In summary
- Last week, Bitcoin was trading at $53,229 and is now trading above $60,000, up 12% in seven days.
- The price rise came as traders became more confident that the Fed would cut interest rates by 50 basis points instead of 25.
- Bitcoin enthusiast Michael Saylor said the asset would reach $13 million per coin in 21 years, and his company MicroStrategy spent another $1.1 billion on Bitcoin.
Illustration by Mitchell Preffer for Decrypt.
Is Bitcoin back? At least for a while, it seems so.
Last week, it was trading at $53,229. Now it’s trading above $60,000, according to CoinGecko. That’s a 12% increase in seven days, and a threshold not seen since last month.
The price rise came as traders became more confident that the Fed would cut interest rates by 50 basis points instead of 25. All eyes are on the central bank next week after two years of very high interest rates – and inflation.
The Fed under Chairman Jerome Powell is now expected to cut rates at its next meeting. The question now is how much will it cut?
Bitcoin enthusiast Michael Saylor remains bullish, that’s for sure. The tech entrepreneur said in an interview on Monday that the largest asset would reach $13 million per coin within 21 years.
His company MicroStrategy later revealed that it had spent another $1.1 billion on the orange currency.
The second-largest digital currency, Ethereum, also rallied. Its price now stands at $2,442 after rising nearly 11% in seven days. It had recently struggled and hit its lowest level of the year, but is now climbing back up.
Additionally, Tether experienced drama again after consumer protection group Consumers’ Research said in a report that the company behind the largest stablecoin, USDT, was a “disaster waiting to happen” for consumers.
He argued that its lack of transparency around its dollar reserves was the problem.
The price of XRP, the seventh-largest digital asset, soared following news that Grayscale had launched a new product giving investors exposure to the Ripple-aligned asset. It is now trading at $0.57 after rising 10% over the week.
And on Friday, lawyers for Sam Bankman-Fried filed a motion to dismiss fraud charges against the former FTX boss and convicted felon.
The lawyers argued that the Cryptocurrency fraudster, now serving a 25-year sentence, was “considered guilty” from the start and that the collapsed exchange always had the cash to refund customers.
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