Crypto Crisp: Oh, hello there, London
This week is off to a great start. Bitcoin surged past $70,000, and Ethereum exceeded $4,000 this morning, marking a new all-time high for Bitcoin and Ethereum’s first breach of this level in over two years.
At the office, there is a running joke that the crypto bull run has made me overly confident, leading my colleagues to secretly hope for a downturn. However, with the current positive developments, such as London embracing crypto exchange-traded products and the excitement around Bitcoin spot ETFs, not to mention the ongoing liquidity surge in the US and declining Bitcoin and Ether exchange reserve balances, a shift to bearish seems inappropriate. This is also helped by a continuous strong net inflow into the Bitcoin spot ETFs.
Moreover, we are eagerly anticipating the Bitcoin halving next month and Ethereum’s Dencun upgrade this Wednesday, which promises to slash Ethereum rollup transaction fees significantly, as mentioned in Crypto Moves #16.
This morning, Bitcoin hit record highs. Despite my colleagues hoping for a downturn to mitigate my cockiness, the mix of the UK’s crypto embrace, a liquidity boost, and the upcoming Bitcoin halving and an Ethereum upgrade this week only add fuel to the bullish fire. The market’s momentum largely seems unstoppable.
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