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This Week In Crypto: 50 Cent's Bitcoin Bonanza, Cathie Wood's Prediction, Kitty-Themed Crypto Surge, And More

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This Week In Crypto: 50 Cent's Bitcoin Bonanza, Cathie Wood's Prediction, Kitty-Themed Crypto Surge, And More

This week was a rollercoaster ride in the world of finance and cryptocurrency. From 50 Cent‘s Bitcoin BTC/USD earnings to Ark Invest’s Cathie Wood’s prediction about King Crypto, and Roaring Kitty’s YouTube live stream resulting in a surge in a cat-themed cryptocurrency, there was no shortage of action. Here’s a quick recap of the top stories that made headlines.

50 Cent’s Bitcoin Vision Pays Off

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Grammy Award-winning rapper 50 Cent, also known as Curtis Jackson, made a groundbreaking move a decade ago by accepting Bitcoin as payment for his album “Animal Ambition”. Fast forward to today, and his decision has paid off handsomely, making him a multi-millionaire. Jackson reportedly amassed 700 Bitcoins from the album sales, which at the time were worth around $460,000.

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Cathie Wood’s Bitcoin Prediction

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Renowned investor ARK Invest’s Wood has made a daring prediction about the future value of Bitcoin. According to Wood, if corporations continue to diversify their balance sheets into Bitcoin, the digital currency could reach a staggering $500,000. This would mean that an investment of just $100 in Bitcoin today could be worth as much as $200,000 if Wood’s prediction comes true.

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Kitty-Themed Crypto Rides the Roaring Kitty Wave

In anticipation of Roaring Kitty’s YouTube livestream, Kitty AI, a cat-themed cryptocurrency, saw a significant surge. The Solana SOL/USD-based memecoin moved 65% higher with trading volume more than doubling to $8.73 million in the last 24 hours as of late Thursday.

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Roaring Kitty Stream Triggers Crypto Sell-Off

The cryptocurrency markets ended the week on a sour note, with Bitcoin, Ethereum ETH/USD, and Dogecoin DOGE/USD experiencing a strong sell-off following the end of the Roaring Kitty live stream.

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Shiba Inu Burn Rate Skyrockets

Shiba Inu SHIB/USD, often referred to as the “Dogecoin Killer,” saw a significant spike in its burn rate over 24 hours on Monday. This led traders to be bullish about its upcoming price momentum, with some predicting the price potentially doubling or even tripling.

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Read Next: Bitcoin, Ethereum, Dogecoin Rise On Weakening Labor Market Indicator: Analyst Says He Will Dish Out Cash For Retweets If King Crypto Doesn’t Hit $95K By This Time

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Photo courtesy: Shutterstock

This story was generated using Benzinga Neuro and edited by Anan Ashraf.

Crypto

Binance survey reveals how well Ghania understands cryptocurrency (and it does, very well

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Binance survey reveals how well Ghania understands cryptocurrency (and it does, very well
When considering cryptocurrency, do you think of rare metals like gold and silver? Or is your first thought of a digital currency that relies on cryptography? Well, in a recent survey undertaken by Binance in Ghana, it turns out that 50% of the respondents are very much aware of the fact that it is the latter .
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Brazil's biggest bank opens investment app to crypto trades

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Brazil's biggest bank opens investment app to crypto trades

Brazil’s largest bank has opened up cryptocurrency trading to all users of its investment platform, allowing them to sell Bitcoin and Ethereum directly.

Guto Antunes, the chief executive of Itau Unibanco, said the decision came after a series of surveys and discussions with clients that showed a strong support for cryptocurrency financial products. A key point, Antunes said, is that Itau Unibanco developed the transaction infrastructure and virtual crypto wallets itself, rather than outsource it.

Itau’s latest report notes that its trading app has more than 3.5 million downloads. Antunues noted that there is significant appetite for crypto trading among its customer base but a regulatory risk assessment from Brazilian officials must clear the way first, both for cryptocurrency as well as stablecoins.

Itau Unibanco is a new but aggressive player in the crypto market, getting involved in late 2023 with concierge services to select customers. The launch of its Ion trading app signals a broader intent to compete in global cryptocurrency exchanges such as MB, BTG, Mynt, and Binance.

Featured image via Ideogram

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Majority of Top 20 Cryptocurrencies Experience Double-Digit Losses: What’s Behind the Crypto Bloodbath?

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Majority of Top 20 Cryptocurrencies Experience Double-Digit Losses: What’s Behind the Crypto Bloodbath?

Bitcoin is down slightly, many altcoins have seen major losses and the largest cryptocurrency continues to face rejections at the $70k level. While Bitcoin and Ethereum experienced losses of 5-7%, many altcoins bled double digits. BNB, Solana, and Dogecoin saw losses ranging from 12-15%. Shiba Inu, Avalanche, Polkadot, Chainlink and NEAR Protocol also suffered double digit losses. 

The Consumer Price Index (CPI) report is coming out, which historically influences crypto markets. Anticipation of this report may be causing some market hesitation. The Federal Open Market Committee (FOMC) meeting is also taking place, with a summary of economic projections being discussed. 

Although no rate changes will be announced, this meeting still impacts market sentiment. Officials are expected to keep interest rates steady regardless. However, the new inflation figures might influence their predictions on the number of rate cuts for the year, as policymakers can revise their forecasts based on this data.

Despite the downturn, institutions and companies are still interested in crypto, influenced by the success of Bitcoin spot ETFs. This interest extends to all major cryptocurrencies, including Ethereum and other blue chips.

What to expect from Bitcoin price?

When discussing Bitcoin’s price, analyst Crypto Rus noted that before Bitcoin surged from $1,000 to $20,000 in 2017, there was a period of choppiness and consolidation, similar to the current 15-week period. He suggested that once a breakout occurs, significant upward movement could follow, potentially reaching $300,000 to $400,000.

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He said that despite ETH recently dropping from $3,900 to $3,500, it is forming a bull flag. With Ethereum ETFs on the horizon, significant investment is expected, which could drive ETH prices higher. The influx of liquidity will benefit not just ETH but the entire market.

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