Bitcoin price has been on a wild ride for the past seven days. The cryptocurrency is down 4.2% during that period, but that summary doesn't do the action justice, so let's dive into it.
The market was fairly quiet at the start of the week, trading at around $64,000 with few signs of major volatility. But things started to deteriorate after April 30. After that, Bitcoin took a hit, falling to $60,000, sending many investors into a panic.
The next day, on May 1, Bitcoin fell below $57,000. This coincided with the first day ever of IBIT ETF inflows. This is BlackRock's spot Bitcoin ETF, which was only up in terms of inflows to that date. The market has since begun to recover, with Bitcoin skyrocketing toward $62,000 today, recording gains of over 5% in the past 24 hours alone.
I told you things got hot, but that's not all.
Aside from the price action, the industry has seen some major developments as well. First, Changpeng Zhao – former CEO and co-founder of Binance – finally received his punishment. He will spend 4 months in prison for violating regulations related to combating money laundering.
This puts an end to a case that has been going on for many months. CZ said he will bide his time and move on to the next chapter of his life – education.
In other news, Bitcoin Jeasus – Roger Ver – was reported to have been arrested in Spain. He is said to be accused of tax evasion amounting to $50 million. Ver is closely associated with Bitcoin Cash and one of the cryptocurrency's most vocal supporters.
Overall, the BTC halving was over and many were expecting prices to continue rising. This has clearly not been the case so far, but some analysts point out that this is in line with historical price movements that preceded the post-halving rally.
Will the market rebound? Time will tell! If there's one thing that's clear, it's that next week will probably be just as exciting as this week!
Market data
Market capitalization: $2.4 trillion | 24-hour volume: $88 billion | Bitcoin dominance: 50.4%
Bitcoin: $61,700 (-4.2%) | Ethereum: $3,056 (-2.2%) | BNB: $576 (-4.9%)
This week's crypto headlines you'd better not miss
Former Binance CEO Changpeng Zhao receives 4-month prison sentence for anti-money laundering violations Changpeng Zhao – former CEO and one of the founders of the world's largest cryptocurrency exchange – Binance, has finally been sentenced. He will spend four months in prison on charges of violating anti-money laundering regulations.
US Prosecutors Investigating Jack Dorsey's Ban on Non-compliant Cryptocurrency Services: Report. Block – The payment company co-founded by Jack Dors (co-founder of Twitter) is allegedly under investigation. According to reports, the company failed to maintain necessary standards when dealing with transactions that violate sanctions.
BlackRock's spot Bitcoin ETF sees its first outflows amid falling BTC prices. For the first time since its inception, a spot Bitcoin ETF launched by BlackRock – the IBIT ETF – has seen BTC outflows. This came amid times of broader market decline.
Robinhood is partnering with Uniswap to simplify cryptocurrency purchases for users in the United States. Robinhood, one of the most popular traditional retail-oriented trading venues, has partnered with Uniswap. The goal is to simplify cryptocurrency purchases for US-based users.
The US Department of Justice arrests Roger Ver “Bitcoin Jesus” on charges of tax evasion worth $50 million Bitcoin Jeasus – one of Roger Ver's famous aliases – was arrested in Spain this weekend. A Bitcoin Cash supporter and one of the most high-profile figures in the cryptocurrency industry has been accused of evading taxes amounting to $50 million.
Coinbase adds support for the Bitcoin Lightning network. Coinbase – the second largest cryptocurrency exchange in the world and the most popular within the US – has added support for the Bitcoin Lightning Network. The integration aims to reduce the cost of sending BTC globally.
Graphs
This week we have chart analysis for Ethereum, Ripple, Cardano, Shiba Inu and Polkadot – click here for the full price analysis.
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Cryptocurrency charts By TradingView.