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Bitcoin price tops $60,000 for first time since 2021 – Financial Times

Posted: March 2, 2024 at 2:37 am

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The price of bitcoin has climbed above $60,000 for the first time in more than two years, as a lightning rally puts the worlds biggest cryptocurrency within touching distance of its all-time high.

Bitcoin rose as much as 12.6 per cent to hit $63,968 on Wednesday, before falling back to about $60,000. The rally has brought its gains to 42 per cent in the first two months of this year.

The rapid ascent has revived memories of the crypto bull market that pushed the token to its record peak of nearly $69,000 in November 2021, as investors pile in amid fear of missing out on further price rises.

This is insane, said Timo Lehes, co-founder of blockchain company Swarm, adding that he expected more money to flow into the token.

When people see these kinds of increases in a short period of time...then it just draws in people and Fomo does kick in, he said.

In January, US regulators approved the launch of spot bitcoin exchange traded funds by mainstream asset managers including BlackRock and Invesco, paving the way for an influx of new cash from investors looking to speculate on the cryptocurrency through a regulated vehicle.

The 11 funds now hold 303,000 bitcoins, according to K33 Research, worth $18bn and equivalent to about 1.5 per cent of the total bitcoin supply.

We could see the all-time high being broken any day now, said Simon Peters, an analyst at trading firm eToro. The driving force behind it is without a doubt the [bitcoin funds].

The surge in bitcoin price comes amid a wider rally in traditional financial markets.

Chipmaker Nvidias blockbuster results have fed an investor frenzy over the potential of artificial intelligence technology, helping push US and European stocks to all-time highs in the past week.

Crypto trading platform Coinbase blamed traffic that was 10 times normal for disruptions to some users, including displays of a zero balance in their accounts.

We appreciate your patience, Coinbase said. Were beginning to see improvement in customer trading. Due to increased traffic, some customers may still see errors in login, sends, receives and with some payment methods. Rest assured your funds are safe.

The price of bitcoin has soared despite US regulators clampdown on the biggest crypto companies and continued scepticism about the token. Last week, European Central Bank officials lambasted the cryptocurrency, saying the fair value of bitcoin is still zero.

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For society, a renewed boom-bust cycle of bitcoin is a dire perspective. And the collateral damage will be massive, they wrote, adding that the tokens price is not an indicator of its sustainability.

The crypto industry has been boosted by the belief that it is moving on from the scandals of recent years. The Securities and Exchange Commission hit Binance, the worlds biggest crypto exchange, with a record $4.3bn fine in November for crimes including failing to protect against money laundering and breaching international sanctions.

Binances rival, FTX, collapsed in 2022 and its founder Sam Bankman-Fried was found guilty on seven charges of fraud and money laundering. This week, his legal team argued for the former crypto tycoon to spend just a few years in prison, rather than the 100-year sentence he could face.

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Bitcoin price tops $60,000 for first time since 2021 - Financial Times

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Bank of America, Wells Fargo to Offer Spot Bitcoin ETFs to Clients: Bloomberg – CoinDesk

Posted: March 2, 2024 at 2:37 am

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated .

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

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Bank of America, Wells Fargo to Offer Spot Bitcoin ETFs to Clients: Bloomberg - CoinDesk

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Bitcoin surges toward all-time high as a big ‘halving’ could push it higher – Quartz

Posted: March 2, 2024 at 2:37 am

The price of Bitcoin has risen 15% in just four days to $59,396. Image: Dado Ruvic (Reuters )

Bitcoin keeps soaring and surpassed $60,000 on Wednesday for the first time since 2021. The crypto currency has rallied all week, jumping more than 15% in just four days to $61,074 late Wednesday morning.

'I saw these knuckleheads getting rich and I got FOMO' | Ben McKenzie on crypto fraud

Since the start of the year, bitcoin has gained more than 40% as result of renewed interest in the digital currency after the U.S. approved the first bitcoin spot ETFs. This enabled investors to get into the Bitcoin game without all the risk of directly investing in the still controversial currency.

Meanwhile, a technical event called halving, which restrains the mining of new bitcoins, is approaching in April, and will likely keep bitcoin prices rising. The cryptocurrency is now less than $8,000away from breaking its all-time high of $68,999.

In April, the reward miners get for minting new bitcoin will be halved from 6.25 bitcoin to 3.125. This happens every four years and will continue until all 21 million bitcoins are mined.

Halving was written into bitcoins code from the beginning to ensure scarcity and safeguard from inflation. Previous halving events coincided with huge price increases for bitcoin.

The market cap of all bitcoin surpassed $1 trillion this year, bringing the market cap of all cryptocurrencies to $2 trillion.

Ethereum, a smaller cryptocurrency, is up 2% to $3,334. The stock of the cyrptocurrency exchange Coinbase rose 5% during premarket trading Wednesday. Stock in bitcoin miner Riot Platforms was up 4% Wednesday morning.

