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☆ Why bitcoin hasn't joined the latest meme stock craze this week
▼ + stars: | 2024-05-14 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

GameStop and fellow meme stock AMC Entertainment are each up more than 160% over the past two days. "This isn't 2021 when the world was locked down and awash with liquidity," said Antoni Trenchev, cofounder of crypto exchange Nexo. To be sure, there's a world of cryptocurrencies beyond bitcoin that includes meme coins. Noelle Acheson, economist and author of the "Crypto is Macro Now" newsletter, added that the meme stock run was "more of a revving of engines than a full take-off" and that macro issues are still pressuring bitcoin. Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, added that although bitcoin was "lumped into the meme stock category" in 2021, the market is starting to show signs of being taken more seriously now.

Persons: bitcoin, Bitcoin's, Antoni Trenchev, haven't, Shiba, Noelle Acheson, Acheson, Sylvia Jablonski Organizations: GameStop, AMC Entertainment, AMC, Metrics Locations: bitcoin, U.S, BlackRock, Defiance

☆ Crypto stocks set to start December on high note as bitcoin hits near 19-month high
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Shares of bitcoin miners - whose profitability improves as bitcoin climbs - including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and TeraWulf (WULF.O) rose between 1.7% and 4%. "Higher crypto prices should lead to a boost in transaction volume and transaction revenues for Coinbase as we enter 2024," said CFRA Research analyst Michael Elliott. However, Elliott cautioned the crypto exchange faces both legal challenges and new regulations that are likely to take time to play out and will continue to result in volatility for the stock. The ETF approval bets have helped counter latest concerns after Changpeng Zhao, the founder of the world's largest crypto exchange, stepped down and pleaded guilty to breaking U.S. anti-money laundering laws. Among other gainers were U.S. software developer and bitcoin investor Microstrategy (MSTR.O), up nearly 3.5%, and ProShares Bitcoin Strategy ETF (BITO.P), which added 2.1%.

Persons: Dado Ruvic, Noelle Acheson, J.P.Morgan, Iris, Michael Elliott, Elliott, Changpeng Zhao, Microstrategy, Medha Singh, Sriraj Kalluvila, Krishna Chandra Organizations: REUTERS, Cipher Mining, Iris Energy, Marathon, CFRA, Thomson Locations: bitcoin, Bengaluru

REUTERS/David 'Dee' Delgado/ Acquire Licensing RightsOct 3 (Reuters) - The global cryptocurrency market remains badly scarred following the tumultuous collapse of crypto exchange FTX and other big players last year, with crypto prices, volumes and venture capital investment well below their 2021 peaks. BITCOIN BLUESBitcoin, by far the biggest cryptocurrency and the chief barometer for crypto market sentiment, has bounced back about 37% since Nov. 1. Reuters Image Acquire Licensing RightsCRUMBLING MARKET CAPAfter peaking at $3 trillion in November 2021, the value of the overall crypto market plummeted through 2022, hitting a two-year low of $796 billion as FTX imploded. Yet the relative calm in crypto markets is not necessarily a good thing, said some market participants, noting that many investors are attracted to crypto precisely because of its volatility, which offers opportunities to make quick profits. Reuters GraphicsVC CRYPTO BETS TUMBLEVenture capital (VC) investments flooded into crypto during its boom year of 2021, and even through 2022.

Persons: Damian Williams, Samuel Bankman, David, Dee, Delgado, Sam Bankman, FTX, cryptocurrencies, Bitcoin, bitcoin, Ben Laidler, Usman Ahmad, Anders Kvamme Jensen, Robert Le, CCData, Noelle Acheson, Hannah Lang, Elizabeth Howcroft, Tom Wilson, Michelle Price, Andrea Ricci Organizations: REUTERS, Capital, Silvergate Bank, BlackRock, Reuters, Zodia, Chartered, Reuters Graphics, U.S, Venture, Thomson Locations: New York City, U.S, New York, Singapore, London, Washington

Bitcoins are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Aug 29 (Reuters) - Bitcoin's gains from a U.S. court ruling that bolsters future prospects for retail investor-friendly funds have rescued the original cryptocurrency from a dismal month, offering new optimism over its longer-term outlook. The win for Grayscale is likely to now factor into the SEC's future decisions for spot bitcoin ETFs filed by several major financial firms this year, including the world's largest asset manager BlackRock (BLK.N), investors said. Any advent of spot bitcoin ETFs could help the crypto industry tap a glut of previously untapped retail investor cash, in turn bolstering the price of bitcoin. Still, bitcoin's prospects remain tied to the performance of wider markets, some investors said.

