Daily Market Update - June 4, 2020 - Bloomberg Analyst Predicts $20K Bitcoin This Year

$BTC 24 Hour High $9,690.21 $BTC 24 Hour Low $9,471.85 $BTC +1.1%

The latest report from Bloomberg Analysts reveals that the company expects Bitcoin (BTC) to retest the record highs from 2017, and may even go as high as $28,000.The report suggests that COVID-19 has accelerated Bitcoin’s maturation as an asset, showing its strength amid declining equities.

In addition, it points to the ever-increasing appetite from institutional investors, and Grayscale, or GBTC, in particular, which has been consuming about 25% of the the new supply:

“So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019. Our graphic depicts the rapidly rising 30-day average of GBTC AUM near 340,000 in Bitcoin equivalents, about 2% of total supply. About two years ago, it accounted for 1%.”

In other News:

  • Crypto bank Avanti, submits a bank charter application draft after successfully raising US$5M in angel round, led by University of Wyoming, Morgan Creek Digital, Blockchain Digital, Digital Currency Group and other significant crypto investors.

  • $BTC miners sell more of their inventory, viewed as a strength as they normally sell when they believe the market can support it. In the past 24 hrs, they have sold 920 BTC, whilst only mining 844, an excess of 76 $BTC gains

  • Podcaster Joe Rogan uses Brave Browser; Joe Rogan has revealed that he uses the privacy focused Brave browser to avoid internet ads and Google tracking in the latest episode, which features American musician and comic Reggie Watts. It’s one of the most high profile endorsements in Brave’s history with Rogan’s podcast downloaded more than 190 million times each month.

  • US Stocks fall on News of Jobless Data; S&P 500, Nasdaq, Russel, and the DOW were all down on US news. Gold is up by 1.11%

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