After a stark plunge Thursday that wiped out $100 billion in market value, the world’s largest cryptocurrency is back near all-time highs Tuesday as corporations like Visa and PayPal join other institutional players in expanding their crypto offerings.
As of 4 p.m. EDT, the price of bitcoin has climbed 2% over the past 24 hours, pushing its market capitalization up to $1.1 trillion–about $40 billion shy from an all-time high on March 13 and pushing gains to roughly $144 billion since a sharp correction on Thursday, according to crypto-data website CoinMarketCap.
‘Analysts are pinning the resurgence to still-booming institutional adoption, including PayPal’s new cryptocurrency checkout service, which launched Tuesday and allows the company’s more than 375 million customers to shop using cryptocurrency at millions of online merchants (PayPal didn’t specify an exact figure, but says the program will expand in the coming months).
Qanda Senior Market Analyst Edward Moya calls the move “another massive cryptocurrency endorsement from Wall Street” and “further proof of mainstream acceptance” just one day after Visa said it will start settling transactions with cryptocurrency partners using a token built on the Ethereum blockchain, which underpins the world’s second-largest cryptocurrency, ether.
Moya notes that bitcoin, which is priced at about $59,080, could struggle to push past $60,000 again but says the recent developments “should be enough to keep the bullish trend going strong.”
Nigel Green, the CEO of $12 billion wealth advisory deVere Group, said in an email Tuesday that growing corporate investments from the likes of Tesla and billionaire Jack Dorsey’s Square are signs that institutions are employing the “buy the dip” mantra popularized by retail investors—meaning they’re loading up on bitcoin when prices plunge.
What To Watch For
Regulation. Though Wall Street is warming up to bitcoin, legendary hedge fund manager Ray Dalio warned last week that he thinks there’s a “good probability” bitcoin could be banned by the U.S. government, similar to how it banned gold nearly a century ago. The Securities and Exchange Commission has been slow to issue regulation for cryptocurrencies.
In an interview with Forbes, SEC Commissioner Hester Peirce said Gary Gensler, President Joe Biden’s nominee to head up the agency, would likely be “sympathetic to the call for regulatory clarity.” When nations like South Korea started cracking down on cryptocurrency three years ago, prices crashed as much as 80% over the course of one year, though it’s unclear how such a development could affect markets today.
Key Background
Bitcoin prices have skyrocketed over the past year amid booming institutional adoption and inflation fears sparked by unprecedented government spending to combat the pandemic. Last week, billionaire Elon Musk tweeted that Tesla would start accepting bitcoin for vehicle purchases and retaining the cryptocurrency tendered, as opposed to converting it to U.S. dollars. Also this month, Fidelity Investments filed an application for its first bitcoin exchange-traded fund, and banking powerhouse Morgan Stanley said it would open up bitcoin exposure to its wealthy clients, though it’s limiting such funds to investors with “an aggressive risk tolerance.”
Surprising Fact
Bitcoin has surged nearly 800% over the past year. Its return of about 96% this year is more than any sector tracked by the S&P 500.
I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com
Chamath Palihapitiya says he sees bitcoin going to $200K down the road, and what he discusses what he believes to be the future for Virgin Galactic. I really believe in the business, he says, it’s an incredible team. Subscribe to CNBC PRO for access to investor and analyst insights on bitcoin and more: https://cnb.cx/2BT2E7y
Bitcoin smashed through $40,000 to hit a new record high on Thursday helping to lift the total value of the entire cryptocurrency market above $1 trillion for the first time. The digital coin hit an all-time high of $40,367 at around 1:17 p.m. ET, just a few hours after blowing past the $39,000 level, according to data from Coin Metrics.
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There is a certain poetic justice here: Musk was once sanctioned by the SEC for artificially raising the value of Tesla’s stock price; now he has gotten his revenge with a trick as simple as revealing that his company has invested in an asset he knew perfectly well was going to appreciate dramatically precisely as a result of the announcement that was made on the basis of the SEC’s own information: a masterstroke.
If bitcoin’s critics were really that concerned about the resource consumption they argue it generates, they would do well to be more concerned about the resource consumption and the much more obvious inefficiency — in every sense — of the world’s currency markets, which move around $6 trillion every day simply by speculating on the value of some currencies against others.
PROMOTED
The example of Musk and Tesla’s leadership on bitcoin adoption is acting as a powerful magnet for other companies to try to optimize their cash management through operations of this type, which would accelerate the implementation of bitcoin, for the moment as a store of value, but over time, and following the development of the algorithm that regulates its mining and the incentives to process its operations, into a transactional instrument.
This progressive normalization of bitcoinclashes with many interests and will be subject to regulatory interference, which introduces many uncertainties about its future. Nevertheless, we are talking about a completely decentralized evolution and, as such, one that will be very difficult, if not impossible, to stop.
The fact that more and more relevant players believe in the future of bitcoin is simply a way of reinforcing the self-fulfilling prophecy that has been established around cryptocurrencies and the advantages offered by the use of an economic system which is not controlled by a specific entity, and instead by exclusively mathematical criteria and without any party being able to exercise speculative power.
