EOW closing BTC price: $66,262
Date range: May 13 - May 19, 2024
In this report:
- Spy Games and Security Concerns
- The Influence of Inflation
- BlackRock and Beyond
Weekly Snapshot
Main Topics of the Week
Spy Games and Security Concerns
Last week, we talked about how Bitcoin is becoming a hot topic in US presidential elections. But now, judging by recent media coverage, it's turning into a geopolitical tug-of-war.
Known for their skeptical take on Bitcoin mining, Michael Forsythe and Gabriel J.X. Dance from the New York Times reported that President Biden banned a Chinese Bitcoin mining operation near a U.S. nuclear missile base due to national security concerns.
Niamh Rowe from Fortune also covered this story, pointing out that plenty of Chinese miners are still operating across the U.S.
CNBC's Crypto World team, including Emily Glass and Tanaya Macheel, also explored the espionage fears behind Biden's decision to bar the miner near the missile base.
The Influence of Inflation
Jack Denton from Barron's noted that Bitcoin prices soared above $65,000 after a cooler April inflation reading, which was echoed by CNBC’s Tanaya Macheel.
She reported on Bitcoin’s rise due to "easing inflation", showing just how sensitive Bitcoin is to the perception of macroeconomic indicators.
Denton also pointed out how Bitcoin’s price gains mirrored the S&P 500 hitting record highs, while Suzanne McGee and Hannah Lang from Reuters highlighted how entities like the Wisconsin Retirement System are betting on Bitcoin ETFs.
BlackRock and Beyond
Financial Times journalists Will Schmitt and Brooke Masters revealed that BlackRock is on the verge of becoming the world's largest Bitcoin fund.
Meanwhile, Hong Kong is still making the news after jumping into the Bitcoin ETF race, as reported by William Langley and Chan Ho-him from the Financial Times.
Even though these ETFs haven't pulled in as much money as their U.S. counterparts, their approval and launch in various regions are still huge milestones in Bitcoin’s path to widespread acceptance.
On another front, CNBC's Crypto World team reported that Morgan Stanley disclosed a $270 million investment in the Grayscale Bitcoin ETF.
