BITCOIN RISES 8% AS CRYPTO MARKET RECOVERS 

The past week has been a rollercoaster in the cryptocurrency market, which currently has a total capitalization of approximately $1.68 trillion. Over the past seven days, the market has seen a decrease of around $50 billion in total capitalization, marked by significant volatility.

Bitcoin’s price exhibited extreme fluctuations during the week. On January 19th, it experienced a rapid surge, crossing the $41.5K mark in a strong bullish move. It maintained this level for several days, but on the 22nd, the situation took a turn for the worse as Bitcoin started to decline.

This correction drove the price down to $38,500, a level not seen for approximately two months, contrary to some analysts’ predictions. After a period of consolidation around this level, Bitcoin finally managed to break out, and fortunately, it was in a positive direction.

Today, Bitcoin’s price saw a significant increase of around 4%, marking an 8% recovery from its lows on January 22nd. This positive movement also had a ripple effect on the broader market, which is experiencing gains today.

While Bitcoin managed to achieve a 1.2% increase over the past seven days, most altcoins are still struggling to recover, despite today’s improvements. Ethereum (ETH) is down 9% for the week, Binance Coin (BNB) down 3.4%, XRP down 4.5%, Cardano (ADA) down 1.5%, Avalanche (AVAX) down 2.7%, Solana (SOL) down 1.1%, and so on.

The excitement surrounding the anticipated launch of a spot Bitcoin exchange-traded fund (ETF) in the US seems to be fading. The slowdown in Grayscale’s exchange inflows suggests a decrease in selling pressure from that source.

In other developments, the Securities and Exchange Commission (SEC) decided to postpone its decision on an Ethereum (ETH) ETF, setting new deadlines for multiple applications in March of this year. The SEC’s stance on this matter could have significant implications for the entire decentralized finance (DeFi) market.

Looking ahead, the coming months promise to be eventful, especially with the scheduled Bitcoin halving set to take place in April.

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