As Bitcoin’s market cap continues to rise in 2024 despite regulatory bottlenecks, here’s our first weekly crypto market report for the year, analyzing the week’s crypto updates.
2023 was a year of remarkable resurrection for Bitcoin, as it shed its bear market blues and staged a triumphant climb. After starting the year precariously below $20,000, Bitcoin embarked on a steady ascent fueled by various factors. 2024, as a result, started on a firm footing for BTC. Bitcoin’s market cap has surged even higher this week, bringing forth our first weekly crypto market report for the year!
Increased institutional adoption, hopes for the likely approvals of the first US spot ETF, and a general easing of regulatory concerns contributed to a surge in investor confidence in 2023. By November, Bitcoin had more than doubled its price, breaching $40,000 for the first time in months. While the year closed with stagnant movements, Bitcoin’s over 160% rise in 2023 marked a resounding comeback, leaving many to wonder if a new bull run might be on the horizon.
Bitcoin crossed the $45,000 mark during the week, suggesting higher investors’ interest in the market. The likely crypto ETF approvals in the upcoming week have heightened worldwide discussions in the crypto community. Analyst views, predictions, and other experts’ opinions are wildly circulating in the crypto space. Moreover, the broad positive sentiments in their reports have further strengthened crypto market prices.
The current week saw the most prominent news updates from ETF applicants. Several investment firms filed the necessary amendments in their applications. On the other hand, applicants like Grayscale have begun talks with investment banks as participants.
A report from a leading daily said, “The SEC is expected to announce its decision by Jan. 10 – the deadline to either approve or reject the Ark/21 Shares ETF. To date, the only crypto ETFs approved have been tied to futures contracts on Bitcoin and Ethereum.”
China and Hong Kong grabbed headlines in Asia with their government policies this week. The digital yuan in China will likely get a big spending boost, helped by authorities. Banks, regulatory authorities, and other stakeholders will team up and offer incentives to digital yuan customers.
Meanwhile, private corporations like HSBC have affirmed their support for CBDC adoption in Hong Kong. They have worked with government authorities throughout 2023 on central bank digital currencies. The European Central Bank has taken stock of the digital euro’s progress in Europe. An expert team has released a report mentioning the digital euro’s standards and rules.
The following tokens were the best performers during the week:
These were the worst-performing tokens:
The following week is significant for crypto as the SEC might pronounce its decision regarding the crypto ETFs.
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