Bitcoin experienced its first red week in over a month, signaling a potential shift in momentum for the popular cryptocurrency. Despite a slight dip of around 2%, Bitcoin’s recent surge past $52,000 seems to be losing steam as investors cash in on profits from the excitement surrounding new US spot Bitcoin ETFs and the upcoming halving event.
On the other hand, Ether is shining bright in the crypto market, with gains of 30% so far this year and trading at a two-year high of nearly $3000. Speculation is growing as to whether Ether will become the focus of the next wave of US spot ETFs, outshining Bitcoin in the process.
In other news, retail investors are driving a surge in crypto investments, reaching multi-year highs according to JP Morgan. Small wallet flows are surpassing institutional ones, fueled by anticipation of key crypto events such as the Bitcoin halving, Ethereum network upgrade, and potential SEC approval of spot Ethereum ETFs.
Social media platform Reddit made headlines as it filed for a public stock offering, revealing its crypto holdings in its SEC filing. The platform disclosed investments in Bitcoin and Ether, as well as experimenting with blockchain technology and acquiring Matic as a form of payment for certain virtual goods.
Former US President Donald Trump, who once criticized Bitcoin as a “scam against the dollar,” now acknowledges its growing influence. Trump stated on Fox News that Bitcoin has taken on a life of its own, recognizing the increasing interest in the cryptocurrency as a payment method.
In the UK, proposed legislation aims to officially designate cryptocurrency as a distinct form of property, aligning with evolving court perspectives and addressing legal uncertainties surrounding digital assets.
Lastly, newly revealed emails from 2009 show that Satoshi Nakamoto, the mysterious creator of Bitcoin, anticipated the energy debate surrounding the cryptocurrency. Satoshi foresaw scrutiny around the energy used in Bitcoin’s Proof of Work consensus mechanism and predicted non-financial uses of blockchain, shedding light on the visionary nature of the cryptocurrency’s creator.
Overall, it has been an eventful week in the world of crypto, with Bitcoin facing challenges, Ether gaining momentum, and key players in the industry making significant moves. Stay tuned for more updates in the coming weeks.
