bitcoin surge – pressnews

Bitcoin Hits Highest in a Year as Crypto Rebounds From Scandals

24Jun

By adminNo Comments

Technology

Bitcoin Hits Highest in a Year as Crypto Rebounds From Scandals

[ad_1] Bitcoin hit its highest level in a year amid renewed fervor for digital assets despite a slew of challenges for the industry.The original digital currency crossed above $31,013, its 2023 peak, to reach its highest level since June 2022, Bloomberg data show. The surge has brought Bitcoin to as high as $31,410 and up by almost 90% since the start of the year. Other cryptocurrencies followed suit, with Ether also rallying. It's a remarkable development — and show of resiliency — for a market that many had written off as being on the verge of extinction following a number of high-profile and high-impact scams and company fallouts that left the industry besmirched among investors. “From the ardent Bitcoiner's perspective, the token's most fundamental investment thesis is playing out: ...

Bitcoin Perpetuals Seen Becoming an Even Bigger Driver of Prices

6May

By adminNo Comments

Technology

Bitcoin Perpetuals Seen Becoming an Even Bigger Driver of Prices

[ad_1] Bitcoin perpetual futures, one of the most popular derivatives contracts in crypto markets, are increasingly driving the largest digital token's price. That's according to Conor Ryder, research analyst at Kaiko, who points out that the Bitcoin perpetuals-to-spot-volume ratio is at its highest in nearly two years. Perps, as they're sometimes known in industry parlance, don't expire and have been hugely popular with traders as the derivatives market is a place where a lot of speculation can occur, according to the researcher. “It's a question of price discovery i.e. where the true price of an asset is actually determined. That is historically correlated with volumes, so wherever the majority of volumes are, the more influence that has on price,” Ryder said. “Perps have a larger sh...

Bitcoin Touches Four-Week Low as $25,000 Becomes the Fresh Focus

26Apr

By adminNo Comments

Technology

Bitcoin Touches Four-Week Low as $25,000 Becomes the Fresh Focus

[ad_1] Bitcoin reached an almost four-week low, with the cryptocurrency continuing to lose momentum since breaking above $30,000 earlier this month for the first time since June.The original digital currency was little changed on Monday after earlier falling as much as 1.9% to $26,989. That was the first time the price was below $27,000 since March 28. Other digital assets were mostly flat to higher, with Ether little changed and Avalanche up about 2%. Crypto-related stocks also extended their slide from last week. Coinbase, the biggest US digital exchange, has slumped for six straight trading sessions since Bitcoin hit its recent high of around $31,000 on March 14. MicroStrategy retreated for a fourth day. There has been some “overheating” of the market, said Aya Kantorovich, co-founde...

Bitcoin ‘Halving’ Due Next Year Spurs Predictions of Rally in Token Past $50,000

24Apr

By adminNo Comments

Technology

Bitcoin ‘Halving’ Due Next Year Spurs Predictions of Rally in Token Past $50,000

[ad_1] Bitcoin's rebound is just the start of a rally that will take it past $50,000 next year courtesy of a process known as halving that curbs the supply of new tokens, according to projections from crypto analysts.The largest digital asset has climbed 70% since Dec. 31 in a partial revival from an epic rout in 2022. While the token at the moment is struggling in the vicinity of $30,000, halving holds the potential to trigger an advance of at least 78%, according to Bloomberg Intelligence and Matrixport. A halving – or halvening – cuts in half the amount of tokens that Bitcoin miners receive as reward for their work. The quadrennial event is due next around April 2024 and is part of the process of capping Bitcoin supply at 21 million tokens. The coin hit records after each of the last...

A Closer Look at Bitcoin’s Rally Suggests the Depth of Demand Is Deceptive

22Apr

By adminNo Comments

Technology

A Closer Look at Bitcoin’s Rally Suggests the Depth of Demand Is Deceptive

[ad_1] Crypto trading volumes seem to have surged last quarter as token prices spiked higher. But looking at the data more closely paints a different picture.When looking at overall trends, Bitcoin trade volumes seem to have spiked, with two trading pairs standing out during that stretch — Bitcoin-Tether and Bitcoin-BUSD, a relatively little-known stablecoin trading on the Binance platform that has since halted issuance, according to crypto market data provider Kaiko. Those two were the top-traded duos on that exchange in the first three months of the year. But isolating just the Bitcoin-dollar trade pair — which trades on exchanges like Coinbase and Gemini — shows volume was the lowest since 2020, the researcher said. During that time, regulators cracked down on the industry with a num...

Cryptoverse: Hooked on growth, bitcoin investors turn to smart tokens

9Mar

By adminNo Comments

Technology

Cryptoverse: Hooked on growth, bitcoin investors turn to smart tokens

[ad_1] For investors living on the digital edge, bitcoin is starting to look a little old-fashioned.Hooked on high growth, some are turning away from the original cryptocurrency - designed as an alternative to regular cash - in favor of its descendants created as native tokens of blockchain platforms that host smart contracts and apps. MarketVector's Smart Contract Leaders Index, which tracks major tokens of this kind - including ether, dot and solana - is up 36% in 2023, outpacing even bitcoin's 33% rise. Solana's token is up 76% this year. Bundeep Rangar, CEO of crypto-focused investor Fineqia, said he expected the biggest crypto returns to come from smart contract tokens on platforms that support decentralized finance (DeFi) apps."Those are ones that you will find capital appreciati...

Bitcoin Breaks Away From Stocks in 50% Surge Defying Macro Peril

22Feb

By adminNo Comments

Technology

Bitcoin Breaks Away From Stocks in 50% Surge Defying Macro Peril

[ad_1] Concerns about further interest-rate hikes, a fizzling stock rally and a US crypto crackdown all suggest Bitcoin and other tokens should be beating a hasty retreat. Instead, they're extending their 2023 rebound.Bitcoin's year-to-date gain has now reached 50% after a further jump in February, contrasting with a retreat in global equities this month courtesy of a macroeconomic environment replete with growth and inflation concerns. This divergence has dented a positive correlation between shares and crypto that sprouted in the pandemic. A 40-day correlation between Bitcoin and the S&P 500 has slid below 0.3 to the lowest since 2021 from a May record above 0.8. A reading of 1 implies assets are fluctuating in lockstep and minus 1 signifies the opposite. Other relationships have...

Bitcoin tops $25,000 to hit eight-month high

17Feb

By adminNo Comments

Technology

Bitcoin tops $25,000 to hit eight-month high

[ad_1] Bitcoin hit an eight-month high to surge past $25,000 on Thursday as the volatile cryptocurrency rises despite pressure from US regulators.The digital coin has soared by 50 percent since the start of the year, though it remains far off its peak of $68,992, which it reached in November 2021. Bitcoin reached $25,249 on Thursday, its highest point since June and the first time it topped $25,000 since August. A more optimistic outlook for the world economy is propping up the markets, including cryptocurrencies, with Paris and London stock exchanges hitting all-time highs on Thursday."While regulatory crackdowns continue to drive some unease, there's clearly a growing sense of relief that the worst is behind it for the industry and 2023 could be a much better year," said Craig Erlam,...