Cryptocurrency Market Last Week: Shiba Inu Up More Than 270% Thanks To Elon Musk’s Tweet

The virtual currency market rebounded last week when US officials said there was no intention of taking any action to control virtual currency trading activity.

The US has no plans to regulate cryptocurrency trading

Bitcoin rose to $ 55,000 after positive news from US officials. US Treasury Secretary Janet Yellen and SEC chairman Gary Gensler said they had no intention of controlling cryptocurrency trading. This helps virtual currency investors to take care of the regulation of virtual currencies.

In addition, according to experts, the Bitcoin rally is also supported by the participation of institutions.

“You will see a lot of institutions looking to get into the cryptocurrency market. We understand that US Bank is in the process of providing institutional custodian services. We also see Bank of America launch bitcoin research. I think the cryptocurrency market still has room for growth, ”said Delano Saporu, founder of New Street Advisors.

JPMorgan: Institutional investors put money in Bitcoin to hedge against inflation

JP Morgan believes this week’s rally will intensify as institutes look for tools to hedge against rising inflation.

“Institutional investors are clearly returning to Bitcoin, perhaps because they see it is a better inflation-resistant place than gold,” the analyst wrote.

During the week, Shark Tank’s Kevin O’Leary also claimed that his portfolio had a larger stake in cryptocurrencies than gold.

Elon Musk has the Shiba Inu Prize. “bloated”

The Shiba Inu rose at times by up to 367% in the past week and became the twelfth largest cryptocurrency on the market. This comes in part from Elon Musk’s latest tweet.

The Shiba Inu rally also joined the rally in the cryptocurrency market thanks to favorable seasonal factors, positive signals on the technical charts and no intervention by the Fed. However, Shiba Inu’s rally last week far outperformed Bitcoin and Ethereum earnings, which rose a little more than 20% over the past week.

Another factor driving SHIB’s rise could come from Elon Musk’s tweet. On the night of October 3, Tesla boss Elon Musk posted a picture of a dog with the comment “Floki Frunkpuppy”. Previously, in June 2021, he tweeted that “my Shiba Inu dog is called Floki”.

The market capitalization of cryptocurrencies rose by 200 billion VND USD in 1 week

On the morning of October 9th, Bitcoin is at 54,188 USD, approaching 56,000 after a while USD. The digital currency is up more than 13% in the past week.

Other cryptocurrencies also flourished, Ethereum by more than 8%, Binance Coin by more than 1%, Ripple by 3.6%. Most notable over the past week is the more than 270% increase in Shiba Inu.

Market capitalization of cryptocurrencies at 2,300 Billion USD, an increase of nearly VND 200 billion USD in last week.

Movements of the top 10 largest virtual currencies

Source: CoinMarketCap

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