Even though crypto traders witnessed multiple events that could have slowed BTC’s growth, the average weekly crypto market returns remained bullish.
The previous week started with an improving outlook for the crypto industry as several countries adopted a joint framework. OECD countries mainly adopted the crypto asset reporting framework, which is slated to promote a common standard for global crypto taxation. At the same time, crypto market returns for the week were strong despite multiple headwinds.
For instance, the CPI inflation report arising from the UK and the US led to traders booking profits. Several crypto tokens shed brief losses along the way. Eventually, Bitcoin’s support at $35,000 paved the way for a strong comeback within the week. Currently, Bitcoin is oscillating in a range between $36,000 and $37,000, with support from bulls.
France grabbed the spotlight in Europe with two major developments in the crypto industry. Firstly, it saw the opening of a research institute solely dedicated to crypto and its associated technologies and products. Secondly, a study revealed crypto as the country’s second most popular investment product. The study’s findings could hint at the rising popularity of crypto in the country.
Meanwhile, as the week progressed, multiple altcoins registered rallies. The market volatility of crypto increased at the same time. The speculation for the upcoming crypto ETFs also continued this week, as it influenced the market volatility in crypto. The discussion around crypto ETFs also saw a fake filing, which generated significant murmurs in the crypto space.
The race for spot Ethereum ETFs also saw investment major Fidelity joining it, along with Blackrock earlier. With various leading firms applying for the ETFs, all eyes would be set on the SEC in the US for the next few months.
In Asia, Singapore made headlines as it announced upcoming trials for wholesale CBDCs. The head of the International Monetary Fund also referred to the benefits of CBDCs recently. Broader crypto adoption has also received impetus in Ukraine. The country will witness its officials being trained in various aspects of crypto assets.
The Organization for Security and Co-operation in Europe (OSEC) reported the development. Further, a senior organization official, Ralf Ernst, stated, “With the growing use of virtual assets and cryptocurrencies in Ukraine, there is a pressing need to strengthen the capacity of law enforcement and supervisory bodies. This is essential for effective investigations, enhancing Ukraine’s resilience against money laundering and other financial crimes.”
The report noted the exponential rise of crypto adoption in Ukraine and the need to regulate it.
Here are the top-performing crypto tokens for the week:
The following is the list of worst-performing tokens for the week:
In hindsight, the previous week ended with highly optimistic projections for the crypto space in 2023.
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