In the crypto market report prepared by the ICRYPEX Research team and covering the week of May 27 – June 3, 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 27, 2024.
Overview of May 27 Weekly Crypto Market Report
In the week when two important macro data were announced, we saw that the intense news flow regarding crypto assets calmed down, leaving a horizontal – negative impact on the price.
Bitcoin opened the week at $68,500 and closed the week at $67,767 with a 1.08% depreciation. In this process, the dominance of altcoins, which dropped to 53.7% with the previous week’s correction, increased to 54.40%. Ethereum, on the other hand, could not reach the $ 4000 level again and closed the week at $ 3,780 with a 1.19% loss in value. During this period, it was observed that the total crypto asset market value decreased by 1.28% in parallel with Bitcoin and Ethereum, closing at the level of 2.459 trillion dollars.
Turning to the news about crypto assets, Biden’s final decision to repeal the SAB121 law was expected. The repeal of the law would pave the way for US-based institutional investors in crypto asset investment and custody services and would lead to a significant increase in the US adoption of crypto assets. However, Biden stated his veto decision in his statement on Friday night, excused that the repeal of the law could cause the SEC to lose control. Following US President Biden’s decision, the Banks Association shared an article explaining why the law should be repealed and stating that they were delayed in their adaptation to blockchain technology because of the law.
Looking at ETFs, it was seen that spot Bitcoin ETFs continued their series of positive inflows in a row and extended it to 15 days. Although there was a total inflow of 170 million dollars, it was observed that the pressure caused by GBTC outflows in ETFs subsided, thus increasing the series to 15 days. While the total inflow amount was 13.86 billion dollars, the total amount of assets under management reached 57.94 billion dollars.
Those who want to get more comprehensive information about the week covering May 27 – June 3 can review Weekly Crypto Market Reports: May 27, 2024.
