The crypto world saw a rollercoaster of events this week, including Bitcoin’s possible fall, the debate over whether to spend or hold Dogecoin, and large purchases by crypto whales.
Let’s take a look at the main news stories from this week.
The Worst-Case Scenario for Bitcoin
A Bitwise executive outlined a potential worst-case scenario for Bitcoin, in which the cryptocurrency could fall another 20% to $48,000. The executive identified three structural supports below the current spot price, with $48,000 being the worst-case floor if all three give way.
Dogecoin: To Spend Or To Hold?
The director of the Dogecoin Foundation, Timothy Stebbing, argued that Dogecoin is for spending, not holding. This statement comes in the midst of a debate within the crypto community as to whether utility or speculation will determine the cryptocurrency’s future.
Michael Saylor’s Latest Bitcoin Purchase
Michael Saylor’s Strategy bought 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 the Strategy has lowered its cost basis since it began its accumulation strategy.
Dogecoin Whales on a Buying Spree
Last week, Dogecoin whales accumulated over 200 million tokens following the launch of DOGE Pay by House of Doge and MoonPay. This new checkout solution, which is scheduled to be rolled out in the third quarter, will enable native Dogecoin payments to be made at more than 6,000 merchants.
Japan’s Crypto Tax Cut
The Japanese government has passed a bill to reduce 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 it is approved by the upper house.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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