The cryptocurrency market continued its downward trend this week, with Bitcoin falling below $61,000 on Thursday. Bitcoin's price dropped to $60,815, down 2.25% from the previous day. The CoinDesk 20 Index, which measures the broader digital asset market, also fell by 2%. Ether and SOL also saw declines of 0.9% and 3%, respectively.

The cryptocurrency market is expected to face a wave of supply events that could delay a return to upward movement. According to cryptocurrency analysts K33, nearly $11 billion worth of Bitcoin is set to be distributed to creditors of Gemini's Earn program and the long-defunct Mt. Gox. This could put downward pressure on the market.

Despite the current downturn, some commentators believe that meme coins could continue to show impressive returns. The MarketVector's Meme Coin Index, which tracks Dogecoin, Shiba Inu, Pepe, dogwifhat, Floki Inu, and BONK, is up 195% on a yearly basis. Low fees on Solana allow traders to make small bets for potentially large profits, making meme coins an attractive option.

In a surprise move, former President Donald Trump recently said he intends to start accepting donations for his presidential campaign in cryptocurrency. This move could signal a shift in the political landscape, as cryptocurrency becomes increasingly mainstream. Trump also made a comment about the 'Boden' meme coin, which surged in price following his statement. The token jumped as high as $0.42 before retreating below $0.40, and is currently priced at around $0.36, up nearly 16% in the last 24 hours.