Last week, Bitcoin managed to recover a substantial portion of the ETF-induced losses that occurred in the two weeks after their approval but then stalled at around $43,000 for several consecutive days.

In fact, the asset remained at around that level from last Thursday to this Wednesday with little to no actual movements. That, though, started to change on Wednesday evening when the bulls finally stepped up on the gas and initiated an impressive leg up that resulted in tapping $45,000 by Thursday. The following 36 hours were equally as impressive.

This time, the primary digital asset jumped above $46,000 and $47,000. Moreover, it went as high as $47,700 (on Bitstamp) earlier today for the first time since the ETFs went live for trading on January 11.

This came amid reports that BTC miners have finally stopped selling their holdings in anticipation of the upcoming halving and MicroStrategy’s latest acquisition. Although it took place in January, it was announced earlier this week and pushed the NASDAQ-listed giant’s overall Bitcoin holdings to 190,000 BTC.

Ethereum leads the larger-cap alts in terms of weekly gains. The second-largest cryptocurrency neared $2,500 today after an 8% increase in the past week. Binance Coin follows suit with a 6.6% jump that has pushed it to $322.

KAS, OP, HBAR, TAO, and TIA are the most impressive gainers from the mid-cap alts, as all of them have jumped by double digits. Nevertheless, BTC’s market dominance has increased by 1% in the past week to almost 50% on CoinGecko and 52.1% on CMC.

Market Data

Market Cap: $1.86T | 24H Vol: $87B | BTC Dominance: 49.7%

BTC: $47,250 (+9.5%) | ETH: $2,495 (+8%) | BNB: $322 (+6.6%)

This Week’s Headlines You Better Not Miss

Here Are the Records Set by the Bitcoin ETFs by BlackRock and Fidelity. After a strong start by many, the Bitcoin ETFs launched by BlackRock and Fidelity are picking up speed and set a record by amassing more assets in their first month of trading than any other similar product in the US in the past 30 years.

Do Kwon Wins Second Appeal, Extradition Decision Overturned Again. Terraform Labs co-founder – Do Kwon – continues with his wins in Montenegro as the decision to uphold extradition requests from the US and South Korea was reaffirmed.

Ethereum (ETH) Staking Reaches a Massive Milestone: Details. Ever since Ethereum transitioned from PoW to PoS, staking has become more and more popular among investors, and now 25% of all ETH in circulation has been staked on numerous platforms.

Bitcoin (BTC) Price Will Never Drop Below $40K Again? PlanB’s Analysis. After BTC reclaimed the coveted $40,000 level, PlanB indicated that the asset might never return below that level as the overall, 2-year, and 5-month realized prices are beneath the market price.

Bitcoin’s Lunar New Year Momentum: Soars Beyond $46,000, Defying Resistance. As mentioned above, BTC stood still for roughly a week but finally went on the offensive on Wednesday and soared past $46,000 and $47,000 for the first time in a month. This coincided with the Chinese New Year.

SEC Delays Decision on Invesco-Galaxy Spot Ethereum ETF Proposal. After reluctantly approving nearly a dozen spot Bitcoin ETFs, the US Securities and Exchange Commission is doing whatever it can to at least postpone the numerous filings for ETH exchange-traded funds.

Charts

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

The post Bitcoin Explodes 10% Weekly to Monthly Peaks, MicroStrategy Reveals Latest BTC Purchase: This Week’s Crypto Recap appeared first on CryptoPotato.

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Filed under: Bitcoin - @ February 9, 2024 4:16 pm