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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%)

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