Bitcoin reaches new all-time high, MicroStrategy considers ethereum, Biden and Trump memecoins are skyrocketing

3 min read

Bitcoin reaches new all-time high

Bitcoin reached a new all-time high above $69,000, just two months after the approval and launch of ten spot bitcoin ETFs (Exchange-Traded Funds), marking an increase of about 60% during that period. This rapid achievement of a new peak has raised questions whether this high would have been reached as quickly without the launch of the ETFs. According to Seth Ginns from CoinFund, the record high would have been reached even without the ETFs, but the ETFs likely accelerated this process. Despite Grayscale’s GBTC losing over 200,000 bitcoins from its holdings since the launch of the ETFs, the spot funds have collectively accumulated just shy of 163,000 tokens, with BlackRock’s IBIT and Fidelity’s FBTC together holding more than 196,000 bitcoins.

Jim Iuorio, from TJM Institutional Services, views the introduction of the ETFs as a significant boost and believes that the recent rally is not solely driven by ETFs, but also by the current political landscape, including expectations that the U.S. Federal Reserve will lower interest rates and the end of the Bank Term Funding Program. This program was set up by the Fed to prevent what threatened to become a banking crisis in 2023. Iuorio interprets the increased interest in crypto as a sign of no confidence in the management of fiat currencies.

Interest in bitcoin has significantly increased since January, when the ETFs were launched, and has almost tripled in price in 2023 following announcements by BlackRock and a successful lawsuit by Grayscale against the SEC’s rejection of its spot ETF hopes. Nate Geraci of the ETF Store emphasizes that ETFs are playing a key role by offering the convenience of the ETF wrapper, thus unlocking a significant new source of demand from retail investors, advisors, and institutional investors who previously did not want to deal with buying bitcoin directly from crypto exchanges.

Source: Coindesk

“MicroStrategy considers ethereum investment”

MicroStrategy is considering an investment in Ethereum (ETH) alongside its significant Bitcoin (BTC) holdings, without affecting its ongoing BTC accumulation. This consideration follows the company’s announcement of a $600 million convertible debt sale to increase its Bitcoin holdings, showcasing its aggressive BTC buying strategy since mid-2020. Currently, MicroStrategy holds approximately 193,000 BTC tokens valued at over $13 billion. This move reflects MicroStrategy’s continued commitment to Bitcoin and its strategy to leverage the strong performance of its stock for further cryptocurrency acquisitions​.


Biden and Trump memecoins are skyrocketing

Meme coins based on misspelled names of politicians like “Jeo Boden” and “TREMP” are seeing significant gains on the Solana blockchain, with some investors reporting over 100x returns. These coins, inspired by internet humor and misspellings, have surged in popularity and market cap, reflecting the volatile and speculative nature of meme-based digital assets. This trend also hints at the broader phenomenon of meme coins influencing market dynamics, especially during periods of increased attention such as the U.S. election season​.

Source: Decrypt

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