Global #Bitcoin

The price of bitcoin suddenly collapsed, falling 3.5% in a single day. However, most popular altcoins had even worse luck.

Bitcoin (BTC) has been lingering around the $62,000 price mark for an extended period. Nevertheless, there is a possibility of the situation worsening for the leading cryptocurrency in the near future.

Investor apprehension regarding potential Federal Reserve interest rate reductions remains prevalent, as withdrawals from the Grayscale Bitcoin ETF (GBTC) resume. This trend indicates a cautious sentiment prevailing in the market.

JPMorgan Chase, the leading US bank, has disclosed its investment in spot Bitcoin exchange-traded funds (ETFs) in a recent submission to the Securities and Exchange Commission (SEC).

Despite the recent ups and downs in Bitcoin's profitability, a recent study indicates that an impressive 86% of BTC addresses are still enjoying gains.

Metaplanet, a Japan-based Web3 company, has recently disclosed its purchase of additional Bitcoin worth ¥200 million, equivalent to $1.25 million.

Toncoin (TON), the native cryptocurrency for The Open Network blockchain backed by the Telegram social network, has experienced a significant uptick, rising approximately 14% in the past 24 hours to trade around $6.9 during the mid-London session on Friday.

According to Glassnode's recent newsletter "The Week On-Chain" dated May 7, Ethereum's Ether (ETH) has demonstrated comparatively weaker performance in this market cycle when compared to Bitcoin (BTC), which is currently priced at $62,988.

At the time of reporting, Bitcoin's value stands at $61,512, experiencing a 1.4% decrease over the past 24 hours. Despite this decline, Bitcoin continues to attract significant attention from analysts and investors.

Harvest Global Investments, the firm behind the introduction of Hong Kong's first Bitcoin and Ethereum ETFs, is planning to extend these investment vehicles to mainland Chinese investors through the Hong Kong Stock Connect.

Apart from Bitcoin's current decrease to $62,756, analysts suggest that the cryptocurrency market might discover its lowest point in June, signaling the beginning of the next altcoin bull cycle.

Twitter co-founder Jack Dorsey recently shared his bullish prediction for the future price of Bitcoin, suggesting that it could soar to at least $1 million by 2030, with potential for further growth beyond that point.