The past seven days have been a rollercoaster for Bitcoin’s price, with no significant increase or decrease. It started the week at around $24K, and quickly rose to $25K on Sunday, only to be brought back down to $24K by bearish forces. Thursday saw another attempt at recovery, but it was unable to sustain the levels and fell back to $24K.
The biggest news of the week was Coinbase’s announcement that they are launching an Ethereum layer-two scaling solution based on Optimis, called Base. This caused a mixed reaction in the industry, as some argued that Arbitrum is the better way to go.
Spotify also made news by running a pilot program for token-enabled playlists with certain non-fungible token partners. Additionally, the Federal Reserve clarified that banks are still allowed to service the crypto industry, and Sam Bankman-Fried was slapped with four new criminal charges after the FTX fallout.
Finally, Binance closing some Australian derivatives accounts caused an uptick in volatility, and Bitcoin’s price went on a rollercoaster.
Overall, the market capitalization remained more or less where it was, and it will be interesting to see how the following weeks will shape up.
