Bitcoin price hits $70K as spot and BTC ETF buying surges

May 20, 2024 Coin Telegraph

Bitcoin price tops $68K, but a few concerning headwinds remain

May 20, 2024 Coin Telegraph

Bitcoin price tops K, but a few concerning headwinds remain

ATH

Bitcoin price shows strength as investors expect the Fed to resume printing, but a handful of global macroeconomic headwinds are still in play.

Bitcoin (BTC) last closed above $68,000 on April 11, despite trading above $67,000 several times in the past five days. Even as Bitcoin gained 2% on May 20, another 7% move is needed to meet its all-time high. Meanwhile, gold reached a record high of $2,450 on May 20, and the S&P 500 index climbed to its all-time peak of 5,325 points. This backdrop has left BTC investors pondering the factors restraining its progress.

It can be argued that Bitcoin’s 51% gains year-to-date reflect investors’ anticipation of the monetary expansion that has recently benefited other assets. With the United States Federal Reserve needing to inject liquidity — either to support the troubled banking sector or to stimulate the economy — investors typically turn to scarce assets for protection. This inclination intensifies if there is an increasing likelihood of an economic recession.

According to UFed data, the broader U.S. monetary base (M2), which had stagnated at $20.8 trillion since May 2023, surpassed $21.0 trillion in April 2024. This shift marks the end of a contraction period that began in April 2022 when the M2 indicator reached $22 trillion. Regardless of interest rate trends, the increase in circulating money suggests rising inflationary pressures, even if companies and individuals are currently hesitant to spend.

Ethereum funds face $23 million in outflows amid ETF uncertainty

May 20, 2024 The Crypto Briefing

Binance Research estimates token unlocks to reach $155 billion by 2030

May 20, 2024 The Crypto Briefing

Bitcoin bulls take charge as SOL, AR, GRT and FTM flash bullish signs

May 19, 2024 Coin Telegraph

Ethereum price rallies above $3.1K after unexpected regulatory victory

May 17, 2024 Coin Telegraph

Ethereum price rallies above .1K after unexpected regulatory victory

Balabce

ETH price hit $3,100, backed by a favorable court ruling and increased network activity.

Ether (ETH) price rose by 5.5% on May 17, nearing $3,100 for the first time in 10 days. Analysts attributed this rally to a decrease in demand for fixed-income instruments following stagnant United States retail sales data in April. This data increased the market’s expectation of a potential interest rate cut by the U.S. Federal Reserve to boost the economy.

Expansionary measures by the central bank are typically seen as bullish for risk-on markets, whether due to an increased monetary supply or reduced credit costs for businesses and individuals. Investors sought exposure to scarce assets, including cryptocurrencies, leading to gold reaching $2,410, just 0.8% below its all-time high.

Ether’s surge was also driven by a U.S. Department of Justice indictment unsealed on May 15. The indictment accused two individuals of wire fraud and money laundering by manipulating the Ethereum blockchain. The document stated that “Ethereum is a decentralized blockchain […] without the need for a trusted intermediary” and added, “No central actor runs the Ethereum Network.”

Kraken may delist USDT in EU to comply with MiCA

May 17, 2024 The Crypto Briefing

Bitcoin moves toward range highs but derivatives traders watch from the sidelines

May 16, 2024 Coin Telegraph

Binance

Bitcoin price showed strength near its medium-term range high but multiple factors are preventing derivatives traders from opening new positions.

Bitcoin (BTC) gained 8.4% between May 15 and May 16, peaking at $66,750, which was the highest level in three weeks. Even though Bitcoin stabilized near $65,000, this price change marks a turnaround after BTC retested the $57,000 support on May 1. However, these gains were not enough to instill bullishness according to Bitcoin derivatives metrics.

Part of Bitcoin investors' disappointment can be attributed to the strong performance of traditional assets. The S&P 500 index soared to an all-time high on May 16, with a total gain of 6% over 15 days. Meanwhile, gold gained 4% in the same period and is currently trading at $2,375, less than 1% away from its highest closing price ever.

Bitcoin needs to rally another 12% to reclaim its highest closing price of $73,084. This feat seems unlikely given that the primary driver of price, namely spot Bitcoin exchange-traded funds (ETFs) inflows, has faded. These ETFs captured $12.1 billion in investments since their launch in January but have stagnated for the past two months.