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SEC's ETF Decision Impacts Bitcoin Amid Market Swings

WEEKLY WATCH - SEC Decision Looms as Market Volatility Tests Investors

Jan 08, 2024
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Bitcoin's resilience, altcoin bleeding, and market cap fluctuations shape a turbulent week in crypto.

Amid ongoing speculation about the approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC), the cryptocurrency market has experienced significant fluctuations in the past seven days. While Bitcoin managed to rebound after a dip to nearly $43,000, other cryptocurrencies faced losses, with ADA, MATIC, UNIS, and SHIB dropping more than 5% daily.

The uncertainty surrounding the potential approval of a Bitcoin ETF, coupled with Bitcoin's resilience amidst market fluctuations, delineates a volatile landscape for cryptocurrencies. While Bitcoin showcases its strength, altcoins continue to grapple with substantial losses, shaping a week of uncertainty and fluctuating market capitalization in the crypto sphere.

Bitcoin (BTC) encountered heightened volatility as the new year began, surging to almost $46,000 before experiencing a sharp decline of nearly $5,000 within a day. Despite refutations of fear, uncertainty, and doubt (FUD) regarding potential SEC rejections, Bitcoin's recovery saw it surpass $44,000 before further fluctuations throughout the week. Ending the week within the range of $43,250 to $44,500, Bitcoin now stands near $44,000, boasting a 3.5% gain over the week and a market capitalization around $860 billion, reinforcing its dominance over altcoins, reaching 52.7% on CMC.

In contrast, most alternative coins faced continued losses, with Cardano, Avalanche, Polygon, Uniswap, and Shiba Inu leading the downtrend. Notably, MATIC experienced a 20% decline over the week. Solana dropped to $90, XRP to $0.55, and BNB to just under $300. Ethereum, TRON, Chainlink, and Bitcoin Cash also recorded losses, albeit less severe. Stacks emerged as an exception among the top 36 altcoins, with STX soaring by 20.7% over the last 7 days and reaching $1.80.

The total crypto market cap witnessed a daily decrease of approximately $20 billion, plummeting to $1.630 trillion on CMC, following a spike to over $1.760 trillion amidst Tuesday's price surges.

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