With all eyes, ears, fingers, and toes tingling ahead of tomorrow's "most important data item in the whole wide world ever" CPI print (and PPI and Retail Sales later in the week), stocks stumbled on muted volume, bond yields rose, the dollar and gold flatlined, but crypto kept going to the moon...
Bitcoin soared above USD$72,000 for the first time in history overnight, far surpassing its historical (nominal highs) and nearing its inflation-adjusted highs...
The largest cryptocurrency's latest move has been attributed to two notable shifts in the UK.
The London Stock Exchange (LSE) announced that it will start accepting applications for Bitcoin and Ether crypto exchange-traded notes (ETNs) in the second quarter of 2024.
On March 11, the exchange confirmed that it would accept applications following the guidelines specified in its Crypto ETN Admission Factsheet. However, the exchange did not provide the exact date that it will start accepting applications.
Additionally, as CoinTelegraph reports, amid the inbound price discovery, seasoned Bitcoin hodlers are keeping their hard-earned coins firmly in their wallets.
Data from on-chain analytics firm Glassnode shows long-term holders (LTHs) not yet matching transfer volumes seen during 2021, the year when BTC/USD first hit $69,000.
“Bitcoin’s most convicted holders are still holding at unrealized profit levels that usually occur well before the cycle peak,” it told X followers on March 11.
According to data compiled by BitMEX Research, BlackRock’s IBIT holds 197,943 BTC, worth over $13.5 billion as of March 8, nearly 40 trading sessions after the United States Securities and Exchange Commission approved nine new funds on Jan. 10.
While not an ETF issuer, technology firm MicroStrategy has built a portfolio of 193,000 BTC as part of its corporate treasury strategy.
“I’m going to be buying the top forever. Bitcoin is the exit strategy,” Saylor said, speaking to Bloomberg on Feb. 20.
Bitcoin is now 'larger' than Silver and Ethereum has overtaken WalMart in terms of Market Cap...
It won't be long until Bitcoin is worth more than Google! If Bitcoin becomes worth more than Apple's USD$2.6T then that would mean Bitcoin would be trading at over USD $140,000
If it ever beat the mkt cap of Gold's mkt cap of USD$14.6T that would imply at 10X price on Bitcoin to over USD$720,000!!!
Now that's unreal.
Happy Tuesday!
Note: I'm taking a few days off - I'm having a staycation break so the report will be back next week. I wonder what BTC will be trading at this time next week???
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
