- Bitcoin’s attempt to recover was thwarted by consecutive outflows from spot Bitcoin ETFs, leading to a week of volatility and decline.
- Despite this, institutional interest remains high, with Japan’s GPIF considering investment in Bitcoin, while Grayscale announces fee reductions for its spot Bitcoin ETF.
In the dynamic realm of cryptocurrencies, fortunes can change swiftly, and the past week has been a testament to this volatility.
Just days ago, Bitcoin was scaling unprecedented heights, almost touching $73,800, marking yet another milestone in its volatile journey. However, the optimism fizzled out as the cryptocurrency tumbled to $66,000 within a day, setting off a chain of events leading to its current struggles.
Despite brief recovery endeavors over the weekend and a temporary surge post the Tuesday FOMC meeting, Bitcoin’s upward momentum was stifled by persistent outflows from spot Bitcoin ETFs. These outflows persisted for the fourth consecutive day, exacerbating Bitcoin’s downward spiral. Presently, Bitcoin teeters around $63,000, down 5% for the day and over 7% for the week.
The downward trajectory wasn’t unique to Bitcoin; altcoins like Ethereum witnessed significant declines. Ethereum, for instance, slipped from over $4,000 to $3,300 in just a week. Other major altcoins like ADA, DOT, MATIC, and NEAR also experienced double-digit losses within the same period.
Japan’s $1.5 Trillion GPIF Pension Fund Eyes Bitcoin Amidst Surging Market
In a surprising move amidst Bitcoin’s tumultuous journey, Japan’s Government Pension Investment Fund (GPIF), the world’s largest pension fund, has expressed interest in allocating funds to Bitcoin and other alternative assets. This development underscores the growing institutional curiosity surrounding cryptocurrencies despite their inherent volatility.
Grayscale Will Lower Fees On Its Spot Bitcoin ETF, CEO Confirms
Grayscale, a leading crypto asset manager, announced plans to reduce fees on its spot Bitcoin ETF. This decision comes in response to losing a considerable portion of its Bitcoin holdings following the conversion of its flagship fund into a spot Bitcoin ETF, primarily due to relatively high fees compared to competitors.
Binance Founder CZ to Launch Non-Profit Education Project Amid Legal Woes
Changpeng Zhao, the co-founder of Binance, unveiled plans for a non-profit educational initiative aimed at spreading awareness about various topics. Meanwhile, his legal battles in the United States persist, adding a layer of complexity to his endeavors.
ETH Is Not a Security: Coinbase Bites Back as SEC Targets The Ethereum Foundation
As regulatory scrutiny intensifies, Coinbase’s Chief Legal Officer and other industry experts assert that Ethereum (ETH) should not be classified as a security. This debate sets the stage for potential Ethereum ETFs and highlights the ongoing struggle between the crypto community and regulators.
Despite recent setbacks, analyst Willy Woo suggests that Bitcoin may have already hit its bottom, signaling a potential rebound in the near future.
Montenegro’s Court of Appeal Upholds Ruling on Do Kwon’s Extradition to South Korea
In a legal saga spanning multiple nations, Montenegro’s Court of Appeal affirmed its decision regarding Do Kwon’s extradition to South Korea. This development marks a significant step in resolving the ongoing legal dispute surrounding the co-founder of Terraform Labs.
As the cryptocurrency market navigates through uncertainties, each development serves as a crucial piece in understanding its evolving landscape and its broader implications for investors and enthusiasts alike.
