To say that last week was exciting would be a serious understatement. Bitcoin went on to chart a brand new all-time high at around $67K, we saw the approval of the first-ever futures BTC ETF in the US, a massive flash-crash on BinanceUS, and a correction towards $60K. Let’s dive in.
Starting with Bitcoin. The price was trading around $62K last this time last week and even dipped below $60K briefly on Monday. However, the market was propelled higher from then, and this culminated in a new all-time high around $67K on Wednesday. It was a major event for the community – it took BTC exactly 6 months and 6 days to paint a fresh peak.
This came on the wings of some tremendous news. The SEC approved the first-ever futures-backed Bitcoin ETF ticked BITO. On its opening day on Tuesday, the product did over $1 billion in trading volume, making it one of the most successful ETF launches in history. Meanwhile, we also saw a flash-crash on BinanceUS, which took the price for BTC down to around $8.2K in a second before recovering. It also happened on other exchanges but not with such gravity.
Since peaking, though, Bitcoin’s price has been wobbly and, perhaps somewhat expectedly, tumbled towards $60K once again. This might be considered a healthy correction, given that there were no real shakeouts in the past few weeks.
Altcoins also followed suit to a certain extent. Solana and Ethereum literally came a couple of dollars away from marking new all-time highs but failed to do so.
It’s very exciting to see how the market will follow through. As we recently reported, the overall trend remains bullish, but it’s also critical to be very cautious in the short term, as corrections of this kind tend to take place and shake out weak hands.
Market Capitalization: $2.644T | 24Volume: $156B | BTC Dominance: 43.7%
BTC: $61,272 (+6.7%) | ETH: $3,987 (+5%) | ADA: $2.15 (-0.9%)
Bitcoin Price Breaks All-Time High Surpassing April’s $64.8K Peak. It took Bitcoin’s price exactly six months and six days to break its former all-time high set on April 14th, 2021. The price reached around $67K this week, setting a new peak and further validating the continuation of the current bull run.
First Bitcoin Futures ETF Generates $1 Billion in Trade Volume on First Day. The ProShares Bitcoin Strategy ETF, ticked BITO, became one of the most successful ETF products launched on the traditional market ever. This happened as it saw over $1 billion in traded volume on its first day.
I Feel Underinvested in Bitcoin: PayPal Co-Founder Peter Thiel Says. The CoFounder of PayPal and Palantir Technologies, Peter Thiel, said that he feels underinvested in Bitcoin. He also said that BTC’s recent all-time high spells bad news for central banks.
FTX Closes $420 Million in Series B-1 Funding: Company Now Valued At $25 Billion. One of the leading cryptocurrency exchanges – FTX – successfully closed a Series B-1 investment round worth $420.69 million. The entire thing was based on pop culture number memes and included exactly 69 investors, including BlackRock.
JPMorgan: Inflation Hedge Narrative Propelled Bitcoin’s Price to ATH. According to analysts from the multinational banking giant JP Morgan, BTC reached a new all-time high because people started investing in it as a hedge against inflation.
$2.2T Asset Manager Pimco Is Starting to Trade in Cryptocurrencies, Said CIO. The Chief Investment Officer of the $2.2 trillion asset manager Pimco, Daniel Ivascyn, said that some of the company’s hedge funds are already trading securities associated with cryptocurrencies. This comes as a sign that Bitcoin and the industry, in general, are becoming more legitimate in the eyes of institutions.
This week we have a chart analysis of Ethereum, Ripple, Cardano, Polkadot, and Solana – click here for the full price analysis and overview.