Weekly Crypto Report: Top Choices From This Week’s Updates on Blockchain, Bitcoin, Altcoins, ETFs, and More
Bitcoin experienced a bullish surge following short liquidations on Friday, leading to a strong end to the week for the altcoin market. Despite concerns over the approval of Spot ETFs turning into a selling event, the market remains volatile. The ongoing feud between the SEC and Binance, the drop in Grayscale Bitcoin ETF AUM below $20 billion, and the IBIT reaching $2 billion are contributing to the market’s readiness for sharp movements.
Bitcoin’s bearish start to the week has turned around, with the cryptocurrency preparing for a strong closing move above the $40,000 barrier. This has refreshed market sentiments and reignited hopes for mainstream Bitcoin ETFs, potentially creating new opportunities in the future.
Breaking News This Week:
1. IBIT Bitcoin Under Management Now Worth Over $2 Billion:
iShares Bitcoin Trust by Blackrock has become the first Bitcoin ETF to reach over $2 billion in assets under management (AUM), with nearly 50,000 BTC. It is the second-largest Bitcoin ETF in terms of assets.
2. ARK Invest Purchases $62.3M in ARK 21 Shares Bitcoin ETF:
ARKW’s portfolio now includes $91.4 million in ARKB, accounting for 5.98% of the fund’s total value.
3. UK Supreme Court Denies Craig Wright’s Appeal:
In a defamation case against Bitcoin podcaster Peter McCormack, judges awarded Craig Wright only 1 GBP in a July decision.
4. Inflation Concerns Intensify Amid Red Sea Crisis Impact on Shipping:
The disruption of shipping through the Red Sea/Suez Canal is expected to raise prices, posing challenges for Bitcoin enthusiasts.
5. Donald Trump Expresses Firm Opposition to CBDCs in the U.S.:
During a New Hampshire rally, Donald Trump confirmed his opposition to central bank digital currencies (CBDCs) and pledged to prevent their establishment in America.
6. Coinbase Receives “Outperform” Rating Upgrade from Oppenheimer:
Coinbase’s stock (COIN) saw a 6% increase after Oppenheimer upgraded its rating from “perform” to “outperform,” setting a target of $160 per share.
7. Avalanche Foundation Sets Criteria for Meme Coin Acquisitions:
The Avalanche Foundation will only consider meme coins from its own blockchain, according to its latest policy.
Blockchain Performance:
During the past week, the OMAX blockchain experienced explosive growth with a 521% increase, making it the top performer. StaFi also saw significant growth, more than doubling its value with a 116% increase. Polkadot, Kroma, and Carbon made solid advances with 78%, 35%, and 32% growth, respectively.
Top Performers:
Ethereum, Tron, Binance Smart Chain, Arbitrum, and Solana are the top 5 blockchains with the highest total value locked (TVL). Ethereum experienced a 3.299% decrease in TVL, while Binance Smart Chain and Solana saw a 3.59% and 2.27% increase, respectively.
Crypto Market Analysis:
Bitcoin maintains its lead with a price of $41,795.77 and a market cap dominance of 50.78%. Ethereum follows with a significant 7.74% increase to a price of $2,272.86. BNB, Solana, XRP, and Cardano also saw price increases, while Avalanche, Dogecoin, TRON, and Polkadot experienced smaller movements.
Top Gainers and Losers:
Manta Network, SUI, and Helium are the top 3 altcoins that outperformed the general market. They saw returns of 57.91%, 29.54%, and 27.05% respectively. AUDY, WOO, and WEMIX are the top 3 losers, with drops of 15.03%, 9.98%, and 7.93% respectively.
Bitcoin Spot ETF Weekly Analysis:
The Grayscale Bitcoin Trust (GBTC) leads the Bitcoin ETFs group, with an asset under management of nearly $19.99 billion. The iShares Bitcoin Trust by Blackrock (IBIT) has reached $2 billion in assets under management, with approximately 50,000 bitcoins. Other Bitcoin ETFs, including Fidelity and ARK Invest, are also seeing increased investments, indicating a healthy recovery.
DeFi Market Weekly Status Analysis:
The DeFi market saw significant changes this week, with ArbiCheems, The Arena, and Pacoca showing impressive growth in total value locked (TVL). Struct Finance and ZooDAO also experienced notable increases in TVL.
NFT Marketplace: A Basic Weekly Analysis:
Blur leads the ranking of top NFT aggregators on the Ethereum network, followed by OpenSea PRO, X2Y2, Element, and Magic Eden. While Blur, X2Y2, and Element saw decreases in volume, Magic Eden’s volume grew by 25.95%. Ethereum Name Service, Pudgy Penguins, and Doodles were the top NFT collectibles in terms of sales volume. Cool Cats and Art Blocks also performed well.
Overall, the crypto market has experienced a week of bullish movements, with Bitcoin leading the way and altcoins showing mixed results. The performance of blockchain, DeFi, and NFT markets has been dynamic, with both top gainers and losers. Investors and traders are closely monitoring market developments and the potential impact of regulatory decisions.