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

After being hovered around $19,000 for several weeks, bitcoin’s price was finally able to break out of the range and break out to the upside. BTC reclaimed $20,000 and even pierced above $21,000 before returning a bit to where it is currently trading. Elsewhere, Elon Musk has officially acquired Twitter, so let’s unpack it.

Bitcoin started the week around $19,000 and seemed stuck there for quite a while. However, volatility increased on Tuesday and bulls returned to the market, taking the price of BTC above $20,000 for the first time in over 20 days.

The march continued on Wednesday as the cryptocurrency briefly shot above $21,000 (on Binance), but buyers failed to hold the price and it was pushed back towards its current trading value of around $20,500. All told, BTC is up 8% over the past seven days.

The rest of the market is also painted green, with Dogecoin being the top performer at a whopping 43%. That certainly has something to do with Elon Musk finally seeing his takeover of Twitter complete. On day one, he fired a number of top executives, including the CEO and CFO.

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

Ethereum has also performed very well over the past seven days, up almost 20%. All of this brought the total market cap to over $1 trillion. It will be exciting to see if the momentum will continue next week or if the bears will have the final say.

market data

Market Cap: $1,038 billion | 24-hour band: $83 billion | BTC dominance: 38%

Bitcoin: $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 acquired Twitter in a deal that will probably be remembered. Riddled with controversy, we present a full timeline of everything that led up to this moment.

A Reason and Warning for Bitcoin and Ethereum’s Recent Pumps: Arthur Hayes. Bitcoin price surged this week. Arthur Hayes – co-founder and former CEO of BitMEX – commented on the matter. He gave a reason but also a warning for BTC and ETH after the recent pumps.

New British Prime Minister Rishi Sunak: Crypto believer or CBDC supporter? Rishi Sunak is the new Prime Minister of the UK and he has spoken about crypto on a number of occasions. However, is he a proponent or leaning towards the idea of ​​a central bank digital currency?

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

FTX is very 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 stated that the current bear market is quite worrying for the entire industry.

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

charts

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

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