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Buying for the trust has picked up on hopes the SEC might soon approve a spot bitcoin ETF.
The bank previously said it expected the cryptocurrency to reach $100,000 by then.
The latest price moves in crypto markets in context for July 10, 2023.
China is exporting deflation across the Western world. Ultimately this will be good for risk assets as it relates to the end of the global interest-rate increase cycle, one observer said.
PLUS: The dYdX Foundation's Charles d'Haussy says that dYdX's move away from Ethereum might be the beginning of a broader trend.
The Bureau of Labor Statistics will release the nonfarm payrolls report for June at 12:30 UTC.
Such ETFs have existed for some time in Canada and Europe, but have failed to attract large investor interest, the report said.
PLUS: Bitcoin tumbled below $30,000 for the first time in almost two weeks after a disappointing ADP private sector jobs report and ISM services index, but regained some ground later on Thursday.
The largest and smallest bitcoin whales have added to their holdings, but the group in between has jettisoned some of their tokens.
- 05:41Amber Group's wallet withdrew 21.33 million USDT from CEX 30 minutes agoAccording to The Data Nerd's monitoring, Amber Group's wallet withdrew 21.33 million USDT from CEX 30 minutes ago. This wallet currently only holds 12,660 Ethereum (approximately equivalent to $32.87 million) and the aforementioned USDT.
- 05:40The USDC Treasury has issued approximately 88.37 million USDC on the Ethereum chainAccording to Whale Alert monitoring, about 2 minutes ago, the USDC Treasury issued approximately 88.37 million USDC on the Ethereum chain.
- 05:38Bitwise: Ethereum is currently in "one of the most severe undervalued areas in years"Analysts from the crypto asset management company Bitwise stated in a report that Ethereum has reached "one of its most severe undervalued areas in years." According to data from CoinGecko, as of the time of writing, the ETH/BTC exchange rate has fallen by 47% over the past 12 months. However, Andre Dragosch, Research Director at Bitwise Europe believes that Ethereum is fundamentally mispriced "relative to on-chain activity and adoption metrics." The growing interest in artificial intelligence, Meme coins and tokenization of RWA are considered reasons for ETH's poor performance. The report states: "These areas benefit from lower transaction costs while Ethereum's often congested and expensive network is at a disadvantage." Dragosch added that the rise of L2 scaling solutions have "dispersed activities across multiple ecosystems, limiting value directly captured by Ethereum’s base layer." Worse still, ETH is widely used as a trading pair throughout the crypto ecosystem which makes it susceptible to sustained downward pressure during price increases. Furthermore, Bitwise pointed out historical data suggests that ETH may rebound in February since it has yielded positive returns relative to BTC seven times over eight years. (Decrypt)