Cryptocurrency Market News: Bitcoin Rises Again, New Stablecoins On The Block
Bitcoin (BTC) shook off last week's jitters and briefly traded above $72,000 on Monday—an indication that the rally has far from stalled ahead of its fourth halving later this month.
Stablecoins were in focus last week with VanEck and Ripple Labs getting involved in new offerings. Also, a jury in New York found Terraform Labs and its founder, Do Kwon liable for civil fraud charges.
What a wild ride it has been for bitcoin investors. After soaring past an all-time high of over $73,000, the cryptocurrency fell to trade close to $60,000 in the past month.
Bitcoin is currently trading at levels it saw at the beginning of last week, but had to find its way back after falling sharply to trade below $65,000 before gaining ground and ending last week in green.
Although the spot bitcoin exchange-traded funds (ETFs) saw strong outflows of $85.7 million on the first day of the month—largely due to more than $300 million in outflows from Grayscale Bitcoin Trust (GBTC)—flows rose reversed to end the week at $484.5 million of net inflows, according to Farside Investors.
The recent rise in the bitcoin price comes as the next halving event is expected to occur in less than two weeks. Notably, several recent reports indicated any potential effect of the halving on the bitcoin price could be overshadowed by the supply and demand dynamics of the spot bitcoin ETFs.
Additionally, Tether (UST), which is the issuer of the world's largest and most popular stablecoin, added 8,888 bitcoin (currently worth around $640 million) to their reserves during the first quarter of the year. The company's bitcoin address is now the seventh largest on the network in terms of holdings with more than $5 billion worth of bitcoin held in it, according to T
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