The world of cryptocurrencies is coming to an end in just over a week, with high-profile developments unfolding across the industry. Bitcoin (BTC) and altcoins have remained bullish for the past seven days while former Binance CEO CZ (Chao Changpeng) has been released from prison. Meanwhile, Shiba Inu (SHIB) stole the spotlight, increasing its weekly growth rate to over 35% on the back of community progress.
Here is a quick report on some of the major crypto market headlines from the past week.
CZ is released from prison
Binance founder Changpeng “CZ” Chao was released this week after serving 118 days in prison, sparking debate across the crypto market. The saga follows the arrest of the former CEO for violating AML (anti-money laundering) regulations. Notably, Mr. Zhao's days in prison ended after serving a four-month sentence. However, it is worth noting that the Binance founder was released two days early, and Zhao also recently returned to X.
BTC, Shiba Inu, virtual currency market is bullish
Meanwhile, as September, the deadliest month for stocks and assets, comes to an end, the overall market has seen some notable bullish activity over the past week. Bitcoin (BTC) prices have surged nearly 5% over the past week, while the altcoin sector reflected optimistic sentiment.
A recent CoinGape Media report revealed that BTC prices could soar to $100,000 amid China's 50bps cut in reserve requirements, 20bps cut in key short-term interest rates, and monetary stimulus. . Meanwhile, amid Bitcoin's bullish market, sentiment towards an “Uptober” rally is also increasing in the market.
At the same time, Shiba Inu's weekly gain expanded to nearly 35%, reflecting Bitcoin's bullish trend. The dog-themed meme cipher community sparked further optimism, revealing an accumulation of developments this week. SHIB executive Lucy hinted that the SHI stablecoin will be launched in the future. Additionally, Shiba Inu lead developer Shatoshi Kusama revealed that next week could be a game-changer for SHIB. Meanwhile, Shiba Inu's burn rate has also increased significantly, increasing optimism about the coin's price movement.
Overall, the crypto market witnessed a frenzy last week mainly due to the above trends.
coin ape staff
CoinGape is comprised of an experienced team of native content writers and editors who work around the clock to cover news from around the world and present it as fact, not opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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