The Weekly Crypto Update (05/01/2024)

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

The crypto market has not seen any significant price changes this week, except for Bitcoin surpassing the $45,000 level at one point. Bitcoin (BTC) and Ethereum (ETH) saw increases and decreases of +3.29% and -3.88%, respectively, over the past seven days.

Most of the top 10 altcoins by market cap have shown a downtrend in their value over the last week.


Top-10 Crypto Coins by Market Cap 7-Day Performance

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Top Crypto Market News

Surge in Crypto Trading: Over $1 Trillion Traded in a Single Month

For the first time since September 2022, monthly trading volume on cryptocurrency exchanges has exceeded the $1 trillion mark. This remarkable milestone was achieved in December, with a reported volume of $1.1 trillion, marking the highest value since the $1.35 trillion peak in May 2022.


Monthly Crypto Exchange Volume Chart (source: The Block)

Leading the charge in this trading frenzy is Binance, which accounted for a staggering 39.3% of the total trading volume ($432.7 billion). Not far behind were Upbit and OKX, claiming 8.3% ($91.8 billion) and 8% ($87.5 billion) of the market share, respectively.

Michael Saylor’s Bold Move: Investing $216M in Bitcoin

In a striking demonstration of confidence in cryptocurrency, Michael Saylor, the founder of MicroStrategy, has announced plans to sell company shares worth $216 million. This move is part of a strategy to invest heavily in Bitcoin. Saylor, in a document filed with the US Securities and Exchange Commission (SEC), revealed his intention to sell 310,000 shares, expiring in April 2024.

Saylor has outlined a plan to sell approximately 5,000 shares daily starting from January 2, with the aim of completing the sale by mid-April. This ambitious plan follows Microstrategy’s third-quarter 2023 earnings call, underscoring Saylor’s unwavering belief in the potential of Bitcoin.

Prominent investors like Michael Saylor selling company shares to buy more Bitcoin could be seen as a signal to consider buying the leading cryptocurrency before it potentially reaches new highs.

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Wall Street Giants Anticipate SEC Approval for Bitcoin ETFs

Financial giants, including Invesco, Fidelity, BlackRock, Valkyrie, and Bitwise, are on the brink of launching their spot Bitcoin ETFs, pending approval from the SEC in early 2024. These firms have been rigorously preparing, with BlackRock and Bitwise already securing seed capital amounts of $200 million and $10 million, respectively, to kickstart trading operations.

These announcements detail the readiness of these firms, highlighting key aspects of the upcoming trading operations such as trading chains, partnerships with major brokerages, and the commission structures proposed to their potential ETF clients. This move, if greenlit by the SEC, could mark a significant milestone in the integration of cryptocurrencies into mainstream financial markets.

Stay tuned for more updates and insights into the world of cryptocurrency!

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