BTC Plummets Towards $80,000, Second XRP ETF Hits US Markets, Fed Raises Hopes for Rate Cut: Your Weekly Recap

The total crypto market capitalization has fallen by more than $350 billion in just a week.

But first we have to turn back the clock to last Friday. At the time, Bitcoin and the rest of the market were already in shambles. The largest cryptocurrency had lost the $100,000 level and fell below $95,000, which was then the lowest level since late April.

Although the asset found some support over the weekend and even briefly reached $96,000, the bears were in full control and drove it further south as of Sunday afternoon. The landscape deteriorated on Tuesday with prices falling below $90,000, but that level initially managed to hold.

However, just a day later it relented and plunged BTC towards $88,000. Another leg drop followed on Thursday, with bitcoin falling to $86,000. After a small rebound to $88,000, the bears returned in full force earlier today, driving the cryptocurrency hard south to just over $80,000. This is the lowest level BTC has traded since April.

After this disaster, where BTC had lost $10,000 since last Sunday and over $26,000 since November 11, the asset recorded a relief rally to $85,000. It came after New York Fed President John Williams hinted that the central bank could cut interest rates in the near future, contradicting widespread expectations for an unchanged decision in December.

Nevertheless, BTC quickly lost momentum and has now fallen back to $83,000, marking a painful weekly loss of 14%. Most larger-cap alts have charted similar declines, such as ETH, XRP, DOGE, LINK, HYPE, and others. ZEC is the only exception with an actual gain this week of almost 9%.

Market data

Market cap: $2,935 tons | 24H volume: $307 billion | BTC dominance: 56.6%

BTC: $83,200 (-14%) | ETH: $2,715 (-15%) | XRP: $1.92 (-17%)

This week’s Crypto headlines you shouldn’t miss

XRP ETF Debut Battle: How Bitwise’s Launch Day Compares to Canary’s XRPC. Despite the market’s overall weakness, Ripple’s token saw the release of a second exchange-traded fund that tracked its performance in the US. Bitwise’s XRP debuted Thursday, but its launch day paled in comparison to the release of Canary Capital’s XRPC last week.

Bitcoin’s Crash to $82,000 Liquidates Andrew Tate, the ‘Anti-CZ’ Whale, and More: Details Inside. Heading south, BTC has liquidated over $1 billion worth of long positions in the last 24 hours alone, with some notable names like Andrew Tate falling. Previously, reports showed that an OG whale had sold over $1.3 billion worth of BTC in just over a month, with the last transfer made on Thursday.

BTC Crash Causes Spike in $1 Million Bitcoin Whale Purchases: On-Chain Data. On a more positive note regarding whale behavior, on-chain data showed a resurgence of such activity during BTC’s first correction this week. More than 100,000 bitcoin transactions worth more than $100,000 were made at the time.

Kraken files confidential IPO filing with US SEC. The popular American crypto exchange has taken two major steps in the past week. It secured $800 million in financing through two separate tranches and then filed a confidential IPO filing with the US SEC.

Peter Schiff Taunts Bitcoin With Over 40% Loss Against Gold. As Bitcoin falls, Peter Schiff’s criticism increases. This unwritten rule proved true again this week, when the BTC basher said the cryptocurrency’s losses are bad against the dollar, but even worse compared to gold.

Saylor’s strategy makes for the biggest BTC purchase since July after the sell-off rumor died down. Contrary to last Friday’s sell-off rumors, Saylor’s Strategy announced its largest BTC purchase since July. The company collected 8,178 BTC last week for more than $835 million and now owns almost 650,000 units.

Charts

This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Hyperliquid – click here for the full price analysis.