Bitcoin continued its modest rally last week, breaking above $79,000, driven by strengthened institutional buying and ETF inflows, while geopolitical sentiment improved after President Donald Trump indefinitely extended the United States’ ceasefire with Iran.
US spot bitcoin ETFs saw $824 million in inflows last week, while digital asset treasury companies continued to stock pile, with Strategy notably adding another 34,164 BTC, worth approximately $2.54 billion to their holdings, writes Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro.
Looking ahead, the key macro event this week is Wednesday’s Federal Reserve interest rate decision and press conference. Markets widely expect the Fed to hold rates steady at the current target range, but any comments suggesting a prolonged ‘wait and see’ approach, or pushing any potential cuts later into the year or next year, could dampen the recent rally.
On the crypto specific front, Bitcoin 2026 is kicking off in Las Vegas. Hosted by Bitcoin Magazine, it is widely considered the world’s largest gathering of Bitcoin enthusiasts, developers and industry leaders.
Key speakers on this year’s agenda include Michael Saylor, Jack Dorsey, SEC Chairman Paul Atkins and US Senator Cynthia Lummis. We could see some volatility in the bitcoin price on the back of their respective keynote speeches.
BIGGEST MOVERS
$PENGU was one of the biggest movers last week, up 34%, greatly outperforming the broader crypto market.
Having traded sideways since early February, the price broke out of its recent $0.008 resistance level adding further momentum to the rally.
The token could be one to watch going forward as the Pudgy Penguins ecosystem has been expanding beyond NFTs in recent months and pushing towards more real-world adoption.
The launch of the Pudgy World browser game and the Pengu Visa-enabled crypto debit card, enabling users to spend PENGU and stablecoins across more than 150 million merchants globally, could bring more users into the ecosystem in the months to come.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
Western Union confirms launch timeline for USDPT stablecoin.
Six months on from first announcing plans, Western Union now has confirmed a launch timeline for its USDPT dollar-backed stablecoin.
Speaking during the company’s recent earnings call, CEO and President, Devin McGranahan said that the stablecoin is in the final stages of preparation and is expected to launch next month.
Alongside the USDPT launch, Western Union is also launching two services that will integrate the stablecoin into its broader ecosystem.
Firstly, a Digital Asset Network, which will allow users to convert USDPT and other cryptoassets into local currency at its 360,000 collection points worldwide.
Secondly, a US dollar stable card, which will allow users to hold and spend USDPT.
Western Union already serves more than 100 million customers worldwide. The respective product launches could become one of the first large-scale use cases where crypto is actually used for real global payments and not just for investment and price speculation.
