Having reached local highs of $9,330 on Monday, BTC/USD lost momentum overnight, in step with a dip on Wall Street with Tuesday seeing further losses. Bitcoin thus continues its correlation with macro markets.
Dogecoin has cemented its reputation as a “joke” cryptocurrency—it’s based on a popular meme featuring a Shina Inu dog surrounded by brightly colored text in Comic Sans. But after what appears to be a massive pump and dump on the popular social networking app TikTok, many teenagers may have very little to laugh about.
Some of the exchange’s users have expressed concerns about how their data is being used, but Armstrong has shrugged off this criticism, writing: “Whether Coinbase sells blockchain analytics software or not, transactions on public blockchains are still traceable by any number of people out there.”
Modern Consensus looks at the market forces at play that could make or break the price of Bitcoin this week.