Category Archives: Bitcoin
Bitcoin hits two-month high above $30000 in volatile week – Reuters
A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing Rights
LONDON, Oct 20 (Reuters) - Bitcoin jumped on Friday above $30,000 for first time since July , taking gains for the week past 10%, against a backdrop of volatile trading across cryptocurrencies.
Bitcoin, the largest cryptocurrency by circulation, climbed as high as $30,022, its highest since July 23. It was last up 4% on the day.
There was no immediate news catalyst for the move in bitcoin, said Joseph Edwards, head of research at London crypto firm Enigma Securities. Bitcoin is known for its volatility and the opacity of its markets.
The mood across the broader financial markets has also been nervy lately. Investor sentiment has been rattled by war in the Middle East, a rise in benchmark U.S. 10-year yields towards 5% and concern about the prospect of interest rates staying a lot higher for a lot longer.
Bitcoin markets have been especially skittish this week, as investors await news of the fate of applications with the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund (ETF) by major financial firms including BlackRock.
The approval of any such applications, crypto investors have said, could usher in a new wave of capital to the asset class.
"Crypto assets are increasingly bucking the sell-off seen across stocks and bonds, as investors focus on the coming catalysts, like a potential SEC approval of a spot ETF," eToro strategist Ben Laidler said.
Bitcoin rose suddenly on Monday, before giving up nearly all its gains, after asset manager BlackRock denied a crypto media report that its high-profile ETF application has been approved.
Reporting by Tom Wilson and Elizabeth Howcroft; Editing by Amanda Cooper
Our Standards: The Thomson Reuters Trust Principles.
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Bitcoin hits two-month high above $30000 in volatile week - Reuters
Cryptocurrencies cap a winning week, bitcoin tops $30,000 on ETF optimism and flight to safety – CNBC
Bitcoin extended its weekly gains on Friday, briefly topping $30,000 for the second time this week, as confidence a spot bitcoin ETF will soon be greenlit grew and crypto investors continued weighing uncertainty in the U.S. and abroad.
The price of the flagship cryptocurrency was last higher by 2.76% on Friday at $29,538.99, according to Coin Metrics. It ended the week with a 10.4% gain, making it its best week since June 23 when it added 17%. At one point, it climbed as high as $30,193.87. Ether added 2.46% to trade at $1,606.42on the day and was up 4% for the week best week since Sept. 29, when it gained 4.4%. On Friday, Ether rose to a high of $1,630.03.
The gains come even as the benchmark 10-year U.S. Treasury yield briefly topped 5% for the first time in 16 years. Higher yields historically have had a negative effect on bitcoin, but the crypto asset is benefiting from a key catalyst investors have been watching all year: the approval of what would be the first spot bitcoin ETF in the U.S. Earlier this week, JPMorgan said the Securities and Exchange Commission is likely to approve an ETF in the next few months. Mike Novogratz, whose Galaxy Digital has an ETF application with the SEC in partnership with Invesco, told CNBC he thinks it could happen as soon as the end of the year.
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Bitcoin has hit the $30,000 mark Friday for the second time this week
Several firms have also amended their filings in the past couple weeks to address earlier concerns by the SEC, which investors are taking as a positive sign that the agency is engaging with the firms.
Throughout the week, bitcoin has also been driven by a flight to safety.
"Fears of an escalation in the Middle East conflict, nervousness about the U.S. banking system and overall market tension are pushing bitcoin and gold higher," said Noelle Acheson, economist and author of the "Crypto is Macro Now" newsletter. "Plus, the public support for this narrative from renowned investors such as Larry Fink and Paul Tudor Jones doesn't hurt."
In the rest of the market, altcoins climbed after the SEC Thursday night dropped claims against two Ripple Labs executives CEO Brad Garlinghouse and co-founder Chris Larsen in its lawsuit alleging the company violated U.S. securities law.
"Many are mistakenly, perhaps taking the SEC's dismissal of its case against [them] as a sign that the regulatory heat will ease," Acheson said. "This is unlikely to be the case, unfortunately, as by canceling the trial scheduled for next April, the SEC can now appeal the original ruling. I don't know for sure that it will do this, but in theory it can."
Ripple's XRP jumped 6.5%. Litecoin added 3.5%, and Ethereum competitors Solana and Polygon saw their tokens rise 6.5% and 3.7%, respectively. All ended the week in the green.
