Weekly Crypto Market Wrap October 14 - 20, 2024
Wow, what a week! After several slow weeks, things really picked up. Bitcoin, which started the week at $63,400, ended up at $69,400. We've hit the $70K mark again, but once more couldn't break through. Now the dilemma—the price will either go up from here, or there will be another correction. The crypto rollercoaster continues!
Towards the end of the week, it was revealed that the SEC approved options trading on spot BTC ETFs on both the NYSE and CBOE. This news likely fueled Bitcoin's price surge over the week. It's always comforting to know that absolutely no one uses insider information, right?
This week saw some fascinating numbers. There was a record net inflow of $2.13 billion into spot BTC ETFs, compared to just $348.5 million the week before. For Ethereum, the net inflow into spot ETH ETFs was $78.8 million, compared to just $1.9 million the previous week, according to Farside.
While some (like the European Central Bank) claim that Bitcoin is neither needed nor used, others are making significant moves. For instance, the AED Stablecoin received approval from the UAE’s Central Bank and is set to become the first regulated token pegged to the dirham.
Meanwhile, Ireland is racing to develop emergency crypto regulations before the EU's anti-money laundering rules kick in. Are they fighting windmills here?
BlackRock CEO Larry Fink expressed strong support for Bitcoin, noting that its value is independent of political outcomes. He emphasized that BlackRock views Bitcoin as its own distinct asset class and sees it as a viable alternative to traditional commodity markets. It's not surprising—BlackRock is now the largest holder of Bitcoin, even surpassing MicroStrategy.
Kenya's tax authority has proposed a system integrated with crypto trading platforms to monitor transactions in real-time, signaling growing interest in the regulation of crypto.
Tether, always hungry for more profit, is exploring the possibility of lending to commodity traders, according to Bloomberg.
One of the week's major headlines was Litecoin making some noise after Canary filed for a spot LTC ETF. As we've seen, assets tend to rise ahead of ETF approvals, and it happened again this time.
Another piece of FOMO from last week: Hamster Kombat is gearing up for a new season on Telegram. One wonders what the holders think. Meanwhile, Worldcoin announced a rebrand to World, but its price actually dipped slightly—something clearly didn’t go as planned.
In a surprising turn of events, the FBI arrested a criminal who published fake news about a Bitcoin ETF approval from the SEC's official account. Details are scarce, but the key in any investigation is to avoid implicating yourself!
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That was a packed week! Check out our blog postings for more entertaining and useful stuff about cryptocurrencies. Stay tuned.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
