This week in the cryptocurrency field, several important events occurred: Trump and Elon Musk ended their cooperation, a Spanish coffee company shifted focus to Bitcoin investment, Gemini filed an IPO, and more.
Polymarket also established a partnership with X, and analysts noted that the altcoin market is experiencing a record dip. All these topics and more are available at BeInCrypto.
Trump and Elon Musk's Breakup
Clearly, the biggest cryptocurrency news this week was the breakup between Donald Trump and Elon Musk. Although they were close allies during Trump's presidency, these cryptocurrency giants went through a messy political divorce.
Musk accused the President of pedophilia, while Trump threatened to withdraw government contracts and subsidies from this CEO.
Trump Attacks Elon Musk. Source: Donald TrumpThe focus of the dispute was Trump's "Beautiful Bill", a budget proposal that Musk strongly criticized. In response, a series of "Kill (the) Bill" themed meme coins emerged after the dispute, but most have decreased in value today.
Spanish Coffee Chain Shifts to Bitcoin
Another important cryptocurrency event this week was Vanadi Coffee, a Spanish company that decided to follow MicroStrategy's footsteps.
After losing more money than earned last year, Chairman Salvador Martí proposed completely abandoning the coffee business to store Bitcoin. He proposed spending 1.1 billion USD to buy BTC.
Companies' Bitcoin purchases are a growing trend in this market, and companies worldwide are joining this trend. This is a potentially unpredictable risk, especially for smaller companies, but it could bring significant profits.
In recent months, Bitcoin has been less volatile than usual, so this could help Vanadi's opportunity.
Gemini Files IPO
Gemini, a prominent cryptocurrency exchange, filed an IPO this week. The co-founders had suggested this development for months, but Circle's IPO success might have influenced the decision.
However, some prominent KOLs expressed concerns about these IPOs, suggesting they might signal an unhealthy cryptocurrency market.
Gemini's IPO is still in its early stages, so it's unclear how much money the company is trying to raise. However, co-founder Cameron Winklevoss recently promised significant developments for the company, so Gemini's IPO target could be quite ambitious.
Polymarket Partners with X
Polymarket, cryptocurrency's favorite prediction market, announced a new partnership with X this week. Neither company provided clear details about the partnership's specifics, but Polymarket's press release mentioned several different possibilities.
"Combining Polymarket's accurate, unbiased, and real-time market prediction probabilities with Grok's analysis and X's real-time information will allow us to provide data-driven insights for millions of Polymarket users worldwide instantly. We are proud to work with X as our official prediction market partner and continue our mutually beneficial collaboration," said Shayne Coplan, Polymarket's founder and CEO.
Polymarket, built on Polygon, an Ethereum L2 expansion solution, has surged in value since announcing the partnership.
Depending on the two companies' future ambitions, this collaboration could bring powerful potential for some assets.
Altcoins Endure Record Bear Market
Finally, analysts identified that the current altcoin market dip has surpassed all previous cycles in duration and severity this week. Altcoins have declined for over 1,200 consecutive days, causing some to worry whether an "altcoin season" will arrive this year.
However, experts do not unanimously agree with this pessimistic view. If this gloomy situation is broken, it could lead to a record altcoin season after the market hits its dip.
Ultimately, no definitive prediction can be made. This was an extremely exciting week for cryptocurrency, and the market has witnessed both chaos and positive developments.