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Cryptocurrencies cap a winning week, bitcoin tops $30,000 on ETF optimism and flight to safety - CNBC
Economics professor identifies future security threat to Bitcoin – Finbold – Finance in Bold
Lawrence White, a prominent professor of economics at George Mason University, has highlighted a potential future security threat that faces Bitcoin (BTC).
Speaking during an interview with David Lin published on October 22, Professor White expressed his concerns regarding the long-term sustainability of Bitcoins security, particularly about the evolving reward model for miners.
While quantum computing has long been a topic of discussion in the world of cryptocurrencies, the scholar was unfazed by its potential impact on Bitcoin. Instead, he pointed to a different challenge on the horizon while noting that Bitcoin has emerged as hack-proof.
People have worried about the miners colluding to attack Bitcoin, but that wouldnt be in their interest to do. So far, its proven hack-proof, and there are people who worry that in the long run, as the reward model for Bitcoin changes, he said.
He pointed out a potential issue that might materialize nearly a century from now when no more Bitcoin will be created through mining, and the entire reward for miners will consist of transaction fees.
At some date 100 years from now, there will be no more Bitcoin created, so it would be all transaction fees, and people worry that that might not be enough to get enough miners to keep the system secure, he cautioned.
It is worth noting that, currently, the primary incentive for miners is the reward of newly created Bitcoin, with transaction fees playing a secondary role. As Bitcoin mining progresses, the rate at which new Bitcoin is created decreases, and miners must increasingly rely on transaction fees as their primary source of income.
The block reward consists of both newly minted Bitcoin and transaction fees. However, with the scheduled reduction in Bitcoin creation and eventual completion of mining, the reward will entirely rely on transaction fees.
While Professor Whites concern may seem remote and speculative, Bitcoins core community has a history of addressing security concerns and implementing improvements.
On the other hand, the scholar commented on the possibility of Bitcoin serving as money even as proponents tout the cryptocurrency as a possible means of transaction in the future. According to White, the chances of Bitcoin serving as money are minimal. However, he believes other cryptocurrencies can come up and take up the role.
People have proposed that it [Bitcoin] will become the worlds money someday, and Im saying I dont see that being very likely. Other cryptocurrencies with a different design that gives them a more stable purchasing power could possibly play a wider role, and of course, stablecoins have grown to play a pretty substantial role, he said.
In the meantime, Bitcoin is still pushing to hit the $30,000 mark. By press time, Bitcoin was valued at $29,906 with weekly gains of 11%.
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Economics professor identifies future security threat to Bitcoin - Finbold - Finance in Bold
Breaking: Bitcoin price hits $30,000 – FXStreet
Bitcoin price has breached the $30,000 psychological level, to trade at $30,150 at press time.
Taking off like an arrow from the bow, the flagship cryptocurrency has recorded a steady streak of higher highs.
Experts attribute to the surge not to fake news of a spot BTC ETF approval, but to Federal Reserve chair, Jerome Powell, on Friday during the Economic Club of New York.
In his speech, Powell spoke of the rising yields on long-term US treasuries. He also alluded to the that the Fed possibly seeing its way to pausing its interest rate hikes during the next meeting, slated for November 1.
The prospectivepause dependson inflation data, in the sense that inflation suddenly shooting up could delay the pause, attracting more rate rises. Conversely,if inflation fails to rise, then the pause could go into effect.
For the layperson, a Fed pause differs from a Fed pivot, with the latter happening when the Fed starts bringing interest rates back down again. Notably, such a reality may still be distant, not to be expected anytime soon. The more plausible scenario is interest rates staying at their current levels for a while.
BTC/USDT 1-day chart
Also Read:Bitcoin price did not need fake Spot BTC ETF news to break $29,000 barrier
Bitcoin (BTC) Needs One More Push to Secure $30,000 By U.Today – Investing.com
U.Today - is inching closer to the coveted $30,000 milestone. As enthusiasts and traders watch the ticker with bated breath, the big question remains: can Bitcoin firmly secure its spot above the $30K mark?
Based on recent data, a substantial potential resistance level exists around this price point. Specifically, a whopping 1.49 million addresses have acquired Bitcoin close to this figure. This implies that a large group of investors sees this value as pivotal, thereby transforming it into a formidable resistance threshold.
Source: TradingViewIt is not just the sheer volume of transactions that draws attention to this price point. An impressive 73% of all Bitcoin addresses are presently in profit, solidifying the $30,000 level as a significant point of contention throughout the year. However, while crossing this line is a psychological victory, the real battle is maintaining momentum beyond it.
