Bitcoin Hits $80,000 as Global Market Sees Bull Run
The global market is experiencing a bull run, with stocks, oil, gold, and Bitcoin all seeing significant gains. According to Bloomberg's ETF analyst Eric Balchunas, the debasement/store-of-value trade appears strong, with Bitcoin currently trading at $80,000, up 30% in the last month.
Despite this bullish sentiment, tensions in the Middle East escalated this week, contributing to a rise in oil prices. Treasury Secretary Bessent also blamed Ukraine for creating upward pressure on global energy prices.
In response to Ursula von der Leyen's comments about mobilizing European savings to fund European companies, effectively implementing capital controls, some investors turned to Bitcoin as a potential way to skirt these restrictions.
Robinhood Chain, an app that allows users to trade tokenized stocks, saw significant activity this week. It generated over $4 million in 24-hour revenue, roughly $1.4 billion annualized, with a reported 90% margin. The app's success has been fueled by the trading of memecoins, which are paired with tokenized stocks in liquidity pools.
However, experts have warned that Robinhood Chain is rife with scams and that its users may be new to crypto due to paid-acquisition campaigns. Fomo, an app responsible for 90,000 of the 115,000 wallets on the chain, has been accused of gaming screenshots and leaderboard mechanics.
Some experts predict that social trading will continue to grow in popularity, leading to trading celebrities, while others argue that it is a zero-sum game that can damage productivity. The SEC proposed updating rules for registered transfer agents, making tokenization easier to build around, with 1.9 million on-chain tokenized equity holders up 134% month over month.