Weekly Crypto Roundup: Bitcoin (BTC) Recovers Amidst Ongoing Meme Coin Craze

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After a turbulent week, Bitcoin’s price stabilizes at $63,107, showing resilience amidst market volatility.
Despite a mid-week plunge, Bitcoin recovers following the U.S. government’s Nonfarm Payrolls report indicating higher than expected unemployment rates.
Altcoins like PEPE, BONK, ORDI, and Toncoin also experience significant gains, while a suspected rug-pull scam involving Solana-based meme token LIVEMOM raises eyebrows.

Bitcoin bounces back after a rough week, buoyed by U.S. unemployment data, while altcoins rally and a suspected rug-pull scam involving a meme token stirs controversy.

Bitcoin Recovers from Mid-Week Plunge

Bitcoin’s price, which fell below $57,000 earlier in the week, has recovered to its position seven days ago, now standing at $63,107. This recovery comes despite Bitcoin ETFs posting their worst day on record and outflows from BlackRock’s iShares Bitcoin Trust. The sell-off was triggered by news that the Federal Reserve was not planning to cut interest rates anytime soon.

U.S. Unemployment Data Boosts Bitcoin

On Friday, the U.S. government’s Nonfarm Payrolls report showed that the unemployment rate for April was higher than expected. This led to a surge in Bitcoin’s price as high unemployment could potentially lead to a cut in interest rates, making risk assets l... Read the full article for FREE at COINOTAG!