This crypto weekly report notes the multiple events in space that have occurred around the globe and the future prospects of the industry in the near future.
The latest crypto weekly updates underline a surging crypto market, European regulatory developments, and other events. Moreover, this week, the growing cooperation between financial services firms and crypto has also been a hallmark moment. With a recent survey, the US also witnessed improving signs for crypto this week.
The week started on a relatively stagnant note for the crypto market. After a massive jump in early December, Bitcoin showed signs of going to $40,000 with higher volatility. But the profit-booking phase ended mid-week, and altcoins started picking up pace thereon. Bitcoin marched ahead of $43,000 in a consolidated manner. The last week of the year could provide a foundation for it to move past $50,000 in 2024’s first quarter.
Meanwhile, the altcoin rally in the market was an optimistic occurrence for traders. Solana and Avalanche were the outperformers during the week, posting enormous gains. Various macro-indicators, the Bitcoin halving event, and the spot crypto ETFs could impact the markets in the short term. For now, the crypto indicators are in green and may continue similarly.
In Europe, two instances in the UK became the spotlight for the crypto industry this week. Firstly, a digital securities sandbox will commence in the country in 2024. The support from UK regulators during the exercise could become a sign of growing crypto adoption. At the same time, matters regarding crypto firms were also raised in the parliament. The UK Economic Secretary may soon meet stakeholders regarding the issue of crypto firms getting banking access. The government will monitor the issue hereon.
The US saw the subsequent extensive development for crypto this week, as a recent survey noted how financial services firms were exploring the sector. It marked a significant rise in crypto projects in the sector. The move was evident, as several banks have recently been delving into crypto. Investment major Franklin Templeton’s Sandy Kaul also spoke on the relevance of blockchain and finance.
Consulting and services firm PwC also jumped into the crypto bandwagon, releasing a report on blockchain adoption. Matt Blumenfeld, who heads the firm’s digital assets division, spoke about how trust must be built in the sector. He said, “While regulation alone will not solve that, clarity across terminology and application of regulation, along with enhancements to risk management capabilities and procedures, is a good starting point.”
During the week, the following tokens were the top performers:
Meanwhile, these tokens saw the highest losses in the week:
With bullish crypto indicators, the industry and the market can expect to tread higher in the upcoming year.
Follow Millionero’s blog for the latest updates in crypto!