What happened in the cryptocurrency market during the week of January 22-28.
BTC fell below the psychological level of $40,000, but was able to recover
The SEC is back to its old ways and is now postponing decisions on ETF-ETF applications.
BTC sank below the psychological level of $40,000, but was able to bounce back. The SEC has taken up its old ways and is now postponing decisions on ETH-ETF applications. The Central Bank of the Russian Federation wants to launch a hotline for digital ruble clients.
Dynamics of leading cryptocurrencies
At the end of the past week, coins included in the top 10 largest cryptocurrencies by market capitalization showed multidirectional and mostly inexpressive dynamics.
The world's main cryptocurrency, Bitcoin (BTC), began the working week with a drawdown below the psychological mark of $40,000, which cost traders $210 million.
Many participants in the crypto community cited a decrease in interest amid the end of the race to launch spot ETFs on BTC, as well as active sales of BTC by Grayscale asset managers as the reasons for the fall of Bitcoin.
However, later the currency managed to win back all the losses and recover above the round level again. At the time of writing, the coin was trading around $42,300, up 1.6%, according to Coinmarketcap data. Technical analysts at BeInCrypto write that a recovery above the $41,000 resistance area could mean a local bottom has already been reached.
The rate of the blockchain's native coin Ethereum (ETH), unlike BTC, weakened by 8% over the week and was trading around $2,270 at the time of writing. This drawdown made the token the main outsider in the top ten cryptocurrencies at the end of this week. However, BeInCrypto analysts believe that a vigorous rebound from the $2,200 support area could trigger a price increase.
The leader in the top ten cryptocurrencies was Avalanche (AVAX). At the time of writing, it was trading, according to Coinmarketcap, around $35.80, with an intraweek increase of 8.4%. Technically, it's possible that the coin has already hit bottom.
US Bankruptcy Code. It is expected that the bankruptcy procedure will allow Terraform to simultaneously continue supporting the ecosystem and legal proceedings with the SEC and regulators in Singapore.
Hardware wallet maker Trezor has discovered a third-party security vulnerability. As a result of this, contact information of almost 70 thousand users could have leaked to the network, but everything turned out okay.
Nethermind developers have fixed a bug due to which blocks were no longer created in the Ethereum network
Victims of the cryptocurrency exchange Mt. that went bankrupt a decade ago. Gox are one step closer to receiving their long-awaited payments: they have started receiving account confirmation emails.
Crypto exchange OKX has decided to close all its Bitcoin mining pools, citing “business adjustments.” Registration of new users is already closed; existing users can continue to use the pool services until February 25.
