From Bitcoin hitting new highs in over 30 local currencies to SOL hitting 22-month high, here is a 2-minute breakdown of everything important that happened in crypto last week.
The crypto markets are on fire this week! It feels like every time we take our eyes off the charts, Bitcoin suddenly jumps another few thousand dollars.
Demand for crypto assets is going parabolic while prices surge to new highs. Just look at these crazy stats:
- Bitcoin ETFs are gobbling up BTC at 10x the rate miners produce new coins
- Bitcoin ETFs are starting to rival gold ETFs
- Bitcoin ETFs hit a volume record of $7.6B
Across the board, crypto prices are a sea of green:
- Bitcoin hit $64k for the first time in over 2 years
- Ethereum crossed $3,400 for the first time in 22 months
So, let’s go through this week’s top crypto stories! Before we dive deeper, here is a TLDR:
- BTC hits new highs in 30+ countries
- GBTC outflows slow to lowest since launch
- Ethereum pumps on upgrade hype, not ETF speculation says Grayscale
- SOL hits 22-month high as ecosystem coins rally
- BTC knocks on an all-time high door
- TON goes parabolic on new creator monetization
- U.S. traders hunger for Ethereum on Coinbase
Let’s dive deeper into each of these stories.
Bitcoin Hits ATH
While the US is still chasing Bitcoin’s ~$69K record, BTC already beat its personal bests in over 30 other countries recently. Yup, you heard that right – over THREE-ZERO countries!
We’re talking major places like China, India, Japan. Even countries down under like Australia and Chile saw BTC touch all-time-highs when priced in local currencies.
So what’s fueling Bitcoin’s worldwide level-up session?
Well, a big factor is inflation going haywire across the globe right now. When your cash is losing value by the day, something like BTC holds its purchasing power way better by comparison.
But what other reasons are fueling this bull run in other countries? Read the full story!
GBTC Finally Had a Good Week!
Outflows from Grayscale’s flagship Bitcoin product are going down after investors pulled billions since its ETF conversion.
This week saw just $44 million exit in Grayscale’s Bitcoin trust fund, the lowest daily redemption rate since its launch in January.
Grayscale enjoyed a first-mover advantage holding crypto funds assets until rivals like BlackRock and Fidelity entered the scene. Now all compete over ticker symbol superiority.
So will we see Grayscale going for low fees to win over its rivals? Read the full story!
Dencun Upgrade Is Pumping ETH’s Price, Not ETF
Grayscale argues Ethereum's recent price surge stems primarily from an impending network upgrade rather than hype for a potential US ETF approval.
In a new report, Grayscale suggests the highly-anticipated Dencun rollout explains market excitement much more than speculations around the SEC green light.
They believe upgrades improving Ethereum's speed and costs help make it more competitive against faster rivals like Solana.
But is it true? Do other experts support this argument? If yes, we may see Ethereum going down once the upgrade is live. Read the full story!
Solana Hits 22-Month High
While Bitcoin was doing its thing this week, Solana decided to throw its own parade.
SOL jumped 11% in 24 hours to hit $136 – its highest price since April 2022. Pretty big for a token that dipped below $10 just a few months ago thanks to FTX fallout. Talk about a comeback!
And SOL’s rally boosted other projects in its orbit. Like Dogwifhat – a doggo meme coin on Solana – doubled in a week. Plus that popular memecoin called Bonk spiked over 50%.
The crazy part is BTC’s only up 19% this past week while SOL clocked 33% gains. So what’s fueling this Solana space race exactly? Read the full story!
BTC Knocks on All-Time High's Door 🚪
Bitcoin is this close 🤏 to hitting its previous all-time highs with the next halving just around the corner.
Earlier this week, BTC powered up to hit $64K for the first time since forever ago (aka 2021).
The FOMO is real right now, thanks to a steady stream of megabucks flowing into Bitcoin ETFs lately.
But then, in classic crypto fashion, Bitcoin flashed a 180 and crashed back down to $59K likely due to overleveraged positions getting liquidated. Still, at the time of writing, Bitcoin has clawed back near $62K - less than 11% away from its former glory days above $68K.
According to experts, how long is it gonna take for Bitcoin to hit a new ATH? Read the full story!
TON Goes Parabolic 💸
Brace yourself, Telegram is about to make it rain...Toncoins that is!
Telegram just revealed its plans to split ad profits with channel creators using TON. The announcement sent TON up 31% in under 60 minutes to hit $2.92.
TON is clearly experiencing a real-world use case and bridging the gap between web2 and web3. Read how creators can claim these revenues!
The U.S. Loves This Top Coin
There's a certain top coin that the U.S. traders just can't get enough of lately. No, it's not the OG coin that starts with a B. It's the other big dog – the smart contract leader that gave us NFTs and DeFi. Let's just say its name starts with E and rhymes with "3tharium."
New data reveals traders on Coinbase have been gobbling up $ETH tokens like Pacman.
In fact, $ETH buys on Coinbase are main the driving force for the +11% price pump we've seen over the past week.
So what's got U.S. traders suddenly so hungry for ETH? Read the full story!
And that wraps up the latest and greatest in crypto. Stay tuned for more stories!
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