Persons: Dado Ruvic, bitcoin, Noelle Acheson, Crypto, Anders Kvamme Jensen, Tom Wilson, Mike Harrison Organizations: REUTERS, Securities, Exchange, U.S, Treasury, BlackRock, BTC, Thomson

Over 50 cryptocurrencies worth over $100 billion in total and making up about 10% of the overall market, are now viewed by the SEC watchdog as securities, according to CCData. Among major players, for example, solana , polygon and cardano have sunk between 23% and 32%. Bitcoin and ether weren't named in the SEC's lawsuit, nor were stablecoins such as tether and USC Coin. By contrast, bitcoin investors who have held their coins for more than five months appeared relatively calm and accounted for just 1.9% of deposit volume. Investment products tracking altcoins have seen positive - albeit small - net inflows this year, in contrast to bitcoin and ether, Coinshares data showed on Monday.

Persons: Vetle Lunde, Ryan Rasmussen, solana, Lucas Kiely, Alex Thorn, Noelle Acheson, James Butterfield, Lisa Mattackal, Medha Singh, Pravin Organizations: U.S, SEC, K33 Research, solana, Securities, Bitwise Asset Management, Reuters Global Markets, Cardano Foundation, Solana Foundation, Reuters, Polygon Labs, Reuters Graphics Reuters, USC, BTC, ETH, Firmwide Research, Galaxy Digital, Pravin Char, Thomson Locations: cardano, altcoins, Bengaluru

June 6 (Reuters) - It's a tense time for bitcoin investors. The capricious cryptocurrency's been uncommonly quiet over the past four weeks, bound in the range of $28,452 and $25,800. Bitcoin's volatility index is near 64, well below the 2023 peak of 116.5 touched in January, according to CryptoCompare. "Trading volatility, buying options in the absence of a price move, that's what people might do in this market." Market positioning indicates the maximum pain level for the June 2023 options expiry for bitcoin is at around $24,000, which could act as a support or resistance level, according to analysts at Bitfinex.

Persons: CryptoCompare, Noelle Acheson, Matthew Weller, Luuk Strijers, Strijers, Thomas Kralow, Medha Singh, Lisa Pauline Mattackal, Pravin Organizations: bitcoin, BULLS, Kralow, Pravin Char, Thomson, Reuters Locations: Bengaluru

☆ Bitcoin falls ahead of debt ceiling vote, heads for its first losing month of the year
▼ + stars: | 2023-05-31 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Bitcoin is track to post a 8% loss, which would be its worst month since November 2022. If it ends the day in the red, that will make May its worst month since December 2022. Bitcoin fell on Wednesday and was on track to post a down month as optimism around the debt ceiling rally fizzled. Crypto moved in line with the major stock averages, which were all lower as investors awaited the House vote on the tentative deal to raise the nation's debt ceiling and avoid a default on Wednesday. Crypto prices initially climbed over the weekend after House Republicans reached a tentative deal with the White House to address the debt ceiling.

Persons: Bitcoin, Crypto, Noelle Acheson, — CNBC's Gina Francolla Organizations: Metrics, House Republicans, White

☆ Litecoin, XRP and other altcoins rise Wednesday as 'blue chip' bitcoin hits a lull
▼ + stars: | 2023-05-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Litecoin and XRP were each higher by about 5%, according to Coin Metrics, while the Sandbox token jumped 4%. On Wednesday Ripple, the global payments company behind XRP, announced its acquisition of Metaco, a Swiss crypto custody services firm. Still, realized 30-day volatility for both bitcoin and ether are off their record lows of the year, according to Glassnode. In recent months, bitcoin and ether have been regarded by many as so-called "blue chip" or "flight to safety" assets in crypto. Bitcoin and ether continued to hover around the flat line Wednesday at the $27,000 and $1,800 levels, respectively.

