The Block
The bitcoin price broke above the $61,000 mark after Fed Chair Jerome Powell’s dovish announcement at the Jackson Hole symposium.U.S. equities saw gains in early trading on Friday, with the S&P 500 and Nasdaq up 1.2% and 1.8% respectively.
A JPMorgan report has reduced its price targets for bitcoin mining stocks due to declining bitcoin prices and a rising network hashrate.However, the report noted that enhanced efficiencies at Riot Platforms’ facilities and a recent drop in Iris Energy’s stock price present potential opportunities.
Onchain metrics shows bitcoin exchange reserves have dropped to multi-year lows.Options market open interest distribution signals optimism for bitcoin and ether.
U.S. spot bitcoin ETFs recorded $64.91 million in net inflows on Thursday, while spot Ethereum ETFs saw $874,610 exit the funds.BlackRock’s IBIT experienced net inflows, while Grayscale’s GBTC continued its outflows.
Donald Trump endorses the crypto project ‘The DeFiant Ones’ spearheaded by two of his sons.Former congressional candidate with FTX ties Michelle Bond charged with unlawful campaign contributions.Grayscale unveils investment trust for Avalanche’s AVAX tokenThe following is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons
Asset manager Franklin Templeton is bringing its OnChain U.S. Government Money Fund (FOBXX) to Avalanche, its fourth network launch to date.FOBXX is represented by the BENJI token, which currently trades on Stellar and Ethereum Layer 2s Polygon and Arbitrum.
Grayscale Investments has launched a new investment trust focused on the AVAX token.The Grayscale Avalanche Trust aims to provide accredited investors with exposure to the cryptocurrency.
Bitcoin has rebounded above $61,000 following Wednesday’s release of dovish FOMC meeting minutes for July.The bitcoin perpetual futures funding rate has flipped positive, indicating a more optimistic investor outlook.
SunPump, launched just last week, overtook its major Solana-based rival, PumpFun, in 24-hour revenue on Wednesday.SunPump’s revenue amounted to around $548,000 yesterday, while PumpFun generated about $367,000, data shows.
U.S. spot bitcoin ETFs saw its fifth day of net inflows, while ether funds saw their fifth daily net outflows.
