Prices: Regulatory clarity is required for Bitcoin to push past $30,000, and The question continues to be: What will cause the next breakout? And what if it’s not the long-awaited Bitcoin ETF? Bitcoin (BTC) is trading at $29,786, up 2% on-day, while Ether (ETH) is trading at $1,855, up 1.3%. Bitcoin’s low volatility has outperformed crypto hedge funds, according to a report from 21e6 Capital. Data from CryptoRank.io shows that the price of Bitcoin and the amount of money invested in crypto startups have historically been correlated. Despite Bitcoin’s growth in 2023, the monthly amount raised is low compared to 2021-2022.
The crypto market is down overall, according to CoinDesk Market Index, but only marginally compared to recent growth. The utility of Web3 is being questioned, as speculation is taken away. Global payments giant PayPal is launching PayPal USD, a U.S. dollar stablecoin fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. The U.S. Federal Reserve has started a new program to oversee crypto activity in U.S. banks.
Cathie Wood and Mike Novogratz are both bullish on spot Bitcoin ETF approvals. Wood expects the SEC to approve multiple funds all at once, and Novogratz says his sources see approvals coming in four to six months.