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☆ Bitcoin just hit a 2-month low and posted its worst week of the year. Here's what analysts say happens next.
▼ + stars: | 2023-05-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The largest crypto asset by market cap lost 11.25% for the week, its worst since November, according to Coin Metrics. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. "Bitcoin has switched between the narrative of a risk asset and the narrative of a flight to safety asset. BTC.CM= 5D mountain Bitcoin (BTC) this week For the past few days, bitcoin has ended down to flat. Bitcoin is still up 59% for the year, but down about 7% for the quarter so far, according to Coin Metrics.

☆ Bitcoin rises slightly after key inflation data comes in better than feared
▼ + stars: | 2023-05-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin prices have been under pressure in 2022 after the collapse of algorithmic stablecoin terraUSD and subsequent bankruptcy filings from lender Celsius and hedge fund Three Arrows Capital. Bitcoin rose about 2% to $28,174.29, according to Coin Metrics, after starting the week with a sharp drop. Investors grew optimistic after the CPI report showed the inflation rate eased on an annual basis to 4.9% in April, which was slightly less than what economists polled by Dow Jones expected. "When it comes to inflation data, bitcoin embraces its identity as a riskier asset," said Callie Cox, an analyst at investment company eToro. "Inflation is coming down, just as the Fed intended, and that's easing fears about the economy's future," she added.

☆ Bittrex approved to borrow $7 mln bankruptcy loan in bitcoin
▼ + stars: | 2023-05-10 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform. Shannon approved the loan on an interim basis, allowing Bittrex to borrow 250 bitcoin from its parent company Aquila Holdings, which is not filing for bankruptcy. Bittrex will seek permission to borrow an additional 450 bitcoin at a hearing in June, and the total value of its proposed loan is $19.7 million, based on bitcoin prices when it filed for bankruptcy. The case is Bittrex Inc, U.S. Bankruptcy Court for the District of Delaware, No.

☆ 'Ordinals' could signal the beginning of a new generation for Bitcoin. Here's what investors need to know
▼ + stars: | 2023-05-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

"In a way, Bitcoin Ordinals add more diversity and utility to the Bitcoin network, which could elevate the Bitcoin network utility to that of other blockchains, such as Ethereum." There's one population in crypto, however, who have long believed the Bitcoin network could and must do more than that. Binance cited Bitcoin network congestion on Sunday as the reason for pausing withdrawals, and bitcoin dropped 7% between then and Monday. "Congestion, or lots of demand for the block space, is not just good, it's a critical thing for the future of Bitcoin," Miller added. A sneak peek Ordinals and spikes in transaction fees are just a glimpse of what may be on the horizon.

☆ Bitcoin mining stocks rally as network congestion stirs hopes for higher fees ahead
▼ + stars: | 2023-05-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin's price action has been relatively tame lately, but bitcoin-related stocks are on the rise this week as miners benefit from recent congestion on the network. Transaction fees spiked to at least $40, compared with their normal fees of between $1 and $5. Here's what investors need to know The revenue of bitcoin miners spiked to a one-year high of $41.6 million on Monday, according to CryptoQuant. "The transaction fees that are paid to miners have grown and that's healthy for the long-term viability of security of Bitcoin." On Wednesday, publicly traded bitcoin miners Riot Platform and Marathon Digital gained 6% and 9%, respectively.

☆ Bitcoin could more than double and hit a new record high next year as the token sees a big shakeup, blockchain exec says
▼ + stars: | 2023-05-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Bitcoin could hit a new record high next year, said Bob Ras, cofounder of blockchain firm Sologenic. He cited bitcoin halving, which will reduce mining rewards and supply of the token. The banking crisis and expectations that the Fed will start easing may also lift bitcoin, he added. "When bitcoin's halving kicks in a year from now, we'll likely be well on our way past the previous all-time high," Ras told Insider. Meanwhile, bitcoin appears to be front-running the belief that looser policy from the Federal Reserve is on the way, Ras explained.

☆ Bitcoin could rally 40% by the end of the year, according to a top blockchain founder
▼ + stars: | 2023-05-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

A pile of Bitcoin slugs sit in a box ready to be minted on April 26, 2013 in Sandy, Utah. And bitcoin is front-running this scenario, pointing to a future that is effectively a return to relatively low rates. A big reason why bitcoin has performed so well was that it was just really oversold during the collapse of FTX. In such a scenario, all assets would have a correlation of one with each other, including bitcoin and even gold. Big gold buyers like HSBC and JPMorgan have shunned business with Moscow — leaving billions of dollars worth of gold in need of new landing spots.

