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  • Crypto Week: Powell Saves BTC, SEC is Attacking Robinhood, while BlackRock Sees Bright Crypto Future

Crypto Week: Powell Saves BTC, SEC is Attacking Robinhood, while BlackRock Sees Bright Crypto Future

Bitcoin (BTC) experienced a 2.5% decline this week, settling at $62,360, following a noteworthy 15% rebound in the previous week. The cryptocurrency faced the risk of deeper losses as prices plummeted to $56,537. However, Federal Reserve (Fed) Chairman Jerome Powell intervened, providing support to crypto assets.

Powell's deliberate dismissal of rumors regarding potential interest rate hikes this year, coupled with the Fed's unexpected announcement of a reduction in its government bond-buying program from $60 billion to $25 billion per month starting June 1st, sent a dovish message to the market. This boosted both stocks and cryptocurrencies, with Bitcoin reclaiming the $60,000 support and surging to $65,491 by May 6th.

However, despite the positive sentiment, Bitcoin faced headwinds from capital outflows in spot BTC-ETFs. The ProShares Bitcoin Strategy ETF (BITO) reported net capital outflows of $9.7 million, extending to the fifth consecutive negative week. Additionally, prominent funds like IBIT from BlackRock, FBTC from Fidelity, and GBTC from Grayscale collectively lost $417.5 million last week, further dampening the potential for crypto asset growth.

In other developments, the U.S. Securities and Exchange Commission (SEC) targeted Robinhood, warning the company about its crypto business. The SEC indicated that the crypto assets traded on the platform could be considered securities, potentially leading to charges following an investigation. This regulatory scrutiny added to the industry's overall disappointment, especially considering Robinhood's efforts to register its crypto business.

Amidst these challenges, BlackRock aims to restore optimism by identifying new investor categories, such as sovereign wealth funds, pension funds, and endowments, which may soon enter the market to trade spot ETFs. If this materializes, BTC prices could surge to $110,000-120,000 by October. On the other hand, Standard Chartered warns that BTC may slip to $50,000 per coin and lower. In order to follow this downside scenario BTC has to fall below $60,000 support first.