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Thursday, January 26, 2023

Coinbase bang: Bitcoin rises to a record high

The Coinbase IPO is casting its shadow. Not only Bitcoin reached a new record high in advance.

Since the largest cryptocurrency jumped over the 60,000 mark again this weekend, records have been chased again in the crypto market. The workhorse Bitcoin is rushing ahead and has set a new all-time high of $ 62.659 at the time of going to press. In a weekly comparison, the key crypto currency gained 6.8 percent, pulling the overall market up with it.

Also Binance Coin (BNB) has already cracked its record high in yesterday’s trading history. The exchange token rose to a peak of 610 US dollars, claiming a proud weekly increase of 53 percent. The number 2 of the largest crypto assets only set a new record a few days ago – and is already preparing the next one. On a daily basis, Ethereum (ETH) climbed 0.9 percent to 2,166 US dollars and is only 1.6 percent away from its top mark.

The absolute top performer, however, is XRP with a daily plus of 16 percent. At $ 1.55, the Ripple coin is not even close to its record high, but has been showing a steep growth curve for weeks. In a 30-day comparison, the XRP rate claims an increase of 236 percent.

Even the problem child Polkadot (DOT), who has a double-digit weekly minus, cannot distort the overall impression. The capitalization of all crypto assets is at a record level of over 2.15 trillion US dollars – there is bull sentiment in the crypto market. Tomorrow’s Coinbase listing should have played its part.

Bitcoin ETF: flap, the second


This is also what Glassnode assumes in the current Week-On-Chain report . In addition to the long-awaited IPO of the largest US crypto exchange, the on-chain researchers also cite Grayscale’s recent announcement for the current Bitcoin upward trend. The largest asset manager for digital assets announced a few days ago that it wanted to convert the Bitcoin Trust (GBTC) into an ETF (Exchange Traded Fund) and thus entered the long list of ETF applicants. Grayscale doesn’t seem to have the slightest chance of doing this. The Grayscale Bitcoin Trust was the first listed Bitcoin fund in the USA and now bundles over three percent of the entire Bitcoin supply. An ETF conversion would also open the gates for an indirect BTC investment for private investors.

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Grayscale attempted an ETF back in 2016, but withdrew the application a year later. In the meantime, however, one is “confident about the current positioning and engagement with the SEC,” it says. This would enable the asset manager to accomplish the Herculean task that countless investment houses have struggled with. It is questionable whether the concerns of the regulators have dissipated. But how long the SEC can withstand the pressure of Wall Street is also questionable. In any case, Canada is showing the way. In the neighboring country, the Bitcoin ETF is developing into a successful model . SEC Commissioner Peirce also considers an ETF long overdue . It seems like the SEC is gradually buckling.

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