America’s Bitcoin Soars Past $45K for the First Time in 21 Months

Contextualizing the Most Recent Price Changes in Cryptocurrency Markets on January 26, 2024

Bitcoin bounces back to $41K in end-of-week rally

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Introduction

Welcome to the daily newsletter of First Mover, where we provide you with the latest updates on the crypto markets. Today, we have some exciting news to share—Bitcoin has surpassed $45,000 for the first time in 21 months! But along with this milestone, there are a few other stories that you should know about. So, let’s delve into the world of blockchain and cryptocurrencies!

Latest Prices

Image Source: Blocking.net

• ARK Invest: Shifting Focus from BITO to ARKB
• Thoreum: The Premier Store of Value Token Outshining Bitcoin (BTC)
• Fantom (FTM): A Rising Star in the Cryptocurrency Market

Bitcoin’s Glorious Rise

Crypto prices experienced an upward tick during the European morning, following a relatively calm Asian session. Bitcoin, the king of cryptocurrencies, reached $41,250 at around 11:45 UTC, marking gains of about 2.6% in the last 24 hours[^1^]. Other tokens have also shown promising gains, with Solana’s SOL and Avalanche’s AVAX leading the pack at 3.7% and 5.7%, respectively. However, it’s important to note that the overall crypto market is still down by about 14% since the approval of spot bitcoin ETFs in the U.S. earlier this month[^1^]. So, while we rejoice in Bitcoin’s rise, we must also keep a keen eye on the market trends.

ARK Invest’s Shrewd Moves

ARK Invest, known for its strategic investments, has recently been making some interesting moves in the crypto space. It sold a staggering 2,226,191 shares of the ProShares Bitcoin Trust ETF worth around $42.8 million. On the other hand, ARK Invest bought 1,563,619 shares in the ARK 21 Shares Bitcoin ETF, amounting to approximately $62.3 million[^2^]. What makes this even more intriguing is that ARK Invest initially held shares of the Grayscale Bitcoin Trust (GBTC) but sold them late last year in anticipation of the approval of spot bitcoin ETFs in the U.S. The future is uncertain, but it seems ARK Invest has devised a clever strategy to adapt to the changing crypto landscape.

Celo Blockchain’s Quest for a New Home

The developers behind the Celo blockchain are exploring the possibility of migrating their project to become a new layer-2 network atop Ethereum[^3^]. This migration entails finding the right technology provider, and after evaluating proposals from various teams, the search is coming to an end. Prominent players in the blockchain industry, such as Optimism, Polygon, zkSync, and Arbitrum, have been vying for the opportunity to collaborate with Celo[^3^]. While there is no concrete timeline for the final recommendation, the team is working diligently to present a comprehensive proposal. This move has the potential to usher in a new era for Celo and Ethereum, so we’ll be keeping a close watch on this development.

Trending Posts

In addition to the Bitcoin surge and the ARK Invest news, here are some other trending posts that have caught our attention:

• UK Supreme Court Refuses Craig Wright Appeal[^4^]
• Spot Ether ETF Applications Decisions Delayed by SEC[^5^]
• Grayscale’s GBTC Profit Taking Likely Over, Easing Bitcoin Selling Pressure: JPMorgan[^6^]

Now you’re up to speed with the latest happenings in the crypto world!

Q&A: Addressing Your Concerns

Q1: Is Bitcoin’s recent surge sustainable?

While there are no guarantees when it comes to the crypto market, there are several factors suggesting that Bitcoin’s current surge has a solid foundation. The approval of spot bitcoin ETFs in the U.S. has created a favorable environment for Bitcoin adoption, driving up its demand and price. Additionally, institutional investors, like ARK Invest, are actively participating in the market, further strengthening Bitcoin’s position. However, it’s important to stay vigilant and keep an eye on market trends to make sound investment decisions.

Q2: What are the advantages of migrating Celo to become a layer-2 network atop Ethereum?

Migrating Celo to Ethereum’s layer-2 network offers numerous benefits. It allows the Celo blockchain to leverage Ethereum’s robust ecosystem and security. It also enables interoperability between the two networks, opening up avenues for seamless cross-chain transactions and collaborations. This move has the potential to enhance scalability, efficiency, and overall user experience on the Celo platform.

Q3: How will the delay in spot Ether ETF application decisions impact the market?

The delay in spot Ether ETF application decisions by the SEC may cause short-term fluctuations in the market. It adds a layer of uncertainty and can result in increased market volatility. However, it’s important to remember that the long-term prospects of Ether remain strong, driven by its utility as the second-largest cryptocurrency and its growing adoption in various decentralized applications and platforms.

Future Outlook and Investment Recommendations

Based on recent trends, it is clear that cryptocurrencies are becoming increasingly mainstream. Bitcoin’s surge, coupled with institutional interest, indicates that cryptocurrencies are here to stay. As an investor, it’s crucial to stay informed about the latest developments and make well-informed decisions.

Moving forward, we believe that cryptocurrencies will continue to gain traction, especially with the approval of Bitcoin ETFs in the U.S. This regulatory milestone opens the door for wider adoption and investment opportunities. However, it’s important to diversify your portfolio and not solely rely on Bitcoin. Consider exploring other promising cryptocurrencies with unique value propositions.

References

Here are some relevant links for further reading:

1. Bitcoin Reaches $41,250
2. ARK Invest’s Investment Moves
3. Celo’s Migration to Ethereum
4. UK Supreme Court Refuses Craig Wright Appeal
5. Spot Ether ETF Applications Delayed
6. Grayscale’s GBTC Profit Taking Likely Over

Now that you’re well-informed, why not share this article with your friends and let them in on the latest crypto developments? Together, let’s navigate the exciting world of cryptocurrencies!

Originally published in First Mover by Blocking.net, a daily newsletter providing a contextualized view of crypto market movements. Subscribe to get it in your inbox every day.

Edited by Omkar Godbole and Stephen Alpher.

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