To The Moon 🚀

To The Moon

During the past several weeks, crypto has continued to dominate markets regardless of any volatility in the stock market. For the first time in over two years, the price of one bitcoin has passed $60,000. For those unfamiliar, the SEC just recently approved spot bitcoin ETFs on the stock exchanges, allowing millions more investors to have access to investing and trading the asset. It seems the approval has garnered enough volume to make a valiant effort to push bitcoin’s price near its all-time high of $68,982.20. Currently, bitcoin has had a nearly 45% one month return throughout February, only needing another 10% to reach near its record prices.

This past week, some of the exchange-traded funds bitcoin has existed on have seen record trading activity. Fidelity’s FBTC and ARK’s ARKB experienced trading volume surges on Wednesday that were at striking distance from the funds’ highs. IShares Bitcoin Trust did make this record, marking 61 million traded shares and beating its record volume of 43 million shares from Tuesday. However, the ETF that started it all, Grayscale’s Bitcoin Trust, has experienced activity that is less than half of its January 11th figure; despite the activity level, Grayscale’s trust still equates to roughly $1 billion in trading volume. Other news expected to reach bitcoin is the crypto’s halving event. On April 20th, bitcoin issuance will be sliced in half, reducing the rate by which bitcoins are mined as a way to decrease inflation of the cryptocurrency. This may be a major determinant to whether the king of crypto can make or break its record coming soon.

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