Cryptocurrency Market Cools Off After SEC Approves Bitcoin ETF
The cryptocurrency market has seen a decrease in its capitalization, currently standing at $1.69 trillion. This decline comes after the approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC). However, the ETF has not attracted as much investment as expected, with cumulative holdings totaling around $26 billion. Grayscale holds the majority of these holdings, with 581,274 BTC.
The SEC has also postponed a resolution on Fidelity’s proposed spot ETH ETF, resulting in a decline in Ethereum’s price. ETH currently trades at around $2450, down 7.7% for the week. Other cryptocurrencies such as BTC, SOL, XRP, ADA, and AVAX have also experienced drops in value.
On the other hand, Binance Coin (BNB) is the only cryptocurrency that has shown an increase in value, up 1.3% for the week. Ethereum-centered tokens like Optimism and Arbitrum have suffered significant losses of over 20% in the past seven days.
The market has been relatively quiet during this period as participants are in consolidation mode. It remains to be seen if this calm will continue leading up to the anticipated Bitcoin halving in late April.
Market Data
Market Cap: $1.816T | 24H Vol: $145B | BTC Dominance: 47.9%
BTC: $44,484 (+2%) | ETH: $2,663 (+18.5%) | BNB: $306 (-2.9%)
This Week’s Crypto Headlines You Better Not Miss
Here’s Why Bitcoin’s Hashrate Fell by 25% 3 Months Before Next Halving. The hashrate of Bitcoin has dropped by 25%, possibly due to cold weather in Texas.
BlackRock Exec Reveals IBIT Inflows Driven by Strong Investor Interest. BlackRock’s IBIT Bitcoin ETF has seen inflows from retail investors, according to Rachel Aguirre, the head of product at BlackRock U.S. iShares.
EU Tightens Regulations Regarding Crypto Transactions, Citing AML Concerns. Regulators in the European Union are tightening laws related to cryptocurrency transactions due to concerns about anti-money laundering.
Solana’s Chapter 2 Smartphone Breaks Saga’s Annual Sales Records in Hours. Solana’s new smartphone, Chapter 2, has set a new record for preorders, with 25,000 devices in the queue.
Tether Holds This Much Bitcoin After Late 2023 Purchase. Tether now holds $2.7 billion worth of BTC after purchasing over $360 million in December 2023.
Charts
This week’s chart analysis includes Ethereum, Ripple, Cardano, Solana, and Binance Coin. Click here for the complete price analysis.
Hot Take: Cryptocurrency Market Cools Down Following Approval of Bitcoin ETF
The cryptocurrency market has experienced a cooling off period after the approval of a spot Bitcoin ETF by the SEC. Despite expectations of significant inflows, the ETF has not attracted as much investment as anticipated. Ethereum has also seen a decline in price due to the postponement of Fidelity’s proposed spot ETH ETF resolution. While Binance Coin remains the only cryptocurrency in the green, Ethereum-centered tokens have suffered significant losses. The market has been relatively quiet, with participants in consolidation mode. It will be interesting to see if this calm continues leading up to the Bitcoin halving in April.
By
By
By
