Bitcoin Surpasses Amazon: Crypto Bull Market Ahead

The following article is adapted from The Block’s newsletter, The Daily, released on weekday afternoons. I hope you had a wonderful weekend. Bitcoin set a new record by hitting over $123,000 early Monday, and analysts are anticipating further growth as the U.S. 'Crypto Week' begins. In today’s newsletter, we’ll discuss how Bitcoin has now overtaken Amazon to become the fifth-largest asset by market capitalization, Bernstein’s prediction of a 'long and exhausting' crypto bull market ahead, Grayscale's IPO filing, and more. In the meantime, Bitcoin skeptic Vanguard has become the largest shareholder in Michael Saylor's Strategy. ### Bitcoin Surpasses Amazon to Become the World’s Fifth-Largest Asset Bitcoin has officially become the world’s fifth-largest asset, now worth $2.41 trillion, having surpassed Amazon after its price rose above $123,000. ### Bernstein Predicts a 'Long and Exhausting' Crypto Bull Market According to Bernstein, Bitcoin could reach $200,000 by early 2026, driven by institutional adoption rather than retail speculation, leading to a 'long and exhausting' bull market. ### Grayscale Files for IPO with SEC Grayscale has confidentially submitted draft IPO paperwork to the SEC, indicating another possible U.S. crypto listing following Circle’s debut on the NYSE. ### Biotech Firm Announces $888M Merger Sonnet BioTherapeutics, Inc. has agreed to merge with Rorschach I LLC to create Hyperliquid Strategies, Inc., launching an initiative called HYPE treasury. ### Strategy Resumes Bitcoin Acquisitions Strategy has restarted its Bitcoin purchases after a brief pause, acquiring an additional 4,225 BTC for about $472.5 million between July 7 and July 13, as noted in an SEC filing on Monday. ### In the Next 24 Hours Stay updated with The Block’s daily digest of the most influential events in the digital asset ecosystem. *Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and has been reviewed by our editorial team.* *Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block, which operates independently. This article is for informational purposes only and does not constitute legal, tax, investment, or financial advice.*