Crypto Has Reached May’s Max, Aiming Higher

At the time of writing, Bitcoin is trading just below $80K, but during a period of reduced liquidity ahead of the start of the Asian session, the price spiked to near $81.5K, setting a new high over the past three and a half months. It was near these levels in May that the leading cryptocurrency formed a local rebound peak, so it is logical to expect consolidation at this level for 5–10 days, though it may take longer. The next stage of growth is expected to be the $90K region, where BTC has held steady for two months since the end of November last year.

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Inflows into US spot Bitcoin ETFs have continued for eight consecutive trading sessions. During this period, investors have poured $2.8 billion into the funds, bringing the total inflow to $54.7 billion.

Concerns over US government debt are driving investors towards alternative savings options such as Bitcoin and gold, according to BlackRock. The recent rise in BTC is consistent with the cryptocurrency’s cyclical nature.

The US authorities have transferred 24,408 BTC, worth approximately $1.91 billion, from a wallet containing assets confiscated from the bankrupt crypto exchange FTX. The transfer of assets does not necessarily indicate an impending sell-off, though Arkham does not rule it out.

The UK has announced plans for the Bank of England to facilitate the development of payment systems and new forms of digital money, including stablecoins. The regulator’s primary focus will remain on financial stability.