Bitcoin Soars to New All-Time High Above $69K; What's Behind Shiba Inu's Price Drop on Coinbase?

Bitcoin briefly hit a new all time high and Shiba Inu briefly dropped 50%. You're watching Coin Desk daily. I'm your host, Jen Sani Bitcoin briefly soared to a new all time high this morning above $69,000 as of 1030 am Eastern time. Bitcoin was at just under 67,000. Meanwhile, Meme coins are taking the spotlight and she eu prices briefly dropped 50% on Coinbase before returning to normal amid a volatile crypto trading session drops like this usually occur when a sell order exceeds the available market depth. As of European morning hours ship has a market depth of 1.2 million on Coinbase. And despite the morning selloff ship prices are up 45% in the past 24 hours. Meanwhile, the broader coin desk 20 index is up over 4% as of 10:30 a.m. Eastern time. Many have attributed the recent rally in Bitcoin to growing interest in the US based spot Bitcoin ETF products and now Bitcoin ETF issuer. Van Eck has big goals for growth in Europe. Van Eck. Europe expects half of its assets under management to come from crypto in the future. With the CEO saying that crypto will become more important and the potential for growth will come from that region. Van Eck Europe issues, the Van Neck crypto and Blockchain innovators ucits ETF which holds Coinbase block microstrategy and others. And another big catalyst to watch in the coming months is the Bitcoin having fidelity digital assets is now saying that Bitcoin miners need to be proactive to hold their positions after the having now, while traders watch the event with expectations for the price to go higher, miners are constantly planning to avoid going bankrupt. That's according to fidelity digital assets. In a report, the Bitcoin having cuts earned rewards by 50% for miners. So companies are looking for ways to remain competitive. Analyst, Daniel Gray wrote quote, not only do miners need to maintain their existing hash rate, energy and real estate, but they are also continuously competing with the entire network that is trying to do the same and quote. He added that while past having flushed out weaker miners, the industry recovered with more miners and hash rate than ever. That's a wrap for coin desk daily, get more updates on coindesk.com and we'll see you next time.