This Week in Coins: Bitcoin and Ethereum Dip, Bitcoin Recovers

Bitcoin (BTC) After a week it was disappointing Historical acceptance and trade Many crypto exchange-traded funds (ETFs).

The largest cryptocurrency by market value He fell hard followed by one on Monday sell From digital asset fund manager Greyscale. The virtual coin fell below $40,000 ($38,678) on Tuesday, but slowly recovered as the week went on.

It is currently trading at $41,830 according to CoinGecko data. It showsLess than 1% movement in seven days.

Before the Greyscale Bitcoin ETF began trading, it operated as a closed-end fund where investors could not redeem their shares for BTC. But following the reversal and subsequent trading, investors quickly began withdrawing money.

This has resulted in Grayscale sending large amounts of cryptocurrency to its custodian, Coinbase, putting pressure on the price of BTC.

Greyscale's sell-off cooled off at the end of the week—probably a rebound in BTC's price.

However, this is not all bad news: analysts They spoke Decrypt Bitcoin “could see increased appeal” in 2024 – if the Federal Reserve lowers interest rates.

But BTC's fall during the week affected the broader crypto market. Ethereum (ETH) It was a big loser, falling to $2,186 on Tuesday and never really recovered, posting an 8% loss for the week. It is currently trading at $2,264.

The price cut comes after the US Securities and Exchange Commission. Delay decision ETH ETF Ideas from BlackRock and Grayscale.

elsewhere, Solana (Sun) He took a beating. It was, at the beginning of the week, one of the worst performing cryptocurrencies. It has since been trading at $92.60, a seven-day gain of more than 1%.

While Dogecoin (DOGE)-The first meme coin and the 11th largest cryptocurrency—It is filled with a pump At the beginning of the week, on Twitter, with speculation that it could be used for payments, it slowly returned to where it started. It started the week at $0.08, and is back where it was written.

Edited by Ryan Ozawa.