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Memecoins Under Fire as BTC Lullfest Below $100K Revives Memories of 2018

Memecoins Under Fire as BTC Lullfest Below $100K Revives Memories of 2018
Bitcoin's recent price range of $94,000 to $100,000 has puzzled market participants, as the cryptocurrency typically experiences strong directional moves followed by consolidations. Some believe that the current lackluster price action is due to the popularity of memecoins, such as TRUMP and LIBRA, which are drawing liquidity away from established cryptocurrencies. The stagnant BTC price behavior is reminiscent of a similar situation in 2018, but this time BTC is just 12% below its all-time high. The memecoin frenzy did not attract new capital to the market, but rather caused money to migrate from BTC and other coins. However, some experts believe that positive regulatory news and the departure of previous SEC leadership could drive BTC price upward. The regulatory environment is changing, with issuers filing SEC applications for spot ETFs tied to various digital assets. While some believe that only bitcoin and ether ETFs have a chance of approval, others are optimistic that top 10 tokens, excluding stablecoins, will also be approved.

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