Why did crypto has a good week?

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 What You Need To Know

Wait — did Bitcoin actually have a good week?

    Actually, make that two positive weeks in a row. After trending lower for a while, the price came back to life after those Elon musks and Cathie Wood comments discussed last week. Then Monday’s massive short squeeze took it even higher, and the largest cryptocurrency hasn’t looked back. In fact, it had the longest win streak of the year, gaining eight straight days.

“Going forward, we expect Bitcoin to keep pushing higher and test the upper end of the $30,000-$42,000 trading range,” said Pankaj Balani, the CEO of crypto-derivatives exchange Delta Exchange, in a recent note. “The current momentum is strong and it won’t be surprising to see BTC expand the $30,000-$42,000 trading range on the upside and attempt $45,000. However, breaking above $50,000 will take some doing for BTC. Only a conclusive break above $50,000 would attract fresh flows and signal a change in the broader direction for the market.”

Next week could be pretty interesting, with Ethereum’s much-anticipated London upgrade due to arrive as well.

“Ethereum is slowly winning over the institutional trader as their blockchain continues to dominate the smart contract space,” Oanda’s Edward Moya said in a note Thursday. “Ethereum is winning the blockchain wars and its outperformance over Bitcoin may accelerate going forward.”

Read more from TTIN Financial: You might need to pay more taxes on Crypto

Key Coverage

Ethereum’s London Upgrade Could Boost Its Price Through Burns

Bitcoin in Longest Winning Streak in 2021 as Crypto Rebounds

Tether Executives Said to Face Criminal Probe Into Bank Fraud

By The Numbers

$40,907

Bitcoin's high from the past week.

EIP-1559

The highly anticipated Ethereum upgrade is expected this coming week.

$5 million to $20 million

Early-stage deal size range where big players are particularly coming in and boosting valuations, according to PwC

Why It Matters

It’s fundraising time in crypto.

After FTX raised $900 million recently, Fireblocks came along with a $310 million raise that sealed its unicorn status at a valuation of $2 billion. And a16z-backed Eco took in $60 million. Those are just two examples of the plethora of cash raises recently as investors look to get in and crypto/blockchain/DeFi companies seek to expand.

If you’re interested in the fundraising/deal space more generally, check out what PwC’s Henri Arslanian had to say about what’s hot, who’s getting elbowed aside by the big venture capital firms, and what some of the biggest issues are.

Quotable:

“Longer term, playing within the rules, 100% compliant, it’s much better to play within the confines of that.”

“I would be honored to lead Binance as a regulated financial institution until we find someone who may do a better job than I do.”

—Binance CEO Changpeng “CZ” Zhao in a press conference, about Binance’s approach and his own tenure at the company.


Of Note:

—DeFi takes on Wall Street.

--The crypto population has continued to grow.

--Since it's Olympics time…

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