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Crypto Updates for This Week: CZ Released from Prison, BTC and Shiba Inu Coin Bullish
The crypto universe draws another week to a close with attention-nabbing developments unfolding across the industry. Former Binance CEO CZ (Changpeng Zhao) was released from prison, whereas Bitcoin (BTC) and altcoins maintained a bullish stance over the past seven days. Meanwhile, Shiba Inu (SHIB) stole the spotlight, extending weekly gains to over 35% against the backdrop of community advancements.
CZ Released from Prison
Binance founder Changpeng “CZ” Zhao was released this week after 118 days of imprisonment, sparking discussions across the crypto market. This saga follows the former CEO’s arrest for violating AML (Anti-money laundering) provisions. Notably, Zhao’s days in prison came to an end after the completion of a four-month prison sentence. However, it’s worth noting that the Binance founder was released two days early, with Zhao also marking his return on X recently.
BTC, Shiba Inu, and Crypto Market Bullish
Meanwhile, the broader market embarked upon a noteworthy bullish movement in the past week as September, the worst month for stocks and assets, comes to an end. Bitcoin (BTC) price soared nearly 5% over the past week, whilst the altcoin sector mirrored an optimistic sentiment.
A recent CoinGape Media report reveals that BTC price could soar to $100K amid China’s 50 bps cut in the reserve requirement ratio, a 20 bps cut in key short-term interest rates, and monetary stimulus. Meanwhile, sentiments of an ‘Uptober’ rally are also brimming up in the market amid Bitcoin’s upside movement.
Shiba Inu Coin Bullish
Simultaneously, Shiba Inu extended its weekly gains to nearly 35%, mirroring a bullish trend along Bitcoin. The dog-themed meme crypto’s community sparked further optimism, revealing a stockpile of developments this week. SHIB executive Lucie hinted at a SHI stablecoin launch ahead. Moreover, Shiba Inu lead developer Shytoshi Kusama revealed that the next week could be game-changing for SHIB. In the interim, even the Shiba Inu burn rate soared remarkably, adding to optimism on the coin’s price movements.
Conclusion
Altogether, the crypto market witnessed a frenzy over the past week, primarily attributable to the abovementioned developments. As the market continues to navigate the complexities of the global economy, it remains crucial for investors to stay informed about the latest updates and trends.
FAQs
Q: What was CZ released from prison for?
A: CZ was released from prison after serving a four-month sentence for violating AML (Anti-money laundering) provisions.
Q: What was the outcome of the recent CoinGape Media report on BTC price?
A: The report suggests that BTC price could soar to $100K amid China’s monetary stimulus and interest rate cuts.
Q: What is the current market sentiment for Shiba Inu?
A: The market sentiment for Shiba Inu is bullish, with the coin extending its weekly gains to nearly 35% and community developments sparking optimism.
Q: What is the significance of the Shiba Inu burn rate?
A: The Shiba Inu burn rate has soared remarkably, adding to optimism on the coin’s price movements.
