Bitcoin Rises 8% From Recent Lows As Crypto Markets Stage Recovery: This Week’s Roundup

This week has been very bullish in the crypto markets, which currently have a total capitalization of around $1.68 trillion. That's down to about $50 billion over the past seven days, which have been particularly volatile, so let's dive in.

Bitcoin price has been crazy this week. On January 19th, it rose above $41.5K with a powerful green candle and held on to that level for a few weeks, but it was on the 22nd that things started to take a turn for the worse. BTC started bleeding.

The correction was down to $38,500 – a price we haven't seen in almost two months. Contrary to what many analysts say, BTC has indeed, fallen below $40K. It took a few days of consolidating around that level, but today it finally made it out.

Fortunately, it was for good.

The price exploded today, up nearly 4% on the day, up 8% from the January 22 lows. This has brought enthusiasm to the rest of the market which is trading in the green today.

And while Bitcoin may be trading higher ahead with a 1.2% gain over the past seven days, most altcoins are struggling to stay afloat despite today's recovery. ETH decreased by 9% last week, BNB – 3.4%, XRP – 4.5%, ADA – 1.5%, AVAX – 2.7%, SOL – 1.1%, etc.

The much-anticipated euphoria over bitcoin exchange-traded funds in the United States seems to be finally fading. We also see that the slowdown in the exchange is reducing the inbound selling pressures from Grayscale.

Elsewhere, the Securities and Exchange Commission decided to postpone the decision on the ETH ETF, pushing back the deadline on several applications in March of this year. It will be interesting to see what the stance on that might be, as it could send ripples across the entire DeFi market.

Either way, the coming months are sure to be very interesting, especially since the Bitcoin halving is scheduled to take place later in April.

Market data

Market Value: $1.68T | 24H Volume: $96B | BTC dominance: 48.5%

BTC: $41,500 (+12%) | ETH: $2,277 (-9%) | BBNB: $303 (-3.4%)

This week's Crypto headlines you can't miss

Tesla Maintains Bitcoin (BTC) Holdings in Q4 2023 Tesla did not sell any Bitcoin during the last quarter of 2023. The company maintained its holdings, demonstrating its longevity in this case during turbulent times.

Here's how much BTC Bitcoin ETFs collected in the first 6 trading days. Newly born nine, a group of companies that manage several BTC ETFs, as mentioned in the US, have so far accumulated 95,297 BTC worth 4 billion dollars. BlackRock statistically leads the pack with 33,706 BTC.

Slump for Craig Wright after UK Supreme Court rejects appeal in bogus case Craig Wright has been awarded just £1 in his defamation suit against popular podcast host Peter McCormack. The issue started years ago and has become a major issue in the industry.

Celsius Network Transfers $1 Billion ETH To Exchanges: Why Worry? The Celsius Network – a bankrupt crypto lender – transferred a billion dollars worth of ETH to exchanges. Some expect this to take its toll on the market.

How much Greyscale's GBTC outflow has been recorded in the last 7 days. In the first seven days, hundreds of millions worth of BTC left the platform when grayscale investors were finally able to do so. In the past few days, however, the process has slowed down.

Here's the new SEC filing for BlackRock's Spot Ethereum ETF. The United States Securities and Exchange Commission has decided to postpone its announcement on whether or not to approve the Spot Ethereum (ETH) ETF. The new deadline has been changed to March.

Charts

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