Bitcoin gains $3,000 in past week. This week could be pivotal in seeing if crypto has turned a corner and is moving out of its crypto winter

Must Read

Three students from Romania want to revolutionize aircraft avionics. They were awarded at the International Science and Engineering Fair (ISEF). Among the prize winners...

Bucharest, June 18, 2024 - RBJ - Filip Bușcu, David Ghiberdic and Rareș Marinescu, students at the Bucharest International...

Media Fact Book 2024, Initiative: The local media market will reach a record value of 762 million euro by the end of this year

Bucharest, June 17, 2024 - RBJ - The media market in Romania has been on a stable upward trend...

Storm Shadow AI Solution, developed by the Romanian company OVES Enterprise, on the verge of being used by major weapons manufacturers to counter GPS...

Cluj-Napoca/Romania, June 12, 2024 - RBJ - Storm Shadow AI (SSAI), the advanced artificial intelligence solution capable of learning...

Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro

Bucharest, October 23, 2023by Simon Peters, cryptoasset market analyst at eToro – Bitcoin saw significant gains over the past week, currently trading at around $30,700 – a rise of $3,000 since last Monday.

Excitement around the spot ETF decision has been mooted as a reason for the surge, with JP Morgan stating that an approval will be made before January 10th 2024.

While false reports about an approval caused an initial spike last week, it seems bitcoin’s momentum has continued as the market builds towards the monumental potential ETF approval.

Ether also saw positive movement as the market adopted a more bullish sentiment, gaining around 4%, and currently trading at around $1,660 on eToro.

Week ahead

Coming up this week we’ve got US GDP on Thursday, which could attract the interest of markets.

All eyes will be on the U.S. Bureau of Economic Analysis as they release the latest figures, indicating the health of the U.S. economy. At this moment in timebad news is good news for crypto – when data is showing the economy contracting or performing mildly, bitcoin in particular rallies or holds its value. Conversely, when GDP is strong, the largest cryptoasset by market value then falls, due to the threat of interest rates being held at high levels for longer, due to continued spending power.

Following last week’s momentum, this week could be pivotal in seeing if crypto has turned a corner and is moving out of its crypto winter (more on that below) or if more caution is yet present in the market.

Eye-catching stories

Bitcoin Spot ETF could add $1 Trillion to crypto market – The total cryptoasset market will grow by $1 trillion if the bitcoin spot ETF gets approval, data analytics firm CryptoQuant has claimed. The firm has estimated that if the issuers that have applied to list bitcoin ETFs put just 1% of their Assets Under Management into the ETF, circa $155 billion could enter the market.

This would make bitcoin a $900 billion asset, increasing its market capitalisation by almost a third.

Crypto spring may be on the way – Morgan Stanley Wealth Management dealt some good news to the market this week, with a report on its website stating the cryptoasset bear market might finally be coming to a close.

Europeans can soon pay for Ferraris via crypto, following demand fueled by wealthy clients – Ferrari will accept payment in cryptoassets across the U.S. and in time, Europe, following requests from wealthy customers, it’s been reported.

eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have over 32 million registered users from more than 100 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.

Disclaimer
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

- Advertisement -
Latest News

Three students from Romania want to revolutionize aircraft avionics. They were awarded at the International Science and Engineering Fair (ISEF). Among the prize winners...

Bucharest, June 18, 2024 - RBJ - Filip Bușcu, David Ghiberdic and Rareș Marinescu, students at the Bucharest International...

Media Fact Book 2024, Initiative: The local media market will reach a record value of 762 million euro by the end of this year

Bucharest, June 17, 2024 - RBJ - The media market in Romania has been on a stable upward trend in 2023, reaching an estimated...

Storm Shadow AI Solution, developed by the Romanian company OVES Enterprise, on the verge of being used by major weapons manufacturers to counter GPS...

Cluj-Napoca/Romania, June 12, 2024 - RBJ - Storm Shadow AI (SSAI), the advanced artificial intelligence solution capable of learning in record time to make...

The Romanian Company Nuclearelectrica SA and Korea Hydro & Nuclear Power (KHNP) announce the start of works on the first tritium removal facility in...

Bucharest, June 10 June, 2024 - RBJ - The National Company Nuclearelectrica SA and Korea Hydro & Nuclear Power (KHNP) announce the start of...

Restart Energy, a Romanian-American company in Romania, is developing a PV of 500 MW, the second largest in Romania

Bucharest, Timișoara, June 3, 2024 - RBJ - Agrovoltaics, a Restart Energy Group company, signes a connection contract with Transelectrica worth 56 million lei,...
- Advertisement -

More Articles Like This

- Advertisement -