Bitcoin Stabilizes After Volatility
After recent volatility caused by the US Securities and Exchange Commission and the launch of 11 spot ETFs, Bitcoin has settled around $43,000.
However, on a weekly basis, BTC is in the red while other cryptocurrencies like ETH have experienced significant gains.
BTC Down on ETF Approval Week
After numerous delays and rejections, the US securities regulator finally approved spot Bitcoin ETFs. The products hit the market a day after approval.
This development was not without its challenges, including a hack and a controversial statement by the SEC’s chair. As a result, BTC experienced increased volatility, reaching over $49,000 before dropping by more than $7,000 in the next 36 hours.
Over the weekend, BTC recovered some losses but has remained within a tighter range around $43,000. However, it is down over 2% for the week with a market cap of $840 billion.
ETH Outperforms
While BTC declined during the week of approved ETFs, Ethereum has seen an opposite trend. ETH has risen over 13% on a weekly basis and is currently trading above $2,500.
Other altcoins like Tron and Chainlink have also experienced similar gains. However, BNB is the only top 10 altcoin with a minor daily decline.
The total crypto market cap has increased by $40 billion since last Sunday but is down over $80 billion from its peak on Thursday.
Hot Take: Bitcoin Stabilizes After Volatility
Following heightened volatility due to regulatory approvals and launches of spot ETFs, Bitcoin has found stability around $43,000. While BTC is in the red for the week, Ethereum and other altcoins have seen significant gains. The approval of spot Bitcoin ETFs by the US SEC has brought both positive and negative consequences, leading to increased volatility and a decline in BTC’s dominance over altcoins. However, Ethereum has outperformed with a rise of over 13%. The total crypto market cap has also experienced fluctuations but remains higher than the previous week. Overall, the market continues to evolve as regulatory decisions impact its trajectory.
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