In the crypto market report prepared by the ICRYPEX Research team and covering the week of May 20 – 27, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: May 20, 2024.
Overview of May 20 Weekly Crypto Market Report
Last week, as expectations regarding Ethereum ETF applications turned positive, there was a significant increase in crypto assets until Thursday. On Thursday, the day when the decision on ETFs was announced, strong downward declines were seen to prevent short-term investors from fleeing both macro data and future news, while Bitcoin fell from 66,000 levels and Ethereum fell from 3940 levels to 3500 dollars.
Looking at the weekly closings, Bitcoin started at 66,000 and reached 72,000 levels, then closed at 68,500, making a total increase of 3.37%. Market dominance fell below 54% with Ethereum’s rally. Ethereum, on the other hand, started the week at $3071 with the ETF news and approval and closed at $3826, and managed to achieve a total increase of 24.51%. When we turn to all crypto asset market values, we see that the total value gain of 6.73% increased to 2.6 trillion dollars and closed at 2.491 trillion dollars.
Looking at the funds, we see that Spot Bitcoin ETFs also performed quite well last week, when the approval of Spot Ethereum ETFs was the main headline. While inflows were seen on all 5 days of the week, a total of over 1 billion dollars was observed. As GBTC outflows eased, IBIT and FBTC inflows achieved a positive closing.
Additionally, one of the important issues is the FIT21 crypto law, which was approved in America last week. The crypto industry scored its biggest policy win in the US after the House of Representatives approved a sweeping bill to regulate digital asset markets, recording a 279-136 vote in which Democrats crossed party lines to support the bill. Passage of crypto market restructuring bill marks the industry’s most significant legislative achievement in Congress
Those who want to get more comprehensive information about the week covering May 20 – 27 can review Weekly Crypto Market Reports: May 20, 2024.
