BTC Rejects $74k Amid Rising Middle East Tensions, BlackRock’s ETHB Debuts: Weekly Summary

BTC experienced some extreme volatility on Friday following the release of US PCE data. But its rally was quickly stopped.

It’s been another busy week with headlines focusing on the rapidly evolving (and in most cases worsening) situation in the Middle East as both sides lash out at each other or allies.

Meanwhile, the ever-volatile cryptocurrency industry responds to almost every new development. Bitcoin, for example, started the week on the wrong foot, falling from $68,000 on Sunday to a multi-day low of $65,600 when almost all financial markets opened for business after the weekend strike and statements.

But the bulls quickly intervened and prevented further decline. Instead, BTC began its gradual recovery that saw it close to $70,000 by Wednesday. After the initial rejection, the bulls rallied and pushed the asset to around $72,000. It faced further resistance at this level and bounced back to $69,000 when US CPI numbers were released later in the day.

Although expectations and reality matched, BTC remained relatively calm at first, but after Trump said that there was “nothing left to target” in Iran, it rose almost two grand. After another volatile session around $70,000, the cryptocurrency rallied on Friday following the release of US PCE data for January. which increased by 0.3% in MoM and by 2.8%.

Bitcoin hit $74,000 for the second time in 10 days, but it was once again stalled and driven south by more than two grand. However, it is still up 6% every week, like BNB, XRP and SOL. Ethereum added nearly 10% in the last seven days, while HYPE exploded 23%.

Market data

Market price: $2.52T | 24H Volume: $138 Billion | BTC Dominance: 56.9%

BTC: $71,700 (+6.1%) | ETH: $2,130 (+9.3%) | XRP: $1.4 (+5%)

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This week’s crypto headlines you can’t miss

BlackRock Staked Ethereum ETF Sees First Day Volume of $15.5 Million. Perhaps the most important industry news this week came from the world’s largest asset manager. BlackRock has introduced a new type of Ethereum ETF that allows investors to take advantage of the network’s staking functionality. On the day of launch, the daily volume was 15.5 million dollars.

Ripple is targeting a $50 billion valuation with a $750 million acquisition in a major partnership. A recent report revealed that Ripple has started a share buyback program that values ​​it at $50 billion. It plans to buy back up to $750 million in shares from employees and investors.

POTUS headlines the herd for top TRUMP holders as price surges 50% after ATL. After successive and painful declines in the TRUMP meme coin, the US president has been on a roll for the best asset holders for several weeks. The token immediately reacted with a massive 50% increase.

This is why Arthur Hayes is buying Bitcoin again. The founder of BitMEX remains a bitcoin bull, but he believes the asset is likely to bounce back amid the ongoing conflict between the US and Israel on one side and Iran on the other. As such, he said he may look for a new bottom below $60,000 before starting to rally again.

Binance Under DOJ Investigation for Possible Violation of Iran Sanctions: WSJ. The Wall Street Journal reported that the US Department of Justice has begun an investigation into whether Binance was used in any way to help Iran-linked wallets evade US sanctions. Meanwhile, the stock exchange sued the publication for defamation over a February 24 article.

Elon Musk confirms the launch of early public access to X Money next month. Musk continues his efforts to transform the social media platform and mentioned that users will have public access to X Money in April.

Diagrams

This week, we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Hyperliquid – click here for full price analysis.