Bitcoin holds above US$45k as US vote on crypto tax nears

US Congress

Bitcoin managed to hold above its key US$45,000 price level on Tuesday as a key vote on crypto regulation neared in the US Senate, raising hopes of a further bull run.

In late morning trading in London, Bitcoin was up 2% in the last 24 hours at US$45,791, giving it a market cap of just over US$860bn.

The increase means Bitcoin has broken above its 200-day moving average for the first time since April, which was then followed by a strong bull run for the digital currency, leading many analysts to predict a similar trend will emerge this time.

Continue reading at proactiveinvestors.co.uk

Bitcoin Should be Part of Your Retirement Plan, Says Scaramucci

bitcoins-coin

Former White House Chief of Communications, Anthony Scaramucci, continues to tout cryptocurrencies as an integral part of people’s financial future.

Anthony Scaramucci has been a proponent of digital currencies for a while now, specifically bitcoin (BTC). In a recent interview with 401K Specialist magazine, he doubled down on his push for Americans to invest sooner rather than later in the world’s most popular digital currency.

While Scaramucci does warn that investing in such a volatile currency should be done in “bite-size, digestible chunks,” he firmly believes that bitcoin should be part of people’s retirement plans. Even if it is just a small amount. In fact, the volatility of digital currencies is exactly why he believes in investing in bitcoin. The co-founder of SkyBridge Capital said that:

“People can trade within their 401k without tax consequences. If we’re right about bitcoin and I was your financial advisor, I would tell you that over the next 100 years, this is the technology that people are going to use for a large swath of commerce on the planet.”

Continue reading at finance.yahoo.com

South Korean crypto clampdown pushes many exchanges to precipice

Korea cryptomarket

Many of South Korea’s 200 crypto exchanges face an “existential crisis” as they struggle to meet conditions for regulatory approval, in a shake-up for one of the world’s biggest cryptocurrency markets.

To win a business licence as a legal trading platform, Korean exchanges are required to partner local banks to open real-name bank accounts for customers. But banks are concerned that this could leave them liable for any money laundering in digital currencies.

Now, a deadline of September 24 from the Financial Services Commission is looming, and only a handful of exchanges is expected to meet the requirements, reflecting the pressure on the thousands of crypto exchanges that have sprung up around the world while global regulators tighten up on the market.

Continue reading at ft.com

Bitcoin Could Be Getting Ready to Jump Again, Analysts Say

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Bitcoin – the world’s biggest and most popular cryptocurrency by market cap – is shooting back up. At the time of writing, the asset is trading for just over $57,000. This is a huge improvement over the $54,000 it was at a few days ago and the $49,000 per unit it was stuck at early last week.

Bitcoin May Grow Again Soon

For the most part, it was believed that bitcoin would likely continue its bullish patterns into the month of May, though thus far, this period is proving to be far more volatile than analysts thought. Nate Cox – chief investment officer of digital assets at Two Prime – explained in a recent interview:

Bitcoin did not move the way many derivative traders expected this month.

Steve Ehrlich – chief executive of Voyager Digital – echoed this sentiment but commented that this could potentially lead into something bigger. He says that a drop of this sort in the past has usually led to heavily bullish behavior, suggesting that bitcoin could be on a route to reach new all-time highs over the summer.

Continue reading at livebitcoinnews.com

‘Digital gold’: Visa bets big on cryptocurrency

gold

Visa CEO Al Kelly detailed the card brand's push to take advantage of trends such as central bank digital currencies and financial inclusion.

Visa is working with central banks on CBDC policy and is advocating for public-private partnerships to support CBDCs, a model that many digital currency experts believe will be the prevailing model, particularly given the complex work required to digitize currency in different nations. Visa has filed a patent application for technology that would support connections between financial institutions and central banks.

"Central bank digital currencies could end up being quite valuable in countries where the infrastructure is unavailable or limited," Kelly, who is also Visa's chairman, said during the company's earnings call. He estimated there's an addressable market of more than 1.7 billion consumers that could be reached and suggesting there's space to expand its work with government clients.

Continue reading at americanbanker.com

Bitcoin at Inflection Point Amid Recent Selloff, Technicals Show

Bitcoin is facing a make-or-break moment following a recent bout of selling, according to technical analysis.

