BTC Stopped Ahead of $45K Amid US CPI Data, FOMC Meeting, and Ledger Issues: This Week’s Crypto Recap

It was another eventful week in the cryptocurrency space, with BTC soaring to a new 19-month peak six days ago before facing retracements and rollercoaster propelled by industry vulnerabilities.

It all started just after CryptoPotato’s previous Market Update on Friday. Just hours later, the primary cryptocurrency initiated an impressive leg up that resulted in breaking above $44,000 and hitting $44,700 for the first time in over a year and a half.

That was a noteworthy increase, but on-chain data suggested that certain investors used the moment to take some profits. As such, BTC started retracing and dumped hard on Monday to under $41,000. Tuesday was even worse, with a price slump to a weekly low of $40,200.

Nevertheless, bitcoin didn’t stand down for long and quickly regained the $43,000 mark, even after the CPI numbers for November and the conclusion of the last FOMC meeting for 2023.

Then came Ledger’s vulnerabilities, which saw $600,000 reportedly drained. Moreover, this impacted the entire market. BTC plunged by almost two grand and bounced off almost immediately following the Ledger fix, leaving millions in liquidated positions.

As of writing this article, though, BTC has lost some momentum once again and trades at $42,000, being 4.5% down on the week. The most significant weekly gainers include Avalanche (45%) and Cardnao (17%). SOL is also up weekly (4%), perhaps due to the ongoing mania with the Solana-based meme coin BONK.

Market Data

Market Cap: $1.66T | 24H Vol: $95B | BTC Dominance: 49.6%

BTC: $42,010 (-4.5%) | ETH: $2,238 (-5%) | BNB: $247 (+4.5%)

Cryptocurrency Market Overview Weekly. Source: Quantify Crypto

This Week’s Crypto Headlines You Can’t Miss

5 Things to Watch Out for Before, During, and After Bitcoin’s Upcoming Halving. The Bitcoin halving is fast approaching. It’s one of the most significant events in the cryptocurrency industry, and it happens only once, roughly every four years. Here are five things to consider when it comes to it.

Goldman Sachs Foresees Major Growth in Blockchain-Based Asset Trading: Report. Goldman Sachs is reportedly gearing up for major growth when it comes to blockchain-based asset trading. The company’s global head of digital assets said they are preparing for a considerable increase in volume.

Ethereum Will Outperform Bitcoin In 2024, Says JPMorgan. Analysts from the global multinational investment bank – JP Morgan – seem to believe that the next bull cycle will bring notable gains for Ethereum. In fact, the financial institution is of the opinion that ETH will even outperform BTC.

Crypto Regulatory Discord: CFTC and SEC Clash Over Jurisdiction in US. The regulatory landscape regarding cryptocurrencies in the United States remains in limbo. The CFTC head, Rostin Benham, said there’s a “turf war” between his agency and the Securities and Exchange Commission while acknowledging that most of the coins should be classified as commodities.

Bitcoin Likely Trades “Significantly Higher” In Next 18 Months: Analyst. The majority of industry participants remain rather optimistic about Bitcoin’s future in terms of price. Despite the major rally of late, some analysts believe there’s a lot more to gain in the next 18 months.

SafeMoon’s Financial Crisis Deepens with Chapter 7 Bankruptcy Filing. What was once a multi-million dollar project has completely crumbled under the crushing weight of the prolonged bear market. SafeMoon filed for Chapter 7 bankruptcy, leaving thousands of creditors.