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Tuesday, May 28, 2024

Bitcoin Recovery Attempts Halted as ETF Outflows Continue, World’s Biggest Pension Fund Looks at BTC: This Week’s Crypto Recap

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Things move fast in the cryptocurrency space, and the landscape tends to change quickly, especially price-wise. This has indeed been the past within the past seven days.

It was just a week ago when Bitcoin’s price was soaring high, charting fresh all-time highs almost daily. The latest peak came last Thursday when BTC neared $73,800 for the first time ever. However, the situation started to change a day later when the cryptocurrency dumped to $66,000, and it’s even worse now.

Last weekend saw minor recovery attempts but BTC dropped once more at the start of the current business week. The minor outflows from spot Bitcoin ETFs and the fears regarding the Tuesday FOMC meeting were blamed at the time. Once that meeting was concluded, the asset indeed changed its trajectory, soared by 4% immediately and pumped above $68,000 on Wednesday morning.

However, that was short-lived as the ETF outflows continued and registered the fourth consecutive day of money being primarily taken out yesterday. This further depressed BTC’s price, which failed at its recovery attempts and headed south once again today. As of now, the primary cryptocurrency struggles to remain above $63,000, as the asset is 5% down on the day and more than 7% within the past week.

Most altcoins have followed suit with notable weekly declines. Ethereum, for example, stood above $4,000 last week but is at $3,300 now. ADA, DOT, MATIC, and NEAR have dumped by double digits within the same timeframe.

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Market Data

Market Cap: $2.52T | 24H Vol: $136B | BTC Dominance: 49.2%

BTC: $63,210 (-7.3%) | ETH: $3,305 (-10.5%) | BNB: $548 (-8.28%)

Cryptocurrency Market Overview Weekly. Source: Quantify Crypto

This Week’s Crypto Headlines You Can’t Miss

Japan’s $1.5 Trillion GPIF Pension Fund Eyes Bitcoin Amidst Surging Market. Despite the recent rollercoaster in BTC’s price, the asset has been on a massive roll for the past several months, which has attracted unusual interest. The world’s largest pension fund – Japan’s GPIF – for instance, is reportedly looking to invest in alternative assets like Bitcoin.

Grayscale Will Lower Fees On Its Spot Bitcoin ETF, CEO Confirms. The battle for Bitcoin ETF supremacy continues, and Grayscale finally said it will lower its fees. The largest crypto asset manager lost a substantial portion of the BTC under its belt since the conversion of its flagship fund into a spot Bitcoin ETF due to the fees, which were a lot higher than all competitors.

Binance Founder CZ to Launch Non-Profit Education Project Amid Legal Woes. The co-founder of Binance and former CEO – Changpeng Zhao – announced on X that he plans to launch a new project that will focus on educating the masses on various topics. At the same time, the former crypto mogul’s legal troubles in the US continue.

ETH Is Not a Security: Coinbase Bites Back as SEC Targets The Ethereum Foundation. While the crypto community won the battle for spot Bitcoin ETFs with the US SEC, the next fight is for Ethereum. As such, many industry experts, such as Coinbase’s CLO, insist that ETH is not a security and that the SEC should not reject Ethereum ETFs, claiming that it is.

The Bottom Is In On Bitcoin’s Latest Pullback, Says Willy Woo. Following BTC’s price drops and the asset’s decline of more than $12,000 within a week, analysts started speculating how low it could go, with Willy Woo claiming that Bitcoin had already bottomed.

Montenegro’s Court of Appeal Upholds Ruling on Do Kwon’s Extradition to South Korea. Do Kwon, the co-founder of Terraform Labs, was arrested in Montenegro last year. Since then, the US and South Korea have been in a constant battle over which nation will prosecute him. The latest development on the matter reaffirmed that he might be heading toward his Asian homeland.

Charts

This week, we have a chart analysis of Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Dogecoin (DOGE) – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.

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