Want to Know What Happened This Week in Cryptocurrency ?
Bitcoin trading volumes in the United States have recently reached levels not seen since 2022. This significant increase suggests a renewed interest and potential spike in crypto market activity.
Bitcoin Trading Volumes Soar
Bitcoin trades during U.S. market hours now account for 46% of the total volume for the year up to April. This surge in trading volumes is reminiscent of the activity seen in 2022. A major factor behind this increase is the introduction of Bitcoin ETFs, which have attracted $13 billion since their launch in January.
Bitcoin Price Movement
Currently, Bitcoin is trading at $68,749.61, up from $66,861.11 on May 23. This rise in price may be linked to the SEC’s recent approval of Ethereum ETFs, contributing to the overall bullish sentiment in the market.
Positive Developments in 2024
The market has experienced bullish momentum throughout 2024, fueled by several positive developments:
- January: Approval of Bitcoin ETFs
- April: The Halving event
- May: Approval of Ethereum ETFs
These events have significantly driven up the demand for altcoins, contributing to the overall positive outlook for the crypto market.
This update highlights the major developments in the crypto market over the past week. Let’s take a look at the key events from last week.
1. SEC Approves Eight Ethereum ETFs
Ethereum Spot ETF Approval SEC approves Ethereum ETFs from BlackRock, Fidelity, and others, recognizing ETH as a commodity. Trading to commence after S-1 registration effectiveness.
2. Biden May Ease Cryptocurrency Policies Before Election
Possible Policy Softening Biden might ease crypto policies before the election to avoid losing votes. Institutions could relax their policies soon, signaling a shift in stance.
3. Trump Campaign Accepts Cryptocurrency Donations
Crypto Donations Accepted Trump’s campaign now accepts cryptocurrency donations via Coinbase Commerce, offering a new funding source and aligning with supporters’ preferences.
4. U.S. House Passes FIT21 Cryptocurrency Bill
Crypto Regulatory Bill Passed The U.S. House passes the FIT21 bill, designating the CFTC as the primary crypto regulator, aiming to clarify cryptocurrency regulations and protect consumers.
5. Brazil’s Cryptocurrency Regulatory Framework by Year-End
Brazil’s Crypto Framework Brazil’s Central Bank to release a cryptocurrency regulatory framework by year-end, including public consultations and rules for digital asset providers.
6. Vitalik Advocates for Decentralized Asset Transfer Protocol
Decentralized Protocol Needed Vitalik Buterin calls for an open protocol for asset transfers across L2s to improve user experience and integrate it into wallet interfaces.
7. Uniswap Responds to SEC Wells Notice
Uniswap Defends Tokens Uniswap claims its traded tokens are alternative assets, not securities, and argues that SEC litigation would hinder innovation and drive users to foreign platforms.
8. Coinbase Launches Oil and Gold Futures Contracts
New Futures Contracts Coinbase introduces retail futures contracts for oil and gold, expanding trading opportunities in traditional markets, starting June 3rd.
9. Magic Eden Uses Coinbase for Small Output Handling
Coinbase Manages Outputs Magic Eden uses Coinbase to consolidate small outputs from Bitcoin NFT transactions, resulting in financial inefficiencies and unnoticed practices.
10. U.S. Bitcoin Spot ETFs See Nine Consecutive Days of Inflows
Consistent Bitcoin ETF Inflows U.S. Bitcoin spot ETFs record nine consecutive days of net inflows, reflecting growing investor interest and confidence in these financial products.
Cryptocurrency markets witness regulatory shifts and institutional acceptance. Ethereum ETF approvals signal broader adoption, while Bitcoin ETFs show sustained investor interest. Overall, the industry adapts amid evolving policies and market dynamics.
