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WMA: Bitcoin Gets BlackRock ETF Boost, but Altcoins Keep Struggling

Get the weekly summary of crypto market analysis, news, and forecasts!

This Week’s Summary

  • The crypto market ends the week at a total market capitalization of $1,068 trillion.
  • Bitcoin increased by over 3% to around $26,550.
  • Ethereum decreased by nearly 1% to $1,735.
  • XRP lost nearly 4% in value this week.
  • Almost all altcoins are trading in the red, with virtually no exceptions.
  • The DeFi sector decreased the total value of protocols (TVL) to around $44 billion.

Crypto Trends 12 – 18 June 2023: Market Analysis and Performance

The crypto market is still reeling following last week’s bloodbath, with very few assets recovering slightly. It seems that SEC’s crackdown on the giant crypto exchanges, Binance and Coinbase, will continue to haunt the industry. Nevertheless, the crypto community remains strong and offering enough support to increase the market capitalization by $20 billion this week.

Bitcoin is among the very few assets rejoicing after the recent events. However, the king of cryptocurrencies owes very little of its revival to its supporters. Notably, the world’s largest asset manager, BlackRock, saved its skin shortly after BTC had fallen below $25,000 for the first time in 3 months. The company announced filed documents to launch a spot Bitcoin ETF in the United States. As a result, BTC’s value recovered to its current value of $26,550.

Ethereum cannot take pride in a similar feat to Bitcoin’s recovery. On the contrary, the second crypto in command keeps dropping and records a 1% loss this week. Currently, its price is slowly but steadily heading south and far from its long-time goal of $2,000.

Altcoins & DeFi

Most altcoins are trading in the red, but not as bad as they did last week. This is the case for Cardano, Litecoin, and Avalanche, all down by less than 1%. Elsewhere, XRP dropped by another 4% this week and lost important gains.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, some projects like ApeCoin (-8%), Theta Network (-2%), and Decentraland (-1%) are bleeding. Meanwhile, others are thriving. It is the case of Axie Infinity, up by 1%; ICP, up by 8%; and Render Token, up by 5%.

The DeFi sector lost nearly $0.8 billion from the total value in locked protocols (TVL), now at $44 billion.

Crypto Market Analysis – What’s in the News?

  • Brazil’s president, Luiz Inácio Lula da Silva, empowered the nation’s Central Bank to supervise the digital asset space.
  • A US judge refused SEC’s claim to freeze Binance.US’s assets.
  • Binance launched a new feature, the Bitcoin Transaction Accelerator.

Next Week’s Crypto Market Forecast

Bitcoin live price
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The crypto market may not be living its best days, but it is still far from any tragic scenario. While the US authorities are cracking down on the industry, other companies, including financial giants, support its development. This only goes to show that the crypto assets continue to attract support even when the going gets tough.

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