Bitcoin, had a rocky start to last week, dipping below $61,000 amid concerns over the US Federal Open Market Committee (FOMC) meeting. However, the fears were unfounded as the Fed maintained its existing monetary policy, prompting Bitcoin to rebound impressively by about $7,000 in the following days.
Despite this recovery, Bitcoin faced another setback, dropping to $62,500. The weekend saw a comeback attempt, pushing Bitcoin up to $67,500, marking its first significant rise in days. Currently, Bitcoin hovers just below $69000, with its market capitalization crossing the $1.3 trillion mark again and its dominance over altcoins slightly increasing to 49.3%.
Altcoin Surge and Notable Performers
Altcoins have shown remarkable performance, with several outshining Bitcoin. Solana (SOL) is nearing a $200 value, while NEAR and Internet Computer (ICP) have seen double-digit surges. On a daily scale, notable gainers include SOL, AVAX, TON, BCH, NEAR, OP, and ICP, with ICP leading the pack with a 23% increase.
From a weekly perspective, the picture is more mixed, with SOL and AVAX down by 7%, and DOT, TRX, ADA, and ETH also experiencing declines. However, Toncoin has seen a significant jump of over 35%.
The standout performer among the top 100 altcoins is ONDO, which has seen an almost 100% surge, pushing its price above $0.9. This remarkable growth has helped the total crypto market capitalization to recover, now standing above $2.650 trillion.
Regulatory Updates and Investigations
In the regulatory sphere, Binance is facing an investigation by the Nigerian government for tax evasion. Reports suggest that one of Binance’s executives fled the country using a fake passport.
Meanwhile, BlackRock’s spot Bitcoin exchange-traded fund (ETF) is poised to flip that of Grayscale’s Bitcoin Trust ETF within three weeks, based on recent ETF flow data.
Additionally, the United States government is seeking court approval to sell two forfeited private jets tied to former FTX CEO Sam Bankman-Fried, as part of the ongoing forfeiture proceedings against him.
This week’s market movements and regulatory developments highlight the volatile yet exciting nature of the cryptocurrency world, with Bitcoin making a strong recovery and altcoins like ONDO, ICP, and Toncoin showing impressive gains, while entities like Binance and FTX continue to face scrutiny from authorities.
