BlackRock files for bitcoin spot ETF, BTC falls to 3-month low as Fed pauses interest rate hike: This week’s recap

There haven’t been too many favorable developments within the cryptocurrency community lately. It all started last Monday when the US SEC decided to launch a legal battle against Binance and doubled down on its action against large crypto exchanges by suing Coinbase the next day as well.

As expected, these unexpected events led to massive price declines for most crypto assets. Nevertheless, many managed to recoup most of the losses by the end of last week, but that all changed just seven days ago.

As Friday ended and Saturday came to a close, many digital assets, mostly altcoins that were cited in the SEC lawsuit as unregistered securities, dumped double digits during the massive weekend bloodbath.

BTC and ETH were spared to an extent, probably because they were not in SEC filings. However, after a relatively quiet week in which the US CPI number from Wednesday and the Fed’s decision to hold off on raising interest rates on Thursday didn’t shake the primary cryptocurrency – at first.

That all changed on Thursday evening when BTC dropped from over $26,000 to below $24,800 and charted its lowest price position in three months. Most alts followed suit, with some, such as BNB, posting six-month lows.

Bitcoin managed to bounce back after the first positive news of the week. The cryptocurrency boomed once the world’s largest asset manager – BlackRock – filed documents to launch a spot bitcoin ETF in the States.

Looking at the charts on the weekly scale, however, the outlook looks quite bearish. While bitcoin is down a modest 4%, some alts, such as EOS, ApeCoin, Flow, Polygon, Chiliz, Axie Infinity, THORChain, PEPE, The Sandbox, and many others have dropped double digits, down by up to 35 in seven days In%.

market data

Market Cap: $1,072B | 24h Volume: $33B | BTC Dominance: 46.1%

BTC: $25,500 (-4.2%) | ETH: $1,663 (-10%) | BNB: $235 (-10.1%)

This Week’s Crypto Headlines You Better Not Miss

BlackRock Files Bitcoin Spot ETF Application, Taps Coinbase, As mentioned above, the positive highlight of the week came when American giant BlackRock filed documents to launch a spot bitcoin ETF in the States. The community really isn’t holding its breath considering the SEC’s thoughts on the matter.

Brazilian President Gives Power To Central Bank As Crypto Regulator, While the United States has still failed to provide clear guidelines on the crypto industry and even which regulator is supposed to do so, Brazil’s president has asked the country’s central bank to begin monitoring the digital asset space. Ordered.

Miami’s Bitcoin-Loving Mayor Joins US Presidential Race, The US presidential race is heating up, with new candidates emerging every week. The latest to do so is Francis Suarez – the current mayor of Miami, who is a strong supporter of BTC and has also invested in the property.

CZ Denies Reports That Binance’s French Branch Was Under Investigation, CZ had a busy week when it came to quashing the false rumours. First, he denied speculations that his company was starting to sell BTC and BNB. Only on Friday he had to deny a report that French authorities have opened an investigation into the local branch of Binance.

Judge rejects SEC’s request to freeze Binance. US Assets, Order Parties To Compromise, The first sparks on the Binance-SEC front started this week. The SEC requested an emergency asset freeze of Binance.US’s holdings, but a US judge rejected the motion and ordered the two parties to find a more suitable solution.

Bitcoin trades flat after Federal Reserve halts rate hike, As many expected, the US Federal Reserve decided to pause interest rate hike policy after several consecutive hikes. While BTC actually remained relatively flat earlier, the asset fell in the following hours.