The past week in the crypto world was a mixed bag of events. Bitcoin (CRYPTO: BTC) saw a rise following the Federal Reserve Governor’s dovish comments on rate cuts, while altcoins pulled back. Meanwhile, former U.S. Representative Matt Gaetz made headlines with his purchase of Pudgy Penguins token and an economist issued a stern warning about a potential crypto crash. Let’s dive into the details.

Bitcoin Rises Amid Fed Governor’s Dovish Comments

Bitcoin experienced a surge, while altcoins took a step back, following the Federal Reserve Governor’s dovish remarks on rate cuts. The governor’s comments seemed to have a positive impact on Bitcoin, but the altcoins didn’t share the same fate.

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Matt Gaetz Buys Pudgy Penguins’ PENGU

Former U.S. Representative Matt Gaetz announced his purchase of the Pudgy Penguins token PENGU, referring to them as “digital penguins” and expressing his excitement about the current era. Crypto trader Broski also endorsed PENGU as a long-term investment.

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See Also: Bitcoin, Ethereum Tumble After Inflation Surprise

Economist Warns Of Potential Crypto Crash

Macroeconomist and technical analyst Henrik Zeberg issued a warning about the cryptocurrency market, describing it as the "Bubble of this era" and predicting a significant crash.

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US Treasury Halts Bitcoin Purchases

U.S. Treasury Secretary Scott Bessent confirmed that the government will not be buying additional Bitcoin for its strategic reserve, stating that the holdings will grow only through confiscated assets. Bessent also projected that tariff revenues could exceed earlier forecasts.

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XRP Dips, But Analyst Sees Opportunity

XRP may have dipped, but an analyst believes this could be the “ideal” time to enter for those who have not yet invested. “For those not already in, this [around $3.10] would be "ideal" entry for a position. We are just sitting above it atm but I think we probably dip into it shortly,”

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This story was generated using Benzinga Neuro and edited by Ananya Gairola