[CryptoButthead.com , msch, goldsmith, June 23, 2023] Howdy! Hold on to your hats ’cause we got some news from the wild, wild world of cryptocurrencies. It seems like those digital coins were feelin’ a bit frisky on Thursday, with prices ticklin’ higher. And you know what kicked things off? Our good ol’ buddy bitcoin took a big leap on Wednesday, shootin’ up over 6% and reclaimin’ its $30,000 level for the first time since April. Talk about a comeback!
But wait, there’s more! Ethereum, that sneaky rascal, briefly went over $1,900 overnight. It’s like watchin’ a rodeo, folks. You never know which way these cryptos are gonna buck next.
Now, if you think that’s all there is to this story, well, hold your horses. We got some big shots makin’ moves too. Invesco and WisdomTree, them fund managers, went ahead and refiled applications with the SEC for spot bitcoin ETFs. They ain’t the first ones to do it, mind you. BlackRock, the biggest asset manager out there, already filed for a bitcoin exchange-traded fund. Everybody wants a piece of that crypto pie, it seems.
Now, let’s talk about bitcoin’s crazy ride. It was bouncin’ all over the place on Thursday, flirtin’ with that $30,000 level like a bull in a china shop. Just the other week, it took a dive below $25,000, sendin’ shockwaves through the market. But it’s been playin’ in the range of $26,000 to $27,500 for a while now. It’s like a rollercoaster that can’t decide if it wants to go up or down. So far this year, though, bitcoin has bolted up a whopping 82%. That’s some serious growth.
As for our buddy Ethereum, it was doin’ its own dance. It was tradin’ near $1,890 on Thursday after reachin’ a peak of $1,933 overnight. But don’t be fooled, it had a rough patch. Just the other day, it slipped below $1,700 for the first time in months. That SEC lawsuits ain’t makin’ things any easier. Back in April, it hit a high of $2,139, its highest level in ages. And on April 13, it shot past $2,000 for the first time in nearly a year. That’s some fancy footwork, I tell ya. So far this year, Ethereum has soared 57.5%. Not too shabby, my friends.
Now, here’s a word of caution. These digital assets are as volatile as a buckin’ bronco. You gotta keep your eyes peeled and focus on a couple of things. First, know when it’s time to sell, cut your losses, or grab those profits. Don’t get trampled, y’hear? And second, be ready to ride the wave if these cryptocurrencies decide to rebound. It’s like surfin’ a gnarly wave, dude.
Oh, and here’s a fun fact for ya. Despite what some folks claimed, cryptocurrencies haven’t really acted as a hedge against inflation. Nope, they’ve been ridin’ the same trends as them broader indexes. So much for being a savior, huh?
So, folks, that’s the lowdown on our crypto adventures. Bitcoin takin’ back the $30,000 level, Ethereum doin’ its sneaky moves, and the whole crypto market bein’ more unpredictable than a possum in a henhouse. Keep an eye out for more action, and remember, with cryptocurrencies, it’s a wild ride. Yeehaw!
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