BTC Records Best Week Since March Amid US CPI Announcement and Big Names Buying Bitcoin ETFs: This Week’s Crypto Recap

A lot can change in the cryptocurrency market in a week, and it has already happened in the past seven days. It was just last Friday when Bitcoin was struggling to stay above $60,000 after another decline, but the landscape is very different now.

Changes started to happen over the weekend when Bitcoin remained above the mentioned level and rose slightly to around $61,000. However, the first big move came on Monday when it pumped the cryptocurrency to just over $63,000.

It failed to sustain this rally and rebounded strongly on Tuesday amid some Coinbase issues and perhaps due to pressure from the upcoming US CPI announcement on Wednesday. However, once this came to light, and reality matched expectations, Bitcoin began to rise rapidly.

It jumped by several thousand and rose to more than $66,500 as flows into ETFs also accelerated. The asset retreated slightly yesterday to just under $65,000 but is back on the offensive today. As a result, Bitcoin returned to above $66,000, recording its best week since the early days of March, making investors greedy once again.

Speaking of the weekly range, some of the most impressive gainers from larger-cap altcoins include Solana, which surged earlier this week, and Chainlink, which reached a multi-month peak of over $16.

Market data

Market capitalization: $2.533 trillion | 24-hour volume: $78 billion | Bitcoin dominance: 51.6%

Bitcoin: $66,455 (+5.35%) | Ethereum: $3,086 (+2.1%) | BNB: $580 (-2.61%)

Cryptocurrency headlines of the week that you can't miss

Bitcoin fundamentals remain strong amid market volatility: BitfinexDespite Bitcoin's rebound since the end of last week, Bitfinex highlighted in a report released on Monday that all of the network's fundamentals remained strong, despite the difficulty falling slightly.

Flushing: Ethereum can't stop losing ground to Bitcoin. The chart above shows that ETH failed to achieve gains similar to those achieved by BTC. In fact, the value of the second-largest cryptocurrency has fallen a lot compared to Bitcoin in the past few months, making the so-called “flipping” more of a pipe dream than a potential reality.

Morgan Stanley reveals $269 million investment in Grayscale's GBTC. Giant US listed companies were forced to disclose their financial activities during the first quarter of the year in separate filings with the US Securities and Exchange Commission. As such, several big names, such as Morgan Stanley, have identified multi-million dollar investments in various Bitcoin ETFs.

Investing BTC in Wisconsin could cause chain reactions from other states. Another notable and perhaps surprising name on the BTC list was the Wisconsin State Investment Board (SWIB). Its $164 million investment in Bitcoin ETFs raises questions about whether other similar entities will follow suit.

CME Group plans to spot trade Bitcoin amid rising demand on Wall Street. CME Group, a traditional finance company with a rich history in the cryptocurrency industry, is reportedly looking to enter the Bitcoin spot trading market, something the company has avoided in the past. This could create a lot of competition for well-known names like Coinbase and Binance.

ShibaSwap 2.0 is launching live on the Layer 2 Blockchain for the Shiba Inu. The Shiba Inu ecosystem has been among the most active in the past year or so, and this week saw the original decentralized exchange move to Shibarium in the form of ShibaSwap 2.0.