BTC Records Best Week Since March Amid US CPI Announcement and Big Names Buying Bitcoin ETFs: This Week’s Crypto Recap
The post BTC Records Best Week Since March Amid US CPI Announcement and Big Names Buying Bitcoin ETFs: This Week’s Crypto Recap appeared on BitcoinEthereumNews.com.
A lot can change in the cryptocurrency market within the span of a week and it indeed did in the past seven days. It was just last Friday when bitcoin was struggling to remain above $60,000 after another leg down, but the landscape is quite different now. The changes started to happen during the weekend when BTC remained above the aforementioned level and even increased slightly to around $61,000. However, the first big move came on Monday when the cryptocurrency pumped to just over $63,000. It failed to sustain that rally and retraced hard on Tuesday amid some Coinbase issues and perhaps due to pressure from the upcoming US CPI announcement on Wednesday. Once that came out, though, and the reality met expectations, bitcoin started climbing rapidly. It jumped by several grand and shot above $66,500 as the inflows to the ETFs accelerated as well. The asset retraced slightly yesterday to just under $65,000 but went back on the offensive today. As a result, BTC returned to over $66,000, marking its best week since the early days of March and making investors greedy again. Speaking of a weekly scale, some of the most impressive gainers from the larger-cap alts include Solana, which skyrocketed earlier this week, and Chainlink, which tapped a multi-month peak of over $16. Market Data Market Cap: $2.533T | 24H Vol: $78B | BTC Dominance: 51.6% BTC: $66,455 (+5.35%) | ETH: $3,086 (+2.1%) | BNB: $580 (-2.61%) This Week’s Crypto Headlines You Can’t Miss Bitcoin’s Fundamentals Remain Strong Amid Market Volatility: Bitfinex, Despite bitcoin’s retracement from the end of last week, Bitfinex highlighted in a report from Monday that all the network’s fundamentals have remained strong, even though the difficulty had declined slightly. The Floppening: Ethereum Can’t Stop Losing Ground To Bitcoin. The graph above shows that…
Filed under: News - @ May 18, 2024 1:08 am