This week, even in the farthest corners of the planet, a bullish roar was heard – and for a reason. Bitcoin reached a new ATH of $67k. And every trader or analyst has already predicted incredible growth by the end of the year. We’ve heard predictions up to $135k and even up to $300k. But most of all, we are worried about the reasons why we saw new peaks of growth.
One of the main reasons is the launch of the first Bitcoin ETF based on Bitcoin futures from ProShares Bitcoin on the New York Stock Exchange (NYSE). However, analysts at the financial conglomerate have denied the opinion that the launch of the first Bitcoin ETF in the United States was the reason for the new all-time high in BTC, since exchange-traded funds based on Chicago Mercantile Exchange futures are unlikely to raise a lot of funds in the first cryptocurrency.
JPMorgan representatives are confident that the main reason for the current growth of BTC is inflation and the desire of investors to protect themselves from it.
Bitcoin price analysis
At the beginning of the week, Bitcoin was worth about $60k. The maximum cost this week was around $67k. At the time of writing, BTC is holding at $61.5k with a 24-hour trading volume of $38,753,375,855.49. The dominance of BTC in the market is 45.79%.
Ethereum price analysis
At the beginning of the week, the price was $3862. During the week, Ethereum updated its historical maximum to $4,375. Meanwhile, the current market dominance of ETH is 18.51%.
TOP CRYPTO NEWS
- The first Bitcoin ETF based on Bitcoin futures from ProShares Bitcoin opened on the New York Stock Exchange (NYSE), generating a volume of $500 million in the first hour of trading. It also became known that Grayscale has filed an application with the SEC to convert its GBTC trust into a spot Bitcoin ETF. If approved, the Grayscale ETF will be backed by real BTC, not just tied to futures contracts.
- Facebook is launching its own crypto wallet Novi, in partnership with Coinbase, based on the USDP stablecoin. Almost instantly, the Senate demanded that Mark Zuckerberg stop the launch of the Novi crypto wallet and Diem stablecoin. But in response to the letter, Diem said the senators misunderstood the relationship between Facebook and Diem, and said they had no direct relationship to Novi’s wallet. “Diem is not Facebook. We are an independent organization and Novi from Facebook is just one of more than two dozen members of the Diem Association. ” the company said.
- The largest stock exchange experienced incredible problems this week. On the Binance exchange, US Bitcoin fell to $8,200 for a moment. The volume of the transaction was 579 BTC.
- The Houston Fire Department Pension Fund, with $4 billion in assets, has invested $25 million in Bitcoin and Ethereum.
- Walmart, the world’s largest wholesale and retail chain, has offered its customers the opportunity to buy BTC for cash at dozens of US outlets – 200 ATMs have already been installed as part of a pilot project with Coinstar. In total, more than 8000 devices are planned to be installed.
- An NFT Egg was sold on Friday for 50 Ethers (equivalent to $197,245). There was a stone, now they sell eggs, and now they are digital. More interesting news from the world of NFTs: A muscular NFT gorilla was set up opposite the legendary bull on Wall Street, which from a certain angle looks like an aggressive confrontation. At the moment, the bull is almost covered with bananas.
- Stakeholders can’t stop questioning Tether’s reserves. Analyst firm Hindenburg Research is willing to pay $1 million to anyone with information on whether Tether has reserves to back up the USDT stablecoin.
This is all the news, for now. We will continue to keep you informed of all the main events of the crypto market. This article is for informational purposes only and does not provide any financial advice. Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, TikTok and LinkedIn. Let’s learn the cryptocurrency market together step by step!