Although the past week wasn’t filled with fireworks as the previous one, there are still several notable developments that transpired that we need to talk about.
It was a sluggish weekend, in which BTC’s price stood primarily around $84,000 after the intraweek volatility caused by the Fed’s lack of action and Ripple’s (sort of) victory against the SEC. Bitcoin started to mark some gains as Sunday was coming to a close and continued on Monday. The peak came at just inches away from $89,000, which was still a multi-week high.
However, the largest digital asset couldn’t maintain its run and started to lose value rapidly. It bounced off, then dropped again, then tried to stage a recovery, but then slumped again as Friday progressed. In fact, the past few hours have been particularly painful as BTC lost the lower boundary of its weekly range ($86,000 to $89,000) and now struggles to remain above $84,000.
This essentially means that the asset has erased all gains registered in the middle of the week and is back at the same spot as last Friday’s market update by CryptoPotato.
As it will be explained below, Ripple got some big news as its CLO said the company has dropped its own appeal, which effectively means the end of the lawsuit against the SEC. However, XRP failed to react. Just the opposite, it has dumped by 8% in the past week and struggles to remain above $2.2.
In contrast, alts like TON, SUI, AVAX, DOGE, and SHIB have posted notable gains, which in some cases are by double-digits. PI has dropped hard once again, losing 14% since last Friday.
Market Data
Market Cap: $2.843T | 24H Vol: $109B | BTC Dominance: 59%
BTC: $84,440 (+0.5%) | ETH: $1,887 (-3.4%) | XRP: $2.19 (-8%)
This Week’s Crypto Headlines You Can’t Miss
CRO Surged 40% as Trump Media Partners with Crypto.com for ETFs. It was a big week for the popular cryptocurrency exchange and its token as Trump’s media company chose the platform for its ETF endeavors. CRO skyrocketed after the news, despite some controversy, and went on another double-digit ride at the end of the week after the SEC closed its investigation against the exchange.
Bitcoin’s Outflows Are Signaling Big Things Despite Recent Profit-Taking. BTC’s price went to a multi-week high a few days ago but was stopped and pushed south by several grand. However, there are some bullish signs suggesting an upcoming rally could be around the corner, such as the flows across all exchanges.
GameStop Bets Big on Bitcoin with a $1.3B Purchase Plan. The company, whose stock prices went on a volatile ride during the COVID-19 pandemic, has become the latest to join the BTC bandwagon. In the new development from this week, GameStop filed to raise a whopping $1.3 billion, following Strategy’s path, to accumulate bitcoin for its balance sheet.
Spot Bitcoin ETFs Hit Critical Turning Point as Flows Stabilize: CryptoQuant. Spot Bitcoin ETFs based in the States struggled for a long time during February and early March. However, the trend has reversed now, and the flows have stabilized, which makes this moment critical for their future performance.
Bitwise’s Matt Hougan: Why Now is the Best Time in History to Buy Bitcoin. Bitwise’s CIO outlined the reasons why he believes this is the ‘best time in history’ to accumulate bitcoin. Hougan, who has been involved with the industry in one form or another for over a decade, noted that BTC is no longer an unregulated gamble as it has established itself in the growing world of finances.
XRP ETF Incoming? Analyst Says Ripple’s Legal Win Changes Everything. Ripple’s CLO updated earlier this week that the company has decided not to appeal the final verdict in the lawsuit against the SEC. Consequently, this marks the end of the case, which lasted over four years. As such, many analysts believe this conclusion was a pivotal moment on the road to an XRP ETF.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Toncoin, and Solana – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
