Bitcoin Rises on Geopolitical Hopes as SpaceX Reveals BTC Holdings and Ethereum Eyes Privacy Upgrades

Hopes for a peace agreement between the US and Iran are supporting Bitcoin. Ethereum is addressing the issue of privacy coins. SpaceX reveals its BTC reserves.

Bitcoin was trading at around $78,000 on Thursday morning, up 1.5 percent for the day. Bitcoin ETFs continued their recent downward trend on Wednesday, with a $70 million outflow of capital.

Bitcoin gains on peace hopes and corporate adoption, while Ethereum advances toward stronger on-chain privacy features

What does the upcoming largest IPO in financial history have to do with Bitcoin? Yesterday, SpaceX submitted a preliminary prospectus to the SEC as part of its preparations, and this prospectus also reveals its Bitcoin reserves. According to the document, SpaceX holds exactly 18,712 BTC, which values ​​the company at $1.29 billion.

At current prices, these Bitcoin reserves would even be worth $1.46 billion. While this may seem like a small contribution to the $1.5 trillion valuation SpaceX is aiming for on the stock market, the company, led by Elon Musk, is demonstrating that progressive strategies should now include “digital gold” Bitcoin. It wouldn’t be surprising if other major corporations now reconsider their Bitcoin investments.

Ethereum climbed to around $2,150 on Thursday morning, a gain of 1.5 days. Ethereum ETFs reported a $28 million outflow from trading on Wednesday.

Ethereum mastermind Vital Buterin is currently giving a lot of thought to the future of ETH. He recently outlined the measures he envisions for taking the issue of “financial privacy” seriously on Ethereum. So far, ETH transactions are generally publicly viewable on the blockchain and, with some effort, traceable.

The use of so-called mixers like Tornado Cash has its pitfalls and is legally controversial. Buterin now proposes enabling anonymous transactions as a basic service using three technological building blocks. Given the success stories of leading privacy coins Monero (XMR) and Zcash (ZEC), this sounds like a step that could increase Ethereum’s appeal.

The day’s winner is Hyperliquid with a 17 percent gain, and a new all-time high for HYPE is in sight. One reason: The HYPE ETFs have already recorded nearly $50 million in capital inflows in their first week on the stock exchange.

The biggest loser of the day is MemeCore (M). The project, which aims to become Meme 2.0, is experiencing wild price fluctuations. MemeCore is also facing accusations of alleged insider trading.

The crypto sentiment barometer has moved into the “Neutral” zone, likely due to the prospect of a peace agreement with Iran

Two brief news items about crypto in the EU: In Brussels, the EU Commission has invited discussion on improvements to the MiCA regulations. Market participants and the public are invited to comment on their experiences and outlook regarding MiCA until August 31st, according to the official announcement.

In Frankfurt, AllUnity announced a stablecoin for the Swedish krona. According to a press release, SEKAU is slated to debut in June. Sweden, as a “global leader in the transition to a cashless economy,” is considered a promising market. Last August, AllUnity launched EURAU , the first euro stablecoin “Made in Germany,” which, with a current market capitalization of just under €1.3 million, remains a niche product.

__

(Featured image by Jonathan Borba via Pexels)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Block-Builders.de. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.