Dear PointPay Family,
This week brought a wave of fresh developments and sparked renewed optimism for Bitcoin's growth. Explore the top 5 key events that shaped the market and what they could mean for the future.
Crypto Market Value Rebounds Toward $3 Trillion
Total cryptocurrency capitalization jumped 6.4 percent in 24 hours to about $2.95 trillion, the highest level in seven weeks. Market sentiment has swung firmly into greed territory, with the popular gauge ticking up to 72. Bitcoin is testing $94,000 after vaulting key moving averages; a sustained push could target $96,000 and potentially reopen the path toward the record near $110,000.
Panama City Starts Accepting Digital Assets for Public Payments
Panama's capital has approved a measure that lets residents pay taxes, fines, permits and other municipal fees with cryptocurrencies. The first options are Bitcoin, Ethereum and the dollar-pegged stablecoins USDC and USDT. Mayor Mayer Mizrachi said the initiative signals the city's commitment to modern, crypto-friendly public services.
Bitcoin Becomes the World's Sixth-Largest Asset
Data from 8marketcap show Bitcoin's market capitalization climbing to roughly $1.85 trillion, overtaking both silver and Amazon. The broader crypto market also regained the $3 trillion mark after a nearly five percent daily rise. Google and NVIDIA are now the next larger assets on the global leaderboard.
BlackRock's IBIT Sees $4.2 Billion in One-Day Trading Volume
BlackRock's spot-Bitcoin ETF (IBIT) turned over about $4.2 billion as Bitcoin itself broke above $91,000 for the first time since early March. Strong flows were also recorded in Fidelity's FBTC, Grayscale's GBTC, Ark's fund and Bitwise's offering, underscoring robust institutional demand during the price surge.
Bitcoin-to-Nasdaq Ratio Nears Record High
It now takes almost five Nasdaq 100 points to equal one Bitcoin, with the ratio at 4.96, just shy of the January record of 5.08. Year to date, Bitcoin is down only six percent, while the tech-heavy index has fallen 15 percent-a divergence that continues a multi-cycle pattern of crypto outperformance. MicroStrategy, often viewed as an equity proxy for Bitcoin, is up six percent this year, outperforming the broader tech sector.
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