BTC Logs Best Week Since March Amid US CPI Announcement, Big Names Buying Bitcoin ETFs: This Week’s Crypto Roundup

A lot can change in the cryptocurrency market within a week, and indeed it did over the past seven days. It was last Friday when bitcoin struggled to hold above $60,000 after another stage, but the picture is quite different now.

Changes began to occur over the weekend as BTC held above the aforementioned level and even rose slightly to $61,000. However, the first big move came on Monday when the cryptocurrency rose to just over $63,000.

It failed to sustain that rally and rallied sharply on Tuesday amid some Coinbase issues and perhaps pressure from the upcoming US CPI announcement on Wednesday. Once it came out, however, and the reality lived up to expectations, bitcoin began to rise rapidly.

It jumped a few bigs and topped $66,500 as inflows into ETFs also accelerated. The asset pulled back slightly yesterday to just under $65,000, but is back on the offensive today. As a result, BTC once again broke above $66,000, marking its best week since early March and making investors greedy again.

Speaking on a weekly scale, some of the most impressive gains from larger-cap alternatives include Solana, which soared earlier this week, and Chainlink, which hit a multi-month high of over $16.

Market data

Market capitalization: $2.533T | 24 Hour Flight: $78 Million | BTC Dominion: 51.6%

BTC: $66,455 (+5.35%) | ETH: $3,086 (+2.1%) | BNB: $580 (-2.61%)

This week’s crypto headlines you can’t miss

Bitcoin fundamentals remain strong amid market volatility: Bitfinex Despite bitcoin’s pullback late last week, Bitfinex highlighted in a report on Monday that all of the network’s fundamentals have remained strong, despite and that the difficulty had decreased slightly.

The Floppening: Ethereum Can’t Stop Losing Ground to Bitcoin The chart above shows that ETH has failed to make gains similar to BTC. In fact, the second largest cryptocurrency has declined a lot in value compared to bitcoin in recent months, making so-called “flipping” more of a distant dream than a potential reality.

Morgan Stanley reveals $269 million investment in Grayscale’s GBTC. The US publicly traded giants had to disclose their financial activities during the first quarter of the year in separate filings with the US SEC. As such, several big names, such as Morgan Stanley, described multibillion-dollar investments in various Bitcoin ETFs.

The state of Wisconsin’s BTC investment could trigger a chain reaction from other states. One of the other notable and perhaps surprising names on BTC’s list was the State of Wisconsin Investment Board (SWIB). Its $164 million investment in Bitcoin ETF raises the question of whether other similar entities will follow suit.

CME Group Plans Spot Bitcoin Trading Amid Rising Wall Street Demand CME Group, a traditional financial giant that has a rich history with the cryptocurrency industry, is looking to enter the local Bitcoin trading market, something the company has avoided in the past. This could create a lot of competition for established names like Coinbase and Binance.

ShibaSwap 2.0 goes live on Shiba Inu’s Layer 2 blockchain. The Shiba Inu ecosystem has been one of the most active over the past year, and this week marked the migration of the native decentralized exchange to Shibarium in the form of ShibaSwap 2.0.

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