Here is what happened yesterday in the crypto market:
Bitcoin Reclaims $111K as Major Cryptocurrencies Rally
Bitcoin surged past $111,000, with other major cryptocurrencies like XRP, Solana, and Ethereum also rallying. This recovery follows a period of significant sell-offs and is supported by improving macroeconomic conditions, including Japanese shares hitting record highs and better-than-expected China GDP data. This upward movement suggests renewed demand after recent market challenges.
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BlackRock Launches UK Bitcoin ETP as FCA Eases Crypto Ban
BlackRock’s bitcoin Exchange-Traded Product (ETP) has commenced trading on the London Stock Exchange. This marks BlackRock’s first such product in the UK and follows the Financial Conduct Authority (FCA) relaxing restrictions on crypto investment vehicles. This development signifies increasing institutional acceptance and accessibility of cryptocurrency investments in major financial markets.
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Citi Sees Stablecoins Powering Crypto’s Next Growth Phase
Wall Street bank Citi projects that stablecoins will be a primary driver for the next phase of crypto market growth. Following the passage of the GENIUS Act in July, Citi analysts raised their 2030 market capitalization outlook for stablecoins to $1.9 trillion. This highlights the growing confidence in stablecoins as a foundational element for broader crypto adoption and financial integration.
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Crypto Funds’ Two-Week Inflow Streak Ends Amid Market Correction
Cryptocurrency investment products experienced negative fund flows last week, breaking a two-week streak of inflows. This turnaround is attributed to a “Black Friday” market crash that led to $513 million in outflows, predominantly from Bitcoin ETPs. This indicates a cautious sentiment among institutional investors following recent market volatility.
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BitMine Immersion Adds $800M in Ether, Increasing Holdings to Over $13B
BitMine Immersion Technologies (BMNR), an Ethereum-focused digital asset treasury company, has significantly increased its Ether (ETH) holdings by purchasing over 200,000 tokens, totaling an additional $800 million. This acquisition boosts their ETH holdings to over $13 billion, demonstrating strong conviction in Ethereum’s long-term value despite market fluctuations.
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