Massive Bitcoin and Crypto Crash and Epic Recovery: This Week’s Roundup

This week saw one of the most spectacular crashes in the cryptocurrency market, one we haven’t seen since the collapse of FTX in November 2022. What’s even more interesting was the epic recovery of most coins in the following days. In the end, the market ended up losing about $70 billion of its total market capitalization, but it could have been much, much worse.

Starting with Bitcoin, in the early days of this week, its price dropped below $50,000, losing more than 20% in just two days. The move began on a Sunday when market liquidity is traditionally thinnest and it is much easier to affect prices. On-chain data showed that one of the most active sellers was Jump Crypto, the cryptocurrency arm of Jump Trading, a major market maker and trading firm. The reasons for his decision to sell remain speculative and unconfirmed.

Elsewhere, most altcoins took a massive beating, with Ethereum even falling below $2.2k. This was the sentiment for most coins with no notable exceptions.

And then, things took an unexpected turn.

The market bounced… a lot. The price of Bitcoin is currently trading above $60,000, while ETH is testing the $2,600 level. Moreover, most altcoins also managed to chart impressive V-shaped recoveries.

That said, there was an important development within the lawsuit between the United States Securities and Exchange Commission and Ripple. Judge Analisa Torres ruled that the company should pay $125 million to the Commission, reaffirming her ruling from last year that programmatic sales of XRP on centralized exchanges are not an investment contract.

This was interpreted as a win for XRP, which shot up 20% immediately after the news. And while $125 million is certainly a lot of money, it’s still a far cry from what the SEC had previously asked for (more than $1 billion).

All in all, it was an incredibly interesting week, and there’s no telling if market volatility won’t return in full force in the coming days!

Market data

Market capitalization: $ 2.2 thousand | 24 Hour Flight: $109 million | BTC Dominion: 54.1%

BTC: $60,559 (-4%) | ETH: $2,595 (-14.1%) | BNB: $506 (-9%)

This week’s crypto headlines you better not miss

Ripple fined $125 million in SEC lawsuit, XRP price jumps 20% immediately. The case between the United States Securities and Exchange Commission and Ripple has reached a critical point. The judge has fined the company $125 million, which is basically a far cry from what the agency previously demanded.

3 Possible Reasons Behind Bitcoin’s $10,000 Weekly Price Drop. Bitcoin dropped from over $70,000 to under $50,000 in less than two weeks. Some of the possible reasons include the weak US economy, ETF outflows and the growing expectation of the next move by the US Federal Reserve.

Solana-based ETF approved in this country: report. Solana has its first exchange-traded fund approved. It happened in Brazil, where the Securities and Exchange Commission (CVM) gave the green light to the product.

Shares of MicroStrategy (MSTR) are now 90% cheaper: Here’s why. MicroStrategy opened Thursday’s trading session at about $131, roughly the same price they were before the company started buying Bitcoin. This is because of the 10:1 stock split that MSTR went through.

New York judge approves $12.7 billion settlement for FTX and Alameda to pay creditors. Judge Castel approved a $12.7 billion settlement. This ended the lawsuit between the FTX and the US Commodity and Futures Trading Commission.

This European hedge fund giant announces a $464 million investment in Bitcoin Spot ETFs. Capula Investment Management LLP, one of Europe’s largest hedge funds, recently disclosed that it owns $464 million in shares of BlackRock and Fidelity’s Bitcoin exchange-traded funds.

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This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Binance Coin and Solana – click here for the full price analysis.

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