Bitcoin maintained a consistent trading level above $70,000 during the week, and coupled with a few important events, the global crypto sector maintained a buoyant outlook.
The past week has been an eventful one for the global crypto industry. At the beginning of the week, Bitcoin broke apart from its narrow trading range and climbed above $70,000. It has consistently held its support around the level while analysts reviewed its price targets to higher levels. On the other hand, Solana’s rally has been a trending subject in the community over the week.
The Bitcoin-halving event next month could be a milestone for crypto in 2024. The market’s movements after the events could impact the trajectory of BTC and other tokens. Since sentiments are extremely bullish, a steep dip is highly unlikely. Meanwhile, altcoins are also set for a broader rally if Bitcoin’s trading range stays firm.
During the week, a group of prominent investment firms backed a new crypto fund. Venture capitalist (VC) Marc Andreessen, along with Galaxy Digital and Accolade Partner, will support the new crypto fund. Moreover, another VC firm, 1kx, will head the crypto fund. On a positive note, the fund has already raised $75 million from its partners. The fund will mainly target crypto firms engaging in consumer applications.
Meanwhile, crypto’s importance has also grown in charitable organizations. According to a recent report, an increasing number of charities are accepting crypto donations. This is a big turnaround from the past, when nonprofits were reluctant to accept crypto donations and payments.
Pat Duffy, co-founder of The Giving Block, which authored the report, said, “With more investors than ever, prices surging upward, the Bitcoin halving on the horizon, and cryptocurrency investments now accessible through the stock market, the nonprofit industry is poised for the most promising crypto fundraising opportunity in history.”
Growing crypto adoption was also evident in the private sector this week. Mastercard, the global payments major, has supported using blockchain remittances for Latin America. The region, which receives billions in remittances, currently faces several issues that hinder seamless remittances. Blockchain technology could provide a solution in this case, claimed Mastercard.
The London Stock Exchange also announced this week that it would start accepting applications for crypto exchange-traded notes (ETNs). The product could provide another pathway for new crypto investors to start trading. In Europe, a regulatory order regarding self-hosted wallets also made the headlines.
In this week, the following crypto tokens surged the highest:
But these tokens suffered the highest losses:
Bitcoin’s demand is likely to continue increasing in the next few months. Residents of countries like Argentina have also resorted to BTC as a hedge against inflation. If the trend continues, crypto will seal its fate as a robust and trustworthy investment asset class.
Millionero’s blog publishes regular reports on the crypto sector, along with daily news updates and articles!