Here's a quick recap of the top stories that made waves over the weekend.

The week in the financial world was certainly eventful, to say the least. From Bitcoin’s bullish run and Ark Invest’s warning to a U.S. senator’s jab at former President Donald Trump over meme coins, there was no shortage of headlines.

Here’s a roundup of the top stories of the week that are sure to keep you buzzing into the weekend.

Noted economist and market commentator Peter Schiff has made a pessimistic prediction about Bitcoin’s future, tying it to the potential downfall of Strategy Inc. (NASDAQ:MAGA). In a recent interview, Schiff outlined his bleak outlook on Bitcoin, predicting that the next pullback in the world’s leading cryptocurrency could lead to significant unrealized losses for Saylor’s firm.

The company has been acquiring billions in Bitcoin, a strategy that is largely funded by debt. However, Schiff believes that this strategy could backfire if Bitcoin experiences another downturn.

“They’ve lost billions of dollars on this Bitcoin investment already. Of course, it’s unrealized because they haven’t sold yet. But they’ve used a lot of their cash to buy Bitcoin, and they’ve taken out large credit lines to buy even more Bitcoin,” Schiff said.

Schiff went on to warn that if Bitcoin pulls back again, Strategy Inc. will be in a difficult position. The firm will have to decide whether to sell the Bitcoin at a loss or double down on their investment.

“If they sell, they’ll realize a huge loss, and they’ll still have billions of dollars in debt. But if they don’t sell, they’ll continue to lose money on the interest payments on the debt,” he added.

According to Schiff, the ideal scenario for Strategy Inc. would be for Bitcoin to continue its rally throughout the year. However, he believes that this is unlikely, given the macroeconomic environment.

“I think the more likely scenario is that Bitcoin pulls back again, and when it does, Saylor will be forced to sell. He’ll be kicking himself for not selling when he had the chance,” said the economist.

Bitcoin rose above the $105,000 level on Friday for the first time since January, driven by a U.S.-China trade deal announcement.

Meanwhile, Ethereum (CRYPTO: ETH) held steady, while Dogecoin (CRYPTO: DOGE) saw a slight decline.

What Happened: Bitcoin (CRYPTO: BTC) traded above the $105,000 level for the first time since January, rising 1.5% over the past 24 hours. The world’s leading cryptocurrency had slid into a bear market in March, but it recovered sharply in recent weeks amid news of a potential U.S.-China trade deal.

According to sources familiar with the matter, the U.S. and China have made progress in their trade talks and could reach an agreement to ease tensions. The two economic superpowers have been engaged in a trade war since 2018, which has led to increased tariffs and other trade barriers.

The announcement of the trade deal could help to stabilize global markets and boost investor confidence. It could also lead to increased demand for cryptocurrencies, as investors seek out new investment opportunities.

Among the top ten cryptocurrencies, Ethereum was nearly unchanged, sliding less than 0.1% and trading at $8,260. The second-largest cryptocurrency has been consolidating in recent weeks, after a strong rally earlier in the year.

Among the meme coins, Dogecoin fell 0.4% and traded at $74.2. The meme coin had risen sharply on Thursday after former U.S. senator and Democratic presidential candidate, Sen. Chuck Schumer (D-N.Y), made a lighthearted jab at former President Donald Trump over his meme coin ties.

During an interview on Punchbowl News' "Inside Washington: The Final Chapter" podcast, Schumer was discussing President Trump's decision to parole family members of Mexican cartel leaders into the U.S.

Sen. Schumer said, "He'll do anything for a meme coin, I guess."

Schumer's comments come after President Trump announced that he had granted paroles to several family members of Mexican cartel leaders, who were imprisoned in the U.S. The move was widely seen as an attempt by President Trump to curry favor with Mexican President Andrés Manuel López Obrador, who had been critical of the U.S.'s drug policies.

The paroles were granted despite the objections of U.S. prosecutors, who had argued that the family members should serve their full sentences.

Sen. Schumer also said that he was planning to introduce legislation to ban meme coins.

"I think it's time to put a stop to this whole meme coin madness," Sen. Schumer said.

"We've had enough of people making fortunes off of silly internet tokens."

However, Sen. Schumer did not specify what type of legislation he was planning to

News data source: kdj.com

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