In brief

  • Bitcoin ended the week only $200 higher than when it started.
  • The price of Bitcoin increased, held firm, then survived a brief pump n’ dump.
  • A second wave of Dogecoin’s own pump n’ dump happened around the same time.

This week, the price of Bitcoin increased, held firm, then survived a brief pump n’ dump largely intact. The current price of Bitcoin is $9,232, as of Sunday afternoon.

Bitcoin started the week on an ebb, at $9,075, according to data from metrics site CoinMarketCap. From there, the only way was up. There was a quick spike at dawn on Monday when the price of the coin increased from $9,087 to $9,216 in around two hours. Onward, thereafter, to highs of $9,322 in the afternoon.

After all of Monday's excitement, a few days of stagnancy. And then whoosh. It all happened at once. On Wednesday, in less than half an hour, Bitcoin's price rose from $9,289 to $9,434. 

Bitcoin
BTC
+12.43%$117,791.36
24H7D1M1YMAX
Created with Highcharts 10.3.3Jun 20Jun 22Jun 24Jun 26Jun 28Jun 30Jul 2Jul 4Jul 6Jul 8Jul 10Jul 12Jul 14Jul 16Jul 18Jul 20Jul …$95000$100000$105000$110000$115000$120000$125000
Price data by
BTC price

Who knows why, but, curiously, it happened at around the same time as the second wave of Dogecoin’s own pump n’ dump this week. 

The meme coin, which took inspiration from a Shiba Inu dog(e) who says things like “such wow”, increased by 43% overnight after a TikTok user challenged the internet to pump up the price to $1. 

Dogecoin has fallen in value. Image: Shutterstock

Wow, TikTok Dogecoin pump is over. Such dump

The meme coin Dogecoin (DOGE) has fallen after a brief rise; the dump after the pump. On July 7 to July 8, Dogecoin rose by 96%, from $0.0027 to $0.0053, one of the largest increases by the coin in a single day.  The pump could not be sustained, however, and the coin fell to lows of $0.0035 the following day. But then another pump! This time on Wednesday, and to highs of $0.0052. That didn’t last either, and the coin then fell to its current price, $0.0036. Much of its collapse occurred on Thurs...

NewsCoins
2 min read
Decrypt Staff

But let’s leave speculation to the Bitcoin traders. What is known is that Bitcoin's ambitious pump was followed by an ignominious dump a day later, when the price dropped from $9,412 to $9,253 in not-quite two hours. 

Traders buried the dip under the rug for the rest of the week, and the price has held steady ever since. 

Despite the flurry of activity, Bitcoin ends the week only $200 higher than when it started. “Such disappointment. Wow.” 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.