Bitcoin Soars 8% from Recent Lows as Crypto Markets Stage a Recovery: This Week’s Recap

This week’s been quite the ride in the crypto markets, which currently stand at a total capitalization of around $1.68 trillion. That’s down some $50 billion throughout the past seven days, which have been particularly volatile, so let’s dive in.

Bitcoin’s price went mad this week. On January 19th, it skyrocketed above $41.5K in a violent green candle and consolidated at that level for a few weeks, but it was on the 22nd when things started taking a turn for the worst. BTC started bleeding out.

The correction took it all the way down to $38,500 – a price that we hadn’t seen for around two months. Contrary to what many analysts were claiming, BTC did, in fact, fall below $40K. It took a few days of consolidation around that level, but today, it finally managed to break out.

Fortunately, it was for the better.

The price exploded today, charting an increase of around 4% on the day, which adds up to some 8% from the lows on January 22nd. This also brought enthusiasm across the rest of the market, which is also trading in the green today.

And while Bitcoin managed to pull up ahead and trade at a 1.2% increase for the past seven days, most of the altcoins are still battling to stay afloat despite today’s recovery. 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 forth.

It appears that the euphoria surrounding the much-anticipated launch of a spot Bitcoin exchange-traded fund in the US is finally starting to fade. We can also see that in the slowdown of the exchange, inflows from Grayscale indicate that the selling pressure coming from that direction is dwindling.

Elsewhere, the Securities and Exchange Commission decided to postpone its decision on an ETH ETF, pushing back the deadline on multiple applications for March this year. It’s interesting to see what its stance would be on that one, as it might send ripples across the entire DeFi market.

In any case, the months ahead are undoubtedly likely to be very exciting, especially given the fact that the Bitcoin halving is scheduled to take place later in April.

Market Data

Market Cap: $1.68T | 24H Vol: $96B | 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 Q4 2023. Tesla didn’t sell any Bitcoin throughout the last quarter of 2023. The company maintained its holdings, showcasing its stance of longevity on the matter amid times of turbulence.

Here’s How Much BTC Bitcoin ETFs Amassed in the First 6 Trading Days. The Newborn Nine, as the group of companies managing the numerous BTC ETFs are referred to in the US, has so far amassed 95,297 BTC worth $4 billion. BlackRock leads the pack with 33,706 BTC in its stash.

Setback for Craig Wright as UK Supreme Court Refuses Appeal in Libel Case. Craig Wright was awarded only 1 GBP in damages for a defamation lawsuit against the popular podcast host Peter McCormack. The case started years ago and has become a landmark one in the industry.

Celsius Network Transfers $1 Billion of ETH to Exchanges: Reason to Worry? Celsius Network – the bankrupt crypto lender – has transferred a whopping $1 billion worth of ETH to exchanges. Some expect that this will take its toll on the market.

Here’s How Much Outflow Grayscale’s GBTC Recorded in the Past 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. Throughout the past few days, however, the process has slowed down.

Here’s the New SEC Deadline for BlackRock’s Spot Ethereum ETF. The United States Securities and Exchange Commission decided to postpone its statement on whether or not it will approve a spot Ethereum (ETH) ETF. The new deadline is set for March.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.