Bitcoin demand continues to flatline as markets move nervously toward the second half of the year.
The cryptoasset began the week just above $26,500 on the eToro platform, rising to just over $27,250 early in the week before falling away to below $26,250, writes Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro.
It is currently around $26,550 however underlining a wait-and-see approach taking hold of markets.
Ethereum ended the week around $1,790, slightly up from its $1,770 starting position, but oscillated between highs above $1,820 and lows below $1,760.
Uncertainty in markets continues to be driven by waiting and watching central bank moves. US Fed chair Jerome Powell indicated on Friday that rate hikes could now pause. The central bank however has garnered something of an unreliable partner reputation among markets in recent months, leaving asset movements to trade on uncertainty.
Grayscale takes another shot at a bitcoin ETF
Cryptoasset management firm Grayscale is taking another run at launching a bitcoin ETF, per the FT – something regulators in the US have so far refused to permit. It looks like the plan is not to submit a 100% spot price based bitcoin ETF but rather as a part of a wider bitcoin-focused portfolio.
Until now, in the US, bitcoin ETFs have only been permitted to invest via Chicago Mercantile Exchange futures contracts, rather than the spot price of the cryptoasset. While spot price ETFs are available internationally, the lack of one in the US has left out a key market for the cryptoasset.
The attraction of a bitcoin spot price ETF is that investors will be able to own the cryptoasset without the need for actually holding and transacting via the network, instead buying traditional financial (TradFi) instruments through TradFi institutions. It could have a transformational effect on demand if this were to be permitted.
Store your bitcoin on a your old gameboy
A crypto startup Keyp is developing a way for bitcoin owners to store their tokens on an old gameboy. The process involves playing a game of sorts on the gameboy to unlock seed phrases in random quests and interactions.
Gimmicks aside, crypto wallets are becoming an increasingly important part of the ecosystem at the moment. Users have battled difficult UX for some time which has been a barrier to adoption. Storing bitcoin on a gameboy is clearly a novelty but it underlines important developments in cryptoasset storage.
Ultimately, personal digital wallet storage is an integral aspect of the crypto ecosystem. Although it creates self custody reassurance, it’s essential to store seed phrases and security information carefully to avoid losing control of those cryptoassets completely.
