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”. Bitcoin (BTC) jumped above $64,000 in Asian hours Monday on the back of renewed hopes of a China stimulus and increased demand in certain bitcoin-based assets, leading a crypto majors move higher.
Bitcoin price passes $69,000 to set brief new record
“A strong BTC inflow on Friday might be a positive sign of things to come as we head into the final weeks of the election campaign, but patience will likely be required before we can make new ATHs anytime soon,” Fan said, referring to the U.S. elections scheduled for November 5. Over $100 million in shorts – or bets against higher prices – were liquidated on the move, CoinGlass data shows. 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. BTC’s move higher came as Chinese stocks ended the morning session higher, buoyed by renewed stimulus hopes. Per Bloomberg, finance Minister Lan Fo’an promised new steps to support the property sector and hinted at greater government borrowing at a Saturday briefing.
- Per Bloomberg, finance Minister Lan Fo’an promised new steps to support the property sector and hinted at greater government borrowing at a Saturday briefing.
- U.S. equities made new all-time highs, with high beta names and the dollar breaking out further, as markets continue to expect an over 85% chance of a 25 basis point cut by the Federal Reserve in December.
- BTC added 2% in the past 24 hours, data shows, with majors ether (ETH), Solana’s SOL rising 3%.
- “A strong BTC inflow on Friday might be a positive sign of things to come as we head into the final weeks of the election campaign, but patience will likely be required before we can make new ATHs anytime soon,” Fan said, referring to the U.S. elections scheduled for November 5.
Bitcoin Begins the Week on a High, Jumps Above $64K
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. And the collateral damage will be massive,” they wrote, adding that the token’s price “is not an indicator of https://www.coindesk.com/markets/2024/09/18/fed-rate-cut-could-crash-crypto-markets-but-era-of-central-banks-is-over-arthur-hayes/ its sustainability”. However, the announcement fell short of expectations and suggested a low probability of continued outflows into China-linked assets.
Bitcoin price tops $60,000 for first time since 2021
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. Some memecoins dominated weekend price action as talks of a “supercycle” continued among traders. Mog (MOG) extended seven-day gains to nearly 20%, while SPX a parody of the S&P500 index – extended gains to 135%. A CoinGecko tracker shows Bitcoin-based memecoins and Runes – a protocol for assets on the blockchain – jumped as much as 10% over the weekend to extended weekly gains above 100% but pared gains in the past 24 hours. The price has surged since US regulators in January approved spot bitcoin exchange traded funds issued by Wall Street stalwarts including Fidelity and BlackRock, the world’s largest asset manager. Interest in memecoins comes amid low market volatility in more serious crypto sectors, such as layer-2s or storage, and rising negative sentiment around tokens backed by venture capital funds – which are increasingly perceived as overpriced and a bad bet for retail traders.
Bitcoin Begins the Week on a High, Jumps Above $64K
Chipmaker Nvidia’s 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. “This is insane,” said Timo Lehes, https://momentum-capital-crypto.org/ co-founder of blockchain company Swarm, adding that he expected more money to flow into the token. Bitcoin rose as much as 12.6 per cent to hit $63,968 on Wednesday, before falling back to about $60,000. Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains. U.S. equities made new all-time highs, with high beta names and the dollar breaking out further, as markets continue to expect an over 85% chance of a 25 basis point cut by the Federal Reserve in December.
BTC added 2% in the past 24 hours, data shows, with majors ether (ETH), Solana’s SOL rising 3%. The run, which has set a dramatic pace even by bitcoin’s standards, has sparked comparisons with 2021, when bitcoin set its previous records following a wave of retail excitement. The token’s price is also being driven by a fast-approaching upgrade to the bitcoin network — referred to as the bitcoin halving — scheduled for next month, which will slow the circulation of available coins. Markets were initially confused by the data impact but ultimately decided that the ‘core’ inflation trend remained intact, and the curve steepening move continued. Binance’s rival, FTX, collapsed in 2022 and its founder Sam Bankman-Fried was found guilty on seven charges of fraud and money laundering.
Bitcoin price passes $69,000 to set brief new record
The crypto industry has been boosted by the belief that it is moving on from the scandals of recent years. The https://cointelegraph.com/news/50-bps-fed-rate-cut-bullish-crypto-markets Securities and Exchange Commission hit Binance, the world’s biggest crypto exchange, with a record $4.3bn fine in November for crimes including failing to protect against money laundering and breaching international sanctions. The price of bitcoin has climbed above $60,000 for the first time in more than two years, as a lightning rally puts the world’s biggest cryptocurrency within touching distance of its all-time high. The new wave of capital has resulted in gains of more than 60 per cent since the start of the year and has helped push the flagship crypto token into uncharted territory, passing the record set in November 2021. Within hours of touching the milestone, however, bitcoin had fallen more than 8 per cent to about $62,000.
Bitcoin traded as high as $69,200 on Tuesday, briefly setting a new all-time record for the world’s largest cryptocurrency before falling back. 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. But despite bitcoin’s latest surge, liquidity is yet to return for the crypto industry’s most well-known token. According to numbers shared by data provider CCData, liquidity on the top 21 centralised exchanges still lags well behind levels registered this time last year. More than $7.5bn worth of capital has flowed into the newly approved bitcoin ETFs since their first day of trading on January 11, according to crypto investment group CoinShares.