Bitcoin Surges to Over $95,000 Amid Institutional Accumulation
Bitcoin has risen to over $95,000, marking a 12% increase this week, driven by positive macroeconomic news. The CoinDesk 20, which tracks a significant portion of the crypto market, also increased by more than 10% in the past five days.
Key points include:
- Institutional accumulation of bitcoin is attributed as a primary factor for the rally, with retail traders exiting bitcoin ETFs.
- A new bitcoin investment company, Twenty One Capital, was launched, backed by Tether, Bitfinex, and SoftBank, holding 42,000 BTC.
- Options markets show traders are willing to hold BTC despite market fluctuations, contributing to its price stability.
- Bitcoin surpassed Google's market cap, becoming the fifth most-valuable financial asset globally.
- Zora's token launch faced challenges, highlighting issues with liquidity in VC-backed tokens.
- The British TV series Peaky Blinders has launched a blockchain-based game and Web3 ecosystem.
- Stablecoins are gaining traction, with Circle announcing a global payments network and Coinbase offering free conversions between USD and PayPal’s PYUSD stablecoin.
Market dynamics suggest focusing on accumulating bitcoin and using stablecoins for transactions.