What Happened In The Crypto Market This Week?
Shrishesh Tanksalkar3 Nov 20242 min read
This cryptocurrency market, closed the week with its market cap at $2.33 trillion, down 0.45%. Trading volumes also fell sharply, with the 24-hour volume down 16.02% to $80.78 billion, indicating a caution among traders. Successively, The Fear & Greed Index remained neutral at 57, showing mixed market attitudes.
Bitcoin remained the market’s leader, rising 3.91% this week and drawing closer to its all-time high of 59.01%. Ethereum, on the other hand, rose more slowly, up only 0.65%, as traders waited for network scaling updates and ecosystem expansion. Solana fell 2.91% this week, likely reflecting the sentiments of the larger market. Meanwhile, XRP has been very consistent, with a slight difference in its price tag.
Curious about BTC’s future price? Our Bitcoin Price Prediction answers that and much more!
Weekly Crypto Market Recap
Crypto.com Outruns Coinbase in North America
Crypto.com made news this week for surpassing Coinbase’s trading volume in North America. This spike reflects Crypto.com’s growing reputation and attraction among traders, who are drawn to its competitive offerings. Coinbase is now facing increased competition as exchanges compete for supremacy in the North American industry.
BlockFills Introduces Crypto-to-Fiat Payment Service
BlockFills, a digital asset startup, has created a new crypto-to-fiat payment processing solution aimed at enterprises and FinTech organizations. This solution streamlines cryptocurrency transactions by allowing for seamless conversions to fiat cash, meeting the needs of major organizations.
Visa Joins Hands With Coinbase for Crypto Transactions
Visa’s latest cooperation with Coinbase enables eligible debit card customers in the United States and Europe to make real-time cryptocurrency deposits and withdrawals. This marks a significant milestone for the cryptocurrency industry, demonstrating increased institutional acceptance and user convenience.
Michael Saylor’s Fake Trump Post Sparks Debate
Michael Saylor, executive chairman of MicroStrategy, incorrectly tweeted a false remark attributed to Donald Trump, claiming “Bitcoin is money” and advocating a tax-free cryptocurrency. Though soon refuted, the post shows the continuous issue of misinformation in the cryptocurrency field. As one of the industry’s most important players, Saylor’s lapse ignited a heated debate about the need for information verification, especially in a volatile market like cryptocurrency.
U.S. Recovers $19.3 Million from Recent Hack
The United States government recovered $19.3 million from a recent $20 million cyberattack, returning around 88% of the stolen funds. This result indicates regulatory bodies’ growing proficiency in asset recovery, providing some reassurance to the cryptocurrency industry about security improvements.
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