Last Weekly Recap 2021: Russia’s Crypto ETF and BTC Below $50K

There are just a few more hours left to 2021 and what a wild ride it has been! Surely, it was the most explosive year in the cryptocurrency market in terms of both adoption and price performance. This is our last weekly recap and, unfortunately, things are not looking their best. Starting with BTC, the…

There are just a few more hours left to 2021 and what a wild ride it has been! It was undoubtedly the most explosive year for cryptocurrency in terms of adoption and price performance. Unfortunately, this is our final weekly recap.

Starting with BTC, the past seven days ended with a 5.4% decline and the cryptocurrency retracing back below $50K. At the time of this writing, bitcoin’s price sits at $48K, up 1% in the past 24 hours.

Things were looking promising for BTC, but things turned sour on Monday. The cryptocurrency was rejected at $52,000 and started plunging towards $50K. This level was also lost the following day and the price found a potential local bottom at above $46K.

The altcoins market isn’t looking better. BNB trades with a 5.1% drop and Ethereum trades at an 8.8% loss. Sol is down 8%, ADA – 9.5%, Luna – 5%, DOT – 4.7%, but XRP lost the most – 15.5% in the past seven days.

It’s fascinating to see that there were no negative catalysts. Russia, a country that is historically hostile to the industry’s growth, provided positive news. Sberbank, Russia’s largest bank, launched an exchange-traded funds (ETF), which tracks notable companies in the industry like Galaxy Digital and Coinbase. Given its history of hostility, this seems like a significant step.

In any case, we’re starting a new chapter and a fresh start. Is a bear market coming in 2022 or will it be even better than 2021? We will only know the outcome when it comes.

With all that said, the whole CryptoPotato team wishes you a happy new year!

Market Data

Market Cap: $2,359B | 24H Vol: 88B | BTC Dominance: 40.3%

BTC: $47,615 (-6.4%%) | ETH: $3,758 (-8.8%) | ADA: $1. 34 (-9.5%)

Top 5 Crypto Trends in 2021. Another year is behind us and this time, we take the opportunity to explore the hottest trends of 2021. They are not ranked because they all excel in certain areas.

MicroStrategy Buys Another $94 Million Worth of BTC Amid $49K. MicroStrategy shows absolutely no signs of slowing down when it comes to buying more BTC. The company just revealed another whopping buy of around $94M worth of bitcoin at an average price of about $49,200.

FTX’s SBF Outlines Key Steps to Move the Crypto Industry Forward into 2022. The CEO of FTX, Sam Bankman-Fried, came out with e an extensive Twitter thread to outline the key steps to move the entire cryptocurrency industry forward into 2022. Among the main topics was regulation.

Sberbank Launches The First Blockchain-Focused ETF in Russia. The leading Russian bank, Sberbank, launched a blockchain exchange-traded fund that tracks the leading companies in the industry. These include Galaxy Digital and Coinbase. This is a first in the country.

Polygon Dodges a Bullet: Patches a Bug That Put $24 Billion Worth of MATIC at Risk. Polygon, one of the leading layer-2 solutions on Ethereum, introduced a recent upgrade after discovering a vulnerability that put almost all of MATIC’s supply at risk. Two whitehat hackers notified their bug bounty platform about the problem.

While BAYC Spiked 35% in 90 Days, Other Popular NFT Collections Plunged in Value. NFTs are a wild ride

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *