Bitcoin Surges Past $61K: What Traders Are Watching Next

Latest Prices

• CoinDesk 20 Index: 1,961 +3.2%
• Bitcoin (BTC): $61,384 +4.4%
• Ether (ETH): $2,754 +4.3%
• S&P 500: 5,434.43 +1.7%
• Gold: $2,513 +1.9%
• Nikkei 225: 36,442.43 +0.58%

Bitcoin's Recent Performance

Bitcoin topped $61,000, recovering from losses earlier this month. The rise of over 4% in the last 24 hours outpaces the broader crypto market, which saw an increase of just over 2% according to the CoinDesk 20 Index. Despite this upward trend, traders express caution due to an upcoming week filled with significant economic data. QCP Capital cautions that investors are closely monitoring US CPI data for indications on potential Federal Reserve rate cuts, with expectations split between a 50 or 25 basis point cut in September.

Institutional Moves

Goldman Sachs has substantial positions in seven U.S.-listed spot bitcoin ETFs, totaling over $400 million. The bank's largest holding is BlackRock's IBIT, valued at $238.6 million. This move is seen as a pivotal moment for the industry, according to Mathew McDermott, the bank's global head of digital assets.

Coinbase Developments

Coinbase is rumored to be developing a wrapped Bitcoin (wBTC) version for its layer-2 blockchain Base. Speculation arose from cryptic messages on social media, indicating plans to create a "massive bitcoin economy" on the network.

Chart of the Day

• The chart illustrates bitcoin dominance, showing its percentage of the total crypto market over the past year.
• Currently, it stands above 57%, the highest since March 2021.
• This trend reflects positive influences like ETF approvals and the upcoming halving event, amidst challenging market conditions.

Trending Posts

Edited by Sheldon Reback.