The Bitcoin Briefing, 24 May 2024

The Bitcoin Brief 24.05

It’s time for another edition of the Bitcoin Briefing, the only place to catch up with the most exciting stories of the bitcoin week. Well maybe not the only place, but certainly in the top 5.

Bitcoin Market News

Bitcoin Surges Over $71K as Ether ETF Hopes Lead to $260M in Short Liquidations

Bitcoin surged over $71,000 early Tuesday, its highest since early April, as ether surged over 19% to $3,700 after Bloomberg analysts raised the probability that spot ETH exchange-traded fund (ETF) gets approved in the U.S. to 75%.

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Spot bitcoin ETFs report sixth consecutive day of net inflows

U.S. spot bitcoin exchange-traded funds reported yet another day of total net inflows on Monday, drawing in $241.12 million. This marks the sixth consecutive day of inflows, which is the longest positive streak the funds have seen since mid-March.

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Bitcoin hits record in Japan, Argentina and Philippines’ local currency

Bitcoin notched all-time highs in several countries across Asia and South America following a 7% surge on the day - pushing the cryptocurrency ever closer to its United States dollar peak. According to CoinMarketCap, in Japan, BTC hit an all-time high of 11.2 million yen in early trading on 21 May.

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Bitcoin Trends

Bitcoin return to $73K could be a start to ‘escape velocity’ phase

A potential return of Bitcoin to $73,000 could mark the beginning of the asset’s acceleration to “escape velocity,” according to a crypto analyst. Escape velocity is a term used in astrophysics to describe the minimum speed needed for an object to escape from the gravitational field of a celestial body, like a planet or moon, without further propulsion. Crypto analyst James Check used the term in a May 21 market report to describe what Bitcoin could do once it retakes the $73,000 price point, referring to the short-term holder market value to realised value metric, which he explains suggests the market is not yet “overstretched, overbought, and over-saturated.”

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Nancy Pelosi Votes For Landmark Crypto Bill

In a massive win for the digital asset market in the US, the House of Representatives passed landmark legislation establishing a regulatory framework for the industry. Former House Speaker Nancy Pelosi, who voted in favour of the bill laying down clear regulations for the cryptocurrency industry, went against the stand of her former financial adviser and incumbent SEC Commissioner Jaime Lizárraga.

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Bitcoin hash rate and difficulty rise following price increase on back of Ethereum ETF speculation

Bitcoin mining difficulty rose 1.5% on Thursday amid renewed optimism for potential spot Ethereum ETF approvals and the subsequent crypto price increase. Bitcoin mining difficulty is a relative measure of how hard it is to mine a new block compared to the easiest it can ever be. It adjusts automatically every 2016 blocks — roughly two weeks — to ensure that, on average, a new block is found every 10 minutes, regardless of how many miners are actively mining.

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Bit of bitcoin fun

Bitcoin Pizza Day: The Story Behind $700 Million In BTC Spent on One Dinner

Every year on May 22, the cryptocurrency community remembers and marvels at how one man paid for a pizza with bitcoin. While the story may sound benign and uninteresting at first glance, the details are completely shocking and have undoubtedly led to regrets for some involved.

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