The Daily, a newsletter from The Block, brings you the latest and most impactful news from the world of cryptocurrency. It’s been a busy week with Bitcoin resurfacing over the $105,000 mark. Despite this, market analysts advise caution as the market appears precarious. With U.S. CPI and PPI figures set to be released mid-week, we could see more turbulence ahead.
Today’s edition of The Daily highlights Ethereum’s crucial turning point, Strategy’s significant Bitcoin purchase of $110 million, and Turnkey’s successful $30 million Series B fundraising round. On top of these, BlackRock’s Bitcoin ETF has outpaced all previous records by hitting $70 billion in AUM in record time.
According to Bernstein, Ethereum is at a critical juncture as the crypto world transitions from speculation to tangible financial innovation powered by blockchain technology. The analysts believe that Ethereum’s unique position as a decentralized computing platform makes it invaluable in this new era of financial technology.
Strategy, on the other hand, has added another 1,045 BTC to its portfolio, taking its total holdings to 582,000 BTC, worth over $62 billion. The company funded these purchases using proceeds from its STRK and STRF perpetual preferred stocks.
Turnkey, a startup co-founded by former Coinbase employees, raised $30 million in a Series B round led by Bain Capital Crypto. The company plans to use this funding to scale its team and expand its infrastructure.
Lastly, despite a surge in users, OpenSea’s monthly trading volume still falls short of its January 2022 highs. However, the anticipation surrounding the forthcoming SEA token has users engaged.
As we move forward, keep an eye on Bitcoin network activity as it has reached its lowest level since October 2023, despite BTC’s price remaining near all-time highs. Stay tuned for more updates on the ever-evolving crypto market.
