Welcome to our newest edition of The Weekly Crypto Update — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.
Weekly Crypto Performance
Slowly but surely, cryptocurrency market prices are recovering. Bitcoin (BTC) and Ethereum (ETH) saw increases of +6.91% and +4.17%, respectively, over the past seven days.
Most of the top 10 altcoins by market cap have also shown an uptrend in their value over the last week.
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Top Crypto Market News
Bitcoin’s Stability Reached New Heights
In a remarkable development for the cryptocurrency market, Bitcoin’s annual volatility has hit its lowest level in over a decade. Charlie Bilello, a seasoned market strategist with Creative Planning, pointed out this historic calm.
The 12-month volatility of Bitcoin, a measure of how dramatically its price fluctuates, has been on a steady decline, reaching a mere 45% at the onset of 2024. This is a stark contrast from the wild swings observed in January 2012, where volatility stood at a staggering 179%.
This newfound stability signals a maturing market, potentially attracting more cautious investors who previously shied away from the notorious unpredictability of digital currencies.
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Circle to Issue Its Stablecoin USDC on Celo Network
In a strategic move, Circle is set to enhance the versatility of its USDC stablecoin by launching it on the Celo network. This initiative marks USDC’s integration into an ecosystem renowned for its innovative approach to stablecoin applications, ranging from remittances and savings to lending and disaster relief efforts.
With over a thousand projects under its belt across more than 150 countries, Celo’s collaboration with heavyweights like Deutsche Telekom and the Opera browser only adds to the anticipation.
As the second-largest stablecoin by market cap, trailing only behind Tether’s USDT, USDC’s expansion into Celo’s network is poised to further cement its position in the market and diversify its utility across a broader array of services and geographies.
Surge in Spot Bitcoin ETF Investments
The landscape of investment vehicles for Bitcoin is witnessing a significant influx of capital, particularly into spot Bitcoin ETFs. BitMEX Research’s latest figures reveal a remarkable $2.9 billion in net inflows over a mere four-day period, discounting the Grayscale Bitcoin Trust.
The recent approval of 11 ETFs has seen industry giants like BlackRock, Fidelity, and Bitwise leading the charge, with investments totalling $1.085 billion, $884 million, and $375 million, respectively.
This surge in ETF investments underscores the growing confidence and interest in Bitcoin from a diverse range of investors, highlighting its increasing acceptance and integration into mainstream financial markets.
Stay tuned for more updates and insights into the world of cryptocurrency!
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