Markets
BTC Posts Best Week Since March Between US CPI Announcement and Big Names Buying Bitcoin ETFs: This Week’s Crypto Recap
A lot can change in the cryptocurrency market in the span of a week and indeed it has happened in the last seven days. It was just last Friday when bitcoin was struggling to stay above $60,000 after another drop, but now the landscape is quite different.
The changes started over the weekend, when BTC remained above the above-mentioned level and even increased slightly to around $61,000. However, the first big move occurred on Monday, when the cryptocurrency rose to just over $63,000.
It failed to sustain that rally and saw a strong retracement on Tuesday due to some issues at Coinbase and perhaps due to pressure from the upcoming US CPI announcement on Wednesday. Once that He came outHowever, and reality met expectations, bitcoin began to rise rapidly.
It jumped several thousand dollars and surpassed $66,500 in ETF inflows accelerated Also. Yesterday the asset returned slightly below $65,000, but today it is back on the offensive. As a result, BTC returned above $66,000, marking its best week since the first days of March and causing investors to greedy Still.
Speaking of weekly scale, some of the most impressive gains from larger-cap alternatives include Solana, which skyrocketed earlier this week, and Chainlink, which he leveraged multi-month peak of over $16.
Market data
Market cap: $2.533 trillion | 24 Hour Vol: $78 Billion | BTC Dominance: 51.6%
BTC: $66,455 (+5.35%) | ETH: 3,086 dollars (+2.1%) | BNB: $580 (-2.61%)
This week’s cryptocurrency headlines you don’t want to miss
Bitcoin Fundamentals Remain Strong Despite Market Volatility: BitfinexDespite Bitcoin’s retracement since the end of last week, Bitfinex highlighted a report on Monday said that all of the network’s fundamentals remained strong, even as the difficulty decreased slightly.
The flop: Ethereum can’t stop losing ground to Bitcoin. The chart above shows that ETH failed to produce BTC-like gains. In fact, the second largest cryptocurrency has lost a lot of value relative to bitcoin in recent months, making so-called “flippening” more of a question distant dream than a potential reality.
Morgan Stanley reveals $269 million investment in Grayscale’s GBTC. The listed US giants had to disclose their financial activities in the first quarter of the year in separate filings with the US SEC. Therefore, several big names, such as Morgan Stanley, outlined multi-million dollar investments in several Bitcoin ETFs.
BTC investments from the state of Wisconsin could cause chain reactions from other states. One of the other notable and perhaps surprising names on the BTC bandwagon list was the State of Wisconsin Investment Board (SWIB). His $164 million investment in Bitcoin ETFs raises the question whether other similar entities will follow suit.
CME Group Plans Bitcoin Spot Trading Amid Growing Wall Street Demand. CME Group, a traditional financial giant that has a rich history with the cryptocurrency industry, is reportedly trying to enter the spot Bitcoin trading market, something the company has avoided in the past. This could create a lot of competition for established names like Coinbase and Binance.
ShibaSwap 2.0 goes live on the Shiba Inu Layer 2 Blockchain. The Shiba Inu ecosystem has been among the most active over the last year or so, and again this week marked the migration of the native decentralized exchange to Shibarium in the form of ShibaSwap 2.0.
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Cryptocurrency charts from TradingView.