Bitcoin saw a double rally today, pushing its price beyond $35,000 after an earlier surge past $31,000 on Monday morning, marking the highest point of the cryptocurrency in 2023.
Bitcoin Price Year to date
This sudden increase led to the liquidation of $114 million worth of Bitcoin shorts within the last hour, with a total of $145 million liquidated across the entire crypto market, as reported by CoinGlass.
In further developments, Bitcoin made a brief spike to over $35,000, experiencing a 15.85% increase within a short time frame. Meanwhile, Ethereum also demonstrated noteworthy growth, with its price surpassing $1,800 and currently sitting at $1,810.74, reflecting a 24-hour increase of 8.05%.
These back-to-back rallies are being linked to the growing anticipation surrounding the potential approval of Bitcoin spot Exchange-Traded Fund (ETF) applications by the U.S. Securities and Exchange Commission (SEC).
In recent developments, a judge in Washington, D.C. has officially instructed the SEC to reconsider Grayscale's long-pending spot Bitcoin ETF application, which had faced significant delays.
Additionally, BlackRock has updated its own ETF application, signaling its readiness to launch a Bitcoin spot ETF by allocating funds and securing a ticker symbol. While approval is not guaranteed, these actions indicate a certain level of confidence that the SEC might grant it.
US-based Bitcoin ETFs see robust capital inflows of $257.3 million, signaling renewed investor interest. Notable providers like Grayscale and BlackRock report positive inflows, reflecting a bullish sentiment. Debates on transparency and market manipulation resurface amidst BTC's stability at $66,109.
Xu LinCryptocurrency market bounce aligns with stablecoin market cap growth, signaling increased industry inflows. Recent plateau suggests stagnant sentiment. Future stablecoin trends may offer insights into broader market direction.
Huang BoBitcoin remains stable above $66,000, with significant whale accumulation indicating bullish sentiment. Large investors acquire over 3400 BTC, fueling anticipation of a price rally. Market sentiment suggests increased demand from whales may drive upward movement. Despite subdued trading, the positive trend in the U.S. Spot Bitcoin ETF boosts investor confidence.
EdmundBitcoin surged to $66,000 but faces potential correction with 18,000 options expiring today. Max Pain at $63,000 suggests price pressure. Despite softer CPI data, demand for short-term downside protection remains. Long-term outlook optimistic, with growing institutional involvement, especially with CME Group's Bitcoin spot trading introduction.
Xu Lin600 companies invest $3.5 billion in spot Bitcoin ETFs via SEC filings. Major players include Morgan Stanley and Millennium Management. Despite recent decreases in inflows, demand remains strong among financial institutions.
Huang BoBitcoin's correlation with US stocks rises, indicating market shift. Despite economic uncertainties, Bitcoin rebounds, outpacing S&P 500. ETF inflows signal investor interest. Whale activity decline noted, but could signal bullish trend if reversed.
EdmundOn May 15, US spot bitcoin ETFs saw robust performance, accruing $303 million in gains over three days. Blackrock's IBIT observed zero inflows, while Grayscale's GBTC recorded $27 million inflows. FBTC led with $131 million inflows, emphasizing a competitive landscape among ETFs.
Xu LinWhale loses 1,155 BTC ($71M) in sophisticated hack, highlighting crypto security risks. Hacker exploits phishing tactic, underscores importance of offline key generation, hardware wallets, and cautious transaction practices. Tips include verifying addresses, conducting test transfers, and exploring multi-signature methods for added security.
Huang BoToncoin [TON] emerges as strong competitor to Bitcoin [BTC] in Layer 1 Network. Toncoin outperforms BTC with 160% gain, higher active addresses. Despite surge, trader sentiment sours, contrasting Bitcoin's positive sentiment.
EdmundBracebridge Capital invests $363 million in Bitcoin ETFs, joining institutional trend. Wisconsin becomes first local government to disclose Bitcoin investment. Major institutions like JPMorgan, Wells Fargo, BNP Paribas, and BNY Mellon also enter crypto space.
Xu LinPAC has successfully gathered a total of $85 million in funding for pro-cryptocurrency politicians to date.
ZoeyNetflix director Carl Erik Rinsch diverts $4 million from Conquest series budget to invest in Dogecoin, yielding a $27 million windfall, prompting a $14 million dispute with Netflix.
JasperNotable investors, such as OKX Ventures, Oracles Investment Group, UOB Venture Management, and more, participated in this funding round.
CaptainXAccording to New Huo Technology, the amount would be used, if necessary, to settle customer liabilities and assets resulting from FTX's insolvency.
CryptoknowmicsThe project aims to create a “decentralized art ecosystem” using NFTs and complex tokenomics.
CoindeskBilly Markus, one of Dogecoin's co-founders, can't be bought with money - even if it's... say -- $14 million. Dogechain, ...
Bitcoinist
NulltxNulltxNulltxEthereum’s Ropsten testnet successfully integrated the merge to become proof-of-stake, but this hasn’t stopped traders from adjusting their downside price targets.
Cointelegraph