Bitcoin Spikes to New Record High Over $60K

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After a period of drops and consolidation since Mid-February, Bitcoin has found its mojo again and soared to new all-time highs.

  • In a sudden move starting just after 10:00 UTC Saturday, the top cryptocurrency by market cap rose to $60,065.15, according to the CoinDesk 20.
  • “Bitcoin is testing the sound barrier at $60k, and institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a Bitcoin treasury strategy, ” according to Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm.
  • “Further, Beeple’s $69 milllion NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3,” he said.

Continue reading at finance.yahoo.com

Should Tesla sell its Bitcoin position? Here’s a former Goldman Sachs exec’s take

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Bitcoin‘s characteristics and its recent price rally have both contributed to companies gravitating towards it, with Tesla, the prominent American electric vehicle and clean energy company, being one of them. In fact, CEO Elon Musk’s support for Bitcoin may have also prompted the company to include Bitcoin in its portfolio. However, with the cryptocurrency market correcting itself over the past few months, Tesla has seen some heavy losses.

When Tesla had announced its investment of $1.5 billion in Bitcoin, the stock price for TSLA was also climbing, with the same hitting $900 in late January. However, since hitting an ATH of over $58,000 on the charts, drawdowns have been the norm in the cryptocurrency market, with BTC trading under $50,000 for most of the past few days. Needless to say, Bitcoin’s retracement has impacted TSLA’s position in the stock market too.

Over the last month or so, the value of TSLA has fallen by 31% from $871.60 to $600. At the time of writing, TSLA was being traded at $621.44. Curiously, such a fall in the value of the stock was visible all across the stock market.

Continue reading at ambcrypto.com

Bitcoin Falls to $48K as Fed’s Powell Makes No New Promises

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Bitcoin’s price fell by the most in a week after U.S. Federal Reserve Chair Jerome Powell acknowledged he “would be concerned” by tightening financial conditions because rising U.S. government-bond yields put upward pressure on borrowing costs.

The comments might signal more hesitation in providing fresh monetary stimulus. Bitcoin prices quadrupled last year and have rallied 66% this year on speculation the cryptocurrency could serve as an inflation hedge in the face of trillions of dollars of money printing by central banks around the world.

As of press time, bitcoin was changing hands around $48,204, down about 4.5% over the past 24 hours.

Powell said in a question-and-answer session with the Wall Street Journal he doesn’t expect higher inflation to persist and that the central bank is still “a long way from our goals” of an economic recovery and lower unemployment.

Continue reading at finance.yahoo.com

World’s first bitcoin ETF soars past $500 million in assets under management

bitcoin-investments

The world's first bitcoin exchange traded fund is off to a hot start. The Purpose Investments bitcoin ETF now has more than $590 million in assets under management after launching just one week ago.

The ETF was the first physically settled Bitcoin ETF to win approval and began trading in Canada on Thursday. It now gives investors a more direct way to invest in bitcoin relative to other closed-end funds like the popular Grayscale Bitcoin Trust (GBTC) and a less direct way than outright owning bitcoin through an individual wallet.

Purpose Investments Chief Investment Officer Greg Taylor told Yahoo Finance that the inflows are proof of pent-up demand among investors looking for a more familiar way to gain exposure to cryptocurrencies.

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Robinhood sees 6M new crypto traders to start the year

Robinhood has seen six million new cryptocurrency traders on its platform in the first two months of 2021.

"That's more than the number of new crypto traders at Robinhood during the entirety of 2020," Robinhood co-founder Vlad Tenev tweeted Thursday.

In 2020, the number of users trading through Robinhood Crypto peaked at 401,000 for a single month, with a monthly average of about 200,000 customers trading on Robinhood Crypto for the first time.

Continue reading at foxbusiness.com

Why Bitcoin’s price is three weeks ahead of its April target of $62968

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Bitcoin’s price hit yet another ATH, above $56421 based on data from coinmarketcap.com. The market capitalization of the asset is well above $1 Trillion and the 24-hour trade volume on exchanges is up 26.64 percent. While on-chain analysis of Bitcoin points towards a bearish sentiment, Panteral Capital has a bullish projection and perspective on the current price rally. Pantera Capital’s Bitcoin fund is the best-performing one by far, followed closely by Grayscale, and the performance of their Bitcoin fund signals that Bitcoin’s price is 3 weeks ahead of their projected target for February 2021.

o put things in perspective, based on the above chart of Pantera’s S2F projections, Bitcoin’s price was predicted to hit $52943 in March of 2021, precisely in the second week. However, with the asset trading at $55600 currently, it is clearly 3 weeks ahead of schedule, heading towards the target for April, $62968.

Continue reading at ambcrypto.com

Cost of a single Bitcoin exceeds $50,000 for first time

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The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time.

The same Bitcoin just one year ago would have cost you $10,000. The price is up almost 200% in the last three months alone.

Bitcoin is rallying as more companies signal the volatile digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired Bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.

Companies have been leery because of Bitcoin’s volatility and its use by parties who want to avoid the traditional banking system for a myriad of reasons. On Tuesday, the price crossed and recrossed the $50,000 barrier at least a half dozen times before 10 a.m.

Continue reading at kktv.com

Watch Out Bitcoin. Ethereum Is Ascending to New Heights

ethereum-technology

Ethereum is the second-largest cryptocurrency behind Bitcoin. While interest in the latter is soaring, Ethereum is growing in popularity as well.

Ethereum is an open-source, blockchain-based distributed computing platform that can support smart contract functionality. That’s a complicated way of saying that Ethereum not only makes a cryptocurrency called ether possible, but it can also support the launch of new cryptocurrencies and make it possible to crowdsource funding for new projects.

“According to data presented by Aksje Bloggen, Ethereum’s daily trading volume hit $48.2bn this week (second week of February), a 220% increase year-over-year,” writes the research firm. “In February 2019, the 24-hour trading volume of the world’s second-largest cryptocurrency amounted to $2.6bn, revealed the CoinMarketCap data. Over the next twelve months, this figure jumped by more than 470% and hit $14.9bn in February last year.”

Continue reading at etftrends.com

Are retail traders ready to spend their Bitcoin?

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Mastercard’s recent move to enable crypto on its network is a significant update that will help further Bitcoin’s adoption and make it mainstream. However, following the purchase of Bitcoin by Tesla and MicroStrategy the obvious next step was to consider Bitcoin payments, however, a critical question is, are retail traders willing to spend their Bitcoin holdings?

Based on recent research by Dealaid.org on consumer Sentiment on Bitcoin as a payment method that surveyed one thousand American consumers, the report’s key findings included the following:

  • 60.2% of consumers would like more companies to accept Bitcoin as a payment method
  • Amazon, Apple, and Walmart are the top 3 companies that consumers want to see accept Bitcoin
  • 50.5% of consumers are willing to pay for products and services with Bitcoin
  • Ethereum and Doge are the most popular alternatives to Bitcoin as a payment method

Continue reading at ambcrypto.com

Canada authorizes first exchange-traded bitcoin fund

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Canada's main securities regulator has cleared the launch of the world's first exchange-traded bitcoin fund, the investment manager and the regulator said Friday, giving retail investors greater access to the booming cryptocurrency.

The Ontario Securities Commission gave Purpose Investments Inc. the nod to roll out the Purpose Bitcoin ETF (exchange-traded fund) on the Toronto Stock Exchange.

It is to start trading under the ticker BTCC "as early as next week," a company spokesman told AFP.

"The ETF will be the first in the world to invest directly in physically settled bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency without the associated risk of self-custody within a digital wallet," the asset management company said in a statement.

Continue reading at finance.yahoo.com