It has been a high-octane 24 hours for Bitcoin, with its price surpassing $70K for the first time in two weeks. Meanwhile, its bullish momentum has spilt over into its ecosystem, with the new 99Bitcoins token nearing the $2 million mark at the presale.
Exciting advancements have swept the crypto market and enabled Bitcoin’s growth past $70K.
Currently, BTC is trading at $70.9K, up 2.6% today, 3.4% this week, and 11.9% this month. It holds a $1.39 trillion market cap and a $36 billion 24-hour trading volume, up 18% today.
According to prominent commentator Kaduna, a recent pivot in the U.S. government’s macroeconomic policy contributes to Bitcoin’s bullish price action.
Kaduna explained that the U.S. government is buying back treasuries from the market at a rate of $2 billion per week.
He says this will suppress treasury yield rates while bolstering liquidity for risk-on assets, including Bitcoin and other cryptocurrencies.
Meanwhile, the Bitcoin spot ETF hype is slowly resurfacing, with DaanCrypto reporting 15 consecutive days of net ETF inflows and Monday’s total at $105 million.
This reflects institutional money moving back into BTC after a period of ETF outflows in April and early May.
Also, Thailand and Australia have made waves in the ETF arena this week, with Thailand approving BTC spot ETFs and Australia launching its first ones.
While these tangible market advancements benefit Bitcoin’s price, another development has come from the CEO of VanEck, who recently predicted that Bitcoin’s market cap will reach at least half of gold’s.
In a conversation with Scott Melker, he said:
“I say Bitcoin will eventually become at least half the market cap of gold. So I think that takes another five or ten years. Our TradFi clients are still very confused by Bitcoin, and they don’t want to talk about it, but their clients make them talk about it.”
And VanEck’s CEO is not the only prominent figure bullish on Bitcoin. BlackRock’s CEO Larry Fink has also endorsed the market-leading cryptocurrency in recent months.
Evidently, the combination of market advancements and positive sentiment has enabled Bitcoin to reclaim $70K.
However, other cryptocurrencies are also enjoying bullish momentum. Its ecosystem tokens are flourishing, and the newly launched 99Bitcoins token displays huge potential as its presale races toward $2 million.
This is not the first time 99Bitcoins has caused a stir in the market. It is a prestigious crypto news outlet dating back to 2013, the same year CoinDesk launched.
Through high-quality content and continued innovation, the outfit has attracted 700K YouTube subscribers and 2.8 million email subscribers alongside its news site readership.
But now 99Bitcoins is moving forward with its new 99Bitcoins token ($99BTC), which it launched at presale and has raised over $2 million so far.
$99BTC is part of its new Learn-to-Earn layer, which, as the name suggests, rewards users for learning about cryptocurrency.
With crypto on the brink of another historic bull market rally, the token’s launch could not have come at a better time.
Learners require $99BTC to access the platform, aligning its demand with the platform’s popularity.
In addition, holders get access to crypto trading signals, BRC20 tools and education, a VIP community group, staking rewards, and more.
Analysts are overwhelmingly bullish on this use case, and Jacob Bury recently speculated that the project could 10x once it launches on exchanges.
The current price is $0.00108, but this will rise throughout the presale. The next uptick will occur in six days or when the total raise hits $2.7 million.
Dankrad Feist, a researcher from Ethereum, has unveiled a four-year plan to increase the blockchain’s…
Nexo has officially reentered the U.S. market, offering high-yield crypto savings accounts, asset-backed credit lines,…
Governments around the world continue to play an important role in the crypto space. However,…
After the rise in the past week, the investors have become more optimistic about the…
XRP’s journey through the crypto space has been nothing short of remarkable. With ProShares’ recent…
In the world of Bitcoin, few voices carry as much authority as Adam Back, CEO…
