Many things could affect the crypto industry this week; some are positive, and others negative. So you should pick out this news to help you plan your crypto portfolio and activity for the week.
By now, you should know that the Pepe token is now massively decreasing in price and might not be a good investment option for the week. Brace up as we share some of the top crypto news to let you know the crypto market outlook for the week.
1. BRICS To Launch a New Currency
The BRICS, representing the economically-aligned nations of Brazil, Russia, India, China, and South Africa, are planning to launch a new currency as the association of countries battles to defeat the US dollar currency superiority.
According to veteran investment guru Matthew Piepenburg, many countries worldwide are disgusted with using the US dollar and will be adopting other forms of payment among themselves. Currently, there are speculations about whether this new currency will be the Yuan or if there will be a total overhaul in currency use.
BRICS aren't alone, as many other countries want to join the association against the United States. Countries such as Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, and Indonesia, two nations from East Africa and one from West Africa, are reportedly trying to join the BRICS Association of countries. This is one of the top crypto news for the week, as it will have a huge impact on the crypto market.
2. Pepe Suffers Crazy Losses
The Pepe token has been one of the most popular crypto tokens since the year started. Despite only getting launched in April, the meme coin grew to become a billion-dollar market cap meme coin. Since its launch, the meme coin has always claimed to be the new generation of meme coins and will be taking over the influence of Dogecoin and Shiba Inu.
It kept its promise for many weeks as many crypto investors and whales splashed millions of dollars on the meme coin. However, the hype over the Pepe token has dwindled as its price has come crashing down.
Since its all-time high earlier this month, the frog-themed PEPE meme-coin has lost more than 60% of its value since it peaked. On the other hand, investors have stopped making many investments as they are currently seeing losses in the charts. After recording an all-time high of $0.00000431 and becoming one of the top crypto gainers on May 5, the meme coin has since reduced to about $0.00000172 at the time of writing.
3. More People Turn to Bitcoin
New reports show that more people accept Bitcoin as an escape from the financial issues experienced by banks. According to Macro guru Lyn Alden, a large population of Americans has started having trust issues with banks ever since the increased rate of regional bank collapse was recorded. From what Alden said, the value of Bitcoin is starting to grow as most Americans now prefer to have their money stored away in cryptocurrencies than in the banks.
Alden says that most people are now becoming aware that banks use their money to invest in many assets, and they are not always successful with their investments. Since bank customers have become aware of this, they are now wary of the money they leave in their bank accounts. As a preventive measure, many Americans now go some chunk of their earnings in crypto to prevent loss of funds in the case of a bank collapse.
4. Bitcoin Addresses Holding 1 BTC surpass 1 million
One of the optimistic top crypto news to watch this week is Bitcoin addresses holding 1 BTC, reaching more than 1 million. New data from Glassnode show the apex cryptocurrency has been growing in terms of users. Price data show many crypto investors have been putting their money in Bitcoin whenever the cryptocurrency price reduces. This has helped them build up their portfolio to 1 BTC or more.
Over one million Bitcoin investors now have at least 1 Bitcoin in their wallet, a massive milestone. This shows that the rate of Bitcoin investments and adoption is increasing and might not stop at any moment. Now it has crossed the 1 million checkmarks, the Bitcoin community will be expecting it to go all the way to greater heights.