Bitcoin (BTC) I had a depressing week after that. Historical Approvals and Transactions It is one of several cryptocurrency exchange-traded funds (ETFs).
Largest cryptocurrency by market capitalization fell hard next monday For Sale That’s according to digital asset fund manager Grayscale. The virtual coin fell below $40,000 ($38,678) on Tuesday but slowly recovered as the week went on.
It is currently trading at $41,830 according to CoinGecko data. showA movement of less than 1% over 7 days.
Before Grayscale’s Bitcoin ETF began trading, it operated like a closed-end fund, with investors unable to redeem their shares for BTC. However, following the conversion and subsequent transactions, investors began to cash out quickly.
This led to Grayscale sending massive amounts of the cryptocurrency to its custodian, Coinbase, putting pressure on the BTC price.
Grayscale’s selling is likely to slow towards the weekend, leading to a rebound in BTC price.
But it’s not all bad news: analysts said decryption Bitcoin could “increase in attractiveness” in 2024 if the Federal Reserve cuts interest rates.
However, BTC’s plunge this week has had implications for the broader cryptocurrency market. Ethereum (ETH) It fell to $2,186 on Tuesday and never really recovered, posting an 8% loss for the week. It is currently trading at $2,264.
It fell after the announcement from the U.S. Securities and Exchange Commission (SEC). decided to postpone ETH ETF proposal from BlackRock and Grayscale.
Elsewhere, Solana (SUN) I was beaten. Earlier this week, it was one of the worst performing cryptocurrencies. It has since been on the rise and is trading at $92.60, up more than 1% over the past seven days.
while Dogecoin (DOGE)—The original meme coin and the 11th largest cryptocurrency—pumping As the week began, we slowly got back to where it started, with speculation that it could be used for Twitter payments. This week it started at $0.08 and is back to where it was at the time of writing.
Edited by Ryan Ozawa.