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The week, like a particularly stubborn mule, has concluded in the ever-so-slightly-baffling realm of crypto assets. Investors, bless their cotton socks, have been kept on their toes, rather like a troupe of tap-dancing penguins on a rather wobbly ice floe. Bitcoin (BTC) and its chums in the top-tier cryptocurrency set have mostly been found dawdling about, sparking speculation that would make a seasoned detective raise a quizzical eyebrow, despite the supposed bullish arrival of one Mr. Donald Trump, a chap with a penchant for crypto, or so it seems. Meanwhile, the meme coin chappies, Shiba Inu (SHIB) and VINE, have galloped into the spotlight like a couple of over-enthusiastic dachshunds at a garden party, attracting attention like moths to a particularly bright lightbulb. 🧐
Here’s a brief report on the week’s goings-on, courtesy of the scribes at CoinGape Media.
BTC & Top Crypto Mainly Consolidate
Now, the Bitcoin price chart, one might observe, has been performing a rather tedious sideways shuffle, despite the anticipation for gains that followed Trump’s inauguration. It’s like watching a snail race – mildly engaging for about a minute. Bitcoin closed the week hovering around the $105,000 mark, a mere 0.1% improvement, as if it had just about managed to summon the energy to crawl out of bed after a particularly heavy weekend.
This display of tepidness comes despite the bullish rumblings circulating across the industry. The rescinding of SAB 121, you see, has got some folks positively giddy about Bitcoin’s long-term potential. One almost expects them to start wearing ‘I Heart Bitcoin’ t-shirts.
Furthermore, Semler Scientific, in a move that sounds like something out of a Gilbert and Sullivan operetta, announced it will raise $85 million in convertible notes to invest in BTC. This, naturally, has investors all of a flutter, paving a bullish path, so they say, for the flagship coin. One can only hope it doesn’t trip on its way to the top.
Meanwhile, the investment company BlackRock, ever keen to keep their hands in the cookie jar, has applied to the U.S. SEC for approval of its new redemption model for the iShares Bitcoin Trust. These events, taken together, have emerged as rather jolly good news for the BTC market. Nevertheless, the asset seems content to consolidate, which is rather like an elephant trying to squeeze into a teacup, raising investor speculation and uncertainty. 🤨
CoinGape, in its inimitable fashion, has reported that China, in a move that smacks of some sort of financial house-cleaning, likely dumped a whopping 194,000 BTC recently, which explains the current consolidation despite the bullish chatter.
ETH & XRP Market Uncertain
On the other hand, top-tier crypto chaps such as Ethereum (ETH) and XRP have also displayed similar price-related lethargy. ETH, for example, closed the week at $3,300, a minor 0.5% improvement. XRP, too, has been caught in a sideways shuffle, although it managed to keep its head above the $3 mark.
Ethereum’s lack of movement has caused some head-scratching, especially considering that ETH Open Interest (OI) has recently soared to rather giddy levels, suggesting a breakout is imminent. It’s like waiting for a rather fussy kettle to boil. Simultaneously, despite new XRP ETF filings this week, even this Ripple-backed chap seems content to mark time, raising investor speculations.
Meme Crypto SHIB & VINE Spark Buzz
Now, the real excitement this week has been in the realm of meme coins. SHIB and VINE have stolen the show like a couple of rogue comedians at a rather formal dinner party. SHIB, the dog-themed cryptocurrency, has been busy with ecosystem developments, introducing the ShibOS (Shib Operating System), which apparently offers users all sorts of uses for a “seamless Web2 to Web3 transition.” One can only hope it’s less complicated than it sounds. 😅
Meanwhile, with rumors of Vine’s resurrection from the social media graveyard, the Vine meme coin has garnered some serious traction. This little chap is enjoying a bullish trend, securing major listings, witnessing an OI surge and even aiding traders in making a tidy profit, or so it seems. CoinGape, in a particularly bold move, has even suggested that the Vine meme coin price could hit $1 shortly. Goodness gracious! 😲
Overall, these aforementioned events have been the subject of much animated discussion, reported by CoinGape over the past week.
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2025-01-26 08:36