While the past week did not bring fireworks to the cryptocurrency market as the previous one did, several noteworthy developments occurred that merit discussion.
The weekend was relatively sluggish for Bitcoin (BTC), which maintained a price around $84,000 following midweek volatility attributed to the Federal Reserve’s inaction and Ripple’s (partial) legal triumph over the SEC. As Sunday approached, Bitcoin began to gain momentum, reaching a peak near $89,000, marking a multi-week high.
However, BTC was unable to sustain its upward trajectory and rapidly lost value as the week progressed. After a brief rebound, the price declined once more, with Friday being particularly challenging as BTC slipped below its weekly range’s lower boundary ($86,000 to $89,000) and struggled to stay above the $84,000 level.
This situation effectively negates the gains made earlier in the week, returning Bitcoin to its position from last Friday’s market update by CryptoPotato.
In an important development, Ripple’s Chief Legal Officer announced the company has withdrawn its appeal concerning the lawsuit against the SEC, essentially signaling the end of the case. Despite this significant news, XRP did not respond positively; instead, it suffered an 8% decline over the past week, now teetering just above $2.2.
In contrast, alternative cryptocurrencies such as TON, SUI, AVAX, DOGE, and SHIB have made impressive gains, some exceeding double digits. Conversely, PEPE (PI) has declined sharply, 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. This week proved significant for the cryptocurrency exchange Crypto.com and its native token as Trump Media chose the platform for its ETF initiatives. Following this announcement, CRO saw a substantial price surge, buoyed further by the SEC’s decision to close its investigation into the exchange.
Bitcoin’s Outflows Are Signaling Big Things Despite Recent Profit-Taking. Despite BTC recently reaching a multi-week high and experiencing subsequent market corrections, certain bullish indicators suggest a potential rally is on the horizon, linked to outflows across all exchanges.
GameStop Bets Big on Bitcoin with a $1.3B Purchase Plan. In a notable shift, GameStop, known for its volatile stock during the pandemic, has taken steps to join the Bitcoin movement, filing to raise $1.3 billion to accumulate Bitcoin for its balance sheet.
Spot Bitcoin ETFs Hit Critical Turning Point as Flows Stabilize. After a period of instability earlier in the year, spot Bitcoin ETFs in the U.S. are showing signs of stabilization, marking a crucial moment that could influence their future performance.
Bitwise’s Matt Hougan: Why Now is the Best Time in History to Buy Bitcoin. Matt Hougan, CIO of Bitwise, articulated his belief that this is the ‘best time in history’ to buy Bitcoin, citing the asset’s evolution from an unregulated gamble to a recognized financial entity.
XRP ETF Incoming? Analyst Says Ripple’s Legal Win Changes Everything. With the conclusion of Ripple’s lawsuit against the SEC, experts suggest that this landmark development may pave the way for the long-anticipated XRP ETF, marking a pivotal shift in the cryptocurrency landscape.
Charts
For those interested in deeper insights, we provide a detailed chart analysis of Ethereum, Ripple, Cardano, Toncoin, and Solana – click here for the complete price analysis.
The upcoming post titled Ripple vs. SEC Lawsuit Closure Paves the Way for XRP ETFs, BTC Erases Recent Gains: Weekly Recap will be featured on CryptoPotato.
