The past week was relatively quiet for the cryptocurrency markets until Friday, when a series of significant events shook things up.
Bitcoin Price Movements Over the Past Week
Bitcoin prices showed volatility throughout the week. Last Friday, the leading digital asset reached $99,000 but was met by bearish resistance, preventing it from crossing into six-digit territory. Over the weekend, BTC traded around $97,000, and by mid-week, its price fell to $93,500, marking the lowest point since early February. However, the cryptocurrency quickly rebounded to $96,000, inching back toward $100,000.
Major Crypto Industry Events of the Week
Bitcoin peaked close to $99,600 early Friday following news from Coinbase’s CEO, Brian Armstrong, that the SEC's lawsuit against the company might be dismissed as early as next week. The positive sentiment was overshadowed by the news of a $1.5 billion hack at rival firm Bybit, causing BTC prices to plummet by over two grand.
Impact of News on the Cryptocurrency Market
Despite the turmoil, Bitcoin recovered some ground, climbing above $98,000, which marked a 1.5% increase from last week. Among larger-cap altcoins, TRX and LTC emerged as top performers, while SOL and DOGE saw the most significant declines. Other notable fallers included LINK, TON, SUI, SHIB, and PEPE.
The past week highlighted the cryptocurrency market's volatility and sensitivity to major news and incidents. Investors' attention remains on Bitcoin's movements and key industry events.
