The past week in the crypto world was nothing short of eventful. From a Bitcoin whale offloading a massive stake to the debut of a Dogecoin ETF, the crypto market was buzzing with activity.
Here’s a quick recap of the top stories that made headlines.
Bitcoin Whale Dumps $1.3 Billion Stake
An early Bitcoin investor, Owen Gunden, made waves by selling off his entire stake, valued at a staggering $1.3 billion. Gunden, who has been holding onto his Bitcoin since 2011, transferred $230 million worth of Bitcoin to cryptocurrency exchange Kraken, marking his final sale. This move comes amid one of the steepest declines of the apex crypto in recent memory.
Dogecoin Celebrates ETF Debut
Dogecoin welcomed the launch of a new exchange-traded fund that aims to provide leveraged exposure to the popular meme coin. The 21Shares 2x Long Dogecoin ETF made its debut on the Nasdaq stock exchange, earning a “Much congrats” from Dogecoin’s official handle.
See Also: Shiba Inu Burn Rate Explodes 23,864% In 24 Hours
Michael Saylor Defends Strategy’s Business Model
Michael Saylor, Executive Chairman of Strategy Inc., defended his company’s business model, asserting that it can withstand Bitcoin’s fluctuations and continue to provide value to shareholders. Saylor stated that as long as Bitcoin increases by 1.25% annually, Strategy can maintain its dividend payments indefinitely.
Peter Schiff’s Warning To Bitcoin Buyers
Peter Schiff, a long-time critic of Bitcoin, warned that the only hope for Bitcoin to reach a new all-time high now hinges on an unlikely scenario: the U.S. government purchasing massive amounts of BTC for its Strategic Reserve. Schiff argued that such a move would amount to a taxpayer-funded bailout of Bitcoin speculators.
Charles Hoskinson’s Take On Trump-Era Crypto Boom
Charles Hoskinson, the man behind Cardano, opined that the Trump-era crypto boom was a “rib-crushing hug” that disrupted the market’s normal cycle. He argued that the rapid political enthusiasm created an irrational rush of capital, throwing off the ecosystem’s typical four-year rhythm.
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