Bitcoin Hits 80,000 USD… Iran Crisis and U.S. Treasury Bond Confidence to Shape Future Trajectory
Analysts suggest that for Bitcoin (BTC) to consistently trade above 80,000 USD, a resolution to the Iran situation or eroding confidence in U.S. Treasury bonds may be necessary.
As of 9:31 a.m. (Korean time) on Monday, Bitcoin was trading at 101,917,000 KRW (about 75,700 USD) on Bithumb, up 0.51% from the same time yesterday.
Globally, CoinMarketCap reported Bitcoin at 80,207 USD, a 0.38% increase from the previous day. The cryptocurrency has been range-bound between 79,000 USD and 80,000 USD since yesterday.
European digital asset manager CoinShares recently noted that Bitcoin has mirrored gold’s performance over the past two weeks.
Renewed concerns about U.S. fiscal health and the Treasury’s expanded long-term bond purchases have driven investors to Bitcoin and gold as currency hedges. This shift propelled Bitcoin from the low 60,000s USD to the 80,000 USD range.
While the Federal Reserve’s monetary policy could cap further gains, CoinShares suggests that for Bitcoin to consistently trade above 80,000 USD, either a resolution to the Iran crisis or declining faith in U.S. Treasury bonds, boosting Bitcoin demand, is needed.
In the near term, August’s U.S. inflation data and September’s Federal Open Market Committee (FOMC) meeting are expected to be key drivers of Bitcoin’s direction.
From 2.7 Million KRW to 6 Billion KRW: Bitcoin Recovered After 14 Years
A British investor has reclaimed Bitcoin locked in a defunct exchange for 14 years, turning an initial 2.7 million KRW (about 2,000 USD) investment into 6 billion KRW (about 4.5 million USD).
CoinDesk reported on September 6 that a British investor purchased 1,500 GBP (about 2,027 USD) worth of Bitcoin from local exchange BritCoin in December 2011.
BritCoin ceased trading in late 2012 and shut down in early 2014, leaving Chris believing his Bitcoin was lost for over a decade.
Recently, UK law firm CEL Solicitors uncovered a wallet likely containing users’ assets from the exchange, enabling asset recovery. The wallet reportedly held over 5,500 Bitcoins.
Chris’s recovered Bitcoin is now worth approximately 4.5 million USD. At the time of purchase, each Bitcoin cost less than 4 USD.
Southeast Asian Blockchain Investment Doubles, Reaching 940 Billion KRW This Year
Blockchain companies in Southeast Asia have more than doubled their investment inflows compared to last year.
On September 6, CoinDesk reported that market intelligence platform Traxion tallied 680 million USD in investments for the Southeast Asian blockchain sector this year, more than doubling last year’s 319 million USD.
However, the number of investment rounds decreased from 46 last year to 25 this year, indicating a shift towards larger investments in virtual asset financial services and growth-stage companies rather than early-stage startups.
Grayscale Seeks Private Consultations Before SEC Reviews Coin ETF
Digital asset manager Grayscale has requested that the U.S. Securities and Exchange Commission (SEC) allow for private consultations before it submits applications for digital asset exchange-traded products (ETPs).
The Block reported on September 6 that Grayscale, in a letter to the SEC, advocated for a selective private pre-consultation process, with SEC officials responding within 45 days.
Grayscale argues that the current system, which begins review after product structure disclosure, enables competitors to quickly submit similar products, diminishing innovation incentives. Digital asset manager 21Shares expressed similar concerns.