Though the cryptocurrency has rebounded above its average price over the past 100 days, it’s still trading below its 50-day moving average. Such a dynamic typically indicates an asset is nearing an inflection point. If Bitcoin can’t overtake its 50-day mean -- which currently sits at about $57,042 -- then it might be in for a period of volatility as the gap between the two trend lines converges. Technical indicators suggest breaking out might not be an easy feat -- Bitcoin failed to do so on several occasions last week.

Trading in the world’s largest digital asset has been choppy in recent days after it hit a record high in mid-April above $64,000. It’s down more than 15% since then, though it rebounded earlier this week amid positive news, including comments from Tesla Inc.’s chief financial officer that reiterated the company’s commitment to the cryptocurrency.

Continue reading at bloomberg.com

Bitcoin bottomed after a textbook 20% selloff, and a new uptrend is likely underway, Fundstrat’s Tom Lee says

crypto-market

Bitcoin's recent sell-off looks to have found support and a new uptrend is "likely underway," Fundstrat's Tom Lee said in a note on Wednesday.

The most valuable cryptocurrency sold off more than 20% in recent weeks after topping out just below $65,000 amid the Coinbase IPO. Bitcoin broke below $50,000, which represents a key psychological level for investors, but has since recovered and is trading near $55,000 as of Wednesday afternoon.

Now, bitcoin has found support near $47,000, which coincided with a "9" count buy signal generated by the DeMark indicator. This counter-trend indicator, created by Tom DeMark, helps measure price exhaustion in securities.

Traders should look for bitcoin to move above $62,000 to affirm that the sell-off is over, according to Lee.

Continue reading at businessinsider.com

Coinbase, A Bitcoin Startup, Goes Public. Is Crypto Really The ‘Future Of Finance’?

Coinbase, a San Francisco startup that allows people to buy and sell digital currency, became the first major cryptocurrency company to go public when it made its stock market debut on Wednesday.

Trading began around $381 a share, pushing the company's valuation close to $100 billion. That's about what Facebook was worth when it had its initial public offering in 2012.

Coinbase's listing on the Nasdaq under the ticker symbol "COIN" was heralded by enthusiasts as a turning point for once-obscure digital currencies.

"Today was a landmark moment," said cryptocurrency investor Ian Lee. "Crypto is the future of finance."

Bradley Tusk, a political consultant and venture capitalist who financially backed Coinbase, said the company's public offering shows that more Wall Street banks and other traditional investors are warming up to the idea of cryptocurrency.

Read more at mainepublic.org

Bitcoin Volatility Decreasing as Price Movement Begins to Mirror Gold, Analyst Says

bitcoin-illustration

The price of Bitcoin rose 100.8% in the first quarter and has increased 447.2% since October 2020, but reduced volatility may be the key to future price rises, analysts believe.

U.S. stocks gained 6.4% in the first quarter of 2020, while bond yields rose 3.6% and gold fell 10.3%.

"In the context of Bitcoin's historical returns, which have been quite remarkable, this period stands out as notable," Greg Cipolaro, global head of research at New York Digital Investment Group, said in a research report.

However, reduced volatility—not manic price swings ratcheting upward—could boost Bitcoin's long-term valuation as major institutions move into the cryptocurrency to diversify their holdings.

Continue reading at newsweek.com

Hedge Fund Manager Ray Dalio Thinks Bitcoin Could Be Outlawed

bitcoin-and-gold

Billionaire investor and the world’s biggest hedge fund founder Ray Dalio said that the history of money has left hints that bitcoin could face being outlawed by the U.S. government, just as gold was in 1934.

“I think that it would be very likely that you will have it, under a certain set of circumstances outlawed, the way gold was outlawed,” he said on the podcast Influencers with Andy Serwer on Friday (March 26). Serwer is editor in chief for Yahoo! Finance.

The Bridgewater Associates founder and co-chief investment officer pointed to the 1934 Gold Reserve Act, which prohibited people from holding gold and mandated the transfer to the U.S. Treasury.

“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing because things can get out of control. So I think it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed,” Dalio said on the program.

Continue reading at pymnts.com