Aurelia Butler

Broader crypto prices also surged, with meme token Dogecoin rallying to a three-year high.Improved appetite for crypto sparked a sharp increase in capital inflows into crypto investment vehicles over the past week, factoring into Bitcoin’s strong gains.The world’s largest cryptocurrency hit a record high traded around $86,117.0 by 14:59 ET (19:59 GMT). Gains in Bitcoin and other cryptos were driven chiefly by bets that Trump will enact more crypto-friendly policies in the next four years.Trump had campaigned on a pro-crypto platform, and had even vowed to make America the crypto capital of the world. This notion was the biggest driver of recent crypto gains, as traders bet that the Securities and Exchange Commission will have to soften its stance against the industry. Markets also bet that the industry will gain more legitimacy as an investment vehicle. Optimism over a Trump presidency saw crypto exchange-traded funds clock steep gains in the past few sessions.Bitcoin ETFs saw a record $1.38 billion inflows last Thursday, Coindesk reported, with Blockrock’s iShares Bitcoin Trust (NASDAQ:IBIT) commanding a bulk of these inflows. The IBIT also surpassed Blackrock’s gold ETF in total assets, reaching $34.1 billion, compared to the $33 billion of gold. Increased institutional interest in crypto, after the launch of spot Bitcoin ETFs in U.S. markets earlier this year, has been a major driver of recent gains in crypto markets. Bitcoin’s recent gains saw it trading up about 91% so far in 2024. Trump’s victory marks the start of a new crypto bull market, Bernstein analysts said, urging investors to “buy everything you can.”“We expect a crypto-friendly regulatory environment under Trump, starting with a pro-crypto SEC,” wrote analysts led by Gautam Chhugani. The report added that several members of Trump’s transition team are “explicitly pro-crypto,” reinforcing expectations for favorable policies.Bitcoin surged above $80,000 over the weekend, driven mainly by expectations of crypto-friendly policies under Trump. Among the most significant proposals during his campaign was a national Bitcoin reserve, which would see the US government building a strategic Bitcoin stockpile. While this plan would require legislative approval and might only be realized by 2025, Bernstein sees it as a strong indicator of Bitcoin’s potential role within national treasuries.Bernstein remains “confident” in its 2025 Bitcoin price target of $200,000, noting, “Even at $81K/Bitcoin, we believe risk-reward is favorable over next 12 months.”Bitcoin’s rally also boosts the outlook for publicly traded Bitcoin miners, who are now seeing profits surge as prices remain well above their average production costs, as well as for AI-driven mining companies.Broader crypto markets somewhat cooled after a recent rally, with most major altcoins logging a mixed performance on Monday.Dogecoin was an exception, surging around 29% to a three-year peak of $0.2912. DOGE was boosted chiefly by increased speculation over Elon Musk, who has been a proponent of the token, potentially clinching a position in the Trump administration. Other altcoins retreated. World no.2 crypto Ether fell 1% to $3,170.31, although it remained close to a three-month high. XRP, ADA and MATIC fell between 2% an 4.6%, while SOL jumped more than 5%. Ambar Warrick and Senad Karaahmetovic contributed to this report.  More

Martinez summarized this data by saying that over the past week, large whales have withdrawn a total of 40,000 BTC, which is equal to a whopping $3.28 billion.Last week, the world’s flagship cryptocurrency, Bitcoin, surpassed the $75,000, then soaring to the $77,252 price mark. Today, BTC skyrocketed to $82,490. Over the weekend, BTC soared by 6.2%, jumping from $77,320 to a new historic peak above $82,000. At the time of this writing, the pioneer cryptocurrency is changing hands at $82,355.The Bitcoin rally has recently been fueled by the radical change in the U.S. government, as well as by the 25-basis-points interest rate cut initiated by the Fed Reserve.CZ warned the crypto community that they should “control their greed.” There will be many highs and dips for Bitcoin in the future, he tweeted, stressing the necessity to “apply proper risk management.” The influencer also recommended not putting all of one’s eggs in one basket.The legal team of the current FTX management seeks to retrieve $1.8 billion, which was allegedly transferred to Binance by Sam Bankman-Fried, the former FTX boss who is now serving a 25-year prison sentence. The money was transferred as part of a July 2021 share repurchase deal.This article was originally published on U.Today More

