First Mover Americas: BTC Tops $61K, But Traders Remain Cautious

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk 20 Index: 1,961 +3.2% Bitcoin : $61,384 +4.4% Ether : $2,754 +4.3% S&P 500: 5,434.43 +1.7% Gold: $2,513 +1.9% Nikkei 225: 36,442.43 +0.58%BTC has risen more than 4% in the last 24 hours, outperforming the broader crypto market, which has increased just over 2%, as measured by the CoinDesk 20 Index. Despite the gains, some trading funds remain cautious amid a busy week for data, warning of possible short-term tremors that could impede the rally.

Its largest holding is BlackRock's IBIT at $238.6 million, followed by Fidelity's FBTC at $79.5 million, then $56.1 million of Invesco Galaxy's BTCO, according to its quarterly 13-F report. During CoinDesk's Consensus 2024 festival in Austin, Mathew McDermott, the bank's global head of digital assets,were a"big psychological turning point" for the industry."The bitcoin ETF obviously has been an astonishing success," McDermott said on stage.

Speculation was sparked by cryptic posts from Coinbase late Tuesday U.S. time. The posts contained the wording:"cbBTC" and"Coming soon." They were followed by a post from Jesse Pollak, who runs Base, saying how the team plans to build a"massive bitcoin economy" on the network. Wrapping a crypto token is a way of making it available on protocols other than the one it was originally designed for, bringing increased liquidity to the target ecosystem.

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