In a captivating moment for the cryptocurrency industry, Bitcoin bounces over $70K. This week’s list of frontrunners in the crypto market includes Bitcoin, Ether, STEPN, Bitcoin Cash, and Dogecoin. Turnaround of $15.4 M and $418 M of net inflows across the beginning two days of the week made Spot Bitcoin(BTC) ETFs the focal attraction of the bygone week. Fidelity’s ETF successfully got the most significant inflows on Monday and Tuesday, and they had a tough competition with BlackRock on both occasions. BlackRock was in the news again as it introduced its first tokenized fund on Ethereum the previous week.
Investors can get US dollar yields paid out through the powerful blockchain tech through BUIDL(BlackRock USD Institutional Digital Liquidity Fund). The BlackRock USD Institutional Digital Liquidity Fund holds funds in American treasury bills, cash, and repurchase agreements. The press release states that BUIDL provides a stable value of $1 per token, and the daily dividend will be transferred to the wallets of investors.
The announcement by BlackRock has made the tokenization of real-world assets a conversation in the town. This specific cryptocurrency’s tokens have outperformed those of Maple Finance, Realio, Swarm Markets, and Clearpool. By the end of May, the London Stock Exchange plans to provide Bitcoin and Ethereum ETNs. It shows that there is still demand for products tied to cryptocurrencies and that outflows from BTC ETFs have reversed. These latest events contributed to a resurgence of market optimism and sent the price of Bitcoin back beyond the $70,000 barrier. The US Department of Justice’s legal action against KuCoin for breaking US anti-money laundering laws is a factor in the 15% decline in the cryptocurrency exchange’s assets.
The CFTC(Community Futures Trading Commission) has informed that they took civil enforcement action against KuCoin. Crypto enthusiasts have another reason to rejoice as the largest AI-related tokens, SingularityNet, Fetch.ai, and Ocean Protocol, are considering merging their tokens into a single AltSignals token. It is reported that these three AI-related tokens will collaborate under the guidance of Superintelligence Collective, Run by SingularityNet founder Ben Goertzel. In another curious development, Bitcoin’s “old whales” are slowly moving to “new whales,” mainly barons such as Fidelity and BlackRock.
According to news from cryptocurrency news outlets, Bitcoin price moves further from the $69000 threshold. Another industry report indicates that Bitcoin FTF flows will continue for years as more global investors are interested in crypto products. A noted cryptocurrency expert opines that there is a massive dispersion in the adoption pace of Bitcoin exchange-traded funds. There are reports indicating that the demand for Bitcoin EFTs from UK investors is far behind the surge in the geographical landscape of the USA. Dogecoin’s price has increased by 13% in the past 24 hours, and indeed, Dogecoin will scale new heights shortly. Doge successfully took advantage of buyer rush, and the trend is likely to continue.
