As a seasoned analyst with over two decades of experience in the financial industry, I must admit that this week’s market movements have been nothing short of intriguing. The resurgence of Bitcoin ETFs is a testament to the maturing of digital assets as an investment class, and their consistent inflows are a bullish sign for the future.
Today’s weekly roundup features a revival of Bitcoin ETFs, underperformance in Donald Trump’s World Liberty Financial, and fresh developments from Ripple regarding their new stablecoin.
- Remarkably, Bitcoin ETFs closed the week with five consecutive days of inflows, recording no losses. At the end of the week, these funds had added $2.13 billion in BTC, surpassing $21 billion in cumulative flows for the first time ever.
- Despite a slight pullback on Oct. 17, the crypto fear and greed index slipped into the greed region for the first time in six weeks. Bitcoin maintained the upward move, closing the week above $68,000 with an 8.7% gain.
- The token is strictly for non-U.S. investors and the whitelisted accredited U.S. investors. Following the launch on Oct. 15, scammers impersonating the project introduced a phishing scheme to steal funds from unsuspecting users.
- The project had planned to sell 20 billion tokens for $300 million. However, as of Oct. 16, it failed to meet this target, having sold below 800 million tokens for $11 million.
- Still, Trump continues to widen his lead on Polymarket, a platform where crypto holders can gamble on real-world events such as the 2024 election. Moreover, bets on the presidential election spiked beyond $2 billion. At last check Sunday, Trump saw 59.7% odds, while Harris had a 40.4% chance.
- Trump-themed meme coins, MAGA Hat (MAGA), Super Trump (STRUMP) and Doland Tremp (TREMP) also saw rapid price growth. On Sunday, at last check, MAGA was down over 6% while STRUMP showed little movement. TREMP was up .35%.
- However, the blockchain payments firm confirmed it needs regulatory approval to officially launch the stablecoin.
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2024-10-20 16:41