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Bitcoin breaks $69,000 and registers a new all-time high

Bitcoin breaks $69,000 and registers a new all-time high

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Hello, Crypto Briefers!

Bitcoin has once again shattered records, breaking through the $69,000 price level and establishing a new all-time high on many crypto exchanges. Experts suggest that this new high is a testament to Bitcoin’s growing acceptance and integration into mainstream finance, contrasting with the often dismissive stance of traditional financial institutions.

Revolut, the digital banking giant, has unveiled a new feature that allows its 40 million users to seamlessly purchase crypto and deposit it directly into their MetaMask wallets. This collaboration aims to foster broader crypto adoption by making the process more user-friendly.

The SEC has once again postponed its decision on the highly anticipated spot Ether ETF applications from asset management giants BlackRock and Fidelity.

Today’s Newsletter

  • Bitcoin breaks $69,000 and registers a new all-time high
  • Revolut partners with MetaMask to offer direct crypto buying for millions of users
  • SEC pushes back BlackRock, Fidelity spot Ethereum ETF proposals

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BITCOIN

Bitcoin breaks $69,000 and registers a new all-time high

This milestone was followed by a sharp correction, highlighting the volatile nature of the digital asset. The surge in Bitcoin’s price is attributed to several factors, including the recent introduction of US-based spot BTC ETFs, which have opened up the asset to a wider institutional investment community. Additionally, the slowdown and end of Fed rate hikes, coupled with the prospect of the upcoming Bitcoin Halving, are seen as tailwinds for crypto prices.

The first major rally in 2017 saw Bitcoin rise from just over $900 to nearly $20,000, driven by factors such as regulatory actions, ETF rejections, and the ICO bubble. The second bull run, spanning 2020-2021, was influenced by Covid-era monetary policy and regulatory changes allowing institutional adoption. Bitcoin’s resilience and potential to redefine the financial landscape remain evident. [cryptobriefing]

ADOPTION

Revolut partners with MetaMask to offer direct crypto buying for millions of users

The integration between Revolut and MetaMask streamlines the crypto purchasing experience by leveraging existing know-your-customer (KYC) processes conducted through the Revolut app. This means that existing Revolut customers can skip additional verification steps. The feature supports the purchase of over 20 tokens, including Ethereum, USDC, and Shiba Inu, with a small fee that will be disclosed prior to the transaction.

Revolut’s move to deepen its involvement in crypto comes amidst a backdrop of increasing interest from traditional finance firms and fintech companies. Wall Street giants like BlackRock and Fidelity have been instrumental in driving the spot Bitcoin exchange-traded fund boom, while smaller players such as Robinhood, PayPal, and Venmo have expanded their crypto offerings. [cryptobriefing]

REGULATION

SEC pushes back BlackRock, Fidelity spot Ethereum ETF proposals

While the SEC’s final deadline for some of these applications is May 23, analysts are closely watching for signs of progress in the coming weeks. If asset managers begin updating their filings to incorporate feedback from the SEC, as seen during the approval process for spot Bitcoin ETFs, it could indicate a more optimistic outlook for the eventual approval of ether ETFs.

The delay in the SEC’s decision comes amidst growing speculation about the potential for ether to become the second crypto to be traded through a spot ETF, following the successful launch of several spot Bitcoin ETFs. This optimism is tempered by the SEC’s specific inquiries into Ethereum’s Proof of Stake mechanism, probing its vulnerability to control or influence by a limited number of entities. Such concerns reflect broader regulatory efforts to ensure market integrity and investor protection in the nascent crypto sector. [cointelegraph]

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