Bitcoin Rises 8% from Recent Lows as Cryptocurrency Markets See a Rebound: This Week's Recap

This week has been quite the ride for the cryptocurrency markets, which currently have a total value of around $1.68 trillion. This represents a decline of about $50 billion over the past seven days, which has been particularly volatile, so let's dive into it.

The price of Bitcoin has risen like crazy this week. On January 19, it rose significantly above $41.5K in a violent green candle and held at that level for a few weeks, but on January 22 things started to take a turn for the worse. BTC is starting to bleed.

This correction brought the price down to $38,500, a price not seen in almost two months. Contrary to what many analysts claimed, Bitcoin actually fell below $40,000. It took a few days of consolidation around this level, but today it was finally able to break through.

Fortunately, it was for the best.

The price exploded today, registering a roughly 4% increase on the day, which is up about 8% from the lows on January 22nd. This has also sparked enthusiasm in the rest of the market, which is also trading in the green today.

While Bitcoin has managed to pull ahead and trade 1.2% higher over the past seven days, most altcoins are still struggling to stay afloat despite today's rebound. ETH fell by 9% in the past week, BNB – 3.4%, XRP – 4.5%, ADA – 1.5%, AVAX – 2.7%, SOL – 1.1%, etc.

It appears that the euphoria surrounding the long-awaited launch of a Bitcoin spot exchange-traded fund in the US is finally beginning to fade. We can also see that as the stock market slows, inflows from the grayscale indicate that selling pressure coming from this trend is waning.

Elsewhere, the SEC decided to postpone its decision on the ETH ETF, pushing back the multiple filing deadline of March of this year. It will be interesting to know where she stands on this, as it could send ripples through the entire DeFi market.

In any case, the coming months are undoubtedly likely to be very exciting, especially given the fact that the Bitcoin halving is scheduled to take place later in April.

Market data

Market capitalization: $1.68 trillion | 24 Hour Volume: $96 Billion | Bitcoin dominance: 48.5%

Bitcoin: $41,500 (+12%) | Ethereum: $2,277 (-9%) | BNB: $303 (-3.4%)

Cryptocurrency headlines of the week that you can't miss

Tesla maintained its Bitcoin (BTC) holdings in the fourth quarter of 2023. Tesla did not sell any Bitcoin throughout the last quarter of 2023. The company maintained its holdings, demonstrating its stance of longevity amidst turbulent times.

Here's how much BTC Bitcoin ETFs were raised in the first 6 trading days. The Newborn Nine, as the group of companies that manages several BTC ETFs in the US is referred to, has so far raised 95,297 BTC worth $4 billion. BlackRock leads the pack with 33,706 BTC in its stash.

A setback for Craig Wright when the UK Supreme Court rejects his appeal in his libel case. Craig Wright has been awarded just £1 in damages over a libel claim against popular podcast host Peter McCormack. The case began years ago and has become a landmark in the industry.

Celsius Network Moves $1 Billion in Ethereum to Exchanges: Is There a Reason to Worry? Celsius Network – the bankrupt cryptocurrency lender – transferred $1 billion worth of ETH to exchanges. Some expect that this will have an impact on the market.

Here is the amount of GBTC outflow recorded in the last seven days. In the first seven days, Grayscale saw hundreds of millions of bitcoins flow off the platform as investors were finally able to do so. But over the past few days, the process has slowed down.

This is the new SEC deadline for BlackRock's Spot Ethereum ETF. The US Securities and Exchange Commission has decided to postpone its statement on whether or not it will approve the spot ETF (ETH). The new deadline has been set for March.

Graphs

This week we have chart analysis for Ethereum, Ripple, Cardano, Solana and Binance Coin – click here for the full price analysis.