Recent charts provide a more nuanced insight. Even though price has momentarily surged past the $30,000 mark, there is palpable selling pressure hovering close by. This suggests that a section of the market, possibly those who acquired Bitcoin at this rate, are considering capitalizing on their investment. Such selling pressure, if it intensifies, can potentially push the cryptocurrency's value downward, erasing recent gains.
For to truly secure its position above $30,000 and deter a potential price drop in the near future, it needs to climb further. A more robust position would be above the $30,600 mark. Why? Because this would cover local selling pressure levels, creating a buffer against immediate sell-offs and thereby reinforcing market confidence.
To conclude, while crossing $30,000 is undoubtedly a monumental feat for Bitcoin, it is imperative to remember that in the volatile world of cryptocurrencies, milestones are just as quickly achieved as they are lost. For Bitcoin to not just touch but firmly establish its reign above $30K, it will require one more concerted push from its global community. Only time will tell if the digital currency can muster the strength and support needed to achieve this next leap.
This article was originally published on U.Today
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Bitcoin (BTC) Needs One More Push to Secure $30,000 By U.Today - Investing.com
Forecast: Ethereum (ETH) Price Could Overtake Bitcoin This Week – FX Empire
Large Crypto Investors are Switching Focus from BTC to ETH
When the Middle East crisis escalated around October 7, Ethereum price suffered a significant dip along with the rest of the global crypto market.
To power a market recovery and hedge against the looming economic downturn, investors piled a large portion of their capital inflows into BTC. In effect Bitcoin price quickly rose 13% to reclaim $30,000, leaving other mega-cap altcoins like ETH and XRP and Litecoin (LTC) in its wake.
However, after weeks of industry-wide consolidation and recovery, crypto whales are making early attempts to diversify and channel their BTC gains toward the altcoin market. On-chain data sources show that Ethereum price could emerge one of the biggest gainers from this emerging theme.
CryptoQuants Coinbase Premium Index chart shows the percentage difference between the price of Ethereum on Binance and Coinbase.
This metric is important because, Binance dominates more than 50% of the global retail trading volumes, while Coinbase Pro is dominated by US-based corporate entities and high net-worth investors looking to trade crypto in a more regulated landscape.
Hence when the Coinbase Premium Index metric breaks into green or positive values, it shows that Ethereum price on Coinbase exchange has marginally exceeded prices currently quoted on Binance.
On October 20, Ethereum Premium index broke into unusually high positive values, reaching a 100-day peak of 0.067%.
Notably, the last time ETH price on Coinbase pro exceeded Binance prices by this margin was on July 13. At the time, Ripple (XRP) victory over the SEC sent corporate investors into a crypto buying spree. And within 48 hours, ETH price rose from 6% from $1,830 to $1,940.
Meanwhile, Bitcoins Premium Index, has trended below 0.055% since October 20.This suggests that US-based crypto whales trading on Coinbase pro have increased the buying pressure on ETH to a 90-day peak while interest in BTC has cooled since Thursday.
Ethereum (ETH) is currently trading at $1,630, and the daily-time frame technical analysis suggests a growing bullish momentum.
The immediate resistance level stands at the Pivot High of $1,751. If the bullish momentum continues, Ethereum may encounter resistance here. A decisive breakout above this level could open the path for further gains.
In the event of a significant bullish surge, the next higher resistance is seen at around $1,850. This level has historical significance and may trigger a strong bullish move if broken.
With the current bullish momentum, Ethereum looks poised for potential gains. However, in the case of sudden bearish reversal, strategic traders would keep an eye on the Pivot Low of $1,521 for initial support.
Below that, the Ethereum price might find a stronger support level around $1,450, which is a key psychological level.
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Forecast: Ethereum (ETH) Price Could Overtake Bitcoin This Week - FX Empire
Man, son held in Bitcoin fraud – Times of India
Bengaluru: Three people, including a father-and-son duo, were arrested for luring people to invest in Bitcoins in return for huge profits.The arrested are MS Srikanta, his father Satheesha MA, and their associate Deepak. Satheesha is director of Sri Pancha Aishwarya Multipurpose Souhardha Co-operative Limited. The trio cheated at least 1,300 people and pocketed around Rs 6 crore. The accused had opened an office GG Online (GGO) Private Limited on Sampige Road in Malleswaram and had lured people with high returns against investment in cryptocurrency. One of the victims, Veerabhadraswamy, 47, a businessman, filed a complaint at the cybercrime police station in the police commissioners office recently. He had invested Rs 10,000 in GGO company and the accused initially gave him 15% profit over the investment made. tnnWe also published the following articles recently
Depositors accuse co-operative of cheating 60L
Depositors of Sri Pancha Aishwarya Multipurpose Souhardha Cooperative Limited in Bengaluru have accused the bank's director and board members of cheating them of over Rs 60 lakh. The depositors, including Vinay KR, had accounts and fixed deposits with the cooperative. When they went to withdraw their money, the bank delayed payment and later locked its head office. Twelve depositors have filed a complaint, with three more joining them.
