This week in the crypto world was a rollercoaster ride, with Bitcoin’s potential drop, Dogecoin’s spending versus holding debate and significant purchases by crypto whales.
Let’s dive into the top stories that shaped the week.
Bitcoin’s Worst-Case Scenario
A Bitwise executive has outlined a potential worst-case scenario for Bitcoin, suggesting that the cryptocurrency could drop another 20% to $48,000. The executive identified three structural supports beneath the current spot price, with $48,000 being the worst-case floor if all three give way.
Read the full article here.
Dogecoin’s Purpose: Spending or Holding?
The Dogecoin Foundation’s director, Timothy Stebbing, has argued that Dogecoin is for spending, not holding. This statement comes amidst a debate within the crypto community about whether utility or speculation will determine the cryptocurrency’s future.
Read the full article here.
Michael Saylor’s Latest Bitcoin Purchase
Michael Saylor’s Strategy has purchased an additional 1,550 Bitcoins, bringing its total holdings to 845,256 BTC. The latest purchase was made at $10,000 below the average cost, marking the first time Strategy has lowered its cost basis since beginning its accumulation strategy.
Read the full article here.
Dogecoin Whales On A Buying Spree
Dogecoin whales accumulated over 200 million tokens last week following the launch of DOGE Pay by House of Doge and MoonPay. This new checkout solution, planned for a Q3 rollout, brings native Dogecoin payments to more than 6,000 merchants.
Read the full article here.
Japan’s Crypto Tax Cut
The Japanese government has passed a bill to cut taxes on Bitcoin and Ethereum from 55% to 20%. The bill, which places cryptocurrency in the same legal category as stocks and other financial instruments, is expected to take effect next year if approved by the upper house.
Read the full article here.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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