The heady days of daily headlines on Decrypt announcing new consecutive ATHs for Bitcoin have cooled off in what could be the petering out of a now-historic bull run. Today the currency suffered a further fall of 5%, taking it to a price of $35,000.
Observers predicted a correction was overdue at some point along the run. Valued at $10,500 at the start of October, Bitcoin rose consistently through the end of the year, with notable growth spurts around Christmas and New Year’s, bringing it to a dizzying ATH of $42,000 on January 8.
The general consensus is that Bitcoin’s market performance was bolstered by a wave of serious institutional interest from various companies. Anthony Scaramucci’s SkyBridge recently launched its own Bitcoin fund; Michael Saylor’s MicroStrategy also invested over a billion dollars in the currency—perhaps prompting Morgan Stanley to buy a ten percent stake in the company to capitalize on the growing interest in BTC.
Their faith in the coin remains, though, with Scaramuccitaking to Twitter to declare that “a 25% pullback is no surprise. Expect many surges and pullbacks ahead.” On the same platform, Saylorstands by his expensive choice every day, summarising his attitude to Bitcoin in a retweeted meme.
Meanwhile,according to a report by Coindesk, Goldman Sachs and JPMorgan both sent out RFIs (requests for information),— essentially feelers for exploring ‘digital asset’ (crypto) custody.
According to Assetdash, Bitcoin is now the tenth biggest asset by market capitalization, having blazed clear of crypto critic Warren Buffet’s company Berkshire Hathaway, now two places behind, and leaving giants like Visa, JPMorgan, and MasterCard trailing at fourteenth, fifteenth, and twenty-first respectively.
The graphs may be falling but Bitcoin’s future remains a topic of heated speculation.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Actor and noted crypto critic Ben McKenzie is set to make his directorial debut at SXSW London with the June premiere of his documentary, “Everyone Is Lying to You for Money,” according to a report by Deadline.
The documentary follows McKenzie—best known for roles on "The O.C." and "Gotham"—as he investigates the cryptocurrency world and interviews key figures, including during a trip to El Salvador to examine President Nayib Bukele's regime, which made Bitcoin legal tender in 2021.
“When I star...
Ethereum just lost one of its long-time institutional backers.
In a Thursday statement, algorithmic trading firm Two Prime announced it is dropping all exposure to Ethereum (ETH) and will exclusively manage and lend against Bitcoin (BTC) going forward, citing Ethereum’s unpredictable behavior, declining market momentum, and eroding institutional appeal.
Why Two Prime is Going BTC Only https://t.co/VtrQAUyGL0 pic.twitter.com/4BWVd8R7HM
— Two Prime (@Two_Prime) May 1, 2025
Two Prime didn’t say h...
Crypto asset manager 21Shares applied for an exchange-traded fund tracking the price of Sui, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.
The 21Shares Sui ETF aims to broaden investors’ access to the native token of the layer-1 network designed for high-speed transactions, which has been dubbed by some as a “Solana Killer.”
The filing named Coinbase as a custodian to safeguard investors’ funds, according to the registration statement, but did not specify...