Bitcoin gained, while other leading coins stagnated on Sunday, as the cryptocurrency market attempted a recovery after a rout earlier in the week.

Bitcoin Climbs After Bloodbath

Bitcoin consolidated in the $69,000-$71,000 zone over the weekend, after tumbling below $61,000 on Thursday. Trading volume for the apex cryptocurrency fell 32% in the last 24 hours.

Ethereum also oscillated between $2,066 and $2,148, with $2,000 acting as a strong support for the second-largest cryptocurrency. XRP and Dogecoin fell 0.23% and 2,17%, respectively.

Over $336 million was liquidated from the market in the last 24 hours, according to Coinglass, with bearish short bets alone accounting for $236 million.

Benzinga

This week in the crypto world was nothing short of eventful. From Peter Schiff’s critique of Donald Trump‘s crypto stance to the dramatic fluctuations in Bitcoin and Ethereum prices, the market was a rollercoaster ride.

Here’s a quick recap of the top stories that made headlines.

Trump’s Crypto Competition With China Futile: Schiff

Economist Peter Schiff expressed skepticism over President Donald Trump’s ambition to make the U.S. the “world capital” of Bitcoin. Schiff argued that China’s leadership is indifferent to the leading cryptocurrency, dismissing Trump’s repeated claims that the U.S. needs to lead in cryptocurrency and blockchain technology to prevent China from…

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On Saturday, a substantial transfer of Dogecoin (CRYPTO: DOGE) was reported as 203,556,622 DOGE, valued at $20,059,987, moved from an unknown wallet to Robinhood. This significant transaction coincided with a 6% rebound in Dogecoin’s price, marking a reversal from a recent downward trend.

Whale Alert reported that this isn’t the first time such a large transfer has occurred. On February 4, a similar move saw 277,731,894 DOGE, worth $29,491,644, transferred to Robinhood. These transactions have caught attention amid a volatile cryptocurrency market.

Massive Dogecoin Transfer Signals Market Shift

Cryptocurrencies have been struggling since a severe sell-off in October, which undermined…

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Pop sensation Justin Bieber faced a significant financial loss as the value of his Bored Ape Yacht Club NFT drastically declined. Bieber’s purchase of Bored Ape #3001 for 500 ETH, or approximately $1.3 million in January 2022, has now plummeted to an estimated $12,000, marking a stark 99% decrease in value.

The NFT, which was criticized at the time for its lack of rare features, was bought at a significant premium. “Who is advising Justin Bieber’s NFT purchases and how can I get in touch to sell them floors NFTs for 500 ETH,” Farokh Sarmad, president of Dastan, commented following the purchase.

Justin Bieber’s NFT Loss: A Cautionary Tale

The Bored Ape Yacht Club, once a symbol of…

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On Saturday, South Korean cryptocurrency exchange Bithumb faced a significant blunder, accidentally distributing over $40 billion worth of Bitcoins (CRYPTO: BTC) to customers during a promotional event. The exchange initially intended to give small cash rewards of 2,000 Korean won ($1.40) or more to each user, but instead, winners received at least 2,000 Bitcoins each, leading to a massive selloff.

Reuters reports that Bithumb has since recovered 99.7% of the 620,000 Bitcoins mistakenly distributed, worth about $44 billion. The exchange restricted trading and withdrawals for the 695 affected customers within 35 minutes of the error on Friday.

“We would like to make it clear that this…

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Last week, Bitcoin (CRYPTO: BTC) experienced a significant drop, plummeting to a low of $60,000, marking a 19% decline. The downturn is attributed to multiple factors, including massive deleveraging and miners being forced to sell, rather than a single catastrophic event.

According to reports, futures open interest has dropped from $61 billion to $49 billion within a week, indicating a more than 20% decline in borrowed bets against Bitcoin. This drop in leverage parallels the decline in Bitcoin’s price, suggesting a simultaneous fall rather than a chaotic forced selling scenario.

What The Latest Bitcoin Drop Reveals

According to Matthew Sigel, head of digital asset research at VanEck, the…

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