The current crypto weekly update of the latest market developments hinted at a better picture than the week’s beginning when a dip had sent panic signals across the market.
Bitcoin will likely not end the month with the best of 30-day returns, but a reversal of bearish sentiments has been positive. The week started with BTC whale transactions suffering from a decline. As a result, Bitcoin’s lowest point went towards $59,000. However, a pickup in investors buying crypto sent inflows returning to the spot ETFs. With these trends, this crypto weekly update report presents a possible improvement in prices in the days ahead.
Other crypto trends that emerged this week included events on regulation, a digital currency project, and others. The broader crypto trends globally did not indicate any selling pressures in the crypto market. Hence, the market dip might only be a temporary profit-booking spree. The crypto ecosystem hasn’t highlighted any negative patterns.
In fact, a pick-up in crypto startup investments is only a metric of the improving scenario.
Further, a US asset manager has teamed up with popular crypto proponent Galaxy Digital to launch new ETFs. The asset management firm clarified how their ETFs would invest in digital assets other than Bitcoin. Institutional crypto investments have also grown in regions such as Asia. A recent survey revealed how investors in Japan are ready to diversify their portfolios in the crypto market.
Other than Japan, Hong Kong was also in the spotlight this week. A blockchain policy group in Hong Kong has invited proposals to help the crypto sector grow. A key part of these proposals, tokenization, has continuously figured in circles of the crypto community. Management consulting firm McKinsey also shared the benefits of tokenizing assets in a report this week.
Europe was the other highlight of this week, where authorities publicized the progress of the digital euro project.
Other interesting episodes of this week include a research report on the upcoming ether ETFs in the US. Steno Research, a market analysis firm, predicted Ether to reach the $6,500 mark with the inflows from the ETFs. It is not yet certain when the ETFs will start trading, but they could affect Ether’s price positively.
The firm’s market report said, “The performance of these imminent Ethereum spot ETFs is crucial for the price of Ethereum and the ETH/BTC ratio. Strong ETF performance will not only create direct buying pressure but also stimulate indirect buying, encouraging other market participants to acquire Ether if the ETFs show substantial net inflow.”
With a combination of Ether and BTC ETFs in global markets, the crypto sector is slated for wider adoption.
In this week, these tokens surged the highest:
We can notice how Polkadot was one of the biggest weekly gainers.
However, these tokens shed the most losses:
Check out Millionero’s blog to get regular updates from the crypto sector!