Bitcoin Takes Back $20,000, Market Cap Over $1 Trillion, Elon Musk Buys Twitter: This Week’s Crypto Roundup

After spending several weeks trapped around $19,000, Bitcoin’s price was finally able to escape the range and break out to the upside. BTC retook $20,000 and even went above $21,000 before pulling back a bit to where it is currently trading. Elsewhere, Elon Musk officially bought Twitter, so let’s unpack.

Bitcoin started the week trading around $19,000 and it was apparently stuck there for a while. However, volatility picked up on Tuesday and the bulls returned to the market, taking BTC’s price above $20,000 for the first time in over 20 days.

The march continued on Wednesday as the cryptocurrency briefly spiked above $21,000 (on Binance), but buyers were unable to sustain the price and it was pushed back to where it now trades at around $20,500. Overall, BTC is up 8% de last seven days.

The rest of the market is also painted in green, with Dogecoin being the best performer, gaining a whopping 43%. Surely, this has to do with the fact that Elon Musk finally saw his acquisition of Twitter completed. On the first day, he went straight off to fire some top executives, including the CEO and CFO.

This has become one of the most controversial acquisition deals, and you can take a look at our complete timeline here. Elon Musk has also shared some of his plans and vision for the company, hinting at a potential subscription-based model in the future.

Ethereum has also performed extremely well over the past seven days, up nearly 20%. All of this brought the total market capitalization over $1 trillion. It will be interesting to see if the momentum continues next week or if the bears get the last word.

Market data

Market Cap: $1,038 Billion | 24H Vol.: $83B | BTC dominance: 38%

BTC: $20,544 (8%) | ETH: $1,536 (19.8%) | BNB: $294 (9.4%)

This week’s crypto headlines you can’t miss

Elon Musk’s Twitter acquisition: What’s happened so far? Elon Musk eventually bought Twitter in a deal likely to be remembered. Full of controversy, we present a complete timeline of everything leading up to this moment.

One Reason and One Warning for Bitcoin and Ethereum’s Recent Pumps: Arthur Hayes. Bitcoin’s price was on a roll this week. Commenting on the matter was Arthur Hayes – BitMEX co-founder and former CEO. He gave one reason but also one warning for both BTC and ETH after the recent pumps.

UK’s New Prime Minister Rishi Sunak: Crypto Believer or CBDC Backer? Rishi Sunak is the new Prime Minister of the UK and he has spoken about crypto several times. But is he a proponent, or is he against the idea of ​​a digital central bank currency?

Kazakhstan to integrate CBDC into BNB chain, CZ confirms. The country of Kazakhstan will launch a digital central bank currency. Interestingly, it will be integrated into the BNB chain. Binance CEO Changpeng Zhao has already confirmed the move.

FTX likely to launch a Stablecoin, SBF confirms. One of the world’s leading cryptocurrency exchanges – FTX – is likely to launch a stablecoin. The CEO – Sam Bankman-Fried – spoke about it in an interview where he also explained that today’s bear market is quite disturbing for the entire industry.

Here’s how much a16z’s biggest crypto fund is down: WSJ. Andreessen Horowitz (a16z) is one of the most prominent venture funds, having invested billions in cryptocurrency. However, the ongoing bear market has also taken its toll. Here’s how much VC has lost so far.

Diagrams

This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for full price analysis.