The global cryptocurrency market recorded mixed sentiments last week, witnessing major upswings and declines. The total market cap remained flat at $1.66 trillion. Amid the rollercoaster ride, crypto assets Bitcoin (BTC), Near Protocol (NEAR) and Bonk (BONK) made noteworthy moves.
Bitcoin retests $45,000
The week began on favorable grounds for Bitcoin and the rest of the crypto market amid sustained discussions about the upcoming spot BTC ETFs. Bitcoin began the week at $42,146, slipping into the new year with an uptrend that saw it finally clinch the $45,000 mark.
The asset failed to reach this price mark despite its massive surges from October to December 2023. The renewed optimism brought by the new year triggered a rally to a 21-month high of $45,894 on Jan. 2, as industry commentators stressed an imminent approval of the multiple ETF applications.
However, the optimism withered when a Matrixport report presented the possibility of a denial of all ETF applications this month. Amid the report, a wave of selloffs ensued, leading to a severe market collapse. BTC dropped to a low of $40,879 on Jan. 3, with liquidations approaching $700 million in the market.
Despite engineering a recovery, the premier crypto recorded a 4.69% intraday slump that day, its highest intraday decline since Dec. 11, 2023. Nonetheless, the asset has recovered most of the Jan. 3 los
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Author: Wahid Pessarlay
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