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.
Hereâs a brief report on some of the top crypto market headlines reported over the past week.
CZ Released From Prison
Binance founder Changpeng âCZâ Zhao was released this week after 118 days of imprisonment, sparking discussions across the crypto market. This saga follows the former CEOâs arrest for violating AML (Anti-money laundering) provisions. Notably, Zhaoâs days in prison came to an end after the completion of a four-month prison sentence. However, itâs worth noting that the Binance founder was released two days early, with Zhao also marking his return on X recently.
BTC, Shiba Inu, & 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 Chinaâs 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 âUptoberâ rally are also brimming up in the market amid Bitcoinâs upside movement.
Simultaneously, Shiba Inu extended its weekly gains to nearly 35%, mirroring a bullish trend along Bitcoin. The dog-themed meme cryptoâs 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 coinâs price movements.
Altogether, the crypto market witnessed a frenzy over the past week, primarily attributable to the abovementioned developments.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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