Crypto Rollercoaster: Peaks, Plunges, and Market Moves

The cryptocurrency arena witnessed yet another eventful week, marked by BTC's ascent to a new peak not seen in the past 19 months. However, this surge was short-lived as retracements ensued, creating a rollercoaster ride fueled by vulnerabilities within the industry.

In the latest market update on Friday, the primary cryptocurrency experienced a noteworthy leg up, breaking through the $44,000 barrier and reaching $44,700 for the first time in over a year and a half. Despite this impressive increase, on-chain data hinted at certain investors capitalizing on the moment to secure profits. Consequently, BTC retraced and experienced a significant drop on Monday, falling below $41,000. Tuesday brought further woes, with the price plummeting to a weekly low of $40,200.

Nevertheless, bitcoin didn't stay down for long, quickly rebounding to surpass the $43,000 mark, even in the wake of the November CPI numbers and the conclusion of the last FOMC meeting for 2023.

The situation took a turn with Ledger's vulnerabilities, resulting in a reported drainage of $600,000 and a subsequent market impact. BTC saw a nearly two-thousand-dollar decline but swiftly recovered following the Ledger fix, causing liquidated positions in the millions.

As of the time of writing, BTC has once again lost momentum, currently trading at $42,000, reflecting a 4.5% decrease for the week. Noteworthy gainers for the week include Avalanche (45%) and Cardnao (17%), with SOL also experiencing a weekly increase (4%), possibly influenced by the ongoing mania surrounding the Solana-based meme coin BONK.

Market Data

Market Cap: $1.66T | 24H Vol: $95B | BTC Dominance: 49.6%

BTC: $42,010 (-4.5%) | ETH: $2,238 (-5%) | BNB: $247 (+4.5%)

Cryptocurrency Market Overview Weekly. Source: Quantify Crypto

This Week’s Crypto Headlines You Can’t Miss

5 Key Considerations Before, During, and After Bitcoin’s Upcoming Halving. As the Bitcoin halving approaches, it stands as a pivotal event occurring roughly every four years in the cryptocurrency industry. Here are five factors to bear in mind regarding this significant event.

Goldman Sachs Anticipates Substantial Growth in Blockchain-Based Asset Trading: Report. There are reports suggesting that Goldman Sachs is gearing up for significant growth in blockchain-based asset trading. The global head of digital assets at the company indicates preparations for a notable increase in trading volume.

JPMorgan Predicts Ethereum to Outperform Bitcoin In 2024. Analysts from JPMorgan, the global multinational investment bank, express the belief that the next bull cycle will bring substantial gains for Ethereum. The financial institution even goes as far as predicting that ETH will outperform BTC.

Regulatory Discord in Crypto: CFTC and SEC Clash Over Jurisdiction in the US. The regulatory landscape for cryptocurrencies in the United States remains uncertain. The head of the CFTC, Rostin Benham, acknowledges a "turf war" between his agency and the Securities and Exchange Commission, highlighting the debate over classifying most coins as commodities.

Analyst Predicts Bitcoin to Trade "Significantly Higher" In Next 18 Months. Despite the recent rally, many industry participants maintain optimism about Bitcoin's future price. Some analysts foresee substantial gains in the next 18 months.

SafeMoon Faces Deeper Financial Crisis with Chapter 7 Bankruptcy Filing. What was once a multi-million dollar project has now crumbled under the prolonged bear market. SafeMoon has filed for Chapter 7 bankruptcy, leaving numerous creditors in its wake.

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