☆ Ether rises after the Shanghai upgrade, bringing year-to-date gain to more than 65%
▼ + stars: | 2023-04-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

The price of ether climbed on Thursday, after investors put uncertainty surrounding the long-awaited Shanghai upgrade behind them. Ether rose more than 4.5% to $1,989.02, according to Coin Metrics, while bitcoin gained more than 1%. After a two-year lock up period, Ethereum staking withdrawals were enabled by the Shanghai upgrade around 6:30 p.m. Investors were optimistic but cautious in the weeks leading up to Shanghai, also known as "Shapella." Noelle Acheson, an economist and author of the "Crypto is Macro Now" newsletter said she's skeptical the sudden move higher in ether isn't entirely Shanghai-driven.

☆ Ether is poised to climb higher with the uncertainty of 'Shanghai' behind investors
▼ + stars: | 2023-04-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +7 min

Market participants say that with all the uncertainty out of the way, ether may finally catch up with bitcoin. After Shanghai Investors can now withdraw staked ether from the network for the first time ever: This is one of the biggest attractions of the Shanghai upgrade. This Merge ultimately made more liquidity available to ether investors and stakers. "Dominance" measures how a crypto asset like bitcoin is performing relative to its peers in the crypto market. That correlation has declined, however, in part because market participants have favored bitcoin over ether ahead of the Shanghai upgrade.

☆ Bitcoin’s market dominance is climbing. Here’s what that says about interest rate expectations
▼ + stars: | 2023-03-23 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin's market dominance has been climbing in March and is now up to levels not seen since June. Investors use it to determine which parts of the crypto market are outperforming or underperforming relative to their peers. When bitcoin dominance climbs, it implies that bitcoin is doing well, but more specifically, it means its outperforming altcoins. Bitcoin dominance has risen steadily since March 8, the day after Silvergate Bank announced its voluntary liquidation. "That's reflecting a view that a lot of macro investors have, that we're either at or very near the bottom of this macro cycle."

☆ Analysis: What's behind bitcoin's latest surge?
▼ + stars: | 2023-03-22 | by ( Tom Wilson | ) www.reuters.com time to read: +5 min

The original and biggest cryptocurrency has been here before, its 15-year history peppered with dramatic price increases and equally vertiginous drops. Driving bitcoin's gains have been its core user base of retail investors, analysts said. In the past, too, dramatic price swings for bitcoin have been closely tied to shifts in monetary policy globally. In 2022, bitcoin plummeted over 65% as higher rates triggered the fall of a major crypto token, precipitating the closure of major hedge funds and crypto lenders. To be sure, some investors say developments to bitcoin's intrinsic characteristics are now capable of supporting its price.

☆ Cryptocurrencies rally despite shutdown of crypto friendly Signature Bank, bitcoin breaks through $24,000
▼ + stars: | 2023-03-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Since the January rally in risk assets began to fizzle out, chart analysts have been looking for a meaningful break above $25,000. "Bitcoin is one of the most sensitive assets to market liquidity, since its 'risk' profile is unencumbered by earnings or ratings concerns," she said. Signature Bank was another famously crypto-friendly institution and the next biggest one next to Silvergate, which announced its impending liquidation last week. Wall Street analysts Friday had maintained buy ratings on Signature Bank, even as the bad news around Silvergate and SVB unfolded. The end of the Silvergate-Signature duo leaves crypto with few "on-ramps" that allow fiat money to flow into crypto assets.

☆ Why Silvergate’s post-FTX financial woes could spell trouble ahead for crypto
▼ + stars: | 2023-03-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

Further, the spillover into a traditional bank and its stock price could fuel regulators' arguments that crypto poses a systemic risk. The big problem in crypto is that to buy bitcoin, you eventually have to interact with the traditional banking system. Silvergate's crypto bet worked for the bank, particularly in bull markets. A big part of Silvergate's crypto banking efforts was the Silvergate Exchange Network, better known as SEN, a platform that institutions used to move money to crypto exchanges. Custodia is a Wyoming-chartered special purpose depository institution designed to bridge the crypto and traditional banking systems.

☆ Bitcoin struggles around $23,000 level as new-year rally loses steam
▼ + stars: | 2023-02-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin continues to trade in a tight range of $18,000 to $25,000 mark, keeping investors on edge about where the price is going next. Bitcoin fell as low as $22,655 early Monday morning, its lowest level since Jan. 31, according to Coin Metrics, after breaking through the $24,000 on Thursday. The price of bitcoin dipped below $23,000 over the weekend as investors digested the latest U.S. employment numbers and looked toward a batch of Federal Reserve member speeches. "Expectations are shifting to more tightening, and higher rates for longer (what the Fed has been saying all along), which is not good for risk-on assets," she added. Bitcoin is trading "at the deepest overbought condition in over two years" and is "due for a brake check," according to Wolfe Research.

