It's been a rough run for bitcoin, now at a 2-month low and barely hanging on above $26K. Souring the mood was a 60% plunge in the formerly red-hot pepecoin $PEPE. LedesmaLyllah reports
) has plunged more than 10% over the past 7 days to a two-month low just above $26,000 alongside a sizable reversal in the previous red-hot memecoin sector.since March 17.
Bitcoin’s high for the week came on Wednesday morning when it rose to $28,300 following softer than expected CPI data on Wednesday. “Bitcoin might break below $26,000 over the weekend but it’s well bid right now,” said Laurent Kssis, crypto advisor at CEC Capital. “Clearly there are no fundamentals holding BTC up any longer and traders are concerned but it feels a short term play to increase BTC holdings at these lower levels,” he added.Oanda analyst Ed Moya believes bitcoin is still subject to further downside pressure until the U.S. sees regulatory clarity.
Ether was also lower for the week, though it did outperform bitcoin by a bit. It’s currently at $1,770 versus its weekly high of $2,020 touched last Saturday. Helping to sour the mood in bitcoin were tumbling prices for some memecoins, notably pepecoin , which is now lower by more than 60% over the past week of trade. The new token based on “pepe the frog” debuted on April and quickly rose to more than a $1 billion valuation. That’s now been trimmed to roughly $560 million.
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