Teaching Innovation at IE Business School since 1990, and now, hacking education as Senior Advisor for Digital Transformation at IE University. BSc (Universidade de Santiago de Compostela), MBA (Instituto de Empresa) and Ph.D. in Management Information Systems (UCLA).
Subscribe to MMCrypto: https://www.youtube.com/channel/UCBkG… You guys all know my prediction for Bitcoin. I think Bitcoin is going to $322K as long as it stays as bullish and volatile as it is right now. It’s definitely been a fun week for Bitcoin but how long this will continue for. Today we bringing on Chris from MMCrypto, one of the biggest crypto currency channels out there. And we gonna talk about where Bitcoin is gonna go and the immediate short term, the medium term, and the long term. 00:00 Intro 01:41 BTC Short term prediction 03:52 Mid and long term predictions 10:13 Trades Connect with Me & the BitSquad!
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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
At the height of the cryptocurrency boom, the manager of the Bank for International Settlements (BIS) , Agustín Carstens , warned about the dangers of investing in them. The former finance secretary warned that Bitcoin is increasingly vulnerable and could completely collapse .
Yesterday, January 27, during the policy seminar of the Hoover Institution , the Mexican economist said that Bitcoin is a speculative asset, not money .
“Investors should be aware that Bitcoin can completely crash. Scarcity and crypto alone are not enough to guarantee exchange, “ explained Carstens , adding that ” Bitcoin is increasingly vulnerable .
The also former governor of Banco de México , affirms that central banks must control the issuance and management of digital money . Consider that they have the financial structure to guarantee the stability of the cryptocurrencies .
“For digital money to exist, the central bank must play a fundamental role, guaranteeing the stability of the value, ensuring the elasticity of the aggregate supply of said money and overseeing the general security of the system. Such a system must not fail and cannot tolerate serious errors , ”Carstens said
The BIS manager said that other private stablecoin projects, such as Facebook’s , are more credible than Bitcoin , but need to be regulated.
“In general, private stablecoins cannot serve as the foundation for a sound monetary system ,” he said. “But to remain credible, they must be strictly regulated and supervised. They must build on the foundations and confidence that the existing central banks give them and, therefore, be part of the existing financial system .
For now, many countries are targeting Central Bank digital currencies (CBDC) . In fact, 86% of major central banks are actively exploring CBDCs , according to a recent BIS survey.
Carstens indicated that national CBDCs would be used in various ways, such as the transmission of monetary policy and the management of interest rates. He explained that they should be complementary to the existing cash system , as completely replacing all bank accounts and cash with digital money is “undesirable” and “unrealistic .”
00:00 Intro 00:28 Halving and Support explained 03:34 Analysis of the previous Bull run 05:31 Analysis of this Bull run 06:42 How to counter Pullbacks 09:00 Conclusion 10:15 Outro Bitcoin is now worth more than 41k and it just keeps on climbing. But is this growth sustainable? Is a pullback, correction or crash in front of our door? Unfortunately timing the market is impossible but we can look at historical data and trends to get a general idea of the possibilities. In this video we’re going to do a technical analysis and look at previous trends.
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An inhabitant of the British city of Newport has approached the local authorities, with the aim of conducting an important search for a hard drive that he accidentally threw in 2013 in a municipal landfill, said device had bitcoins, whose current value is it would approximate 210 million pounds, that is, an average of 288 million dollars.
How did this tragic situation happen?
The 35-year-old computer engineer, James Howells, in 2013 carried out the cleaning of his home, later he realized that he had thrown his hard drive with 7,500 bitcoins in the trash instead of another that was empty.
After his previous application was rejected, Howells makes an offer of 25 percent, or $ 72 million, to the council in the event that he recovers his losses.
“I would like the opportunity to sit down with the decision makers and present an action plan to them,” Howells told South Wales Argus, indicating that he is supported by a hedge fund, prepared to provide funding for the initiative.
What would be the programmer’s strategy to recover his hard drive?
The computer scientist assures that in 2013 a garbage container obtained a serial number when it was filled, this before being transferred to a grave and buried. Also, a grid reference was required.
“So I could access the landfill log, identify the week I dumped the hard drive, identify the container’s serial number, and then the grid landmark,” the developer said, according to the source.
Despite eight years since the incident, Howells remains optimistic about recovering the information within the device. “The box could be rusty, but it is possible that the disk inside where the data is stored still works,” said the engineer.
It is worth mentioning that, with the passage of time, this possibility decreases, according to the programmer, who gave the suggestion that in case his search had a successful end, the funds would be transferred in the form of help to patients with coronavirus of his city.
However, the Newport City Council has indicated that digging, storing and treating all the waste could cost millions of pounds, and there is no solid guarantee that the hard drive will be found or will continue to serve.
Likewise, the institution emphasizes that, in the event of extraction, the activity is impossible due to the requirements of the current licenses and that carrying out this could lead to a serious and negative environmental impact of the place, the same reasons for which they do not guarantee assistance.
