- After a turbulent week, Bitcoin’s price stabilizes at $63,107, showing resilience amidst market volatility.
- Despite a mid-week plunge, Bitcoin recovers following the U.S. government’s Nonfarm Payrolls report indicating higher than expected unemployment rates.
- Altcoins like PEPE, BONK, ORDI, and Toncoin also experience significant gains, while a suspected rug-pull scam involving Solana-based meme token LIVEMOM raises eyebrows.
Bitcoin bounces back after a rough week, buoyed by U.S. unemployment data, while altcoins rally and a suspected rug-pull scam involving a meme token stirs controversy.
Bitcoin Recovers from Mid-Week Plunge
Bitcoin’s price, which fell below $57,000 earlier in the week, has recovered to its position seven days ago, now standing at $63,107. This recovery comes despite Bitcoin ETFs posting their worst day on record and outflows from BlackRock’s iShares Bitcoin Trust. The sell-off was triggered by news that the Federal Reserve was not planning to cut interest rates anytime soon.
U.S. Unemployment Data Boosts Bitcoin
On Friday, the U.S. government’s Nonfarm Payrolls report showed that the unemployment rate for April was higher than expected. This led to a surge in Bitcoin’s price as high unemployment could potentially lead to a cut in interest rates, making risk assets like cryptocurrencies more attractive to investors. This may have contributed to Bitcoin’s recovery, with short positions worth $100 million being liquidated.
Altcoins Rally, Meme Token Scam Raises Concerns
Altcoins also had a good week, with Ethereum-based PEPE and Solana-based BONK posting gains of over 20% and 15% respectively. Ordinals-based ORDI and Toncoin also started a rally on Friday. However, the crypto world was rocked by a suspected rug-pull scam involving Solana-based meme token LIVEMOM, which saw its market cap surge past $500,000 before the coin’s creators disappeared.
Conclusion
Despite a volatile week, Bitcoin and several altcoins have shown resilience, bouncing back from mid-week lows. However, the suspected rug-pull scam involving meme token LIVEMOM serves as a reminder of the risks inherent in the crypto market. As always, investors are advised to conduct thorough research and exercise caution when trading in cryptocurrencies.
