Last Week Cryptocurrency was a roller-coaster ride for the crypto market, as Bitcoin and other cryptocurrencies experienced both highs and lows. The week started with a bullish momentum, as bitcoin surged above $44,000 on December 6, reaching its highest level since May. The rally was fueled by optimism about the possible approval of a spot bitcoin ETF in the US and the upcoming bitcoin halving in mid-2024. However, the euphoria was short-lived, as Bitcoin plunged to below $40,000 on December 7, wiping out a week-long gain in just 20 minutes. The crash was triggered by a spike in inflation data in the US, which raised fears of tighter monetary policy and higher interest rates. Other cryptocurrencies also followed suit, as the total market capitalization dropped by more than $100 billion in a day. The rest of the week saw some recovery attempts, but the market remained volatile and uncertain. Some altcoins, such as Stacks (STX), managed to outperform bitcoin and post double-digit gains, while others struggled to regain their losses. The week ended with a mixed sentiment, as investors weighed the risks and opportunities in the crypto space.
Here we list for you the major events that impacted the crypto market:
- Bitcoin has the potential to skyrocket to $1 million within a matter of days to weeks following the approval of a spot Bitcoin ETF. This is because the approval of a Bitcoin ETF would make it easier for institutional investors to invest in Bitcoin, which could drive up demand and, in turn, the price of Bitcoin.
- The crypto market started last week with a brief pullback, erasing some of the gains it had previously registered. This was due to several factors, including concerns over the Omicron variant of Covid-19 and regulatory crackdowns in China.
- The Russian Central Bank is playing down talk of a 2024 rollout for its digital ruble – insisting that the coin will not be ready for nationwide use before 2025. The digital ruble is expected to be a central bank digital currency (CBDC) that will be used alongside cash and other payment methods.
- Cristiano Ronaldo faces a $1bn lawsuit after launching an NFT collection. The lawsuit alleges that Ronaldo’s NFT collection infringes on the intellectual property rights of a company called Humbl, which claims to own the rights to the “Humbl” trademark.
- Bitcoin approached $44,500 on Friday – its highest level since April 2022. The price of Bitcoin has been on the rise in recent weeks, driven by several factors, including the approval of a Bitcoin futures ETF and the adoption of Bitcoin as legal tender in El Salvador.
- The crypto market has lost 23% of its value in just the last 5 days. This is due to several factors, including concerns over the Omicron variant of Covid-19 and regulatory crackdowns in China.
- The SEC has delayed its decision on whether to approve a Bitcoin futures ETF. The decision was originally expected to be made on December 16 but has now been delayed until January 2024. The delay is due to concerns over the potential impact of a Bitcoin ETF on the stability of the financial system.
- The crypto market is expected to continue to grow in 2024, with some analysts predicting that the total market capitalization of cryptocurrencies could reach $10 trillion. This is due to several factors, including the increased adoption of cryptocurrencies by institutional investors and the continued development of blockchain technology.