Bitcoin's Price Surge Continues Despite US Senate Setbacks
According to ChainCatcher's transcript of a recent market strategy program by Citibank, the US Senate's failure to advance the CLARITY bill has not halted Bitcoin's upward trend. The bank believes that this shift in focus from legislative approvals to regulatory rules is a positive sign for the cryptocurrency industry.
Citibank also predicts that if AI investment continues to drive growth, employment, and wage pressures remain high, interest rates may face further upward pressure.
Additionally, CoinRoutes co-founder Dave Weisberger notes that Bitcoin's price has not yet reached a critical level due to the 'last hurdle' of bank-held Bitcoins facing significant discounting. He suggests that once banks treat cryptocurrencies similarly to other assets in terms of volatility and liquidity, their situation will change dramatically.
The European investment institution 21Shares launched two new exchange-traded products (ETPs) on the Paris and Amsterdam exchanges: one tracking Zcash and another tracking Ether.fi's governance and utility token. These ETPs are physically backed and have an annual management fee of 2.5%, higher than most Bitcoin and Ethereum investment products in Europe.