Weekly Crypto News Update | 01 January

In the past week, the crypto market has remained in a state of confusion, showing both gains and losses at the same time. As bulls retook market control from bears in the recent week, prominent cryptocurrencies are staying firm.

The events of the previous week prompted confusing 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 News Update.

According to CoinMarketCap, the current market cap is  ₹136.93 Trillion on 01 January. In the past few months, even the top-performing coins were seen as confusing and were trying to set a new market trend.

As of the past week, Bitcoin is priced at ₹3,521,748.36, reflecting a 0.27% rise within the last 24 hours and a 3.19% loss over 7 days. Talking about Ethereum, ETH is currently valued at ₹189,523.79, showing a 0.22% fall in the past 24 hours, with a significant drop of 1.45% over 7 days.

Weekly Crypto News Update: 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: Internet Computer (ICP), Filecoin (FIL), and Binance (BNB). 

In the past week, the price of Internet Computer (ICP) showed a 34.27% hike. In addition, the token also experienced a significant jump of 1.51% in the past 24 hours. And the token is currently trading at the price of ₹1086.29.

Talking about Filecoin (FIL), the token illustrated an 18.40% hike as compared to other major cryptocurrencies. In addition, FIL has shown a 12.75% hike in the past 24 hours, trading at a price range of ₹570.90.

In addition, the Binance (BNB) token jumped by 3.82% in the past 24 hours. Furthermore, in the past week, the token surged by more than 16.77%. In addition, the price of the BNB token is trading at ₹25,805.71.

Top Crypto Gainers & Losers

The past week remains one of the most bullish weeks for the crypto market in 2023. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Top gainers

How the Crypto Market Became Optimistic?

The cryptocurrency market remained stable in anticipation of the potential approval of major Spot Bitcoin ETF applications. Apart from that, the recent notice from the Indian finance ministry also affected the sentiments of crypto investors when the government banned the URLs of 9 major offshore crypto exchanges.

Weekly Crypto News Update: Trending News From the Last Week

  • Google Cloud and Bitcoin Layer-2 Network MAP Protocol partnered on December 28th to accelerate innovation in the sector. Meanwhile, the announcement marks a turning point as two digital titans join forces to push blockchain applications into the mainstream for businesses of all sizes and the general public.

  • On December 28, the Financial Intelligence Unit India (FIU IND) issued compliance Show Cause Notices to nine offshore Virtual Digital Assets Service Providers (the names of those exchanges include Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex).

  • On December 26, MicroStrategy Chairman Michael Saylor announced the purchase of an additional 14,620 BTC for $615.7 million. The average purchase price for one Bitcoin was $42,110. MicroStrategy’s total Bitcoin holdings as of December 26, 2023, were 189,150 BTC, acquired for approximately $5.9 billion.

SunCrypto Views

The recent confusing trend in the crypto market showcases its dynamic evolution, marked by significant gains and increased investor confidence. This trend reflects growing institutional interest and technological advancements.

However, despite these confusing strides, the market’s inherent volatility persists. Investors should remain vigilant, conduct thorough research, and employ diversified strategies to navigate potential uncertainties. While the recent bullish trend inspires optimism, it’s essential to approach the crypto market with caution and a long-term perspective.

For more crypto-related content like Weekly Crypto News Update, 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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