To say that last week was exciting would be a serious understatement. Bitcoin went on to chart a brand new all-time high at around $67K, we saw the approval of the first-ever futures BTC ETF in the US, a massive flash-crash on BinanceUS, and a correction towards $60K. Let’s dive in.
Starting with Bitcoin. The price was trading around $62K last this time last week and even dipped below $60K briefly on Monday. However, the market was propelled higher from then, and this culminated in a new all-time high around $67K on Wednesday. It was a major event for the community – it took BTC exactly 6 months and 6 days to paint a fresh peak.
This came on the wings of some tremendous news. The SEC approved the first-ever futures-backed Bitcoin ETF ticked BITO. On its opening day on Tuesday, the product did over $1 billion in trading volume, making it one of the most successful ETF launches in history. Meanwhile, we also saw a flash-crash on BinanceUS, which took the price for BTC down to around $8.2K in a second before recovering. It also happened on other exchanges but not with such gravity.
Since peaking, though, Bitcoin’s price has been wobbly and, perhaps somewhat expectedly, tumbled towards $60K once again. This might be considered a healthy correction, given that there were no real shakeouts in the past few weeks.
Altcoins also followed suit to a certain extent. Solana and Ethereum literally came a couple of dollars away from marking new all-time highs but failed to do so.