Weekly Crypto Roundup: Bitcoin Hits All-Time High, Ethereum Fees Skyrocket, and Tesla Rumored to Buy Bitcoin Again

Bitcoin has been making headlines once again this week as it hit an all-time high amidst a volatile trading week. The cryptocurrency first touched over $69,200 before experiencing a sharp 10% decline, only to recover and surpass $70,000 for the first time by the end of the week. This surge in price was accompanied by billions pouring into Bitcoin ETFs, with anticipation surrounding the upcoming halving event continuing to fuel investor excitement.

Meanwhile, Ethereum also saw significant gains as it reached $4,000 for the first time in over two years. The speculation surrounding spot Ether ETFs contributed to this growth. However, with the resurgence of memecoin mania, Ethereum gas fees soared to a nearly 2-year high, causing challenges for transfers as meme tokens like Pepe, Shiba Inu, and Floki more than doubled in price.

Bitcoin’s recent surge has been largely fueled by Asian investors, particularly from countries like South Korea, China, and Hong Kong, who accounted for approximately 70% of the trading volume. This trend highlights a significant FOMO effect in the region, as evidenced by a 12-fold increase in “bitcoin” searches on the WeChat messaging app.

In the regulatory space, the US SEC has postponed decisions on two new crypto products, including Ethereum ETF applications. The agency is seeking public opinion on the potential manipulation risks and whether arguments supporting approved Bitcoin ETFs are applicable to Ethereum. BlackRock, the world’s largest asset manager, has updated its filing with the SEC to indicate its intention to purchase spot Bitcoin ETFs for its funds.

On a less positive note, the Worldcoin crypto project, co-founded by OpenAI CEO Sam Altman, has been halted in Spain due to privacy concerns. The Spanish government’s data protection agency ordered Worldcoin to suspend activities in the country for three months, citing the high risks posed by the processing of sensitive biometric data.

Amidst all these developments, speculation surrounds Tesla’s Bitcoin holdings, with its BTC wallet currently holding more bitcoins than reported in its last earnings call. Some anticipate the announcement of a recent Bitcoin purchase during Tesla’s upcoming earnings call, while others consider the possibility of an accounting error. Tesla had previously purchased $1.5 billion in Bitcoin in February 2021, only to sell 75% of its stack in 2022.

Overall, this week in crypto has been eventful and filled with excitement and speculation. Stay tuned for more updates next week.