Illustration by Mitchell Preffer of Decrypt.
Bitcoin (BTC) I had a depressing week after the incident. historic approvals and transactions Some crypto exchange traded funds (ETFs).
Largest cryptocurrency by market capitalization thrust hard into next monday sell off From Grayscale, a digital asset fund manager. The virtual coin dipped below $40,000 (to $38,678) on Tuesday, but slowly recovered as the week progressed.
Currently trading at $41,830 (CoinGecko data) showthe 7-day variation is less than 1%.
Before Grayscale’s Bitcoin ETF began trading, it operated like a closed-end fund where investors could not redeem their shares for BTC. But after that conversion and subsequent trading, investors quickly started shelling out cash.
This caused Grayscale to transfer large amounts of cryptocurrencies to its administrator Coinbase, leading to pressure on BTC prices.
Grayscale selling slowed over the weekend, likely leading to a rebound in BTC prices.
But it’s not all bad news: Analyst Said Decryption Bitcoin “could become more attractive” in 2024 if the Federal Reserve lowers interest rates.
However, this week’s sharp drop in BTC has dealt a blow to the entire crypto market. Ethereum (ETH) It never recovered much, dropping to $2,186 on Tuesday, posting an 8% loss for the week. It is currently trading at $2,264.
The stock fell in response to the U.S. Securities and Exchange Commission’s announcement. decision to delay ETH ETF proposals from both BlackRock and Grayscale.
In other places, Solana (SOL) I got hit. At the beginning of the week, it was one of the worst performing cryptocurrencies. It has since rebounded and is now trading at $92.60, up more than 1% in seven days.
meanwhile Dogecoin (DOGE)—Original meme coin and 11th largest cryptocurrency—pumped up At the beginning of the week, there was speculation that it would be used for payments on Twitter, but things have gradually returned to normal. It started the week at $0.08 and has returned to the same level at the time of writing.
Edited by Ryan Ozawa.