Transaction URL: https://blockchain.com/btc/tx/60bb555f470a2406ce962cfaebd8aae76a72333326b6c258ea3261c24f2104ed
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Bitcoin hit roughly $69,400 over the weekend before retreating slightly as wars rage on and the US election approaches.
The asset’s price stood at roughly $67,600 at 4:30 pm ET — down about 2% on the day but up more than 7% from a week ago.
BTC is about 8% off its all-time high price of more than $73,000 set in March.
Compass Point analysts Joe Flynn and Ed Groshans said in a Friday research note they expect a new price peak for the asset in the coming weeks or months.
The factors leading them to that conclusion include increasing stablecoin liquidity; investors front-running $10 billion worth of FTX creditor settlements; the extension of the Mt. Gox repayments deadline,…
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Digital asset investment products experienced a massive inflow of US$2.2 billion, the largest weekly increase seen since July, fueled by optimism about a potential Republican win in the upcoming US elections. Republicans are typically viewed as more favorable towards cryptocurrencies, and this sentiment has significantly boosted market activity. As a result, trading volumes have escalated by 30%, and the total assets under management are now teetering on the US$100 billion mark.
In the US alone, there was an inflow of US$2.3 billion, contrasting with minor outflows in countries like Canada, Sweden, and Switzerland. Bitcoin led the pack with substantial inflows of US$2.13 billion, followed by Ethereum, which also showed strong performance with US$58 million. Other cryptocurrencies like Solana, Litecoin, and XRP saw smaller, yet noteworthy inflows. Despite the overall positive trend, multi-asset products experienced outflows, concluding a 17-week streak of gains.
The daily net flow of U.S. Bitcoin ETFs on October 21, 2024, illustrates strong and positive movements across several key funds. BlackRock’s Bitcoin ETF (Ticker: IBIT) experienced the highest inflow, adding 1,024 BTC to its holdings. ARK’s Bitcoin ETF (Ticker: ARKB) also performed exceptionally well, with an increase of 1,598 BTC. Additionally, Grayscale’s Bitcoin ETF (Ticker: GBTC) saw a significant inflow of 675 BTC, and Fidelity’s Bitcoin ETF (Ticker: FBTC) contributed positively with 262 BTC added.
Other funds like Bitwise (Ticker: BITB) and Invesco Galaxy (Ticker: BTCO) also reported increases of 523 BTC and 248 BTC, respectively. However, some funds like VanEck (Ticker: HODL), Valkyrie (Ticker: BRRR), and Franklin Templeton (Ticker: EZBC) reported no changes in their holdings.
In total, the Bitcoin holdings across all listed ETFs amounted to 957,794 BTC, with an overall net increase of 4,330 BTC for the day, valued at approximately $292.1 million. This substantial net flow demonstrates robust investor interest and the dynamic nature of the U.S. Bitcoin ETF market on this particular day.
Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.
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Payments company Stripe is set to acquire stablecoin platform Bridge in a deal the companies say will “accelerate the adoption and utility of tokenized dollars.”
The transaction is subject to regulatory approvals and is expected to close in the coming months, Bridge noted in a Monday blog post.
TechCrunch founder Michael Arrington reported the value of the deal to be $1.1 billion. A Stripe spokesperson declined to comment on the deal terms, and Bridge did not immediately return a request for details.
Read more: Stripe reintegrates crypto payments in the US
Stripe CEO Patrick Collison said in an X post that his company seeks to build “the world’s best stablecoin…
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This space is suffering from a problem of inverted perceptions. What makes Bitcoin valuable in the first place is its decentralized nature. The fact that it is a distributed system, with no central point of control, no central point of influence, not even a central point of interface for its users. This is the source of its resiliency and reliability. Without this property, without the ability to simply download a piece of software and start interacting with…
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Last week, Ulrich Bindseil and Jürgen Schaaf of the European Central Bank (ECB) published a paper entitled “The distributional consequences of Bitcoin” in which they made a host of dubious claims about Bitcoin.
The notions that those who are late to investing in bitcoin are impoverished by those who were early to investing in it and that Bitcoin has failed as a payments technology are the authors’ central arguments.
Bitcoin analyst…
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