The crypto space has closed out another week with notable developments across the broader market. While Bitcoin has surged to staggering price levels over the past seven days, the altcoin market has generated a great deal of optimism within the wider industry.
Here's a quick rundown of some of the hottest headlines from the past week.
Bitcoin (BTC)
The flagship cryptocurrency has accumulated tremendous market optimism this week, surging to a high of $67,000. This price surge has been attributed to a plethora of reasons, including the ongoing U.S. elections, Donald Trump’s assassination attempt, and heightened institutional interest, among many other bullish aspects.
Bitcoin ETFs recorded sustained inflows this week, and Matrixport revealed that macroeconomic factors have had a considerable impact on cryptocurrencies recently. Meanwhile, despite the looming Bitcoin conference, spot ETH ETF launch and other key events, the expiration of weekly crypto options has spawned bearish market sentiment.
Meanwhile, BTC critic Peter Schiff took to the stage to suggest that Bitcoin’s fate depends on the performance of gold. In addition, rumors that the British government’s move was relatively similar to the German government’s decision to unload Bitcoin sparked more discussion.
It is worth mentioning that BlackRock’s AUM surged to as high as $10.6 trillion this week, further solidifying the bullish sentiment towards BTC. In addition, BitMEX co-founder Arthur Hayes revealed a Bitcoin developer program known as the Maelstrom Fund.
XRP
Meanwhile, the Ripple Labs-backed coin has attracted attention from investors this week. The coin has gained considerable market optimism, noting an unprecedented surge in price over the past seven days.
The price of XRP has surged nearly 12.22% over the past seven days, from a low of $0.52 to $0.59. The chronicle has gained significant attention against the backdrop of recent legal developments in the Ripple lawsuit.
In addition, it is worth mentioning that Ripple withdrew its investment from CEX Bitstamp and cross-border payment center Tranglo this week.