'Need private investment, consumption for growth'
Economists discussing the IMF's regional economic outlook for Asia have highlighted that private sector expenditure and consumption are the main obstacles to global economic growth. The high levels of global uncertainty and interest rates are contributing to the slowdown. Countries are focused on short-term policies, but longer-term reforms are needed to boost economies. Private investments in India have not recovered to pre-pandemic levels, with a lack of job creation and consumer-oriented industries struggling. Consumption recovery in India is uneven, with premium products selling well but rural demand remaining flat or negative.
World Investment Forum 2023 ends with strong call for greater private and public investment
The 8th World Investment Forum concluded in Abu Dhabi with a call for public and private investors to reshape the world economy and capitalize on emerging opportunities in energy transition, agrifood and health sectors, and sustainable development. The forum highlighted the decline in foreign direct investment and emphasized the need for investment to achieve sustainable development goals. It also discussed the importance of investor conversations in the upcoming COP28 climate summit and unveiled new investment policy instruments and strategic partnerships. The 9th World Investment Forum is scheduled for 2025.
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Man, son held in Bitcoin fraud - Times of India
Dogecoin’s Potential To Reach $16, Anthony Scaramucci’s Bold Bitcoin Prediction And More: Cryptocurrency – Benzinga
October 21, 2023 9:02 PM | 2 min read
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This week has seen significant activity in the world of cryptocurrency. The focus has been on Dogecoins potential ascension, while hopes for a Bitcoin ETF approval continue to rise. Additionally, Anthony Scaramuccis bold prediction for Bitcoins value garnered attention. Heres a quick look at these stories.
Dogecoins Potential To Reach $16
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Crypto Analyst AMINSHEYBANImade a bold prediction last Thursday, stating thatDogecoin (CRYPTO: DOGE)could surge over 27,000% and potentially reach $16, breaking its all-time highs. The analyst believes that once DOGE surpasses the $0.058 support level, a remarkable rally could follow.Read the full article here.
Dogecoins Path To $1
In other Dogecoin news, Crypto Analyst Ali suggested that DOGE is nearing the apex of a multi-year descending triangle formation. He believes that a weekly candlestick close above $0.0835 could trigger a new DOGE bull run, potentially towards $1.Read the full article here.
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Rising Hopes for Bitcoin ETF Approval
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Ark Invests CEO Cathie Woodupdated that hopes are rising for a Bitcoin ETF approval by the SEC. Ark Invest is one of several companies that have filed for Bitcoin ETFs with the SEC.Read the full article here.
Scaramuccis Bold Bitcoin Prediction
Anthony Scaramucci of SkyBridge Capitalprojects that Bitcoins (CRYPTO: BTC) value could skyrocket 2,662% from its current valuation, potentially rivaling a $15 trillion asset class. He perceives Bitcoin as more valuable than gold.Read the full article here.
BlackRock CEO Comments on Bitcoin Rally
Responding to a controversy surrounding a false report claiming thatBlackRock Incs (NYSE:BLK)application for an iShares Bitcoin Trust ETF had been approved by the SEC, CEO Larry Fink stated that the subsequent Bitcoin rally indicates a pent-up interest in crypto.Read the full article here.
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Dogecoin's Potential To Reach $16, Anthony Scaramucci's Bold Bitcoin Prediction And More: Cryptocurrency - Benzinga
New Evidence Cast Doubt on Hal Finney Being Bitcoins Creator – Crypto Times
At the Plan B Forum in Lugano, Switzerland this past weekend, CASA CTO Jameson Lopp presented new findings that question deceased cryptographer Hal Finneys involvement in creating Bitcoin.
Lopp in his speech acknowledges that Finney made major contributions to the cryptocurrency and was the first person besides Satoshi Nakamoto to use the software, however,Lopp believes there is substantial evidence showing he was not behind the pseudonym.
The central point of Lopps argument was a race that took place on April 18, 2009, in Santa Barbara, California. During this race, an email exchange was documented between Satoshi Nakamoto and developer Mike Hearn.
