Bitcoin soars 8% from recent lows as crypto market recovers: This week's summary

The cryptocurrency market has been quite volatile this week, with total capitalization currently at approximately $1.68 trillion. It's down about $50 billion over the past seven particularly volatile days. Let's take a closer look.

Bitcoin prices have soared this week. On January 19th, it soared above $415,000 on a violent green candlestick and remained solid at that level for several weeks, but it was on the 22nd that things started to take a turn for the worst. BTC has started bleeding.

This modification brought the price down to $38,500. This price has not been seen for about 2 months. Contrary to the claims of many analysts, BTC actually fell below $40,000. It took several days for the price to consolidate around that level, but it finally managed to break out today.

Fortunately, it went in a positive direction.

Prices soared today, up about 4% on the day and about 8% in total from the January 22nd low. This created a frenzy across the market and it is currently trading profitably as well.

And while Bitcoin has managed to rally, trading up 1.2% over the past seven days, despite today's recovery, most altcoins are still fighting for survival. ETH is down 9% over the past week, BNB – 3.4%, XRP – 4.5%, ADA – 1.5%, AVAX – 2.7%, SOL – 1.1%, and more.

The excitement surrounding the launch of the long-awaited spot Bitcoin exchange-traded fund in the United States appears to have finally begun to fade. We can also see that amid a slowdown on the exchange, inflows from Grayscale indicate that selling pressure from that direction is decreasing.

Elsewhere, the Securities and Exchange Commission decided to postpone a decision on the ETH ETF and pushed back the deadline for several applications to March of this year. It will be interesting to see what the company's stance is on this, as it could have ripples throughout the DeFi market.

In any case, the next few months are definitely going to be very exciting, especially considering the fact that Bitcoin's halving is scheduled for late April.

market data

Market Capitalization: $1.68 Trillion | 24H 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 Bitcoin through the final quarter of 2023. The company maintained its assets and demonstrated a long-term commitment to the issue amid the turmoil.

Here's how much the BTC Bitcoin ETF collected in its first 6 trading days. In the United States, the group of companies that manage a large number of BTC ETFs is called the Newborn Nine, and have so far accumulated 95,297 BTC worth $4 billion. BlackRock leads the pack with 33,706 BTC in its stash.

Craig Wright suffers setback after UK Supreme Court rejects appeal of defamation case. Craig Wright has been awarded just £1 in damages in his defamation case against popular podcast host Peter McCormack. The case began several years ago and became a landmark case in the industry.

Celsius Network Transfers $1 Billion of ETH to Exchanges: Why to Worry? Bankrupt crypto financier Celsius Network has transferred $1 billion worth of ETH to exchanges. Some predict this will hit the market hard.

Here are the greyscale GBTC outflows recorded over the past 7 days: In the first seven days, Grayscale saw hundreds of millions of BTC leaving the platform as investors were finally able to do so. But over the past few days, that process has slowed down.

The new SEC deadlines for BlackRock's Spot Ethereum ETF are: The U.S. Securities and Exchange Commission has decided to postpone its statement on whether it will approve a Spot Ethereum (ETH) ETF. A new deadline is set for March.

chart

This week we will be doing chart analysis for Ethereum, Ripple, Cardano, Solana, and Binance Coin. Click here for complete price analysis.