This article was originally published on U.Today More

In his characteristic manner, Schiff expressed his skepticism about Bitcoin’s surge, claiming that it had little to do with its fundamentals.In his tweet, Schiff stated that Bitcoin’s rise “has nothing to do with its supposed fundamentals.”Schiff questioned Bitcoin’s recent price movement as the U.S. dollar is rising while gold falls. According to Schiff, the recent gain is unrelated to fundamentals – particularly the performance of the U.S. dollar and traditional assets such as gold. Schiff claimed that the U.S. economy is on the verge of a boom, with debt-to-GDP ratios falling, lowering the demand for U.S. dollar alternatives.BTC surged 4%, extending its seven-day gains to nearly 20%, following a week that saw the Federal Reserve cutting rates by 25 basis points — which traders considered bullish. At the time of writing, BTC was up 3.29% in the last 24 hours to $82,329 after reaching all-time highs of $82,544.In the last 24 hours, crypto liquidations totaled $620 million. Bearish cryptocurrency bets lost $255 million, while longs were liquidated for $365.69 million, according to CoinGlass data.Futures premiums have risen, with open interest in Bitcoin’s price above $90,000, approaching $2.8 billion on the renowned Deribit derivatives exchange, one of the few crypto native platforms that supports futures trading.If today closes in green, Bitcoin will mark its seventh consecutive day of gains. This article was originally published on U.Today More

This increase in the App Store ranking is a precursor to growing consumer interest, which is a major factor in long-term cryptocurrency rallies. When Bitcoin is rising, more people usually want to buy in or increase their holdings, which naturally increases the number of downloads for well-known cryptocurrency trading apps like Coinbase. Prior cycles have seen Coinbase even break into the top 10 during market peaks, indicating that as Bitcoin gets closer to all-time highs, retail investor excitement frequently erupts. Given the state of the market, Bitcoin has been exhibiting incredible strength. Trading volume has increased dramatically since it firmly broke out of the downward channel that held its price for months. Major support levels are still in place, making the $90,000 target seem more and more attainable. In a strong bull market, technical indicators like the RSI approach overbought levels, but this does not necessarily mean that the market will immediately reverse; rather, it emphasizes increased demand. Coinbase’s ascent in the app rankings also suggests that a period of increased public interest may be upon us, which would support the market’s expansion. Significant price spikes may result from this type of retail interest, particularly if it coincides with high buying volume and ongoing institutional interest.This article was originally published on U.Today More

Meta Platforms (NASDAQ:META) follows behind Bitcoin, which hit the $1 trillion milestone 17 years after launching. Next (LON:NXT) on the list is Elon Musk’s Tesla (NASDAQ:TSLA), followed by Alphabet (NASDAQ:GOOGL), which hit $1 trillion in 18 and 22 years, respectively. Saudi Aramco (TADAWUL:2222), a long-standing petroleum and natural gas company, marked 10th place as it hit $1 trillion in 86 years.Intriguingly, the leading cryptocurrency recorded the highest Compound Annual Growth Rate (CAGR) at 176.54%. CAGR measures an investment’s annual growth rate over time, with the effect of compounding taken into account. Therefore, Bitcoin’s latest CAGR means investors have received a 176.54% gain on their investments in the past year. This is a huge achievement for Bitcoin, as prominent firms like Microsoft (NASDAQ:MSFT) recorded a CAGR of 31.97%.Bitcoin’s performance among these reputable global companies highlights its growing adoption among traders and investors. In the past reported week, Bitcoin’s price has increased by 19.7%, fueling positive sentiment from investors.While the Bitcoin market remains bullish, prominent American angel investor Jason Calacanis predicted that BTC might crash to zero. However, such a scenario, with less than 5% probability, seems very unlikely.This article was originally published on U.Today More