The cryptocurrency market seems to have cooled down over the past seven days, with the current market cap decreasing to $1.69 trillion. This comes a week after the U.S. Securities and Exchange Commission approved the Spot Bitcoin ETF.
No doubt, the above is what everyone has been thinking about for the past few months. Now that approval has finally been granted, the market has cooled. As expected, ETFs did not attract hundreds of billions of dollars in inflows. actual, cumulative As of January 18, all Bitcoin ETFs held approximately $26 billion, with the largest share held by Grayscale (581,274 BTC).
Meanwhile, the European Commission recently postponed a resolution on Fidelity's proposed Spot ETH ETF, which led to a decline in asset prices. Ethereum's native token is currently trading at around $2,450, down 7.7% this week.
In general, BTC fell by 8.4%, SOL by 6.1%, XRP by 9.1%, ADA by 15%, AVAX by 14%, etc.
The best performer appears to be Binance Coin (BNB), which gained 1.3% for the week, making it the only crypto in the green for the period.
Ethereum-centric tokens such as L2 scaling solution Optimism and Arbitrum seem to have suffered the most, with both coins declining more than 20% in the past seven days.
On top of that, there doesn't seem to be much going on in the industry this week as market participants are in full-scale consolidation mode.
It will be interesting to see if the calm lasts through next week, considering there are about four months left until the long-awaited Bitcoin halving, scheduled for late April.
market data
Market Capitalization: $1.676 Trillion | 24 Hour Volume: $100 Billion | BTC Dominance: 47.4%
BTC: $40,620(+2%) | ETH: $2,439 (+18.5%) | BNB: $310 (-2.9%)
This week's crypto headlines you can't miss
Here's why Bitcoin's hashrate dropped 25% three months before the next halving. Bitcoin's hashrate has fallen by 25% since last weekend, with data revealing that the decline reached 450EH/s by Tuesday. The reason may be the cold weather in Texas.
BlackRock executives revealed that IBIT is seeing an influx due to strong investor interest. BlackRock’s IBIT Bitcoin ETF has seen inflows, which Rachel Aguirre says is the result of significant private interest. Mr. Aguirre is head of product for BlackRock US iShares.
EU tightens regulations on virtual currency transactions, citing AML. Concerns. European Union regulators are tightening laws regarding cryptocurrency trading. The reason appears to be concerns about anti-money laundering measures.
Solana's Chapter 2 Smartphone breaks Saga prefecture's annual sales record in a few hours. Following the unexpected success of the Saga phone, Solana is currently developing a new phone. The event, called Chapter 2, set a new record for pre-orders, with a reported 25,000 devices in the queue.
Tether holds this much Bitcoin since its purchase in late 2023. Tether, which operates the world's largest stablecoin (USDT), is also one of the largest Bitcoin holders. In fact, following its most recent purchase of over $360 million in December 2023, Tether currently holds $2.7 billion worth of BTC.
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