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Bitcoin surges to fresh highs above $75,000, fueled by renewed debasement trades and Treasury buyback announcements. I reiterate buy ratings on Bitcoin, IBIT, and BTC, citing strong momentum, macro tailwinds, and technical support at $73,000. Implied volatility for IBIT has spiked to 40% ahead of key macro events, signaling heightened risk and opportunity.
Robert Mitchnick, head of digital assets at BlackRock, joins Isabelle Lee and Eric Balchunas on "Bloomberg ETF IQ." Hackers have stolen more than $130 million worth of Bitcoin from thousands of supposedly secure cold wallets in recent days.
BitMEX, the exchange that launched crypto's first perpetual futures contract, will close on September 23 after 11 years. BitMart, another crypto exchange, plans to wind down by January, according to Jean-Marie Mognetti, CoinShares co-founder, president and CEO.
Bitcoin has reclaimed several important technical levels, and improving momentum suggests the cryptocurrency could be setting up for another advance if key resistance is cleared.
Spot or index ETFs are good ways for ordinary investors to add cryptocurrencies to their portfolios, and there are higher-end options for the wealthy.
Bitcoin is trading at its lowest level since October 2024. That's bad news for crypto bulls and ETFs,
Ethereum's weekly fee revenue dropped from more than $200 million to roughly $10 million following the Dencun network upgrade in March 2024, according to recent CoinShares research. Meanwhile, monthly active users roughly doubled over the same period.
At 5.00 PM Eastern time, Bitcoin (BTC 2.17%) had slipped 1.6% to $76,978.87 while Ethereum (ETH 3.23%) was down 3.2% to $2,290.06 and Solana (SOL 3.05%) declined 2.9% to $84.19.