Bitcoin records five-week winning streak
The leading cryptocurrency, Bitcoin, managed to close a volatile week—characterized largely by downward profit-taking—in the green thanks to weekend buying, marking its fifth consecutive week of gains. This performance was last seen during the 2021 bull market, and Bitcoin's strong rally from the $26,000 level to $38,000 over the last month and a half has sparked rumors about whether a major bull market has begun again.
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Starting the new week above $37,000 in the morning hours, Bitcoin is currently finding buyers in the $37,150 region. The leading altcoin, Ethereum, continues to trade above $2,000. As of now, Ethereum is at the $2,005 level.” Bitay Research Department Analyst Alper Samet Yorak evaluated the developments in the cryptocurrency markets.
ARGENTINE ELECTION PROVIDES A BOOST TO BITCOIN OVER THE WEEKEND
Liberal candidate Javier Milei won the Argentine election, a topic that has long been on the markets' radar. In the country, which has been in an economic crisis for a long time and is exposed to inflation of around 150%, the newly elected President had pledged to close the Central Bank and switch to the dollar as the currency. Additionally, Milei, who has very positive views on Bitcoin, promised to support Bitcoin and have it used as a means of payment in the country after taking office. Following the results announced on Sunday night, Bitcoin, which was at the $36,800 level, rose to $37,500 after Milei won the election, thus closing the weekly candle with a gain.
SEC DELAYS ETF DECISIONS
On the other hand, the US Securities and Exchange Commission (SEC), which is evaluating Bitcoin and Ethereum ETF applications from many institutions this week, postponed all decisions regarding these applications to January. The market was also expecting a postponement decision. For this reason, no negative pressure was observed on the price.
With these developments, while leaving a busy week behind, ELF, RNDR, SKL, FET, and POWR managed to become the top-gaining cryptocurrencies, providing returns between 30% and 50% to their investors.