Last week’s crypto market prices dropped slightly by -3.29%. Volume and volatility also decreased by -43.43% and -29.25%, respectively.
Chart of the Week
US Spot Bitcoin exchange-traded funds (ETFs) have received a total net inflow of US$731.9M since launch on 11 January, with BlackRock’s ETF seeing the most. Meanwhile, Grayscale’s ETF has experienced net outflows. Market commentators have opined that Grayscale’s expense ratio of 1.5%, the highest of them all, could be a factor for its outflows, and also reportedly selling from FTX’s bankruptcy estate.
Weekly Performance
Bitcoin (BTC) rose slightly by +1.1% while Ethereum (ETH) fell by -7.9% in the past seven days. Price action for other selected top-cap tokens was mixed.
Selected key categories were mixed in terms of market cap change in the past seven days.
News Highlights
The US Securities and Exchange Commission (SEC)delayed its decision timeline on BlackRock’s proposal for a spot Ethereum ETF. The SEC will now face a March 10 deadline to approve, disapprove or institute additional proceedings on the proposed fund.
The US SEC said it is set to seek public feedbacks on proposals by Cboe, Nasdaq, and NYSE to list options on Bitcoin ETFs.
The Bank for International Settlements (BIS) has revealed its strategic priorities for 2024, emphasising central bank digital currencies (CBDCs) and tokenisation. For example, one of the undertakings is Project Promissa, which aims to digitise promissory notes using blockchain technology.
2023 Year Review & 2024 Year Ahead: 2023 has been an eventful year for the crypto industry. In this report, we curate the top crypto events and trends of 2023, followed by our outlook for 2024.
What Is Bitcoin’s Price? A Short History: The price of BTC has experienced peaks and valleys ever since the coin launched in 2009. Learn all about its ups and downs in this guide on Bitcoin’s price history.
How to Buy Cryptocurrencies: Wondering how to buy Bitcoin? Or cryptocurrency in general? Here’s a step-by-step guide on crypto buying for beginners.
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