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Bitcoin fluctuates around $71,000, consolidating this week’s rally
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(CoinDesk)
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Bitcoin has fluctuated approximately $71,000 during Asian and European morningsafter the rally at the beginning of the week. The price of BTC was unchanged over 24 hours, remaining in a range between $70,900 and $71,100 for much of the morning in Europe, up about 0.1%. Elsewhere, the broader digital asset market, as measured by the CoinDesk 20 Index (CD20), remained similarly stable, up about 0.25% at the time of writing. Among the major cryptocurrencies, only ether shows a change of more than 1%. ETH is priced just below $3,850, up about 1.25% over the past 24 hours.
Robin Hood has agreed to buy cryptocurrency exchange Bitstamp for $200 million all cash deal. Bitstamp, founded in 2011, is one of the largest cryptocurrency exchanges in Europe and will therefore provide a leg up on Robinhood’s global expansion plans. “The acquisition of Bitstamp is an important step in the growth of our cryptocurrency business,” said Johann Kerbrat, CEO of Robinhood Crypto. “Through this strategic combination, we are better positioned to expand our presence outside the United States and welcome institutional clients to Robinhood.” HOOD shares rose 2.5% to $22.15 in pre-market trading. market after the acquisition announcement.
Van Eck has set a $22,000 target for ether for 2030the native token of the Ethereum network. The firm, one of the potential providers of an ether spot ETF in the United States, wrote in a recent report that ether will rise to that level thanks to Ethereum’s disruptive power and the cash flow generated for token holders , as well as the early approval of ETFs. VanEck wrote that the fuel driving the rally is that Ethereum-based technology can offer lower costs, greater efficiency and greater transparency. This shift could threaten to shift significant market share from traditional financial and technology institutions, which collectively have a total available market of $15 trillion, to blockchain-based services.
Chart of the day
(Standard Chartered)
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The chart shows the correlation between the price of BTC and the chances of Donald Trump winning the US presidential election in November, according to Standard Chartered.
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Trump is considered the most bitcoin-friendly candidate, given Biden’s veto of congressional efforts to repeal SAB 121.
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Standard Chartered’s head of crypto research, Geoff Kendrick, predicts BTC will reach $100,000 by the election and $150,000 by the end of the year if Trump wins.
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Source: Standard Chartered
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-Jamie Crawley