From FTX moving millions to BTC dominance reaching ATH, here is a 3-minute breakdown of everything important that happened in crypto today.
Co-author: Davier M
With Bitcoin dominance surging, it seems institutional giants may be catching crypto fever again. Could this build momentum for a Bitcoin ETF?
Here's a quick rundown of today's top stories:
- FTX sent $8.6 million in tokens to Binance, fueling speculation that asset sales are coming to repay creditors.
- Bitcoin's market dominance has climbed to a 30-month high of 54%, signaling renewed interest in the top cryptocurrency.
- Galaxy Digital predicts Bitcoin ETFs could attract $14.4 billion in first-year inflows as institutional demand grows.
- Matrixport reiterates its forecast of $45,000 Bitcoin by year's end based on historical price movements.
- Lawyers say SBF will testify alongside three other witnesses after prosecutors finish presenting evidence against him.
- Bitfinex plans to list a Tether bond offering 10% returns over 3 years.
Let’s unpack all that!
FTX Sends Tokens to Binance
FTX sent $8.6 million in ETH and other tokens to Binance, fueling hope among its creditors. They hope it signals asset sales to repay them. But lawyers will likely gobble up most of it first.
And who knows what surprises the lawyers will uncover rummaging through the FTX attic? Here are the details of the funds FTX may be ready to dump!
Bitcoin Dominance Hits 30-Month High
Bitcoin's market dominance is back in a big way! It has climbed to 54%, the highest in over 2 years.
That means more people are choosing good ol' Bitcoin when buying crypto. And the upcoming halving has Bitcoin bulls seeing green.
With supply shrinking and demand growing, Bitcoin's looking fine! Maybe, the SEC should take a hint and approve Bitcoin ETF already.
Find all the stats here!
Massive Bitcoin ETF FOMO Ahead
Galaxy Digital predicts Bitcoin ETFs could see $14.4 billion in first-year inflows. They believe ETFs are more appealing than existing financial products. With over $48 trillion in assets under management, the US wealth sector could metaphorically drool over Bitcoin ETFs.
They also believe ETF could pump BTC 74%! But don't pop the champagne yet - the SEC loves crushing crypto dreams.
Read the full prediction here!
Matrixport Expects $45K Bitcoin This Year
Matrixport repeats its prediction that Bitcoin will reach $45k in 2023. Given their impressive track record, they say BTC's breakout over $31.5k signals more pumps ahead. While some remain cautious after the crypto winter, Matrixport beams optimistic projections.
Read the full story here!
SBF Will Testify in His Defense
Lawyers say SBF will testify in his defense after the prosecution rests. He'll take the stand alongside three other witnesses. Will SBF activate the waterworks, play innocent, or just confuse everyone with technical mumbo jumbo?
One thing's for sure - SBF's testimony will be a popcorn-worthy spectacle. SkyBridge Capital’s founder believes it’s a bad move that may add years to SBF’s sentence.
“He’s gonna get nailed here going on the stand,” he said on CNBC’s Last Call.
Read the full story here!
Bitfinex Launching Tether Bond
Bitfinex plans to list a Tether bond in November. The 3-year bond offers a 10% coupon to undertake debt and equity risks linked to firms and institutions along the Silk Road trade routes. Available from 100 USDT purchase price with a 125k minimum investment. This expands Bitfinex's tokenized offerings.
Read the full story here!
And that's all she wrote for today's episode of What Happened in Crypto Today! CoinMarketCap signing off for now. See you at the same time tomorrow!
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