Key Takeaways:
- Bitcoin price stables at $49,000.
- Only significant thing that happened with BTC over the weekend was Modi Twitter hack.
- Hack on India’s Prime Minister had no effect on BTC price.
- Altcoins paint similar pattern with BTC, stall over the weekend.
NIGERIA (Coinchapter.com) – Over the weekend, there’s been next to no activity with Bitcoin price and many altcoins. Their price stabled except Cardano that spiked by 6 percent.
Despite the hack on the Twitter account of India’s prime minister, Narendra Modi, to run a Bitcoin scam an act that often leads to sell-off in the market, Bitcoin price neither surged nor dropped below $49,000 level.
Bitcoin price stagnancy below $50,000
After showing high volatility over the past week when it tried to close on $50,000, the number one cryptocurrency has stagnated over the weekend.
The last time Bitcoin tried to overcome $50,000 was on Friday after reports that the US had reached its highest inflation rates in approximately 40 years. However, BTC hit $50,000 and dropped just minutes after.
It plunged to $47,000 and began its recovery since then, only to remain stagnant at $49,000. At the time of writing, BTC broke slightly above $50,000 with its market capital at $937 billion (CoinGecko).
Hack on Prime Minister Modi’s Twitter account
The hack was the most significant thing to happen to Bitcoin over the weekend.
His account was compromised and subsequently used to spread false news of Bitcoin’s mainstream adoption and distribution of 500 BTC to Indians.
However, the account was quickly recovered, and the false news was deleted, and another tweet was sent announcing the account had been secured.
This is the second time his Twitter account got compromised for a Bitcoin scam. The first time was in Dec 2020. However, the whole operation had no significant effect on Bitcoin price.
Altcoins also stable, with ADA seeing 6% spike
Like Bitcoin price did, altcoins were also volatile during the week but nothing serious over the weekend.
Ethereum dipped below $4,000 on a few occasions but now stands just over that line.
Binance Coin is up by 2.5% in a day and sits at $565. Avalanche and Shiba Inu are also slightly in the green, while Cardano is the most significant gainer from the larger-cap alts. ADA spiked by 6% and has neared $1.35.
In contrast, Solana, Ripple, Polkadot, and Dogecoin see minor losses. On the other hand, Terra has dropped the most in a day – 6%. Consequently, LUNA now sits below $60.
More fluctuations come from the lower- and mid-cap alts. Quant (24%), Gala (17%), NEAR Protocol (13%), and OKB (11%) lead the way in terms of daily increases.
Ultimately, the global crypto market cap has stalled at $2.9 trillion over the past 24 hours.