Lopp discussed a race Finney participated in Santa Barbara, California on April 18, 2009, at the same time Satoshi Nakamoto was exchanging emails with developer Mike Hearn.
Lopp argues that it would have been impossible for Finney to be exchanging emails which actively focused on the race. Furthermore, a Bitcoin transaction was confirmed during the same time frame as the race, implying that Finney was indisposed.
You see, for the hour and 18 minutes that Hal Finney was running down this course in Santa Barbara, we can be quite sure that he was not at a computer or other electronic device where he would have been able to do what Satoshi was doing, Lopp stated.
In addition, Lopp identified a Swiss IP address associated with developer Mike Hearn, which aligned with the time Hearn Worked at Googles Swiss Office.
This address matches when Satoshi was active online, further confirming he was working while Finney was in the race.
Lopp also compared Nakamoto and Finneys code styles and noticed significant differences in coding preferences and personalities.
In his statement, Lopp questioned how a person could have such distinctly different coding patterns saying:
Im a software engineer. I know code. And their code was not the same. And in fact, we can look at Hals reusable proof of work code. We can compare it to the very first release of the published code for Bitcoin, and several large differences are immediately apparent, said Lopp.
Despite not providing definitive proof, Lopps findings cast doubt on the conventional wisdom surrounding Hal Finneys role as Satoshi Nakamoto, the elusive creator of Bitcoin.
Hal Finney, made remarkable contributions to the cryptocurrency space before passing away in August 2014, leaving behind a legacy of groundbreaking ideas.Among his predictions was that Bitcoins price could someday reach as high as $10 million, a notion that continues to captivate the crypto world.
Also read: Bitcoin Pioneer Hal Finney Explained Zk-Proofs 25 Years Ago
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New Evidence Cast Doubt on Hal Finney Being Bitcoins Creator - Crypto Times
Mike Novogratz thinks the SEC will approve a bitcoin ETF as early as this year – CNBC
The crypto market has effectively been on pause aside from a quick and short-lived spike this week as investors wait for the SEC to give the green light to a bitcoin ETF. Mike Novogratz says that could come as soon as this year. The CEO of Galaxy Investment Partners, which has its own application for a spot bitcoin ETF in partnership with Invesco in the SEC's queue, told CNBC Wednesday that the tone has shifted and things are looking up for crypto investors. "It's going to get approved, we think it happens this year in 2023," he said on CNBC's "Squawk Box." "All the indications seem to be heading in the right direction" based on "public filings back and forth and the comments." "People's comments are much more constructive," he added. "All seems much more specific than general and that seems to be a good sign." Novogratz said the tone has been different since late August, when a U.S. appeals court ruledthat the Securities and Exchange Commission was wrong to deny crypto investment giant Grayscale permission to convert its popular bitcoin trust, known by its ticker GBTC , into an exchange-traded fund. That was widely considered a big win for crypto and has fueled hopes in the crypto community that the ruling would pave the way for the approval of one or more spot bitcoin ETFs. This week bitcoin, as well as shares of Coinbase , briefly spiked on a false report that BlackRock 's proposed spot bitcoin ETF had been approved by the SEC. BlackRock first filed its application in June and several other institutional players including Galaxy followed, taking BlackRock's move as a bullish signal for bitcoin ETF prospects as well as the long-term trajectory of bitcoin itself. Although no bitcoin ETF has been greenlit still, Novogratz highlighted BlackRock's bitcoin blessing on Wednesday as another sign that "the dialogue with the SEC is all heading in the right direction." Ark Invest CEO Cathie Wood echoed that sentiment this week, telling CNBC's "Halftime Report" the "SEC is engaging with us for a bitcoin ETF application. ... The fact the SEC chose to ask questions shows a change in behavior." "What it does tell you is the market will head higher on any positive news," Novogratz said. "It's no longer talking about how [bitcoin] works or why it's important. It's just a recognized macro asset and that's a huge psychological shift." He also noted that bitcoin has two vectors: adoption and macro. Throughout 2023 its price drivers have wavered between industry specific catalysts and the macro specifically the high interest rate environment, which historically have been bad for bitcoin. "Waiting for a slowing economy is like 'Waiting for Godot,' but the 2-year at five and a quarter [percent] it doesn't have that much more downside," he said. "If that 2-year [yield] gets to 4.75% [or] 4.50%, you're going to see bitcoin a lot higher."
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Mike Novogratz thinks the SEC will approve a bitcoin ETF as early as this year - CNBC