🔊Weekly Market Highlights #129: December 16 - December 22

✨The cryptocurrency market faces significant liquidations as Bitcoin plummets to $92K following the Federal Reserve's rate adjustments and hawkish remarks by the Fed Chairman.

✨Over the past week, the crypto market total capitalization decreased by ~$477B (from ~$3735B to ~$3258B).

✨BTC’s Short-Term Recovery
✅The week started impressively for BTC, with its price surging from $101K to a new all-time high of over $108K by Tuesday. However, Wednesday's momentum took a sharp turn following the latest US Federal Open Market Committee (FOMC) meeting.

✅BTC underwent a steep correction, culminating in a price drop to approximately $92K by Friday—marking a loss of over $16K within just 72 hours.

✅At this point, the bulls slowed the decline, helping BTC recover to $95K. The rally continued into Saturday morning, with the price climbing to $99,6K. Just as the community anticipated a potential breakthrough above the six-digit mark, BTC’s trajectory reversed. The price began to decline again, ultimately falling to just under $95K.

✅The 15-day streak of net buying ended abruptly, and U.S. Bitcoin ETFs registered the largest outflow in history, surpassing $671.9M and breaking the previous record of $564M set on May 1.
source: LINK

✨Alts Back in Red
✅The Total 2 index experienced significant fluctuations throughout the week, beginning at $1.59 trillion on Monday, plunging to a low of $1.22 trillion (-23.2%), and recovering to $1.33 trillion at the time of writing. This indicates that most altcoins have mirrored Bitcoin's sharp decline over the week.

✅At a December 13 conference, former Thai Prime Minister Thaksin Shinawatra revealed that Thailand is considering using BTC as a legal means of payment to advance its digital economy.
source: LINK

✅Total 2 Index (Marketcap excluding BTC) is now at $1325B

✨Bitcoin Fear and Greed Index is 70 - Greed, lower than at the beginning of the week (83)

✨Dominance:
✅BTC: 57.2%
✅ETH: 12.2%

📣See you next week!

⭐️ BSCS Official Media Channels:
Website | Telegram | Substack | Twitter

🔊Weekly Market Highlights #130: December 23 - December 29

✨The cryptocurrency market stayed calm over Christmas, showing little volatility as major projects and investors appeared to take a break after a busy year.

✨Over the past week, the crypto market total capitalization increased by ~$67B (from ~$3258B to ~$3325B).

✨BTC Stalls at $95K
✅Last week’s correction wiped out much of BTC’s December price gains. On December 23, BTC dropped sharply to $92K. Between December 24 and 26, it attempted to recover toward $100K several times, but each effort was firmly rejected, driving the price down by several thousand dollars.

✅The latest drop occurred at the end of the business week when BTC fell to $93K. It managed to hold that level, rebounding to $94K yesterday and $95K at the time of writing. This trend aligns with the recent decline in trading volumes, which could work in BTC’s favor if whales continue making significant purchases.

✨Featured News
✅On the evening of December 23, MicroStrategy announced that it had spent $561M over the past week to purchase an additional 5,262 BTC at an average price of $106,662.
source: HERE

✅CoinGecko released a report on 2024 crypto investment trends, analyzing over 200 stories and global data. Memecoins dominated with 31% of investor interest, reflecting their high profitability and a shift in investment strategies.
source: HERE

✅Telegram, the crypto-favorite messaging app, has turned profitable for the first time in over a decade, founder Pavel Durov shared on X. Revenue is set to exceed $1 billion in 2024, with Premium users tripling to 12 million. The platform ends the year with $500 million in cash reserves, excluding crypto assets.
source: HERE

✅Total 2 Index (Marketcap excluding BTC) is now at $1355B

✨Bitcoin Fear and Greed Index is 65 - Greed, lower than at the beginning of the week (70)

✨Dominance:
✅BTC: 56.4%
✅ETH: 12.5%

📣See you next week!

⭐️ BSCS Official Media Channels:
Website | Telegram | Substack | Twitter