Russia’s Crypto ETF, 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 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 good for BTC but it was on Monday when everything took a turn for the worst. 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 is not looking any better. Ethereum trades at a 8.8% loss, while BNB is down 5.1%. 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 interesting to note that there weren’t any negative catalysts. On the contrary – positive news came from Russia – a country that has been historically critical of the nascent industry. Sberbank – Russia’s biggest bank – launched an exchange-traded fund (ETF) that tracks prominent companies from the industry such as Coinbase and Galaxy Digital. This seems like a big step, considering its previous hostility.
In any case, we are entering a brand new chapter and opening a clean slate. Is a bear market coming in 2022 or will it be even better than 2021? Only time will tell.
With all of the above said, the entire team of CryptoPotato wishes you a Happy New Year!
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. These come in no particular ranking as all of them excelled in specific areas.
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This week we have a chart analysis of Ethereum, Cardano, Ripple, Solana, and Luna – click here for the full price analysis.
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