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Good Thursday morning. This is Billy Bambrough, here with what's driving the day in the world of bitcoin and crypto.
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24-hour crypto market snapshot
Uncharted territory 🗺️
The cryptocurrency market is in full rampage mode as traders' favorite phrase is back in vogue: "price discovery." The bitcoin price notched a fresh all-time high of around $67,000 per bitcoin yesterday and remains at just under that level. While some think profit taking could send bitcoin lower over the short term, very few expect bitcoin to be significantly lower by the end of the year.

Ethereum, meanwhile, is on the cusp of its own all-time high, with the ether price breaking $4,300, up 12% over the last 24 hours. Ethereum climbed to just under $4,400 in May. The rest of the crypto top ten is also charging higher this morning, being led by ethereum rival solana, up a massive 22% on this time yesterday and now the sixth most valuable cryptocurrency, according to CoinMarketCap.

Other ethereum challengers cardano and Binance's BNB are currently duking it out for the third spot in the crypto rankings, with cardano today closing in on BNB. The pair have a market capitalization of $75 billion and $82 billion respectively.

Now read this: What stablecoins might become
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🤔 What's really driving the rally?
Market forces: Bitcoin's rally this week has been largely attributed to the first U.S. bitcoin futures exchange-traded fund (ETF) going live on the New York Stock Exchange. The hype associated with the historic listing has generated sufficient attention to push the bitcoin price beyond its previous all-time high and into new territory, it's been suggested. However, not everyone agrees.

Inflation stations: Inflation concerns rather than excitement for the bitcoin ETF is driving bitcoin's rally, according to influential analysts at Wall Street giant JPMorgan, it was first reported by Bloomberg. "By itself, the launch of BITO [ProShare's bitcoin ETF] is unlikely to trigger a new phase of significantly more fresh capital entering bitcoin," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note. "Instead, we believe the perception of bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into bitcoin funds since September."

Spoilt for choice: Bitcoin investors already have a "multitude of investment choices," according to JPMorgan, who warned the hype over the launch of a Canada-based bitcoin ETF eventually waned. "The initial hype with BITO could fade after a week," they said.

The PTJ effect: Yesterday, as the bitcoin price broke above its previous all-time high, billionaire hedge fund manager Paul Tudor Jones said he thinks the rampant inflation that's been seen around the world over recent months is here to stay and poses a major threat to the U.S. markets and economy. Federal Reserve economists predict that inflation will be back under 2% in 2022, according to the minutes from last month’s Federal Open Market Committee.

Getting a bit meta: "We're moving into an increasingly digitized world," Tudor Jones said in an interview on CNBC. "Clearly there's a place for crypto, and clearly it’s winning the race against gold at the moment." Jones last year was one of the first in the traditional world of finance to name bitcoin as a hedge against rising inflation, propelling bitcoin and crypto into the mainstream.

The bottom line: The recent bitcoin and crypto rally comes as global stock markets are again recording all-time highs, inflation fears have returned and bitcoin is getting a warm welcome on Wall Street. To put the surge higher down to just one of these things would be to over simplify things.

Now read this: The crypto fans who secretly paid $4 million for pharma wro's Wu-Tang album
Thiel feels "underinvested" 👇
Billionaire investor Peter Thiel is an influential voice in Silicon Valley
Billionaire investor Peter Thiel is an influential voice in Silicon Valley © 2019 Bloomberg Finance LP
🏦 Billionaire technology investor Peter Thiel thinks he should have bought more bitcoin, saying he "feels underinvested in it," and bitcoin at $66,000 is "a complete bankruptcy moment for the central banks."

🤫 Speaking in Miami at an event hosted by policy think tank Lincoln Network, Thiel said bitcoin's "secret was already known by everybody," adding: "I think the answers are still to go long" because "maybe it still is enough of a secret," it was first reported by Bloomberg.

🗳️ Earlier this week, Thiel, who is best known for co-founding PayPal, Palantir Technologies, and Founders Fund as well as being an early investor in Facebook, branded the U.S. political system unsustainable at a gathering of the Federalist Society conservative law group and pointed to bitcoin rise as highlighting that, according to a report from The Information.

Don't miss: Why bitcoin is worth at least a penny
Tesla holds as Musk eyes the market 👀
⚡ Elon Musk's Tesla has held onto its bitcoin, the electric car company said in its latest earnings filing last night.

📑 Tesla's "digital assets" totaled $1.26 billion at the end of its third quarter, down from $1.31 billion in the previous quarter, or $51 million—what Tesla called a "bitcoin-related impairment." Tesla added $1.5 billion worth of bitcoin to its balance sheet in February this year, selling $200 million worth in April to "test the market."

💑 Meanwhile, Musk posted a picture of a couple watching the bitcoin and ethereum price to Twitter last night, showing the bitcoin price at $69,000 and ethereum's ether at $4,200—two numbers with links to internet meme culture. "Elon Musk is back," Tron creator Justin Sun replied.

Good to know: Newt Gingrich pivots to bitcoin
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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