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After a more than 100% surge over the past month, the cryptocurrency market is taking a massive hit Monday as regulators and other experts sound the alarm on bitcoin’s booming rally, but not everyone’s convinced the bearishness is warranted.
Key Facts
As of 10:30 a.m. EST, the value of the cryptocurrency market has tanked to about $900 billion from a high of $1.1 trillion early Sunday morning, according to crypto data firm CoinMarketCap.
The world’s first and largest cryptocurrency, bitcoin, is behind much of the decline, falling 17% over the past 24 hours—wiping out about $125 billion in market value.
Other top tokens are also plunging, with ether, XRP and litecoin down 21%, 16% and 25%, respectively.
“As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in,” the United Kingdom’s Financial Conduct Authority, which regulates financials in the country, said Monday, also issuing a stark warning: “If consumers invest in these types of product, they should be prepared to lose all their money.”
The price plunge started Sunday after a report by the United Kingdom’s Sunday Timesshed light on the enforcement measures banks, including HSBC, are taking to bar transfers from cryptocurrency exchanges in the country.
Venture capitalist and longtime bitcoin supporter Tim Draper railed against the measures, tweeting early Monday that “banks don’t like bitcoin because it makes them less relevant” before issuing a bullish forecast that bitcoin prices will hit $250,000 by early 2023; bitcoin is currently trading at around $32,750.
Crucial Quote
“Bitcoin often exhibits large upside swings that tend to be followed by corrections—this is normal behavior for a new technology in the early stage of its adoption curve,” Anatoly Crachilov, the cofounder and CEO of crypto investment manager Nickel Digital, said Monday, adding that the market is positioned for expansion as institutional adoption soars. “Only professional investors with a long-term view on the underlying technology should have exposure to this asset class. They also need high-risk tolerance levels and, importantly, to never lose sight of the forest for the trees.”
Chief Critic
Bank of America Securities Chief Investment Strategist Michael Hartnett warned that bitcoin looks like “the mother of all bubbles,” on Friday, noting that its roughly 1,000% surge since the beginning of 2019 has been fueled by “violent” inflation, akin to the short-lived surges of gold prices in the late 1970s and tech stocks in the late 1990s.
Surprising Fact
Before crashing 80% by the end of 2018, the price of bitcoin, which first launched in January 2009, climbed fifteenfold in 2017 amid a flood of heightened attention and surging mainstream adoption, as retail trading became easier through pioneering bitcoin platforms like brokerage Coinbase.
Key Background
The cryptocurrency market’s massive rally has been fueled in large part by inflation concerns and institutional adoption. Investors have been eyeing regulatory approval of a bitcoin exchange-traded fund, but JPMorgan warned Friday that such a development may actually hurt bitcoin prices in the short term as investors cash out of the Grayscale Bitcoin Trust, an SEC-approved bitcoin price-tracking fund that many have turned to in lieu of an ETF.
I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com
After a more than 100% surge over the past month, the cryptocurrency market is taking a massive hit Monday as regulators and other experts sound the alarm on bitcoin’s booming rally, but not everyone’s convinced the bearishness is warranted.”Bitcoin often exhibits large upside swings that tend to be followed by corrections–this is normal behavior for a new technology in the early stage of its adoption curve,” Anatoly Crachilov, the cofounder and CEO of crypto investment manager Nickel Digital, said Monday, adding that the market is positioned for expansion as institutional adoption soars.
“Only professional investors with a long-term view on the underlying technology should have exposure to this asset class. They also need high-risk tolerance levels and, importantly, to never lose sight of the forest for the trees.”Bank of America Securities Chief Investment Strategist Michael Hartnett warned that bitcoin looks like “the mother of all bubbles,” on Friday, noting that its roughly 1,000% surge since the beginning of 2019 has been fueled by “violent” inflation, akin to the short-lived surges of gold prices in the late 1970s and tech stocks in the late 1990s. Before crashing 80% by the end of 2018, the price of bitcoin, which first launched in January 2009, climbed 15-fold in 2017 amid a flood of heightened attention and surging mainstream adoption, as retail trading became easier through pioneering bitcoin platforms like brokerage Coinbase.
The cryptocurrency market’s massive rally has been fueled in large part by inflation concerns and institutional adoption. Investors have been eyeing regulatory approval of a bitcoin exchange-traded fund, but JPMorgan warned Friday that such a development may actually hurt bitcoin prices in the short term as investors cash out of the Grayscale Bitcoin Trust, an SEC-approved bitcoin price-tracking fund that investors have turned to in lieu of an ETF. As Bitcoin, Ethereum, Ripple’s XRP And Litecoin Lose Billions, Watchdog Issues Stark Crypto Price Warning (Forbes)SEC Charges Ripple With Selling $1.3 Billion In Unregistered Securities, XRP Loses $2 Billion In Market Value (Forbes) All data is taken from the source: http://forbes.com Article Link: https://www.forbes.com/sites/jonathan…#bitcoin#newsheadlines#cnnnewstoday#newstodaylocal#newstodayabc#newstodaybbc #