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    Bitcoin Blasts Past $124k!


    The “Morning Take” is your daily crypto briefing, authored by Tyler Warner. Views expressed are solely his and don’t represent Decrypt’s official stance. Get the Morning Take delivered directly to your inbox via Substack.

    Greetings!

    Today’s key headlines:

    • Leading cryptocurrencies surge before pulling back ahead of producer price index data.
    • Bitcoin establishes a new record high, reaching $124,128 overnight.
    • Ethereum climbs to $4,780 amid the second-largest day of ETF inflows to date.
    • MetaMask reportedly teams up with Stripe to introduce a stablecoin, potentially launching today.
    • Google Play Store modifies its policies, now requiring licenses only for custodial crypto wallets.

    🚀 Bitcoin Sets a New Peak

    Bitcoin has smashed through previous barriers, marking a new all-time high.

    It might just be Bitcoin’s moment to shine.

    📌 What’s Going On?

    Bitcoin has officially reached a new high, surpassing $124,128, exceeding its previous high from July.

    Ethereum is also showing strong upward momentum, trading above $4,780 at its peak overnight, nearing within 4% of its 2021 all-time high.

    Many other major cryptocurrencies and altcoins are experiencing gains, with Solana (SOL) climbing back above $200.

    What are the factors contributing to this bullish trend?

    • Strong ETF inflows continue to drive demand, with Bitcoin products maintaining institutional interest even during the summer months.
    • Positive macro conditions and expectations of a Federal Reserve rate cut in September (now almost certain) are fueling the market, pushing investors towards risk assets.
    • Global liquidity, including easing monetary policies in Asia and fresh capital in emerging markets, is strengthening risk-on sentiment.

    Notably, with Bitcoin’s new all-time high, its dominance has decreased to 59%, which could signal the start of an “Altcoin Season” alongside Ethereum.

    🗣️ What People Are Saying

    “If you’d been purchasing #Bitcoin daily like El Salvador’s government, you’d have seen a 115% return! Since November 18, 2022, El Salvador has acquired 1 $BTC per day — totaling 1,000 $BTC (cost $57.29M, now worth $124M) at $57,793 on average, leading to $66M (+115%) in unrealized profit.” – Analysis from lookonchain on X.

    🧠 Why This Is Important

    The fact that prominent crypto trader Cobie switched his profile picture to the “up only” variant featuring Bitcoin glasses solidifies the sentiment.

    The cryptocurrency bull market is definitely underway.

    This environment can often lead to rapid changes – new all-time highs daily, explosive growth, and investors shifting towards riskier assets in search of bigger returns.

    It’s crucial to stay focused; this market cycle may differ significantly from those in the past.

    Exchange-Traded Funds and institutional investments are major drivers of the current demand, meaning less on-chain activity is likely.

    This is advantageous for Bitcoin and Ethereum, but the outlook for other altcoins is less certain.

    There’s a possibility that Bitcoin and Ethereum could dominate this bull run, making investing in altcoins a risky strategy.

    However, some altcoins are expected to perform exceptionally well, and more surprises are likely.

    For now, it’s best to embrace the current surge.

    Let the “Up Only” season commence…

    🌎 Crypto Macro View and Meme Scene

    Here’s a digest of notable headlines from the crypto and Web3 world:

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