In the 9 days since BlackRock announced its intention to launch a Bitcoin ETF, the largest cryptocurrency has risen by over $6,000.
That news prompted a sizable surge in GBTC (on hopes that Grayscale would finally gets its ETF), reducing the discount to 'just' 35% - its smallest in 9 months...
Source: Bloomberg
The huge rally (up 8 of those 9 days) was supported by an acceleration after a Citadel-backed crypto-exchange started operations.
And over the last 24 hours, two interesting headlines have also been 'positive' for bitcoin:
The IMF released a report, flip-flopping on cryptos: "While a few countries have completely banned crypto assets given their risks, this approach may not be effective in the long run," the economists said in the report's conclusion.
As Decrypt reports, this is a swift change from the IMF, which just months earlier said in another report that countries should consider banning cryptocurrencies.
IMF economists even said that cryptocurrency offered a number of benefits to its adopters (though we suspect they are stealthily paying the foundations for a narrative change to their own CBDCs here).
Admittedly, the timing of The IMF's flop-flop and BlackRock's ETF announcement (two of the most globalist institutions) makes one wonder - coming just a week after Hong Kong move to solidify its role as major global crypto hub.
Finally, The US Supreme Court decided in favor of cryptocurrency exchange Coinbase in a partisan opinion that will halt court proceedings against the company in two California cases.
Plaintiffs in the class-action lawsuits alleged Coinbase failed to provide proper relief after users lost money and that Coinbase allegedly engaged in deceptive advertising.
This ruling marks the U.S. high court’s first cryptocurrency-related ruling. Justice Brett Kavanaugh wrote the opinion, which was supported by four of the court’s other conservative justices in a 5–4 vote.
And that leads to a $6,000 (24%) surge in nine days...
Source: Bloomberg
That sent Bitcoin to its highest since June 2022...
Source: Bloomberg
Notably, while cryptos overall are getting a boost, Bitcoin is significantly outperforming Ethereum (which is at its weakest against BTC since July)...
Source: Bloomberg
CoinTelegraph reports that the latest market update from crypto analytics firm Jarvis Labs underscored the unclear nature of low-timeframe price action.
“I’m a bit uncertain right here, founder Ben Lilly concluded after investigating various data sets.
“I’m starting to write off $24k before options expiry, and instead lean towards a push higher into $32k range.”
Lilly referenced the upcoming options expiry on June 23, worth over $700 million.
“All of this tells me, one cannot be quick to fade this rally,” he concluded.
“My gut was saying yea, fade it bc the halving is too far off. But a few data points are saying the opposite. Perhaps a fade will present itself in July. For now, let’s track the data to see if the trend continues.”
Thanks to strong accumulation, it would be a mistake to bet on the rally fizzling too soon.
Finally, Credible Crypto has some thoughts on where Bitcoin goes next...
Retest complete.
— CrediBULL Crypto (@CredibleCrypto) June 22, 2023
If we follow the last impulse to the tee we would see new all time highs by September (two months after the monthly retest was complete).
I'm not betting on a specific month for new all time highs- I'm betting on new ATH sometime this year, period. BUT if I… pic.twitter.com/jLjhGHiJvM
But, as our friends at Crypto-Anonymous might say - one day at a time, for now!
