weekly crypto market report 20 may 2024

Weekly Crypto Market Reports: May 20, 2024

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.

Risk Disclosure
Cryptocurrency assets have higher volatility compared to traditional financial instruments and involve various unique risks. There is no guarantee or commitment regarding the prices at which transactions will be executed. Therefore, before deciding to trade on ICRYPEX, you must fully understand, assess, and consider all potential risks you may encounter. The opinions, news, research, analyses, prices, or other information provided on ICRYPEX's official website, trading application, or social media platforms are general market commentary and do not constitute investment advice. ICRYPEX is not responsible for any losses incurred as a result of investments made based on such information.

What Is RWA in Crypto?
RWA means Real World Asset in crypto. It refers to physical or traditional financial assets made digital and available on blockchains. Imagine owning part of a building, a bond or a piece of artwork through crypto tokens. That simple step merges real-world value with DeFi innovation. These assets have become a hot topic in DeFi because they bring fresh use cases to the space. They let you access things...
Solana Staking ETF, a First in the US, Now Available for Trading - Ripple Applies for US Banking License
Solana Staking ETF, First in the US, Opens for Trading The REX-Osprey Solana + Staking ETF (SSK), developed in collaboration with REX Shares and Osprey Funds, has become the first crypto staking ETF to start trading in the US. The fund, which started trading at $ 25.47 on the Cboe exchange, offers investors both exposure to the Solana (SOL) price and the opportunity to earn staking returns on the Solana...
Grayscale’s Mixed Crypto ETF Gets SEC Approval – SEC Plans to Speed Up Crypto ETF Process
SEC Approval for Grayscale’s Mixed Crypto ETF The U.S. Securities and Exchange Commission (SEC) has “expedited” approval for Grayscale’s Digital Large Cap Fund, which is comprised of 80% Bitcoin, 11% Ethereum, and the rest altcoins like Solana, Cardano, and XRP, to convert into a spot ETF. The fund, which currently trades over-the-counter (OTC), will now be available for exchange-trading. The move...
First Solana ETF with Stake Rewards Coming to the US - Robinhood Expands Crypto Move with ETH-SOL Staking and Tokenized Shares
First Solana ETF with Staking Rewards Coming to the US Rex Shares and Osprey Funds are preparing to launch the first US ETF that offers direct exposure to Solana and staking rewards. The fund, announced as the “Rex-Osprey Solana + Staking ETF,” will hold SOL assets through a subsidiary in the Cayman Islands and aim to generate returns by staking at least 50% of those assets. Unlike traditional spot...
What is the Travel Rule?
With the introduction of crypto assets into our lives, many habits in the financial system are changing. However, these new technologies also bring some risks. Anonymous transactions, uncontrolled money transfers, and regulatory gaps. This is exactly where the “Travel Rule” comes into play. Developed to increase transparency in financial transactions and prevent illegal activities, this rule is starting...


Create an account

Now create an account where you can use your knowledge.