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🌙 Bitcoin Price Rises After Bank of Canada Cuts Interest Rate Below 5%

Canada is the first G7 nation to pull back on inflation controls, with the European Union likely next in line.

Author

Mike Gavela
June 05, 2024

Crypto Roundup - June 5

Recent developments in the Bitcoin market reveal a series of significant changes and strategies within the industry. The Bitcoin price surged to $71,600 following the Bank of Canada’s decision to cut interest rates below 5%, highlighting how macroeconomic factors influence cryptocurrency values​​. Concurrently, Bitcoin miners with access to low-cost, renewable energy sources are becoming prime targets for mergers and acquisitions (M&A) due to their potential for higher profitability amidst rising competition. Companies like Marathon Digital and CleanSpark are actively seeking such opportunities to strengthen their market positions ahead of the upcoming Bitcoin halving, which will cut mining rewards by half​. Moreover, Franklin Templeton's CEO emphasized that Bitcoin investments are still in an early phase, indicating continued institutional interest and potential for growth in the digital asset space​.

Top Stories:

  • Bitcoin price surged to $71,600 after Canada cut interest rates below 5%.

  • Bitcoin miners with attractive power contracts are prime M&A targets, says JPMorgan.

  • Franklin Templeton CEO highlights early phase of Bitcoin investment, signifying growth potential.

TOP STORIES

Bitcoin Price Rises After Bank of Canada Cuts Interest Rate Below 5% - Decrypt

Canada is the first G7 nation to pull back on inflation controls, with the European Union likely next in line.

decrypt.co/234022/bitcoin-price-71600-after-canada-cut-interest-rate-below-5-percent

Bitcoin Miners With Attractive Power Contracts Are Potential M&A Targets, JPMorgan Says

U.S. listed bitcoin miners have access to large amounts of power, making them potential takeover targets for hyperscalers and AI firms, the report said.

www.coindesk.com/markets/2024/06/05/bitcoin-miners-with-attractive-power-contracts-are-potential-ma-targets-jpmorgan-says

Franklin Templeton CEO says Bitcoin investment still in early phase

The CEO of Franklin Templeton shares her thoughts on the Bitcoin adoption cycle and where most institutional investors stand regarding investment in the asset.

cointelegraph.com/news/franklin-templeton-ceo-bitcoin-investment

FUNDRAISES

OTHER HEADLINES

Paxos International launches yield-bearing stablecoin Lift Dollar (USDL)

Paxos International has launched Lift dollar (USDL), a yield-bearing stablecoin. Argentina is its first market.

www.theblock.co/post/298706/paxos-international-yield-bearing-stablecoin-lift-dollar-usdl

Gensler ditches favourite crypto broadside in latest media appearance

Gary Gensler’s appearance on CNBC Wednesday was the latest hint political winds are shifting in Washington.

www.dlnews.com/articles/regulation/sec-chair-gary-gensler-takes-softer-tone-on-crypto

VanEck analysts raise Ethereum price target to $22,000 by 2030

The price target is influenced by ether ETF news, scaling progress, and the VanEck analysts' read of on-chain data, according to the report.

www.theblock.co/post/298745/vaneck-analysts-raise-ethereum-price-target-to-22000-by-2030

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