Bitcoin reapproached $100k mostly on institutional and retail buying.
Ethereum and other altcoins fail to recover, and their losses mount.
Memecoin markets have seen their losses intensify, too.
ETF markets saw Bitcoins on the selling side, while Ethereum ETFs saw decent inflows this week.
Turkey introduced a threshold to report crypto transactions.
Institutions and Governments now control one-third of all Bitcoin supply.
Top 10 Crypto Today
Crypto markets have consolidated after an intense correction. Despite Bitcoin's surge, other cryptos saw little to no recovery. As a result, Bitcoin's market cap share rose to 57.14%, while Ethereum saw its dominance decline to 12.17%.
The crypto market cap stabilized at $3.39 trillion, with a 0.93% loss in the last 24 hours.
Bitcoin has once again moved close to $100k despite major ETF outflows since 19 December. The bullish move in Bitcoin comes after suspected buying from private wealth funds, Bitcoin miners (like Riot Platforms),
Despite the bullishness in BTC, Ethereum failed to cross $3500. Similarly, Solana, too, continued to trade below $200. XRP, on the other hand, stabilized near $2.2.
Bitget token has made a serious bullish move from $5.36 to $6.5 in the last 24 hours. Its price was trading around $6.4 at press time with a 20% gain.
Recently, Bitget announced a key partnership with Fiat24 to allow crypto payments for its payment gateway users. If successful, this move could establish Bitget as a key player in the crypto payment space. Currently, only a handful of players like Coinbase Commerce exist in this space..
Major memecoins like DOGE, SHIB, PEPE, and WIF have seen their losses extend even after the broader markets recover. DOGE lost 2.2%, SHIB lost 3.7% and PEPE lost 4.8%.
However, NFT collection Pudgy Penguin's token recorded a 10% gain in the last 24 hours, reaching $0.0391 at press time. This crypto has gained 682% in the last 30 days.
ETFs, Governments, wealth funds, private crypto institutions, and other non-individuals now control 33% of the total known Bitcoin supply. The US has the highest control among governments. Among ETFs, BlackRock has the highest BTC reserves, and among private companies, MicroStrategy leads the pack.
Amid an anti-money laundering drive in the country, the Turkish Government has notified that any crypto transaction above 15,000 Turkish Lira must be reported. The law will also require users to identify themselves before generating such transactions.
Bitcoin and Ethereum ETFs have seen their inflows differ widely in the last 7 days. Bitcoin ETFs went on a selling streak, while Ethereum ETFs continued to see decent inflows this week.
Bitcoin ETFs saw their fourth consistent outflow on Tuesday, losing $338 million worth of BTC. IBIT was the largest loser, with a $188 million outflow, while BITB gained $8 million.
Ethereum ETFs on the other hand saw their second day of decent inflows on Tuesday of $53 million. On Monday, ETH ETFs had gained a major inflow of $130 million. On both days, BlackRock's ETHA was the largest gainer.
Despite crypto markets seeing a major correction in the last two weeks, the sentiments are still largely bullish. Crypto Fear and Greed Index has now reached the level of 63 from 54 last week.
Crypto Fear and Greed Index
Altcoin Index Today
This bullishness is primarily on the basis of Bitcoin's recovery as the altcoin season index still lingers at 40.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.