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Illustration by Mitchell Preffer for Decrypt.
Bitcoin and cryptocurrency investors received a lot of good news this week, even though the market is still off the highs of three months ago.
On Tuesday, the U.S. Bitcoin Spot ETF absorbed net inflows of $887 million, the second-best daily performance for any ETF to date. that much bitcoin price In the process, it surpassed $71,000, reaching its highest price since March.
Following that performance, two high-profile Bitcoin ETF sponsors have convinced investors that a second, much larger wave of buying Bitcoin through their funds is coming. Bitwise CIO Matt Hougan wrote in a note that cryptocurrency regulatory progress on Capitol Hill represents untapped “alpha” for investors, while Franklin Templeton CEO Jenny Johnson said the ETF was only influenced by the “first wave of early adopters.”
Just joined: CEO Franklin Templeton #Bitcoin ETF adoption “This is really the first wave of early adopters.
And it seemed like the bull market was in full swing, at least in the memecoin world. ORDI, Bitcoin’s first BRC-20 token, has surged more than 30% to $60 as of Friday, while PUPS and Bitcoin Wizards (WZRD) have more than doubled in value during the week, according to CoinGecko data. .
Other popular memecoins such as PEPE, BONK, and SHIB were not so lucky, all posting losses this week.
Solana-based meme coin GME has had a huge surge this week, surging as much as 467% from its all-time high, building on the momentum of its stock market namesake, Gamestop (GME). Roaring Kitty, the meme influencer who sparked the GameStop movement that has roiled Wall Street in 2021, has made a surprise return to both YouTube and live streaming, giving the stock a second wind. His net worth briefly approached $1 billion before cold showers arrived Friday. At game retailers.
Standing between Bitcoin and memecoins in terms of performance is Ethereum, which has kept pace with Bitcoin’s gains this week as it progresses toward the launch of a spot ETF. VanEck analysts have published a lengthy report claiming that ETH will reach $22,000 per unit by 2030 after snatching financial market share from Apple, Google, and big banks.
Finally, with the Bank of Canada and the European Central Bank lowering interest rates this week, BitMEX co-founder Arthur Hayes told his followers that it was officially time to emulate Bitcoin and shitcoins.
But his decision may have been a bit premature. Over the weekend, a cascade of liquidations on Friday sent Bitcoin plummeting from $71,000 to $68,000 and ETH falling from $3,800 to $3,600. Meanwhile, GME (both stock and memecoin) fell by more than 35% each.
Roaring Kitty is the best business communicator since Steve Jobs.
He appears on the live stream for about 30 minutes. Raise the tension to 11. They appear on live broadcasts wearing fake bandages and are cast.
