Crypto Weekly (May 13 – May 19): Bitcoin Rebounds Thanks to ETF Inflows

In the third week of May, the crypto market began to regain its excitement as Bitcoin experienced a strong recovery, while altcoins continued to suffer significant losses. Additionally, there were several noteworthy airdrop announcements, including those from Blast and Drift.

Crypto Weekly (may 13 May 19) Azc

Crypto Market Last Week

In the third week of May, the cryptocurrency market witnessed a remarkable recovery in Bitcoin. This safe investment surged strongly from $60,000 to $67,700. Currently, Bitcoin is trading in the range of $66,000 – $67,000. The main driver behind this price increase is the continuous influx of capital from ETF funds into the market. However, despite the recent recovery, Bitcoin has been oscillating within the $60,000 – $72,000 range for a prolonged period since February of this year.

Chart Btc

BTC Chart

While Bitcoin saw impressive recovery, altcoins were not as fortunate. Many altcoins continued to plummet due to being previously overvalued, with most of the capital influx into the market now focused solely on Bitcoin. This has led to a clear divergence between Bitcoin and other cryptocurrencies, with investors prioritizing safety amidst market volatility.

Top 10 Gainers of the Week

Up

Source: Coinmarketcap

Top 10 Losers of the Week

Down

Source: Coinmarketcap

Important News Last Week

Token Unlocks This Week

This week, several projects will unlock large amounts: PYTH will unlock $765M, and AVAX will unlock $361M.

Token Unlock

Source: token.unlock

Macroeconomic News This Week

This week, Thursday (May 22, 2024), is noteworthy due to two significant events:

  1. The Federal Open Market Committee (FOMC) will release the minutes of its most recent meeting. The content of these minutes will provide valuable insights and forecasts regarding the long-term monetary policy direction of the Federal Reserve.
  2. At 12:30 PM (UTC), the US Department of Labor will release the Initial Jobless Claims data. Typically, a figure higher than the forecast is seen as a negative signal for the USD, and vice versa.

Stay tuned with us for the latest updates in the crypto market!

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