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Welcome to Thursday Folks! Bitcoin is trading up at $70,717 from yesterday at $70,070 and up from last week at $66,848. I asked last week if it would push higher and well of course it did - we are still at the beginning of a bull market rally. Bitcoin and Ether could witness upside volatility as $15B options expiry looms.
CURRENT NEWS
Today, Mike Novotgratz continues to beat the drum that Bitcoin is a safe haven from the coming debt spiral.
The overwhelming demand for Bitcoin spot ETFs over the past two months is likely to continue for many years, predicts Bitwise CIO Matt Hougan; Inflows could eclipse $1T.(6)
According to recent SEC filings, Fidelity has filed a Form S-1 for its spot Ethereum ETF, which also includes staking.(2) BlackRock's Larry Fink says he's bullish on Bitcoin and $ETH ETF is still possible even if it is a security. BlackRock’s Ethereum-powered digital money market fund sees over $240M in its first week. Marc Andreessen, Galaxy Digital, Accolade, back new $75 million crypto fund.
Over $1B in U.S. Treasury Notes has been tokenized on Public Blockchains. Crypto is ‘too big to ignore’ for the charitable sector.
Ethereum’s active validator set has risen by 74%, Fidelity Digital Assets wrote and too many validators is causing concerns about bandwidth risks and centralization. More validators is normally viewed as a good problem as it represents increased adoption, but it is impossible to accurately predict future staking demand, the report said.(2)
Prisma Finance was hacked, resulting in a $11 million crypto loss and the theft involved 1,965.39 wstETH, which was swapped for ETH. Prisma Finance has paused its operations to investigate the breach.(4) According to Bloomberg, the USA and the UK are investigating the $20 billion cryptocurrency transfer sent to the Russian stock exchange.
WATCH
LISTEN
Podcasts of the Day: Does the Bitcoin ETF Have A Downside? With Jim Bianco | The Breakdown
TIME MACHINE
A month ago, Bitcoin remained around $64K as the market reached extreme greed(3) and Gemini made their customers whole by returning 100% of the funds to those who participated in the Earn program.(7)
A few weeks ago, Bitcoin had a "V-shaped" recovery which opened a path toward $76K.
A couple weeks ago, Arizona lawmakers cited rapid growth of the Spot Bitcoin ETFs as a reason to add them to retirement portfolios(3) and Bitcoin hit yet another high, tapping $73.8K and beware of Bitcoin's 'rising wedge,' says Josh Olszewicz which tends to be bearish but if a pull back does happen it will prob be short lived.
Last week, BlackRock launched a digital fund with $100 million on Ethereum, hinting at Real-World Assets (RWA) focus(3) and J-Pow decided to leave rates unchanged and that apparently sparked a rally which has since cooled off this morning.
Yesterday, KuCoin got charged for "multibillion-dollar criminal conspiracy."(8)
