Bitcoin Breaks Two-Year Record, Surpasses $60,000
Bitcoin has surpassed $60,000, nearing its all time high from the 2021 bull market. With almost a 19% increase in price this week and 43% rise year to date, the trend looks promising. We can attribute the debut of Bitcoin Exchange Traded Funds in January contributing to more mass adoption in the financial markets. In addition, the upcoming Bitcoin Halving plays a significant role with Bitcoin decreasing another 50% of Bitcoin available for miners. Also strong speculations from MicroStrategy’s recent purchase of 3,000 Bitcoins, adds to the bullish sentiments of the markets.
BlackRock’s Bitcoin ETF Breaks Record With $1.3B Volume
Blackrock’s Bitcoin exchange traded fund achieved an astonishing $1.3 billion in daily volume, an amazing milestone for the crypto community. Eric Balchunas from Bloomberg Intelligence noted the strong demand, with over 100,000 individual trades, indicating significant Bitcoin trading activities. With Bitcoin getting mass adoption by well known financial institutions, we can see a bright future ahead for cryptocurrency.
Bitcoin Ordinals Making A Comeback
It’s a good day for Ordinal maxis as Bitcoin NFT like inscriptions have been making a comeback with sales across major marketplaces reaching $19.7 million on Monday. The resurgence of Ordinal trading activity correlates to Bitcoin’s amazing rally this week, despite gas fees becoming high for BTC Ordinal transactions, Web3 degens are willing to pay the extra costs for Bitcoin NFTs. Ordinals offers a new fun use case, allowing non financial data inscriptions onto the blockchain.
Senator Warren Pressures Crypto Industry to Align with Traditional Financial Regulations
Senator Elizabeth Warren has again criticized the crypto industry for not following regulations. In an interview with Bloomberg Television, she emphasized her willingness to work with the crypto industry, but disagreed with its use for illegal activities e.g. funding terrorism, consumer fraud, money laundering, etc. Senator Warren suggested crypto regulations similar to the broader financial system of the United States called the “Digital Asset Anti-Money Laundering Act”, which has gained support however still face obstacles in the Senate Banking Committee due to competing priorities.
MicroStrategy's Bitcoin Holdings Tops $10 Billion
MicroStrategy, the software firm co-founded by Michael Saylor, made major waves recently by buying an additional 3,000 BTC this month, accumulating a Bitcoin holding of 193,000 BTC which is over $10 billion, achieving a unrealized profit of nearly $5 billion. Saylor's bullish stance on Bitcoin has shown the company remains confident in its "Bitcoin strategy." With no plans to sell, Saylor firmly asserts that "Bitcoin is the exit strategy," adding to the bullish narrative for the cryptocurrency.
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