Bitcoin price flirts with level before the crypto bust
Bitcoin is tantalizingly close to breaking past its price from just before the terra usd stablecoin melted down in May 2022.
Why it matters: It's a sign that the world's biggest cryptocurrency may have shaken off the bad news. And as the bellwether for the whole crypto industry — when bitcoin rises, every other coin and token tends to rise with it.
By the numbers: As of Thursday afternoon, bitcoin is trading at $34,122. It briefly touched $35,000 Monday on CoinGecko, but it has largely hovered just below.
- CoinGecko is putting its seven-day rise at 18.4%.
- To recover from Terra, though, it will need to hold a level near $37,000 (where it stood just before Terra's collapse). It's not there yet.
What's happening: The consensus is that people are anticipating a spot bitcoin ETF finally getting approved.
- Gold ETFs coming in 2004 were a game changer for that asset's price, as Matt Hougan of Bitwise noted in a social media post.
What they're saying: "Rumors are flying since the appearance of BlackRock's bitcoin spot ETF ticker on a list at the Depository Trust & Clearing Corporation (DTCC), including that the world's largest asset manager has already started purchasing bitcoin for the fund," Stefan Rust, CEO of data aggregator Truflation, said in a statement.
Yes, but: James Butterfill, the head of research at CoinShares, pointed in a recent blog post to more muted inflows of capital into bitcoin, compared to prior rounds of ETF excitement.
Editors note: This story has been corrected to reflect the proper attribution of the inflows data.