The past seven days haven’t been particularly favorable for the cryptocurrency in terms of price action. Bitcoin dropped below $40K and is currently unable to reclaim the important psychological level, while many altcoins followed a similar, if not tougher, path.
This time last week, BTC was trading at around $42,000, but this didn’t last long. The cryptocurrency began declining last Friday, and by Saturday, it was already trading below $40K. The beginning of the workweek failed to produce any hopes of reversal, and on Monday, the price even dipped below $39K.
This is when the bulls stepped up and staged what seemed to be a recovery, taking the price up towards $41K the following day, but the excitement was short-lived as bears pushed back almost immediately. All this action resulted in BTC trading around $39K for the next couple of days. It attempted to reclaim $40K today, but to no avail, and is currently found below the important level.
Most of the cryptocurrencies followed an even tougher path. Ethereum is down about 7% on the week, and so is Solana. XRP crashed by a massive 15%. Cardano, Polkadot, and Avalanche, on the other hand, all chart approximately 12% in losses.
From a fundamental standpoint, however, it was a big week for the entire industry. Fidelity announced that it would soon allow investors to add BTC to their retirement 401(k) plans, while BlackRock – the world’s largest asset manager – launched a Blockchain ETF.
It’s also worth noting that Twitter has moved to accept the offer by Elon Musk to buy the company and take it public. However, authorities are pushing back against the deal in a bid to shut it down.
The Central African Republic, meanwhile, became the second country to formally recognize Bitcoin as legal tender. The announcement was brought by the President’s office earlier this week.
With all of the above in mind, it’s exciting to see if the price will eventually catch up to the good news in the following days.
Market Data
Market Cap: $1,895B | 24H Vol: $101B | BTC Dominance: 39.4%
BTC: $39,225 (-5.1%) | ETH: $2,880 (-6.6%) | ADA: $0.83 (-12%)
This Week’s Crypto Headlines You Can’t Miss
It’s Official: Central African Republic Makes Bitcoin Legal Tender. Second, only to El Salvador, the Central African Republic has become the next country to formally recognize Bitcoin as legal tender. This was announced by the President’s office on Wednesday.
Optimism Announces Airdrop of OP Token: What You Need to Know. Optimism – one of the more popular layer-two scaling solutions to Ethereum, is moving towards community governance. The network released its token (OP) and airdropped it to users who had conducted various actions on the chain previously.
Edward Snowden Revealed as the Pseudonymous Member in Zcash’s Creation. The world’s most popular whistleblower – Edward Snowden – was revealed as one of the six participants that played a role in the creation of the privacy-oriented cryptocurrency Zcash (ZEC).
Fidelity to Allow Investors to Add Bitcoin to Retirement 401(k) Accounts. Fidelity will begin offering investors the opportunity to add Bitcoin to their retirement 401(k) accounts at some point later in 2022. MicroStrategy – the company, spearheaded by Michael Saylor – has already been confirmed as the first major corporation to take advantage.
Twitter Accepts Elon Musk’s $44B Buyout Offer. It’s now official – Twitter has accepted the offer of Elon Musk to buy the company and take it private. However, this hasn’t been without its hiccups as authorities are trying to roadblock the deal.
BlackRock Launched Blockchain ETF with Major Holdings on Coinbase and Marathon Digital. The world’s largest asset manager – BlackRock – has launched a blockchain ETF with major holdings in Coinbase and Marathon Digital. The product is called BlackRock iShares Blockchain and Tech ETF (IBLC).
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Shiba Inu – click here for the full price analysis.
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Cryptocurrency charts by TradingView.