• Bitcoin (BTC) remained stable above $29,000 this week.
• Injective (INJ) has increased 17% on a weekly basis.
• Altcoins are relatively quiet today, with Solana being the only notable gainer.
Bitcoin Stable Above $29K
This week started off quietly for Bitcoin (BTC), trading sideways in a tight range of around $27,500. On Tuesday, the bulls drove it up to $30,000 but false panic surrounding US government and Mt. Gox wallets caused it to slump back down to $27,000 before eventually reclaiming almost all losses and coming close to touching the $30K mark yesterday. Despite retracing by several hundred dollars since then, BTC still trades above $29,000.
Injective (INJ) Up 17% Weekly
Injective (INJ) is continuing its surge with yet another 6% daily increase taking it well above $6. This marks an impressive 17% increase from last week when it was trading at around $5.10 per token.
Altcoins Remain Quiet
The altcoin market appears relatively quiet today, with Solana being the only notable gainer amongst larger caps. Other cryptocurrencies such as Ethereum (ETH) and Dogecoin (DOGE) remain mostly unchanged from last week’s prices of around $1,800 and 40 cents respectively.
Potential Impact of Fake News
The fake news regarding US regulators blocking crypto transactions had a significant impact on bitcoin prices this week and demonstrates how easily misinformation can disrupt markets in an instant and cause massive losses or gains depending on which direction investors take their money in response to these events.