CoinDesk Weekly Recap: Finally, the Bitcoin Rally
The post CoinDesk Weekly Recap: Finally, the Bitcoin Rally appeared on BitcoinEthereumNews.com. After several weeks on a plateau, bitcoin saw some action this week, climbing to more than $95,000 at press time. It was up 12% on the work-week, buoyed by better macro news and a feeling that the worst of tariff-mania may be over. The CoinDesk 20 — which tracks about 80% of crypto market cap — jumped 10%-plus in the last five days. In an interview with CoinDesk’s Sam Reynolds, Coinbase Institutional’s John D’Agostino attributed the rally to institutions and sovereign wealth funds accumulating bitcoin. Retail traders, by contrast, were tending to exit bitcoin ETFs, he said. Institutions continued to back bitcoin-accumulation vehicles. On Wednesday, Strike CEO Jack Mallers and Cantor Fitzgerald’s Brandon Lutnick unveiled Twenty One Capital, a new bitcoin investment company backed by Tether, Bitfinex, and SoftBank. Twenty One will have the third largest bitcoin corporate treasury with 42,000 BTC, Reynolds and Francisco Rodrigues reported. There was increasing evidence from the options markets that traders are willing to hold BTC through market swings, which explains why bitcoin held relatively steady when stocks and bonds were diving in recent weeks. CoinDesk’s market wizard Omkar Godbole reported on that. Bitcoin became the fifth most-valuable of all financial assets this week, surpassing Google’s market cap for the first time. Not bad for a protocol that started as a hobby among cypherpunks 20 years ago. In other news, Zora’s much-hyped token launch sagged a little on debut. Analysts said traders were weary of so-called “VC tokens” with relatively little liquidity. “The $ZORA launch highlights a recurring issue in Web3: overpromising and underdelivering,” Min Jung, a research analyst at Presto, told markets reporter Shaurya Malwa. Ouch. But rising prices for core crypto assets is opening space for expansive Web 3 ideas. This week, the hit British TV series Peaky Blinders launched a blockchain-based…
The post CoinDesk Weekly Recap: Finally, the Bitcoin Rally appeared on BitcoinEthereumNews.com.
After several weeks on a plateau, bitcoin saw some action this week, climbing to more than $95,000 at press time. It was up 12% on the work-week, buoyed by better macro news and a feeling that the worst of tariff-mania may be over. The CoinDesk 20 — which tracks about 80% of crypto market cap — jumped 10%-plus in the last five days. In an interview with CoinDesk’s Sam Reynolds, Coinbase Institutional’s John D’Agostino attributed the rally to institutions and sovereign wealth funds accumulating bitcoin. Retail traders, by contrast, were tending to exit bitcoin ETFs, he said. Institutions continued to back bitcoin-accumulation vehicles. On Wednesday, Strike CEO Jack Mallers and Cantor Fitzgerald’s Brandon Lutnick unveiled Twenty One Capital, a new bitcoin investment company backed by Tether, Bitfinex, and SoftBank. Twenty One will have the third largest bitcoin corporate treasury with 42,000 BTC, Reynolds and Francisco Rodrigues reported. There was increasing evidence from the options markets that traders are willing to hold BTC through market swings, which explains why bitcoin held relatively steady when stocks and bonds were diving in recent weeks. CoinDesk’s market wizard Omkar Godbole reported on that. Bitcoin became the fifth most-valuable of all financial assets this week, surpassing Google’s market cap for the first time. Not bad for a protocol that started as a hobby among cypherpunks 20 years ago. In other news, Zora’s much-hyped token launch sagged a little on debut. Analysts said traders were weary of so-called “VC tokens” with relatively little liquidity. “The $ZORA launch highlights a recurring issue in Web3: overpromising and underdelivering,” Min Jung, a research analyst at Presto, told markets reporter Shaurya Malwa. Ouch. But rising prices for core crypto assets is opening space for expansive Web 3 ideas. This week, the hit British TV series Peaky Blinders launched a blockchain-based…
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