Bitcoin made a bullish leap following Friday’s short liquidations, driving the altcoin market for a strong end to the week. The highly anticipated bullish catalyst of Spot ETF approvals has traders on edge amidst concerns of a volatile market.
With tensions resurfacing in the SEC and Binance feud, the Grayscale Bitcoin ETF AUM below $20 Billion, the IBIT reaching the $2 Billion mark, and other updates, the market is poised for sharp moves.
Despite a bearish start, Bitcoin is now above the $40K barrier, setting the stage for a strong close to the week. Market sentiment is refreshed, and hopes for Bitcoin ETFs to go mainstream are back, opening up new opportunities.
1. Breaking News This Week
- IBIT Bitcoin Under Management Now Worth Over $2 Billion
Smaller Bitcoin Spot ETFs are gaining traction, with iShares Bitcoin Trust by Blackrock reaching over $2 Billion AUM, becoming the second-largest Bitcoin ETF by assets, holding close to 50,000 BTC.
- ARK Invest Purchases $62.3M in ARK 21 Shares Bitcoin ETF
ARKW’s portfolio now holds $91.4 million in ARKB, making up 5.98% of the fund’s total value.
- UK Supreme Court Denies Craig Wright’s Appeal
Wright’s appeal was denied in a defamation case against Bitcoin podcaster Peter McCormack, with judges awarding him only 1 GBP in damages in a July decision.
- Inflation Concerns Intensify Amid Red Sea Crisis Impact on Shipping
The disruption of shipping through the Red Sea/Suez Canal is expected to drive up prices, posing challenges for Bitcoin enthusiasts.
- Donald Trump Expresses Firm Opposition to CBDCs in the U.S.
At a New Hampshire rally, Donald Trump expressed his strong opposition to central bank digital currencies, vowing to prevent their establishment in America.
- Coinbase Receives “Outperform” Rating Upgrade from Oppenheimer
Coinbase’s stock (COIN) saw a 6% increase following Oppenheimer’s upgrade from “perform” to “outperform,” setting a target of $160 per share.
- Avalanche Foundation Sets Criteria for Meme Coin Acquisitions
The Avalanche Foundation will only consider meme coins from its own blockchain, according to their latest policy.
2. Blockchain Performance
2.1. Top Blockchain Performers by 7-Day Change
The past week in the blockchain market has been dynamic, with OMAX as the top performer, growing by an explosive 521%. Following close behind is StaFi with a 116% increase, while Polkadot, Kroma, and Carbon also saw solid growth of 78%, 35%, and 32% respectively.
Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
In the last seven days,