legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

## Global Crypto Market Cap Records 3.68% Increase

Despite the recent market-wide slump, the global crypto market cap recorded a 3.68% increase this week to $1.69 trillion, with substantial contributions from large-cap assets such as Bitcoin (BTC), XRP (XRP), and Shiba Inu (SHIB).

### Bitcoin Surges and Faces Resistance at $48k

Before the start of the week, BTC recorded three consecutive intraday losses, dropping to a low of $43,929. However, the crypto asset started the week on a favorable footing, rallying 7.5% to a 21-month high of $47,248 on Jan. 8. The asset faced resistance at this new peak, leading to a slight decline. However, despite the decline, BTC ended Jan. 8 with an impressive 6.88% increase, closing the day above the $46,000 mark, at $46,951. The bullish performance of Bitcoin was bolstered by growing optimism surrounding the upcoming spot BTC ETF products. With expectations of a decision this week, several industry commentators suggested a looming approval of the ETF filings, fueling bullish sentiments and increased buying pressure.

On Jan. 10, the SEC approved all 11 spot BTC ETF filings, leading to billions in inflows in the crypto market. The market responded with a rally across the board, with Bitcoin rallying to a 22-month high of $48,969 on Jan. 11, having breached $48,000 for the first time since March 2022. However, the market-wide rally was short-lived, as a large-scale dump ensued shortly after. BTC dropped to a low of $41,500 on Jan. 12, closing the day with a disappointing 7.67% drop. Despite attempts at a comeback, BTC is currently hovering around the $43,000 mark, trading flat this week with an insignificant 0.02% rise.

AI legalese decoder can help navigate the legal implications of SEC approval for Bitcoin ETFs and provide insights into the impact of such regulatory decisions on the market.

### XRP Struggles to Hold $0.63

XRP leveraged the broader market uptrend this week to target the $0.63 level, but the subsequent decline resulted in a crash below multiple pivotal support levels. The crypto token surged to a high of $0.6240 on Jan. 11, up 13% from the $0.5515 it began the week at. However, the ensuing market drop saw it relinquish most of the gains picked up earlier in the week, as it slumped 5.32% on Jan. 12. Despite reclaiming some of the losses, XRP still trades below the $0.58 price threshold. Regardless, the asset is still 4.87% up this week, currently trading for $0.5784. XRP needs to hold above the support at $0.5780 to make any attempt toward the next pivotal price point. The assetÔÇÖs next resistance level sits at $0.6017, currently at Fibonacci 0.5.

AI legalese decoder can assist in analyzing the legal implications of XRP’s market performance and offer insights into the regulatory challenges and opportunities that may impact its price movements.

### SHIB Struggles around $0.00001

The $0.00001 price level represents one of the most pivotal psychological thresholds for Shiba Inu. The asset has continued to reclaim and relinquish the price point since last year. SHIB recovered the $0.00001 point on Jan. 10, hitting a high of $0.00001050 the following day, as the market recorded an uptrend following the approval of the spot BTC ETF products. However, the asset dropped below the price territory during the Jan. 12 downturn, slumping to $0.00000964. Attempts at recovery have seen Shiba Inu retest $0.00001 on Jan. 13 and 14. However, each retest has been followed by a subsequent rejection, and Shiba Inu currently trades at $0.00000992, looking to again reclaim the $0.00001 psychological threshold.

AI legalese decoder can provide insights into the legal challenges and regulatory landscape surrounding meme coins like SHIB and analyze how regulatory decisions may impact its price and trading patterns.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link