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☆ Bitcoin jumps 7%, retakes $70,000 to start the week
▼ + stars: | 2024-03-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

MicroStrategy , which trades as a proxy for the price of bitcoin, surged 20%, while Coinbase advanced 9%. The mining sector got a lift from bitcoin, too, with Marathon Digital and Riot Platforms up 4% and 9%, respectively. Bitcoin had been in correction mode for the past week, after it hit an all-time high of $73,797.68 on March 14. Sam Callahan, lead analyst at bitcoin services firm Swan Bitcoin, said it's likely tied to the messaging coming from the Federal Reserve last week. Despite its pullbacks, bitcoin is on pace to finish March on a winning note.

Persons: CleanSpark, cryptocurrency, cryptocurrencies, Bitcoin, Alex Thorn, Thorn, Genesis, Sam Callahan, Swan Bitcoin, it's Organizations: Marathon, Mining, Metrics, Galaxy Digital, Federal Reserve, Fed

☆ What the Binance settlement means for crypto investors—and why it could clear the path for a bitcoin ETF
▼ + stars: | 2023-11-22 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Industry insiders are cheering the end of a "CZ"-led Binance as a necessary move for crypto going forward. Some say it was perhaps even critical for what could be the next big step for the industry: the approval of a bitcoin ETF. Having this settlement behind us could be the final big, big step needed for this ETF." The crypto industry has long sought the creation of a bitcoin ETF (efforts to launch one go back at least a decade). "Binance is globally the major liquidity pool for crypto trading despite losing market share this year," she said.

Persons: Zhao, Binance, –, Franklin Templeton, Michael Rinko, Sam Bankman, Fried, Rinko, Sam Callahan, Callahan, Yesha Yadav Organizations: Industry, Department of Justice, –, Fidelity, Delphi, Securities, Exchange Commission, Binance, CZ, DOJ, Futures Trading Commission, Treasury Department, BlackRock, Invesco, Ark, Vanderbilt University Law School Locations: BlackRock

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden administration proposes new crypto tax reporting rules: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Sam Callahan of Swan discusses what's driving bitcoin's price as August wraps up.

Persons: explainers, Sam Callahan, Swan Organizations: CNBC Crypto, CNBC

☆ Crypto market bounces off recent sell-off, bitcoin rises to $26,500
▼ + stars: | 2023-08-23 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin rose more than 2% to $26,517.09. The crypto market move higher coincided with gains in the major stock averages. "Add in summer trading volumes, and you have a recipe for day-to-day volatility. Crypto has been suffering since the spring from low liquidity and thin trading volumes, which has exacerbated moves on both the upside and the downside. "The correlation between equity indices and bitcoin has declined to near zero in 2023," said Sam Callahan, lead analyst at Swan Bitcoin.

Persons: Cryptocurrencies, Bitcoin, Ether, Cardano's, Callie Cox, Jerome Powell, Crypto, Sam Callahan Organizations: Federal, Swan Locations: Jackson Hole , Wyoming, Jackson

☆ Bitcoin drops below $26,000 after SEC sues crypto exchange Binance
▼ + stars: | 2023-06-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Cryptocurrency prices dropped Monday after the U.S. Securities and Exchange Commission charged Binance, the largest crypto exchange in the world, with violating securities laws. Binance Coin , a token used to pay transaction and trading fees on the Binance exchange, tumbled 9.5%. The declines came after the SEC alleged Binance and its co-founder, Changpeng Zhao, comingled billions of dollars of investor funds with their own and violated securities laws. "Any regulatory action against a major player in the cryptocurrency space creates uncertainty and leads to increased market volatility in the short term. Bitcoin last week capped its worst month of trading since November, finishing May down 7.9% after trading in a narrow range of between $26,000 and $28,000.

Persons: Bitcoin, Binance, Changpeng Zhao, Sam Callahan, Swan Bitcoin Organizations: U.S . Securities, Exchange Commission, Metrics, SEC, Binance, Futures Trading, CNBC, Gemini Trust Locations: bitcoin

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin dips amid low liquidity, and EU states approve comprehensive crypto rules: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Sam Callahan, lead analyst at Swan Bitcoin, breaks down the cryptocurrency's performance this year.

☆ Bitcoin’s correlation with stocks is at its lowest since 2021 as investors grapple with the cryptocurrency's narrative shift
▼ + stars: | 2023-03-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The break became more noticeable in March, as investors rediscovered bitcoin's appeal as alternative banking system as the regional banking crisis unfolded. Bitcoin's correlation with the S & P 500 is now at its lowest since September 2021, after reaching its highest ever in 2022 , according to Coin Metrics. Meanwhile, bitcoin's correlation with gold, a traditionally "risk-off" asset, has risen. This break in correlation is perhaps a sign more investors are waking up to this fact." Bitcoin became more of an institutional asset at the start of 2021 as big investors, short term traders and macro funds jumped into the market.

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