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Top Crypto News: Highlights May 18-24, 2024
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From May 18 to May 24, 2024, major changes took place in the cryptocurrency market. Prices rose, rules changed, and a famous internet meme died. These events show how volatile the crypto space is as they affect the market mood, investor behavior and the rules that govern it.
Bitcoin’s $66,900 price remains strong and casts doubt on a ‘deep correction’
Bitcoin remained above the $65,000 support level, which led some experts to doubt the chances of a deep correction. A trader named Yoddha said that Bitcoin’s strong price holding means there will be no corrections anytime soon. Rekt Capital also said there was a big drop from April 24th to May 2nd.
Bitcoin has recovered strongly after previous declines, showing an upward trend. Analysts think that Bitcoin is now in the “belief” phase, which is when people become more certain that the market will rise, especially after previous divisive events. Some traders say that until Bitcoin surpasses $70,000, you should pay more attention to long-term trends than short-term price changes.
Bitcoin Developers See Programmability as Catalyst for Next Rally
Programmability is being touted as a key factor in the upcoming market rally by Bitcoin coders. Many more developers and projects will likely join the Bitcoin network now that this feature is available. It allows smart contracts to be more complicated and flexible.
Programmability adds more uses to Bitcoin beyond being a digital wallet. Developers hope this will lead to more people using and adopting Bitcoin, which could increase its price. The push for programmability is in line with ongoing efforts to improve Bitcoin’s capabilities, making it a more useful tool in the blockchain ecosystem as a whole.
Bitcoin Surpasses $68K as Solana’s 7% Gain Leads Crypto Rally
For the first time in more than five weeks, Bitcoin surpassed $68,000. This was made possible by a broader crypto surge led by Solana (SOL), which rose 7%. This increase came after April’s inflation data was lower than expected and strong inflows into spot Bitcoin ETFs, which showed that institutions were very interested in them.
Before the surge, Bitcoin was just above $60,000. By the end of the week, it had risen to more than $66,000. Grayscale also said that Peter Mintzberg, a former Goldman Sachs executive, would replace Michael Sonnenshein as CEO. This could mean that the Grayscale Bitcoin Trust (GBTC) will try new things.
Cryptocurrencies Gain as Investors Turn Bullish on ETFs
The cryptocurrency market rose as investors are hopeful Ethereum ETF. The market mood has improved as people wait for US regulators to approve these ETFs. This has led to more investment and higher prices for Ethereum and other cryptocurrencies.
This growing interest shows how changes in regulations can be important for the way markets work. Analysts believe that the approval of Ether ETFs could lead to more mainstream institutional adoption, which could help the cryptocurrency market grow further.
Bitcoin hovers around US$70,000 after ETF records high inflows for the month
Bitcoin was hovering around $70,000 after a huge rise to $71,400. A lot of money has flowed into Bitcoin ETFs, especially BlackRock Spot Bitcoin ETF, which raised more than $290 million in one day, the most in one day since early April. This helped with the rise. The market value of Ether has also risen a lot, which is another big win.
Analysts say this increase is due to rising hopes of ETF approval in cash, which could lead to even more institutional adoption. WisdomTree has also received permission to offer Bitcoin and Ether ETPs on the London Stock Exchange, where professional investors can buy and sell them.
US Securities Regulator Urges Against Adoption of Crypto Bill
O US Securities and Exchange Commission (SEC) told politicians to think again about a bill that would regulate cryptocurrencies. The SEC was concerned about how the bill could affect investor safety and market security. The governing group emphasized the need for a balanced approach that protects investors and encourages new ideas.
This stance shows that people are still arguing about the best way to regulate cryptocurrencies and shows how difficult it is to add digital assets to the current financial system.
Wild Bitcoin, Ether Price Swings Amid Spot ETH ETF Decision Triggers $350 Million Liquidation
While traders waited for a decision from the US government on spot Ether ETFs, cryptocurrency markets were very choppy. The price of ETH went up and down a lot, starting at $3,500 and then rising to $3,900 before stabilizing around $3,800. The price of bitcoin rose and fell in the same way. It dropped to around $66,000 and then bounced back to $68,300.
Very volatile trading caused more than $350 million in liquidations, mainly hitting long positions with a lot of debt. This market turmoil shows how high the risks can be and how quickly things can change in response to new rules.
Kabosu, the dog behind the Internet ‘Doge’ meme, has died
O Shiba Inu Kabosu Dog, who was in the “Doge” joke, died. In 2013, a photo of her with a perplexed look went viral on the internet and led to the creation of the famous cryptocurrency Dogecoin.
Atsuko Sato, Kabosu’s owner, reported that the dog died peacefully. Kabosu’s joke has been widely used on the internet and has even been used to comment on politics. The Dogecoin community and fans around the world were saddened by his death and honored his memory as a symbol of the internet and cryptocurrency culture.
Key Takeaways
- Bitcoin Price Stability: Bitcoin maintained a strong position above $66.9K, casting doubt on a deep correction.
- Featured programmability: Developers have emphasized Bitcoin’s programmability as a catalyst for the upcoming rally.
- Market recovery: Bitcoin rose above $68K, led by Solana’s 7% gain.
- Ether ETF Optimism: Investor optimism around Ethereum ETFs has boosted the market.
- ETF Inflows: Significant inflows into Bitcoin ETFs supported Bitcoin price around $70K.
- Regulatory concerns: The US SEC has advised against adopting a proposed crypto regulation bill.
- Price volatility: Huge price swings in Bitcoin and Ether led to $350 million in liquidations amid Ether ETF ruling.
- Iconic Meme Dog: Kabosu, the dog behind the “Doge” meme, has passed away, marking the end of an internet era.