Bitcoin and Ethereum faced a tumultuous week with both gains and losses, but the market is ending the week on a positive note. Bitcoin’s price rose by 3% over the past seven days, reaching $43,139. Initially, there was anticipation surrounding the Federal Reserve‘s announcement on interest rates, but Bitcoin remained relatively stable while other cryptocurrencies experienced a dip. However, after a more hawkish press conference by Federal Reserve Chair Jerome Powell, Bitcoin’s price dropped briefly, reaching a low of below $42,000. The price of Ethereum also faced losses earlier in the week but recovered slightly, ending the week with a modest 2% increase, trading at $2,306. On the other hand, Solana (SOL) experienced significant gains, with its price surging by over 10% in the past week, reaching $97.86. This increase in price can be attributed to heightened trader activity following the launch of the JUP token airdrop by the Solana decentralized exchange aggregator, Jupiter. The overall market cap of the cryptocurrency industry currently stands at $1.74 trillion, showing a 2% increase in the past day. Source: Decrypt

Bitcoin price is showing bullish signs and attempting to rally further above the $43,800 resistance level. This cryptocurrency has consolidated gains above the $42,500 resistance zone and is trading above the 100 hourly Simple Moving Average. A significant bullish trend line is emerging, providing support around $42,650 on the hourly chart of the BTC/USD pair, sourced from Kraken. There is a key bullish trend line forming with support near $42,650. If the price clears the $43,250 and $43,800 resistance levels, it could continue to rise. On the other hand, if Bitcoin fails to rise above the $43,800 resistance, it may experience a bearish wave with immediate support at $42,800 and major support at $42,400. The technical indicators, such as MACD and RSI, suggest a potential loss of bullish momentum. Source: NEWSBTC

Fidelity’s ETF Leads Inflows Fidelity’s spot Bitcoin ETF received daily inflows of $208 million, surpassing outflows from Grayscale Bitcoin Trust (GBTC) for the first time since their launch. GBTC experienced a drop in outflows, with the lowest daily outflows since its conversion to a Spot Bitcoin ETF.   BlackRock Surpasses $2B AUM BlackRock’s Bitcoin ETF, trading under the ticker IBIT, has crossed $2 billion in assets under management (AUM) shortly after its launch. It now holds over 52,000 BTC, and its strong performance is seen as offsetting the outflows from GBTC.    Hong Kong Prepares for Spot Bitcoin ETF Launch Harvest Hong Kong, one of China’s largest fund managers, submitted an application for a spot Bitcoin ETF to the Hong Kong Securities and Futures Commission (SFC). The SFC is working to expedite the approval process, with expectations of launching the first Hong Kong spot Bitcoin ETF after the Chinese New Year. These developments indicate potential shifts in the cryptocurrency market, with increasing interest in Bitcoin ETFs and potential supply squeezes driving prices higher. Source: COINTELEGRAPH

Crypto analyst Benjamin Cowen has warned that the price of Ethereum (ETH) could drop below $1,000 in the coming months. Cowen suggests that Ethereum’s future movements are closely tied to its performance relative to Bitcoin (BTC) and that a significant bounce in Bitcoin’s price could impact Ethereum’s value in USD.  Cowen also references historical price patterns of Ethereum, noting that it has followed a pattern of forming a low, then higher lows, before eventually breaking down. He speculates that Ethereum may test its previous lows before potentially experiencing a larger drop.  The ETH/BTC pair is seen as critical in determining Ethereum’s future, and a breakdown in this pair could precede a significant drop in Ethereum’s USD value. Cowen acknowledges the uncertainty in these predictions, emphasizing the influence of Bitcoin’s market behavior and various market dynamics. At the time of writing, Ethereum is trading at around $2,257. Source: CRYPTOGLOBE

Shiba Inu’s layer-2 scaling solution, Shibarium, has achieved a significant milestone by processing over 300 million transactions since its launch. The network experienced a surge in daily transactions, peaking at around 8 million earlier this month. However, daily transactions have since fallen to approximately 2.7 million. Shibarium currently has 1.34 million wallet addresses and has processed over 2.78 million blocks. This growth coincided with Gate.io allowing users to purchase and transfer BONE tokens directly to Shibarium, and Australian company GroveX integrating with the network, enhancing its credibility. Despite Shibarium’s success, the native token of Shiba Inu, SHIB, has experienced a slight decline. Over the past 24 hours, SHIB has dropped by 4%, and over the past week, it has fallen by 10%. In the last 30 days, SHIB has decreased by more than 22%, aligning with the broader correction in the cryptocurrency market. However, investors continue to show interest in SHIB. Data from Arkham Intelligence reveals that commission-free trading platform Robinhood holds 36.684 trillion SHIB tokens in its wallet, with an additional 231 billion tokens added in a single day. It’s important to note that these exchange wallets represent the holdings of the platform’s users, not the platform itself. Cryptocurrency whales have also been accumulating SHIB, with one whale transferring 136.8 billion tokens to a new wallet. Additionally, four whales have accumulated a total of 2.39 trillion tokens from cryptocurrency exchanges in the past month. Notable figures, including TRON founder Justin Sun, have been accumulating SHIB, with Sun adding 577 billion tokens to his wallet. Source: CRYPTOGLOBE

The Ethereum price has been facing challenges in starting a fresh increase. It struggled to surpass the resistance levels at $2,550 and $2,580. As a result, it began a decline and dropped below the $2,400 support level. The price even fell below $2,350 and formed a new weekly low around $2,302. Currently, Ethereum is consolidating its losses and attempting a recovery. It has made a minor increase above the $2,330 level and broke a bearish trend line with resistance around $2,340. However, the price is still trading below $2,400 and the 100-hourly Simple Moving Average, indicating a bearish sentiment. In order to resume a steady increase, Ethereum needs to clear the resistance levels at $2,390 and $2,400. If successful, it could potentially rise towards the $2,480 and $2,500 zones. On the other hand, if it fails to break above the $2,390 resistance, the price may experience another decline. Key support levels to watch are $2,320, $2,300, and $2,250. A downside break below $2,300 could lead to further losses towards the $2,200 level. The MACD indicator is showing a loss of momentum in the bearish zone, while the RSI is below the 50 level, indicating a bearish trend as well. Source: NEWSBTC

US banks are on the verge of a significant transformation as they prepare to adopt Ripple’s cryptocurrency, XRP, for international payments. This development marks a pivotal moment for Ripple, the company behind XRP, following a protracted legal battle with the US Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse has hinted at this imminent shift, signaling a new era for XRP in the banking industry. This decision has validated Ripple’s long-term strategy and compliance with regulatory standards. Ripple has also introduced innovations such as RippleNet and On-Demand Liquidity (ODL) to align the utility of XRP with its adoption, making it more relevant and useful in international banking transactions. Ripple CEO Brad Garlinghouse’s forthcoming announcement confirming the wider adoption of XRP by US banks is highly anticipated and seen as a significant advancement in integrating blockchain technology into traditional banking systems. Source: cryptopolitan