Weekly Crypto: Bitcoin recovers, positive trend in the market
The crypto market experienced a positive trend during the week, with the exception of Ripple, which fell by 3.42%. Bitcoin rose by 1.63%, its market cap stands at 1.30 trillion dollars, and it is trading at 64,958.7 dollars.
The crypto market experienced a positive trend this week, as Bitcoin rose by 1.63%, its market cap stands at 1.30 trillion dollars, and it is trading at a price of 64,958.7 dollars. In second place is Ethereum, which rose by 1.42%. The coin's price is 1,915.66 dollars and its market cap stands at 230.80 billion dollars.
Tether rose by 0.03%, its price is 0.9994 dollars, and its market cap stands at 183.36 billion dollars. In fourth place is Binance Coin, which rose by 0.11% over the past week. The coin's price is 590.70 dollars and its market cap stands at 78.60 billion dollars.
The USDC coin rose by 0.01% during the week and its market cap stands at 71.89 billion dollars. According to the data, the coin's price is 1.0006 dollars. Ripple fell by 3.42% over the past week, its price is 1.0344 dollars, and its market cap stands at 64.72 billion dollars.
Arthur Hayes, one of the founders of the crypto exchange BitMEX, presented an analysis according to which the frenzy for artificial intelligence technology is driven by a dangerous financial bet.
«It is more similar to 2008 than to the dot-com bubble», the executive claims, comparing the current situation to the credit and subprime crisis that shook the global economy.
With tech giants having committed to future rent payments of more than a trillion dollars, Hayes argues that «as long as demand looks strong, lenders will continue to pour money into construction. But if tech companies slow down investments, some projects will struggle to service their debts.»
Such a scenario, according to him, will primarily hurt banks and financing entities that will be left with stranded assets. From the fall to a jump to a million dollars: such a debt crisis will also shake the crypto market in the short term. Hayes estimates that in the initial wave of selling, Bitcoin will take a hit and move in the 60 to 70 thousand dollar range, with a possibility of a decline towards 50 thousand dollars.
