BTC defends $30,000 after BlackRock refills its spot bitcoin ETF application: This week’s crypto recap

Spot bitcoin exchange-traded funds (ETFs) have been arguably the hottest topic in the cryptocurrency community for the past few weeks, a trend that only strengthened during the past several days.

Recall that the SEC last Friday deemed all recent filings “insufficient,” which had a major impact on all applications as to whether they would be added to the growing list of rejections dealt with by the securities regulator.

However, all companies responded quickly and provided more “substantial” information, mainly regarding their strategies to combat potential market manipulation. BlackRock was one of them, as it named Coinbase as its monitoring partner.

Somewhat expectedly, these events influenced the price action of BTC. Last week, the asset took a sharp tumble following the SEC warning, falling from $31,000 to $29,500, hitting a 10-day high. Nevertheless, the defiance and refilling of BlackRock and other financial giants has sent the cryptocurrency north again.

This resulted in BTC rising to $31,500 by the middle of the week, which was a new 13-month high. Nevertheless, it failed there and dropped below $30,000 on Thursday. So far, however, bitcoin has been able to reclaim that round-number milestone and ended the week trading just above it.

On a weekly scale, there are several notable gainers including MKR (20%), Flow (17%), FIL (16%), GRT (15%), and FXS (15%).

In terms of weekly price losses, APE leads the way with a decline of 13%, followed by XLM (-11%), LEO (-10%), and FTM (-10%).

market data

Market Cap: $1,220B | 24h Vol: $48B | BTC Dominance: 48.2%

BTC: $30,300 (+1.4%) | ETH: $1,869 (+1.2%) | BNB: $235 (+0.5%)

This Week’s Crypto Headlines You Can’t Miss

13% of All Litecoin (LTC) in Circulation Is Unchanged in 5 Years: Report, Litecoin has also been in the news a lot, especially considering the upcoming third halving, which is due in less than a month. Another report showed that more than 10% of all LTC in circulation has not been moved for five years.

GBTC discount reduced to 27% for the first time since May 2022, know why, Grayscale’s flagship fund went through a highly unfavorable period last year when discount rates fell to nearly 50%. However, there has been an apparent resurgence following the recent ETF filing, and the discount has narrowed to 27% for the first time in over a year.

Bitfinex returns part of stolen assets from 2016 hack, The popular crypto exchange was hacked seven years ago, but earlier this week it was announced that the United States Department of Homeland Security (DHS) has recovered more than $300,000, which was awarded to Recovery Right Token (RRT) holders. will be given.

BlackRock’s BTC ETF Filing ‘Could Democratize Crypto’, Says CEO Larry Fink, Speaking about the world’s largest asset manager and its SPOT BTC ETF filing, the company’s CEO also weighed in on the matter, praising the cryptocurrency against gold and highlighting his firm’s product application.

Cameron Winklevoss issues 3-day ultimatum to DCG’s Barry Silbert, threatens lawsuit, The president of crypto exchange Gemini issued an official 3-day ultimatum to Silbert regarding DCG’s failure to aggregate Gemini Earn users. Now that that ultimatum has passed, it will be interesting to see if the Winklevoss will follow through on their warning.

CFTC spokesperson says Celsius and former CEO Alex Mashinsky violated US law, An anonymous spokesperson for the CFTC claimed that Celsius Network’s former CEO — Alex Mashinsky — has indeed violated local laws, and that a lawsuit could be filed against him and the company he founded years ago.