Weekly Crypto Market Updates | 05 February

In the past week, the crypto market has remained stable with leading cryptocurrencies like Bitcoin, Ethereum, etc, have shown marginal losses. 

The events of the previous week prompted negative sentiment in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Weekly Crypto Market Updates.

According to CoinMarketCap, the current market cap is  ₹137.38 Trillion on 05 February. In the past few months, even the top-performing coins were seen as bearish and were trying to set a new market trend.

As of the past week, Bitcoin is priced at ₹3,536,982.10, reflecting a 0.75% fall within the last 24 hours and a 0.58% drop over 7 days. Talking about Ethereum, ETH is currently valued at ₹190,170.52, showing a 0.30% fall in the past 24 hours, with a significant drop of 0.37% over 7 days.

Weekly Crypto Market Updates: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Chainlink (LINK), Tron (TRX), and Internet Computer (ICP). 

In the past week, the price of Chainlink (LINK) showed a 22.95% jump. In addition, the token experienced a rise of 3.09% in the past 24 hours. The token is currently trading at the price of ₹1,528.90.

Talking about Tron (TRX), the token illustrated a 4.02% spike as compared to other major cryptocurrencies. In addition, TRX has shown a 1.83% jump in the past 24 hours, trading at a price range of ₹9.90.

In addition, the Internet Computer (ICP) token jumped by 2.65% in the past 24 hours. Furthermore, in the past week, the token jumped by more than 2.42%. In addition, the price of the ICP token is trading at ₹1,076.66. 

Top Crypto Gainers & Losers

The past week remains one of the most bullish weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Weekly Crypto Market Updates

How the Crypto Market Became Bearish?

In the last week, the cryptocurrency market has become bearish after the announcement made by the US SEC that they will start making changes in the Interest Rates from March 2024, creating a sense of fear in retail investor’s minds.

Furthermore, as we earlier mentioned, the month of February is quite crucial for the stock market of various nations as many big giants are expected to launch their profit results this month. This factor also pushes the crypto market toward a bearish zone. 

Weekly Crypto Market Updates: Trending News From the Last Week

▪️ In the recently released Interim Union Budget 2024-45, Indian Finance Minister Nirmala Sitharaman stated that the country’s tax policy will remain unchanged. This means that Indian crypto investors and traders are still required to pay 30% tax and 1% TDS. 

▪️ China is likely to change its Anti-Money Laundering (AML) legislation to encompass cryptocurrency-related transactions, amid calls from politicians in the country for increased oversight of the young crypto business.

▪️ The sluggish rollout of the Dencun upgrade continues in the Ethereum ecosystem, this time without problems, as the multiple Ethereum Improvement Proposal (EIP) upgrade is triggered on the Sepolia testnet.

▪️ Tether has established an educational department that will offer seminars, workshops, and other resources to help people enhance their abilities in blockchain technology and other digital industries. Tether’s new branch will provide a “smart education environment” in collaboration with industry professionals and pioneers.

SunCrypto Views

The recent bearish trend in the cryptocurrency market demonstrates its dynamic evolution, which has included large losses and negative investor confidence. This development reflects decreasing institutional interest and technological advancements.

Despite these perplexing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent downward trend is encouraging, it’s critical to approach the cryptocurrency market with care and a long-term mindset.

For more crypto-related content like Weekly Crypto Market Updates, informational blogs, and crypto news, check out Suncrypto Academy.

 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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