This week in the crypto world was a rollercoaster ride, with Bitcoin’s potential drop, Dogecoin’s spending versus holding debate and significant purchases by crypto whales.
Let’s dive into the top stories that shaped the week.
Bitcoin’s Worst-Case Scenario
A Bitwise executive has outlined a potential worst-case scenario for Bitcoin, suggesting that the cryptocurrency could drop another 20% to $48,000. The executive identified three structural supports beneath the current spot price, with $48,000 being the worst-case floor if all three give way.
Dogecoin’s Purpose: Spending or Holding?
The Dogecoin Foundation’s director, Timothy Stebbing, has argued that Dogecoin is for spending, not holding. This statement comes amidst a debate within the crypto community about whether utility or speculation will determine the cryptocurrency’s future.
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