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Bitcoin surpasses $60,000 fueled by institutional accumulation

Bitcoin surpasses $60,000 fueled by institutional accumulation

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Hello, Crypto Briefers!

Bitcoin bounced back over $60,000 for the first time since November 2021, thanks to heavyweight buyside demand from Wall Street ETF giants, though analysts say this could wane later on. There’s also some caution about a sharp correction before the current bull market trends toward an explosive end this year.

Matrixport, a crypto financial services platform, offers contrarian warnings that Bitcoin may dip 15% by April given the dizzying speed of market optimism.

Meanwhile, in prison, Sam Bankman-Fried reportedly persuaded prison guards into buying Solana, while his lawyers seek to reduce his prison term to under six and a half years.

Today’s Newsletter

  • Bitcoin surpasses $60,000 fueled by institutional accumulation
  • Matrixport warns of market euphoria, correction after Bitcoin’s $60K milestone
  • Sam Bankman-Fried uses time in jail to promote Solana

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Data powered by CoinGecko.

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BITCOIN

Bitcoin surpasses $60,000 fueled by institutional accumulation

Bitcoin’s price bounced back above $60,000 this week, its highest level since November 2021. Data shows heavy purchases by large institutional investors via new Bitcoin funds. Some experts think more gains are coming with support from Wall Street. But others warn that the current speculative frenzy appears similar to past Bitcoin peaks right before major crashes happened.

It remains unclear if smart money will act differently from past retail trader bubbles. For now, Bitcoin keeps riding positive momentum fueled by growing money managers’ interest. However, massive price swings remain common even with mainstream adoption advances. As usual, Bitcoin’s next moves hinge on shifting investor sentiment between greed and fear extremes. [cryptobriefing]

MARKETS

Matrixport warns of market euphoria, correction after Bitcoin’s $60K milestone

Matrixport co-founder Daniel Yan cautions that current high positive market sentiment has reached similar extremes as seen prior to previous major sell-offs. However, Matrixport previously made inaccurate calls, like claiming that the Bitcoin ETF approval wouldn’t happen.

Determining the “right” top or bottom price stays extremely tricky even for professional analysts. Bitcoin’s volatile history defies reliable fortune-telling as crowds oscillate between fear and unchecked optimism. For cautious investors, the warning raises reasonable doubts about unrestrained bullish fever. But market timers still struggle to convert complex guesswork into accurate and verifiable foresight. [cointelegraph]

BUSINESS

Sam Bankman-Fried uses time in jail to promote Solana

Pushing for a minimized penalty, SBF’s lawyers also cited his previous good character, lack of a criminal record, and the fact that other culpable parties were involved. They further stated that FTX bankruptcy proceedings are expected to fully repay all investors and customers.

SBF was found guilty on 7 criminal counts related to mishandling billions in client deposits. Federal prosecutors are seeking a much harsher 100-year sentence in line with probation recommendations. The ultimate decision rests with Judge Lewis Kaplan when sentencing is announced on March 28th.   [cryptobriefing]

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