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

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.

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

Source: Coinmarketcap

Top 10 Losers of the Week

Source: Coinmarketcap

Important News Last Week

• The Significance of May 13th in the Ripple vs. SEC lawsuit?
• TheRoaringKitty Comeback- GameStop Stock and Memecoins Surge
• 280 Million XRP Transferred Amid New Developments in Ripple vs. SEC Case
• Over One Million New Tokens Have Been Released Since April
• AEVO Unlocks Nearly Entire Token Supply, Leading to Sharp Price Dump
• Drift Protocol Announces User Airdrop
• Layer-2 Blast Announces Airdrop on June 26, 2024

Token Unlocks This Week

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!