Bitcoin has had a rollercoaster week, with its price fluctuating as usual. Despite reaching a three-week high of $88,474 on Monday, the price of the coin has since dropped to $82,480 per coin, down almost 2% for the week. The dip can be attributed to fears of inflation, exacerbated by the U.S. Commerce Department reporting a 0.4% increase in the core Personal Consumption Expenditures Price Index in February, the largest monthly increase in over a year.
Investors have been cautious with risk-assets like Bitcoin and stocks due to ongoing inflation concerns and the uncertainty surrounding President Trump’s trade war. However, American Bitcoin ETFs saw positive inflows throughout the week, with total inflows reaching approximately $196.4 million. This indicates that crypto investors may view Bitcoin’s current price, which is 24% below its January all-time high, as a buying opportunity.
In other news, GameStop, the video game retailer and meme stock, announced plans to add certain cryptocurrencies, including Bitcoin, to its balance sheet. The company aims to raise $1.3 billion through debt financing to acquire Bitcoin, following the lead of other companies like MicroStrategy. While the initial news caused GameStop’s stock price to rise, it has since dropped as investors remain cautious about the move.
Meanwhile, the world’s largest mining conference, Mining Disrupt, took place in Fort Lauderdale, with a focus on integrating AI data centers into mining operations. Small businesses are also considering entering the mining industry, particularly in mining Dogecoin with ASICs.
In a surprising development, Brazil, the second largest economy in the Americas, is reportedly considering buying Bitcoin for its strategic reserve. This move could inspire other nation states to follow suit, given Brazil’s significant presence in the crypto market and the poor performance of the Brazilian real last year.
Lastly, a doctored video of President Trump allegedly endorsing Bitcoin circulated on social media, sparking controversy among Bitcoin supporters. Despite recent indications of support for cryptocurrency, Trump has a history of skepticism towards Bitcoin, previously calling it a “scam.”
As the cryptocurrency market continues to evolve, it’s important to stay informed about the latest developments and trends. Stay tuned for more updates on Bitcoin and the wider crypto industry.