🔊Weekly Market Highlights #80: January 8 - January 14

✨The latest historical milestone of the cryptocurrency industry has been established: the Bitcoin spot ETF being approved by the SEC. But in what appears to be a sell-the-news event, the ETF approvals in the US led to price declines for BTC.

✨Over the past week, the crypto market decreased by ~$60B (from ~$1,645B to ~$1,585B) of its total capitalization.

✨BTC Down on ETF Approval Week
✅After years of delaying and rejecting numerous applications, the US securities regulator finally approved spot Bitcoin ETFs on Wednesday, and the products entered the markets a day later.

✅However, this development faced challenges, including a hack and a controversial statement by the SEC's chair, Gary Gensler. As a result, the underlying asset experienced increased volatility, surging to over $49K on Thursday after the ETFs went live and dropping by more than $7K in the next 36 hours.

✅The weekend has been relatively calm in comparison. BTC recovered some losses and has maintained a tighter range, hovering around $43K for the past two days. Its market cap has decreased to $840B.

✨ETH Outperforms
✅While BTC has declined during the week it saw multiple ETFs approved, Ethereum has gone in the other direction, perhaps fueled by hype that it will also have exchange-traded products launching at some point. ETH has risen by more than 13% weekly and trades above $2,5K.

✅TRX and LINK have posted similar gains on a weekly scale. DOT, AVAX, SOL, MATIC, LTC, and DOGE follow suit. BNB is the only top 10 alt with a minor daily decline.

✅BSCS is trading at $0,01579: +24,94% from its 7-day all-time low of $0,01264.

✅The total crypto market cap is up by $40B since last Sunday but down by more than $80B since the peak on Thursday.

✨Bitcoin Fear and Greed Index is 52 - Neutral, lower than at the beginning of the week (71)

✨Dominance:
✅BTC: 52.8%
✅ETH: 19.1%

📣See you next week 😎

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