Coin Bureau
Crypto News: BTC Price, ETH vs. SOL, ETF Delay, OpenAI & MORE!!
Mon Nov 20 2023Description
Last week in the crypto market was marked by volatility, with BTC experiencing wild price swings. Ethereum struggled to keep up with BTC's rally, while SOL continued to perform well. The SEC delayed spot Bitcoin ETF applications, raising questions about future approval. Open AI faced internal drama, impacting the stock market and AI-related cryptos. Celestia, Casper, Render Network, Avalanche, and Arweave were the top performing cryptos.
Insights
BTC's volatile price action
BTC's price swings were driven by speculation and leverage, with traders taking on immense amounts of leverage. Bloomberg ETF analyst Eric Balunas' tweets were believed to have influenced the market.
ETH's struggles
ETH failed to pump on spot ETF news and has been looking weaker than BTC both technically and fundamentally. Bitcoin has surpassed Ethereum in transaction fees and Ethereum's account abstraction adoption has been minimal.
Spot Bitcoin ETF approval
The SEC delayed spot Bitcoin ETF applications, pushing the potential approval window to January 2024. There is speculation that all applications will be approved in January, but previous rejection reasons have yet to be addressed.
Open AI drama
Open AI CEO Sam Alman was fired, raising concerns about the entire AI niche. Microsoft's influence over Open AI and the potential impact on the stock market and AI-related cryptos are key points of interest.
Top performing cryptos
Celestia, Casper, Render Network, Avalanche, and Arweave were the top performers last week. Their pumps were driven by factors such as hackathon participation, futures contract listings, and increased transactions.
Chapters
- Crypto Market Volatility
- Ethereum's Struggles
- Spot Bitcoin ETF Approval
- Open AI Drama
- Top Performing Cryptos
Crypto Market Volatility
00:00 - 02:35
- BTC experienced a wild ride last week, briefly falling below 35k and then touching 38k before settling around 35k.
- The volatile price action was driven by speculation and leverage, with traders taking on immense amounts of leverage.
- Bloomberg ETF analyst Eric Balunas' tweets about the spot Bitcoin ETF were believed to have caused the recent pump.
Ethereum's Struggles
02:35 - 06:14
- ETH failed to pump on the news of another spot ETF filing, while SOL continued to rally with the help of Kathy Wood.
- ETH has been looking weaker than BTC on both technical and fundamental perspectives.
- Bitcoin has flipped Ethereum in terms of transaction fees, and Ethereum's account abstraction adoption has been negligible.
Spot Bitcoin ETF Approval
06:14 - 11:59
- The SEC delayed two more spot Bitcoin ETF applications, pushing the potential approval window to January 2024.
- There is speculation that all spot Bitcoin ETF applications will be approved in January, leading to a potential BTC pump.
- However, previous reasons for rejecting spot Bitcoin ETF applications have yet to be addressed.
Open AI Drama
11:59 - 16:41
- Open AI CEO Sam Alman was fired, leading to concerns about the entire AI niche.
- Microsoft's influence over Open AI raises questions about the company's future.
- The Open AI drama could have implications for the stock market and AI-related cryptos.
Top Performing Cryptos
16:41 - 20:18
- Celestia, Casper, Render Network, Avalanche, and Arweave were the top performing cryptos last week.
- Reasons for their pumps include participation in hackathons, futures contract listings, and increased transactions.