Bitcoin’s strong recovery last week led some to believe it may have established itself above the $60,000 psychological level, but the weekend’s action put that to bed. The analysis appears to point at institutions and a change in their buying habits of stablecoins, though there are some indicators that it will be a short-lived dip. For example, the largest wealth manager in the US, Morgan Stanley, is allowing its 15,000 financial advisers to pitch spot Bitcoin ETFs, which should be a positive for the price of BTC. However, a former SEC official has called Morgan Stanley’s decision a “death wish.” Meanwhile, the defunct crypto exchange Celsius has filed a $3.5 billion lawsuit against stablecoin issuer Tether.

Further reading:

• Bitcoin price drops below $59K as institutions stop buying stablecoins
• Morgan Stanley’s Bitcoin ETF push a ‘death wish,’ says former SEC official
• Celsius sues Tether, seeking $3.5B over Bitcoin collateral sell-off
• Venezuela blocks Binance, X amid presidential election dispute

So, grab yourself a coffee, and let’s get into it.

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