Stock in enterprise software and cloud service firm MicroStrategy, one of the largest public holders of bitcoin, rose 7% during premarket trading Wednesday after gaining 9% on Tuesday.

The company revealed on Monday that it has bought 3,000 bitcoin for $155.4 million this month. The company now owns a total of 193,000 coins worth about $10 billion.

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Bitcoin surges toward all-time high as a big 'halving' could push it higher - Quartz

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Bitcoin Price Bounces To $62500, Up Nearly 50% In 2024 – Investor’s Business Daily

Posted: March 2, 2024 at 2:37 am

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Bitcoin Price Bounces To $62500, Up Nearly 50% In 2024 - Investor's Business Daily

Recommendation and review posted by G. Smith

Grayscale CEO says there is ‘insatiable demand’ for spot Bitcoin ETFs – CryptoSlate

Posted: March 2, 2024 at 2:37 am

Grayscale CEO Michael Sonnenshein said the financial industry has never seen such insatiable demand for an ETF wrapper as it has seen with Bitcoin ETFs.

Sonnenshein made the statement during a CNBC interview on March 1, where he shared his insights about the performance of spot Bitcoin ETFs and the markets response to their recent launch.

Sonnenshein said:

[Theres been] a lot of pent up demand based on the spot Bitcoin ETFs coming to market. And so were seeing tremendous flows and investor demand, and thats really also outpacing the supply of bitcoin coming into the market every day which is really being added to the price.

He added that the demand for these ETFs is diverse and includes retail and institutional investors.

Despite that supposed growth, CNBC noted that the Grayscale Bitcoin Trust (GBTC) has seen significant outflows. Specifically, GBTC experienced continuous outflows over 30 days.

Sonnenshein explained that GBTC is older than most other funds and came to market with $30 billion of assets under management, while the Newborn Nine entered the market without any previous holders.

He added that the company had anticipated the outflows since investors had held the shares for a long time.

Sonnenshein said that the industry is experiencing a new wave of adoption with the launch of these ETFs, and its only a matter of time before money starts flowing into Bitcoin, driving it to new highs.

He noted that there is $40 trillion of advised wealth that has been sidelined from Bitcoin and now has a path to gain some exposure to the flagship crypto.

Meanwhile, traditional financial institutions are starting to relent under client pressure and allowing access to these ETFs, including Bank of Americas Merrill Lynch and Wells Fargo.

Additionally, the halving is encroaching and will reduce Bitcoins supply by 50% in less than two months. Sonnenshein believes the upcoming halving will be a significant catalyst in bringing more investors to the industry and driving adoption.

Sonnsenshein also recently said during a separate interview that the approval of spot Ethereum ETFs is a matter of when, not if.

Industry experts predict there is a 50% chance the SEC will greenlight the ETH ETFs by the first applications deadline this summer.

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Grayscale CEO says there is 'insatiable demand' for spot Bitcoin ETFs - CryptoSlate

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Bitcoin ETFs hit volume record of $7.6B – Blockworks

Posted: March 2, 2024 at 2:37 am

The slate of US bitcoin ETFs continue to post jaw-dropping figures.

As of market close on Wednesday, the ETFs hit $7.6 billion in volume, topping previous records, according to Bloomberg data.

BlackRocks bitcoin ETF, which trades under the ticker IBIT, put up around $3.3 billion of that amount. The ETFs volumes were already shattering records hours before the market closed, with IBIT hitting $2.2 billion of volume by 1 pm ET.

Fidelitys ETF, which trades under FBTC, came in at around $1.4 billion. Grayscales ETF, under ticker GBTC, saw volume of $1.8 billion.

As Bloomberg analyst James Seyffart noted, the previous record was $4.6 billion on launch day.

This is officially a craze, said Bloomberg senior ETF analyst Eric Balchunas earlier on Wednesday. He noted that IBIT traded more today than in its first two [weeks] combined.

The ETFs, which were only approved to start trading in January, have posted high volumes every day so far this week. IBIT beat its volume records on Monday and Tuesday, notching $1.3 billion just yesterday.

Read more: As bitcoin ETFs gain ground on gold funds, is a flippening in the cards?

Balchunas said that the volume is largely made up of natural demand, meaning that its not algorithmic. He further added that wirehouse platforms are seriously looking at adding them soon.

CoinDesk reported Wednesday that Morgan Stanley is considering adding the ETFs to its brokerage platform. When reached by Blockworks, Morgan Stanley declined to comment.

They like to see track record and get paid off, but [with] grassroots demand like this, they [are] gonna have to expedite, Balchunas continued.

The bitcoin ETF volumes come as bitcoin climbed near record highs Wednesday before settling around $60,000 at publishing time.

Bitcoin topped $64,000 before losing momentum and falling to $61,000 in early afternoon trading. Bitcoins all-time high sits at roughly $69,000.

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Bitcoin ETFs hit volume record of $7.6B - Blockworks

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