Market Overview

• Bitcoin’s value saw a drop recently, with market sentiment turning bearish, the first time this has happened since mid-2023.
• Other cryptocurrencies like DOGE, XRP, and SOL have also weakened, while Ethereum remains relatively stable.
• Analysts maintain a positive outlook on Bitcoin’s long-term value, referencing Donald Trump’s support for including cryptocurrencies in 401(k) plans.

Key Insights

Bitcoin briefly surged to $144,700 but soon returned as sentiments shifted to bearish according to recent indicators. Despite this, the CoinDesk 20 Index saw a small increase of approximately 0.7% in the past 24 hours.

Analyst Commentary

Jag Kooner commented, “Donald Trump’s approval of crypto assets being included in 401(k)s adds a further structural support, although this will take time to feel its effects in the market.”

YZY Token Highlights

• The recent launch of YZY Money, associated with Ye (formerly Kanye West), sparked a sensational price increase of 6,800% before it fell below $1.
• The launch announcement on social media led to speculations regarding potential hacks, shortly followed by a video confirming the launch by Ye, whose authenticity remains questionable.
• The token’s structure allocates 70% to Ye, which raises concerns over allocations and potential insider trading as retail investors absorbed significant losses in its initial trading period.