☆ From the Shanghai upgrade to U.S. regulation: Watch these 5 events to see where crypto markets are heading in 2023
▼ + stars: | 2023-01-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +7 min

Unlike in previous crypto winters, however, macro forces outside the crypto industry are the biggest drivers of the market. The Shanghai upgrade Ethereum developers are gearing up for the network's next big upgrade, the "Shanghai" upgrade, which has a target release of March 2023. "The problem right now is if you stake ether into the network, your ether will be locked until the Shanghai upgrade," Lau said. "There will be more liquidity of ether after the Shanghai upgrade," he added. Gox but the expected distribution of the bitcoin recovered from the exchange's 2014 implosion could be a near-term headwind for bitcoin investors.

☆ Bitcoin volatility fell to historic lows this week. Here’s why that might be bad news
▼ + stars: | 2023-01-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

"An uptick in bitcoin volatility would, rather than trigger concern, be greeted as a positive sign and would most likely be closely followed by a similar move in spot and derivative trading volumes." Sigel also pointed to bitcoin miners who may be selling covered calls in order to monetize profits as much as they can. Bitcoin miners have had a difficult time with the bitcoin price stuck at such low levels. "Each time volatility has been this low, historically, bitcoin prices have bottomed," said Alex Thorn, head of firmwide research at Galaxy Digital. Thorn said that while seeing lenders and exchanges collapse feels unstable, the crypto market will emerge from this period having significantly matured.

Ben McMillan, chief investment officer at IDX Digital Assets, said the rising popularity of blockchain-based tools including decentralized exchanges and decentralized finance had also been an important development this year. "We could see bigger allocations to digital assets once risk appetite resumes in 2023." Bitcoin and other tokens took a hammering, slumping by over half in just 49 days from the end of May. On a single day in June, bitcoin fell over 15%, its worst day since March 2020 when COVID chaos roiled financial markets. Bitcoin fell by a quarter in less than four days as Bankman-Fried scrambled for funds to bail his exchange out.

☆ FTX flameout showed investors bought crypto for the wrong reasons. Why most are hoping that'll change in 2023
▼ + stars: | 2022-12-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

In some ways, disgraced FTX CEO Sam Bankman-Fried helped bring more legitimacy to crypto, pushing it further into the mainstream. Decentralized finance has exploded in popularity, but there are other uses for digital assets that people are excited about. Now is a good time for investors to gain knowledge, and doing so would help them solidify their crypto investment thesis in 2023, he said. Specifically, Blumberg added, leaving funds on centralized exchanges is far more dangerous than keeping custody of funds yourself. "The smart investors are seeing this and remembering that what we have here is a fixed supply and, growing demand."

☆ Spooked investors have pulled billions of dollars off Binance. Data suggests fears may be overblown
▼ + stars: | 2022-12-14 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

Investors have been pulling billions of dollars of funds off Binance amid growing scrutiny over the crypto exchange's reserves. On Tuesday afternoon, more than $6.6 billion in crypto had left the exchange over a 24-hour period, according to Nansen. This has investors spooked about the health of Binance in the wake of former competitor FTX's spectacular downfall, which ended Tuesday with CEO Sam Bankman-Fried's arrest and indictment . It remains to be see how wide the damage done by FTX spreads in the crypto market. Clara Medalie, research director at crypto data firm Kaiko, said liquidity on Binance has stayed stable and bitcoin's market depth is holding steady.

☆ Institutions are charging forward in crypto, even in the industry's darkest days
▼ + stars: | 2022-12-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

After years of pooh-poohing cryptocurrency, institutions finally entered the crypto market last year and fell straight into crypto winter. "Right now [investors] are going back to basics, doing their homework, finding out what this means," said Lyn Alden, founder of Lyn Alden Investment Strategy. Near-term risk Institutions often look at big crashes like this one as opportunities , Alden said. "FTX destroyed trust in the industry and may delay traditional finance institutions that haven't already committed to digital assets to invest," Belshe said. However, for "institutions and brands that are already building products in crypto and Web3, we have not seen a slowdown of interest to build, grow and invest."

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