Ethereum spearheaded the altcoin rally, driven by renewed optimism about the approval of spot ETH ETFs by the US SEC.
The new milestone achievement comes as the Japanese yen has weakened against the US dollar, losing 10% of its value since January.
Coinbase has not limited its expansion to products and services alone as it equally pursues diversification outside the United States where it has faced several legal challenges.
Mellor had also imposed a worldwide freezing order on Wright’s assets worth 6 million British pounds (approximately $7.6 million) to ensure he could not move them offshore or evade costs associated with the trial.
Despite the current downturn, there are notable signs that the Bitcoin ecosystem is poised to make a comeback.
Paraguay is now pursuing a jail term for illegal miners for up to 10 years, instead of the earlier considered blanket ban on all mining.
On-chain data shows short-term Bitcoin (BTC) holders have been offloading to long-term holders, a characteristic of an inevitable uptrend.
The Bitcoin community is now working on introducing smart contracts-like functionalities and exploring innovations like OP_CAT, which proposes a network software upgrade to boost the Bitcoin blockchain programmability.
Most of the losses came from traders who had taken long positions, hoping for a rise in the value of BTC and Ether.
While Bitcoin appears relatively balanced between long and short positions, Ethereum price weakness has dampened market confidence.
New Bitcoin addresses have been shrinking in the recent past, an indication more users are opting to tap on spot BTC ETFs for easier liquidity and enhanced security.
Bybit has announced a 2% cashback in USDT for all users, who spend crypto or fiat using the exchange’s Bybit card.
The general interest in Bitcoin skyrocketed following the approval of eleven spot BTC ETFs in the United States in January this year. The lower chances of approval of a spot ETH ETF in the United States are not helping Ether’s case.
Institutional demand for Bitcoin has driven the recent bullish narrative, a month after the fourth BTC halving event.
CME Group aims to tap into the growing interest in Bitcoin among major players in the financial sector to establish a regulated marketplace that offers users direct exposure to the kingcoin.