Key Crypto Developments: May 18–24, 2024 Highlights

May 29, 2024

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Top Crypto News: May 18-24, 2024 Highlights

From May 18 to May 24, 2024, there were big changes in the cryptocurrency market. Prices went up, rules were changed, and a famous internet meme died. These events show how volatile the crypto space is, as they have an effect on market mood, investor behavior, and the rules that govern it.

Bitcoin’s $66.9K Price Holds Strong, Casts Doubts on a ‘Deep Correction’

A vibrant digital scene depicting Bitcoin's price holding strong at $66.9K

Bitcoin has stayed above the $65,000 support level, which has led some experts to doubt the chances of a deep correction. A trader who went by the name Yoddha said that Bitcoin’s strong price hold means that there won’t be any corrections soon. Rekt Capital also said that there had been a big drop from April 24 to May 2.

Bitcoin strongly recovered after previous drops, showing a rising trend. Analysts think Bitcoin is now in the “belief” phase, which is when people become more sure that the market will go up, especially after previous split events. Some traders say that until Bitcoin goes over $70,000, you should pay more attention to long-term trends than to short-term price changes.

Bitcoin Developers Tout Programmability as the Catalyst for the Next Rally

A futuristic scene showcasing Bitcoin developers emphasizing programmability as the catalyst for the next rally

Programmability is being pushed as a key factor for the next market rally by Bitcoin coders. A lot more developers and projects are likely to join the Bitcoin network now that this feature is available. It lets smart contracts be more complicated and flexible.

Programmability adds more uses to Bitcoin besides being a digital wallet. Developers hope that this will lead to more people using and adopting Bitcoin, which could raise its price. The push for programmability is in line with ongoing efforts to improve Bitcoin’s features, making it a more useful tool in the blockchain ecosystem as a whole.

Bitcoin Breaks Out Above $68K as Solana’s 7% Gain Leads Crypto Rally

A vibrant scene depicting Bitcoin breaking out above $68K and Solana leading the crypto rally with a 7% gain

For the first time in more than five weeks, Bitcoin went above $68,000. This was made possible by a wider crypto rise led by Solana (SOL), which rose 7%. This rise happened after April inflation data that was lower than predicted and strong inflows into spot Bitcoin ETFs, which showed that institutions were very interested in them.

Before the increase, Bitcoin was just above $60,000. By the end of the week, it had gone up to over $66,000. Grayscale also said that Peter Mintzberg, a former executive at Goldman Sachs, would be taking over as CEO from Michael Sonnenshein. This could mean that the Grayscale Bitcoin Trust (GBTC) will be trying new things.

Cryptocurrencies Gain as Investors Turn Optimistic on ETFs

A vibrant financial scene showcasing the optimism in the cryptocurrency market as investors turn optimistic about Ether ETFs

The cryptocurrency market has gone up because investors are hopeful about Ethereum ETFs. The market mood has improved as people wait for U.S. regulators to approve these ETFs. This has led to more investments and higher prices for Ethereum and other cryptocurrencies.

This increased interest shows how important changes in regulations can be for the way markets work. Analysts think that the approval of Ether ETFs could lead to more popular institutional adoption, which could help the cryptocurrency market grow even more.

Bitcoin Hovers Around $70K After ETF Records Month-High Inflows

Bitcoin was hovering around $70,000 after a big rise to $71,400. A lot of money came into Bitcoin ETFs, especially BlackRock’s spot Bitcoin ETF, which got over $290 million in one day, the most in one day since early April. This helped the rise. The market value of ether also went up a lot, which is another big win.

Analysts say that this rise is due to increased hopes for spot ETF approval, which could lead to even more institutional adoption. WisdomTree was also given permission to offer Bitcoin and Ether ETPs on the London Stock Exchange, where professional investors can buy and sell them.

The US Securities Regulator Urges Against Crypto Bill Adoption

The U.S. Securities and Exchange Commission (SEC) has told politicians to think again about a bill that would regulate cryptocurrencies. The SEC was worried about how the bill might affect the safety of investors and the security of the market. The governing group stressed the need for a balanced approach that protects investors and encourages new ideas.

This stance shows that people are still arguing about the best way to regulate cryptocurrencies and shows how hard it is to add digital assets to the current financial system.

Wild Bitcoin, Ether Price Swings Amid Spot ETH ETF Decision Trigger $350M Liquidations

As traders waited for a U.S. government decision on spot Ether ETFs, the cryptocurrency markets were very unstable. The price of ETH went up and down a lot, starting at $3,500 and then going all the way up to $3,900 before leveling off around $3,800. The price of bitcoin went up and down in the same way. It dropped to around $66,000 and then came back up to $68,300.

Trading that was too volatile caused over $350 million in liquidations, mostly hitting long positions with too much debt. This market turmoil shows how high the stakes can be and how quickly things can change in response to new rules.

Kabosu, the Dog Behind the ‘Doge’ Internet Meme, Has Died

The Shiba Inu dog Kabosu, who was in the “Doge” joke, died. In 2013, a picture of her with a puzzled look went viral on the internet and led to the creation of the famous cryptocurrency Dogecoin.

Atsuko Sato, Kabosu’s owner, reported that the dog had died peacefully. Kabosu’s joke has been used a lot on the internet and has even been used to comment on politics. Dogecoin’s community and fans all over the world were saddened by her death and honored her memory as a symbol of the internet and cryptocurrency culture.

Key Takeaways

  • Bitcoin Price Stability: Bitcoin maintained a strong position above $66.9K, casting doubts on a deep correction.
  • Programmability Highlighted: Developers emphasized Bitcoin’s programmability as a catalyst for the next rally.
  • Market Rally: Bitcoin surged above $68K, led by Solana’s 7% gain.
  • Ether ETF Optimism: Investor optimism surrounding Ethereum ETFs boosted the market.
  • ETF Inflows: Significant inflows into Bitcoin ETFs supported Bitcoin’s price around $70K.
  • Regulatory Concerns: The US SEC advised against adopting a proposed crypto regulation bill.
  • Price Volatility: Wild price swings in Bitcoin and Ether led to $350 million in liquidations amid an Ether ETF decision.
  • Iconic Meme Dog: Kabosu, the dog behind the “Doge” meme, passed away, marking the end of an internet era.