This week has been quite a ride in the crypto markets, which currently have a total capitalization of around $1.68 trillion. That's down about $50 billion over the last seven days, which have been particularly volatile, so let's dive in.
Bitcoin price has gone crazy this week. On January 19th, the price shot above $41.5k in a violent green candlestick and consolidated at this level for a few weeks, but it was only on January 22nd that things began to take a turn for the worst. BTC started bleeding out.
The correction sent the price down to $38,500 – a price we hadn't seen in about two months. Contrary to the claims of many analysts, BTC actually fell below $40,000. The consolidation around this level took a few days, but today it finally managed to break out.
Luckily it was for the better.
The price exploded today, up around 4% on the day, up around 8% from the January 22 lows. This also sparked enthusiasm in the rest of the market, which is also trading in the green today.
And while Bitcoin managed to gain a 1.2% lead over the last seven days, most altcoins are still struggling to stay afloat despite today's rally. ETH is down 9% in the past week, BNB – 3.4%, XRP – 4.5%, ADA – 1.5%, AVAX – 2.7%, SOL – 1.1% and so on.
It appears that the euphoria surrounding the highly anticipated launch of a spot Bitcoin exchange-traded fund in the US is finally waning. We can also see that as the stock market slows, Grayscale inflows suggest that selling pressure from that direction is easing.
Elsewhere, the Securities and Exchange Commission has decided to postpone its decision on an ETH ETF, pushing the deadline for several applications to March this year. It will be interesting to see what this would be like as it potentially sends ripples across the DeFi market as a whole.
In any case, the coming months are likely to be very exciting, especially given that the Bitcoin halving is scheduled to take place later in April.
Market data
Market capitalization: T$1.68 | 24-hour volume: $96 billion | BTC Dominance: 48.5%
BTC: $41,500 (+12%) | ETH: $2,277 (-9%) | BNB: $303 (-3.4%)
This week's crypto headlines you can't miss
Tesla maintained its Bitcoin (BTC) holdings in the fourth quarter of 2023. Tesla did not sell any Bitcoins in the last quarter of 2023. The company maintained its holdings, demonstrating its long-term stance on the issue in times of turmoil.
Here's how much BTC Bitcoin ETFs accumulated in the first 6 trading days. The Newborn Nine, as the group of companies that manages the numerous BTC ETFs in the US is called, has so far accumulated 95,297 BTC worth $4 billion. BlackRock leads the field with 33,706 BTC in its supply.
Setback for Craig Wright as UK Supreme Court rejects appeal in defamation case. Craig Wright has been awarded just £1 in damages over a defamation claim against popular podcast host Peter McCormack. The case began years ago and has become a milestone in the industry.
Celsius Network Transfers $1 Billion Worth of ETH to Exchanges: Cause for Concern? Celsius Network – the bankrupt crypto lender – has transferred a whopping $1 billion worth of ETH to exchanges. Some believe this will have an impact on the market.
Here you can see how much GBTC was recorded by Outflow Grayscale over the last 7 days. In the first seven days, Grayscale saw hundreds of millions worth of BTC flow out of the platform as investors were finally able to do so. However, in recent days the process has slowed down.
Here is the new SEC deadline for BlackRock's Spot Ethereum ETF. The US Securities and Exchange Commission has decided to postpone its statement on whether or not it will approve a spot ETF for Ethereum (ETH). The new deadline is set for March.
Diagrams
This week we have chart analysis of Ethereum, Ripple, Cardano, Solana and Binance Coin – click here for the full price analysis.
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