The week has come to an end, and it's time to review its highlights! Let's look at the most interesting news from the past seven days.
Bitcoin Surges Past $70,000 Again!
Bitcoin's price surged above $72,000, driven by increased spot purchases and investments in exchange-traded funds. The recovery from around $60,000 drew significant investor attention, with Farside Investors reporting an influx of approximately $950 million.
Analysts highlight that most network indicators suggest the start of a bullish market. Currently, Bitcoin is trading around $71,000, with a positive RSI indicator and a 20-day EMA at $64,371. Overcoming resistance at $68,000 also suggests further growth toward $73,777. Additional support comes from changes in US monetary policy, and BTC exchange reserves hitting a seven-year low, making a bearish outlook unlikely.
Bitcoin's Journey Has Barely Begun
Global Bitcoin adoption has reached 4.7%, comparable to the number of internet users in early 1999. This indicates that digital currency is in an early growth phase, similar to the internet's development in those years.
Bitcoin supporters are optimistic, believing that the current rise in cryptocurrency popularity could lead to exponential growth akin to the internet boom. Achieving this level of adoption underscores Bitcoin's potential for widespread acceptance.
Crypto Regulation on the Horizon in the US
The US House of Representatives has approved the Financial Innovation and Technology for the 21st Century Act (FIT21), aimed at regulating cryptocurrencies. However, the bill's future in the Senate remains uncertain. Influential Senator Elizabeth Warren and SEC Chairman Gary Gensler oppose FIT21, arguing it creates regulatory gaps and threatens market stability.
Supported by the crypto industry, FIT21 grants significant control over cryptocurrencies to the Commodity Futures Trading Commission (CFTC), considered a more favorable regulator. Coinbase CEO Brian Armstrong called the bill's passage a "complete victory" and a crucial step toward clear crypto regulations. If ultimately approved, the bill will return to Congress for final ratification.
Ethereum ETFs Poised for Approval
Ethereum's price rose by 24%, reaching $3,700, amid anticipation of the SEC's decision on spot ETFs. The US Securities and Exchange Commission's ruling on spot Ethereum ETFs is expected on May 23, 2024.
Bloomberg Intelligence analysts have increased the likelihood of these funds' approval from 25% to 75%, boosting market optimism. Although approval on form 19b-4 does not guarantee immediate fund launches, it significantly increases their chances. Consequently, the odds of spot Ethereum ETFs being approved by the end of May 2024 have risen from 10-11% to over 60%.
Nvidia's Quarterly Report Spurs AI Token Growth
Nvidia reported record first-quarter revenue of $26 billion, exceeding market expectations by 5.5%. The company also confirmed a ten-to-one stock split scheduled for June 7, 2024.
Amid this success, AI-related tokens experienced significant growth despite weak performance in the broader digital asset market. Investors reacted strongly to Nvidia's quarterly report, leading to a sharp increase in these tokens' prices. Nvidia also projects second-quarter revenue for fiscal year 2025 to reach $28 billion, with a possible deviation of 2%.
🔥 Buy PXP tokens on MEXC: http://bit.ly/3UhCgZn
🔥 Buy PXP tokens on Bitrue: https://bit.ly/3JEreHu
🔥 Buy PXP tokens on WhiteBIT: https://bit.ly/3qJrjRH
💰 Earn up to 7% yearly with PXP staking
🏦 PointPay - all crypto services in one place!