According to Decrypt, Bitcoin (BTC) experienced a difficult week following the approval and trading of several crypto exchange-traded funds (ETFs). The largest cryptocurrency by market cap dropped significantly on Monday due to a sell-off from digital asset fund manager Grayscale. Bitcoin's price fell below $40,000 on Tuesday but gradually recovered throughout the week, now trading at $41,830. Grayscale's sell-off slowed towards the end of the week, likely contributing to the rebound in BTC's price. Analysts suggest that Bitcoin could see increased appeal in 2024 if the Federal Reserve cuts interest rates.
The wider crypto market was also affected, with Ethereum (ETH) dropping to $2,186 on Tuesday and logging an 8% loss over the week. It is currently trading at $2,264. The decline followed the U.S. Securities and Exchange Commission's decision to delay ETH ETF proposals from both BlackRock and Grayscale. Meanwhile, Solana (SOL) experienced a more than 1% seven-day rise, now trading at $92.60. Dogecoin (DOGE), the original meme coin and 11th largest cryptocurrency, started the week at $0.08 and remains at the same price.
