Crypto Weekly (Oct 14 – Oct 20): Bitcoin Soars Thanks to ETF Inflows

Crypto Market Last Week

The cryptocurrency market in the third week of October 2024 marked an impressive growth phase. Bitcoin showed strong upward momentum, rising from $62,600 at the beginning of the week to $69,000 by the weekend, equivalent to a 10% increase. The primary driving force came from investment inflows through ETFs, with a total of over $2 billion injected during the week.

While Bitcoin maintained a steady upward trend, most altcoins exhibited more cautious movements. Altcoins only started showing signs of recovery towards the weekend when Bitcoin’s momentum slightly slowed down. Notably, the memecoin segment continued to be the most positively performing group.

Top 10 Gainers of the Week

Top 10 Losers of the Week

Notable News

• Youtuber MrBeast Accused of Involvement in Pump-Dump Token Scheme
• Bitcoin Falls Out of Favor, Memecoins Rise on Google Search
• Trump DeFi Project Struggles to Sell Tokens in WLFI Sale
• Tesla Unexpectedly Transfers Over 11,500 Bitcoin
• After XRP ETF, Canary Capital Files for Litecoin ETF
• Radiant Capital (RDNT) Under Attack Again, Suffering Over $50 Million in Losses
• Worldcoin Rebrands as World and Upgrades Retina Scanning Technology

Token Unlock Schedule This Week

Noteworthy projects unlocking tokens this week:

• $RON – $58.94 million
• $ID – $7.60 million
• $YGG – $6.56 million
• $LAZIO – $4.90 million
• $GTAI – $2.70 million
• $NFP – $2.44 million
• $FP – $2.32 million

Macro News This Week

In the coming week, an important economic event to watch is the U.S. initial jobless claims report, scheduled to be released at 12:30 UTC on October 24. According to usual trends, if the reported number exceeds expectations, it may exert downward pressure on the USD and vice versa.