Last Week in Crypto: Highlights in the Cryptocurrency World

Welcome to our weekly update in the exciting world of cryptocurrencies!

On Monday, January 8, 2024, at 3:06:11 PM CET (9:06:11 AM EST), we reviewed the current prices for the top ten cryptocurrencies according to Coin Market Cap. Subsequently, we will compare these prices with those of the upcoming week on Monday, January 15, 2024, at 3:10:11 PM CET (9:10:11 AM EST), excluding USDC and Tether.

1. Bitcoin (BTC):
– Initial Price: $44,959.71
– Final Price: $42,615.93
– % Change: -5.21%

2. Ethereum (ETH):
– Initial Price: $2,267.00
– Final Price: $2,531.30
– % Change: 11.68%

3. BNB (BNB):
– Initial Price: $302.08
– Final Price: $317.28
– % Change: 5.03%

4. Solana (SOL):
– Initial Price: $93.98
– Final Price: $94.88
– % Change: 0.96%

5. XRP (XRP):
– Initial Price: $0.5645
– Final Price: $0.5767
– % Change: 2.16%

6. Cardano (ADA):
– Initial Price: $0.5089
– Final Price: $0.5338
– % Change: 4.89%

7. Avalanche (AVAX):
– Initial Price: $34.11
– Final Price: $36.15
– % Change: 5.97%

8. Dogecoin (DOGE):
– Initial Price: ¢0.07876
– Final Price: $0.08107
– % Change: 2.92%

Bitcoin Price Volatility: Stabilization Amid False News about ETF Approval from a Compromised SEC Message
The Bitcoin market experienced a brief period of turbulence as the price stabilized following increased volatility triggered by false news about ETF approval. Misleading information originated from a compromised SEC message, creating temporary turmoil in the crypto space. The swift response from the cryptocurrency community, promptly discrediting the fabricated claims, demonstrated the market’s resilience and its ability to recover from such incidents. This episode serves as a striking reminder of the critical importance of verifying information from reliable sources within the crypto ecosystem. Investors are urged to exercise heightened caution, emphasizing the need to stay well-informed to navigate the dynamic and sometimes unpredictable landscape of the cryptocurrency market.

SEC Approval of Bitcoin ETF: A Turning Point for Mass Cryptocurrency Adoption
On January 10, 2024, the U.S. Securities and Exchange Commission (SEC) marked a significant milestone by approving the Bitcoin Exchange Traded Fund (ETF). This financial instrument allows investors to access and trade Bitcoin on stock markets. The approval of the Bitcoin ETF is noteworthy as it provides investors with a regulated and conventional way to participate in the cryptocurrency market without the need to physically own the cryptocurrency. This broadens accessibility for a variety of investors, boosting liquidity and demand for Bitcoin. This approval is considered crucial for the cryptocurrency market, as it has the potential to attract both institutional and retail investors, contributing to the widespread adoption of cryptocurrencies in the conventional financial realm.

Ether Surpasses Bitcoin: BlackRock Backing an Ethereum ETF Boosts ETH Performance
Ether (ETH) has recently experienced a notable 20% increase compared to Bitcoin, outperforming the latter, following increased investments in Ethereum Exchange Traded Funds (ETFs) by BlackRock. This positive momentum is driven by anticipation for the debut of an Ethereum ETF in the United States later this year. It’s important to note that while Bitcoin celebrated the launch of ETFs in the United States, Ether’s impressive performance threatens to overshadow it. The ETH/BTC pair has strengthened, rising from annual lows, and the ETH/USD pair has experienced an increase to levels not seen since mid-2022. BlackRock CEO Larry Fink’s endorsement of an Ethereum ETF further solidifies positive prospects for Ethereum in both Bitcoin and U.S. dollar terms.

download our app
Recent Posts

Application Download Coming Soon!