Bitcoin, Solana surge
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What’s up
Big-Cap Coins Flex Muscles
Bitcoin spent a chunk of last week flouting negative forces and leapfrogging key levels – $28K and then $29K – before eventually, on Friday, notching $30K. The largest crypto just began a new week in startling fashion, seeking one more leg up.
As of Monday, at 9 a.m. (EST), BTC hugged $30,650 on a 2.5% gain in 24 hours.
Among Big Ten assets, Solana is streaking most vividly, basking in the afterglow of crossing $30 after a seven-day surge of 28%.
A couple of digital assets are +30% in the past week. Specifically, we're talking about DeFi stalwart Chainlink and a major Bitcoin fork, Bitcoin BSV. Another popular fork, Bitcoin Cash, yesterday shot from below $240 to above $250, perhaps a spillover of exhilaration that appears to be connected with overall bullish sentiment surrounding the growing possibility that one or more spot BTC exchange-traded funds (ETFs) will get an SEC green light.
As for LINK leaping toward $11, it's a sneaky-impressive maneuver considering the No. 14 crypto was noticeably stuck at $7 for about a week-and-a-half.
Excitement in the Chainlink community about a version 2.0 staking platform seems to be spreading that much faster in an environment in which BTC is chasing $31K and triggering daily short-seller liquidations.
Solana's price move caught some crypto observers by surprise considering some looming supply-deluge dynamics stemming from the FTX bankruptcy proceedings. But SOL jumped by as much as 11% on Friday.
It now appears investors' concerns about FTX dumping SOL tokens were overblown, said an analyst at IntoTheBlock (CoinDesk).
What's down
SBF Defense Team Has Work Cut Out
Over the past three weeks, Sam Bankman-Fried's criminal fraud trial has featured several former FTX employees who took the stand to allege the crypto exchange founder knowingly orchestrated a scheme to siphon billions of dollars in customer funds. Former federal prosecutors told the Washington Post that Bankman-Fried's odds of beating the rap are dwindling.
The burning question of whether SBF will take the stand looms large – like some gargantuan mop of outrageously curly hair – with court in recess for the next few days.
It remains unclear which rebuttal witnesses will wind up testifying. The defense originally proposed seven expert witnesses, but the judge blocked three of them from testifying; the rest, meanwhile, still need to file full disclosures (CoinDesk).
What's next
Has Bitcoin Found A Sweet Spot?
Bitcoin's surprising advance to about $30,800 (momentarily, earlier, in Asia) marks the highest spot price mark since mid-July. Just this morning alone, BTC battled for $30,700, up 0.3% in one hour as of 9:15 a.m. (EST).
War and inflation worries have pushed the 10-year Treasury above 5%, weighing on stocks, while boosting the price of gold. Perhaps BTC is also benefitting from perceived inflation-hedge status.
Greg Magdini, director of derivatives at Amberdata, noted that ramped-up military spending is traditionally inflationary; meanwhile, the Federal Reserve has hinted about a rate hike pause – despite the U.S. economy remaining relatively robust – possibly leading to a scenario in which stubborn, smoldering inflation catches real fire again.
This could spell upside momentum for gold and BTC. Add in ETF optimism and “BTC remains an even more interesting asset," Magdini told CoinDesk, pointing to the biggest crypto’s portability and ostensible disconnect from government-led money supply measures.
