This story, which contextualizes the most recent developments in cryptocurrency markets, first published in CoinDesk's daily newsletter, First Mover. To get it daily in your email, subscribe.
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With Monday's surge over $66,000 for the first time in three weeks, Bitcoin's advance has been somewhat restrained. Over the course of the Asian and European mornings, Bitcoin mostly fluctuated between $65,200 and $65,800, up by around 0.9% over the previous day. According to the CoinDesk 20 Index, the overall market for digital assets has increased by 1.5%. On Monday, attention was focused on Vice President Kamala Harris' effort to learn more about the specifics of a crypto regulatory system that she would oversee. But in her most recent campaign address, she made no reference to blockchain, digital assets, or cryptocurrencies.
Monday saw $556 million in inflows into Bitcoin ETFs, the most in more than four months. With profits of $239 million, Fidelity's FBTC took the lead, while Bitwise's BITB came in a far second with $100 million. Since bitcoin ETFs last saw greater gains on June 4, when they reached $886.75 million, the inflows were a multi-month high. Additionally, this was before the previous time bitcoin crossed the $70,000 threshold on June 6, indicating that it is poised for future increases. Nine percentage points more than a week ago, traders on Polymarket are projecting a 64% chance that bitcoin will hit another all-time high in 2024.
In order to create a joint effort aimed at tokenizing the AI economy, SingularityDAO intends to partner with Cogito Finance and SelfKey. According to a Tuesday statement shared with CoinDesk, the new company, Singularity Finance, will provide AI-powered financial tools and a layer-2 network for tokenizing assets like GPUs. Singularity Finance's new token, SFI, will replace SelfKey's current token, KEY, as a result of the planned consolidation. Cogito's CGV and SingularityDAO's SDAO will combine to form SFI at ratios of 1:10.89 and 1:80.353, respectively. Discussions with stakeholders may lead to changes to this procedure.
Over the last five years, the Google Search Trends value for the phrase "Bitcoin" has decreased to an annual low of less than 20.
"It wasn't until late January or early February 2024 that the search interest for Bitcoin fell to an index of around 20. The price of Bitcoin surged from $41,000 to around $71,500 at that point, hitting a record high in the next month and a half," Bitget Research Chief Analyst Ryan Lee said in an email.