Bitcoin Rebounds with Bullish Price Action
After weeks of slow movement, Bitcoin (BTC) experienced a rebound, gaining 10% in the last seven days and reaching a price of $29,523. This rally began on Monday following news that the U.S. Securities and Exchange Commission (SEC) would not appeal a court verdict regarding Grayscale’s ETF application. Additionally, Bitcoin received a boost when Cointelegraph tweeted fake news about Blackrock’s approval to launch a U.S. Bitcoin spot ETF, causing a further 10% increase in price. Blackrock CEO Larry Fink acknowledged the interest in crypto and referred to the rally as a flight to quality.
The Wider Market: Solana, Ethereum, and Bitcoin Cash
While Bitcoin led the market with its gains, Ethereum (ETH) only rose by 3.4% to $1,602. Ripple’s XRP grew by 6.7% to $0.515669 after the SEC dismissed charges against Ripple executives Brad Garlinghouse and Chris Larsen. The biggest rallies of the week came from Solana (SOL) and Bitcoin Cash (BCH). Solana saw an impressive 25% increase, reaching $26.89, fueled by news that FTX estate decided to stake $122 million in Solana instead of liquidating it. Among the top thirty cryptocurrencies by market capitalization, there were no significant losses except for Cosmos Hub’s ATOM, which fell 3.8% to $6.36.
Hot Take: A Promising Week for Cryptocurrencies
Last week was a positive one for holders of leading cryptocurrencies like Bitcoin, Solana, and XRP. Bitcoin finally saw a rebound with bullish price action after weeks of slow movement. The market responded positively to news of the SEC’s decision not to appeal a court verdict regarding Grayscale’s ETF application. Additionally, a fake news tweet about Blackrock’s approval for a U.S. Bitcoin spot ETF caused further price growth. Other cryptocurrencies like Ethereum, Ripple’s XRP, Solana, and Bitcoin Cash also experienced gains, with Solana leading the pack with an impressive 25% increase. Overall, it was a promising week for the crypto market.
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