Bitcoin Volatility: Binance FUD Causes Price Drop, DOGE Skyrockets 25%
• Bitcoin experienced massive price fluctuations this week due to rumors regarding Binance’s CEO being served with a Red Notice by Interpol, driving the price of BTC down by over a grand.
• Dogecoin, however, had an impressive surge propelled by Elon Musk interaction, briefly exceeding $0.1 earlier today.
• Altcoins were mostly in the red on a daily scale.
Bitcoin Experiences Volatility Amid Binance FUD
Bitcoin experienced volatile price movements this week after rumors emerged that Changpeng Zhao, the CEO of Binance, was wanted by Interpol. This drove the cryptocurrency south hard and it dropped to $27,200 before CZ cleared the air and bitcoin returned to roughly $28,000.
Dogecoin Rockets 25% Following Musk Interaction
Dogecoin has stolen the show with a massive double-digit surge following an interaction with Tesla CEO Elon Musk. It briefly exceeded $0.1 earlier today in another surge propelled by Musk’s tweets and comments about the cryptocurrency.
Altcoins Remain Mostly in The Red
Most altcoins were still in the red on a daily scale despite Dogecoin’s impressive performance. Ethereum was trading at around $2000 while Ripple was struggling above $0.4 levels for most of this week as well.
Media Coverage on Market Movement
Media outlets have been covering market movement extensively since last week when news surrounding Binance and its CEO first emerged. Several crypto influencers have also been active on Twitter discussing market trends and attempting to explain why certain assets are performing better than others.
Technical analysis has become increasingly popular among traders in recent months as they attempt to predict future market movements based on past prices and trends. Analysts have observed several key support levels for Bitcoin which could help determine where its next move will be headed if it breaks through them in either direction over the coming weeks or months ahead