like gold.
Still, there are projections that Bitcoin could bounce back in Q4. So, maybe stacking up more BTC now could be a good move if it aligns with your strategy.
Altcoin Season Could Be Cancelled This September 📊
Right now, September looks more like “Altseason Cancelled” than a rally month. Following last week’s further plunge into the red zone, it would take a strong bullish drive to ignite what would be an altcoin season.
For context, top altcoins had a fresh pullbacks 📉:
- Ethereum (ETH) slipped by over 3%
- Tron (TRX) went down by 4%
- Chainlink (LINK) decreased by 6%
- Even Cronos (CRO) that went up by over 80% two weeks ago dipped by nearly 10%.
Despite the gloomy altcoin market, coins like Hyperliquid (HYPE), Bitcoin Cash (BCH), and Monero (XMR) still turned up with 6%, 9%, and 4% gains, respectively. However, as with Bitcoin, September is one of the weakest months for other cryptos.
Even when interest rate cuts happen around this period, they are often followed by increased sell-offs instead of the expected bullish movements. This means there could be further drops during the month. Although past records don’t guarantee future events, you may want to brace yourself, folks 💪🏽!
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.
