Bitcoin is mainstream, and the biggest banks are buying it – Crypto Week

Last week was pretty painful for all cryptocurrencies, but altcoins — that is, everything besides Bitcoin — were hurt even more.

Bitcoin quickly recovered from a drop below $50,000 (1.145 million crowns). Last Thursday, it had cost nearly $63,000 (1.443 million crowns).

It’s fun to look at the pictures Bitcoin’s dominanceIt represents the share of Bitcoin’s market capitalization in the total market capitalization of all cryptocurrencies. That is, of all the money invested in cryptocurrencies, a certain portion is in Bitcoin.

If the curve is rising, it means that Bitcoin is gaining strength compared to other cryptocurrencies. If it is decreasing, it means that other cryptocurrencies are gaining popularity.

Even during the ongoing sales, the curve has calmly and unwaveringly continued the growth that began at the end of 2022. It has now risen to 57%, the highest level in the past three years.

Bitcoin ETF has no side effects

The decline in Bitcoin prices is clearly a signal for investors to invest in ETFs that buy Bitcoin. The biggest tide Inflows into ETFs over two weeks: $192.5 million (4.4 billion kroner).

So it was this money that essentially helped push the price of Bitcoin back towards $60,000.

Traditionally, the largest purchases of the iShares Bitcoin Trust have come from BlackRock, which saw an inflow of $157.6 million (3.6 billion kroner) last Thursday.

The WisdomTree Bitcoin Trust (BTCW) had a remarkable day, attracting more than $118.5 million (2.7 billion SEK) in new capital. It has never received so much attention since its inception.

Analysts say the rapid rebound in prices and the influx of new investment suggest that the Bitcoin sell-off is more of a temporary phenomenon than the start of a new bearish trend. Optimists have seen new highs, with Tex prices exceeding $73,000.

Goldman Sachs spends $400 million on Bitcoin

she Quarterly ReportsThe Wall Street giant has invested in seven different U.S. Bitcoin ETFs, according to filings by major asset managers with the U.S. Securities and Exchange Commission (SEC).

His largest holdings are in BlackRock’s iShares Bitcoin Trust, where he holds notes worth nearly $240 million (5.5 billion kroner).

Goldman also holds larger holdings in the Fidelity Bitcoin ETF, Grayscale BTC, Galaxy Bitcoin, Bitwise Bitcoin ETF, and smaller WisdomTree and Ark Invest funds.

Goldman Sachs was once skeptical of Bitcoin, but has now changed its mind. Following the approval of the Bitcoin TF earlier this year, the head of its digital assets division called it a stunning success. It turns out that these were more than just words.

This is further evidence of Bitcoin’s acceptance into the financial mainstream. It now seems inevitable that most large financial institutions will eventually have to hold Bitcoin to meet customer demand.

Bitcoin, theft, gambling

Repetition is the mother of wisdom: never leave your Bitcoin or other cryptocurrencies on an exchange. Users of the Canadian ezBtc exchange may already know this rule.

As he pointed out Network CoinTelegraphBritish Columbia Securities Commission stateezBtc founder David Smillie embezzled millions of dollars from his clients. They used about 13 million Canadian dollars (216.5 million crowns) of investments for gambling and other personal purposes. About a third of the investment funds:

“We found that ezBtc transferred a total of 935 bitcoins and 159 ethers to Smillie’s exchange account, as well as CloudBet and FortuneJack accounts. The transfers to the gambling sites were sometimes made directly from ezBtc and sometimes indirectly from Smillie’s account, from where they were transferred to the gambling sites.”

Donald Trump Jr. wants a crypto platform

This message would fit in really well if we were playing something like “Strange Endings” in Crypt Week.

When Donald Trump isn’t promoting cryptocurrency in his presidential campaign, his son is rushing in with some news.

Now Donald Jr. announced There are plans to launch a new decentralized finance (DeFi) platform that it says will address banking inequality.

Currently, the platform is “in its early stages” and “will take some time to become a reality.” Donald Jr. did not reveal more details or when the platform will become a reality. He simply emphasized how he will go after the banks.

“What we want to do is challenge a big part of the banking industry. I think there’s a big disparity in how many people have access to money from banks,” Trump said, adding that DeFi is a very attractive concept for those who understandably don’t have bank accounts.

But how many similar grandiose proclamations have you heard about the revolution that will be sparked by project X or project Y? Dozens? Hundreds? Meanwhile, the only real revolution so far is Bitcoin.

Offline Express: Bugs in AMD processors The vulnerability discovered on August 9 affects millions of computers and should also be a cause for concern for cryptocurrency users who run software wallets such as MetaMask, Coinbase Wallet, Trustwallet, etc. on devices with affected processors.

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