BTC Holds Near $80K While Coinbase Announces Job Cuts

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One of the other major developments in the past week was the counter-lawsuit initiated by the Trump-backed WLFI against Justin Sun.

It was another eventful week in the cryptocurrency space on the heels of the decisions made by the US Federal Reserve and the ECB to maintain the interest rates unchanged days prior.

Despite BTC’s short-term price dip to under $75,000 after the third FOMC meeting of the year on April 29, the cryptocurrency rebounded swiftly and actually went on an impressive roll. At first, it remained stable during the weekend, even though Washington rejected two peace proposals sent by Iran.

Moreover, bitcoin soared to over $80,000 on Monday morning for the first time in over three months, before it was halted and pushed south to under $78,400 after some confusing reports that Iran had attacked a US Navy vessel in the Strait of Hormuz. As the reports were refuted shortly after, BTC rebounded once again to $80,800 and eventually beyond.

The rally continued for a couple more days and peaked at $82,800 on Wednesday. This became bitcoin’s highest price tag since late January and meant that the asset had added roughly $8,000 since last Wednesday’s dip to below $75,000.

However, multiple analysts warned that this run is unsustainable and BTC could reverse its trajectory soon, which is precisely what happened on Thursday and mostly on Friday. Bitcoin lost the $80,000 support and now trades inches below it, but it’s still slightly in the green on a weekly scale.

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