☆ Crypto has ‘lost its shine’ for institutional investors, says Northern Trust executive
▼ + stars: | 2023-05-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Institutional investors lost interest in crypto after 2022 and even with this year's uptrend, their appetite for it hasn't come back yet, according to Northern Trust's head of digital assets and financial markets. "Just after March the crypto market went off a cliff… the client interest has definitely gone off the same cliff in terms of institutional interest in in cryptocurrencies," he said. The "evolution of the technology" is moving into a "better place" in terms of support from market participants, Chapman said. Specifically, Northern Trust partnered with Standard Chartered in 2020 to launch Zodia, a crypto custodian for institutional investors. But it's certainly lost its shine from the institutional perspective."

☆ Bitcoin's 72% rally to start 2023 helps push Michael Saylor's MicroStrategy to its first profitable quarter in over 2 years
▼ + stars: | 2023-05-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Michael Saylor's MicroStrategy posted its first profit in nine quarters to start 2023. The largest holder of bitcoin added 7,500 tokens in the quarter as it rallied over 70%. MicroStrategy added 7,500 bitcoin tokens in the first quarter, bringing its total to 140,000 tokens. But with the token's rally this year, MicroStrategy reported an impairment loss of $18.9 million for the quarter, down from the prior quarter's $197.6 million impairment. And after tapping a tax benefit of $453.4 million, MicroStrategy posted net income of $461 million in the first quarter, reversing from a net loss of $249.7 million in the fourth quarter.

☆ Bitcoin breaks its all-time record for daily transactions amid surging interest in new network protocol
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

The daily number of Bitcoin transactions jumped to an all-time high on Monday. Many were from Bitcoin Ordinals, a protocol that expands the blockchain's use case. Bitcoin is currently trading at $28,790, up 2.78% in the past 24 hours. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The daily number of Bitcoin transactions jumped to 682,300 on Monday, according to data provider BitInfoCharts, after hitting a previous high of 568,300 the day before.

☆ Bitcoin pulls back to start May as First Republic Bank saga comes to an end
▼ + stars: | 2023-05-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Cryptocurrencies took a dip on Monday to start the week and new month as investors bet the takeover of First Republic Bank could put an end to the financial crisis, which has been the biggest driver of this year's bitcoin rally. Bitcoin fell about 4.2% to 28,137.76 to start the week and new month, according to Coin Metrics. Last week, the price of bitcoin rallied in the final week of April as troubles at the bank unfolded. "It's unclear whether the banking crisis narrative can continue to be a boon for bitcoin," said Alex Thorn, head of firmwide research at Galaxy. "Bitcoin and ether started 2023 inorganically cheap, allowing for plenty of room to move higher off a low-base effect," Thorn said.

☆ This beaten-up bitcoin proxy should rebound 35% as the cryptocurrency reclaims the spotlight, Berenberg says
▼ + stars: | 2023-04-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Bitcoin is back in a bull market by many accounts and is poised to continue its 2023 rally as the rest of crypto comes under regulatory scrutiny. Equity investors interested in riding bitcoin's current uptrend should consider buying shares of Microstrategy , the enterprise analytics firm and bitcoin proxy, according to Berenberg Capital Markets. Microstrategy offers "the most attractive means" through which investors can express a view on bitcoin, Palmer said, citing its correlation of 0.90 to the crypto asset for his stance. The mandates of many institutional investors preclude them from purchasing bitcoin directly. "MSTR's stock offers a leveraged means through which investors can take advantage of that event."

☆ Bitcoin keeps wavering between a store of value and a high-risk asset. How investors square that with their traditional investments.
▼ + stars: | 2023-04-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

"If you make an investment into bitcoin, you understand that this is par for the course, it just is," he told CNBC. "Because bitcoin takes on a lot of asset profiles – risk asset, store of value, VC-like nascent asset class – investing in it is actually really attractive," said Greg King, CEO of investment company Osprey Funds. A very early technology play Looking at the price path on short timeframes, bitcoin will and often does mimic high-risk assets. Ross had a nuanced view, arguing that bitcoin remains a highly volatile asset. New crypto investors often overlook the Bitcoin technology, focusing instead on bitcoin the crypto asset.

☆ Bernstein predicts crypto will emerge as an alternative financial system amid bank busts, and says to buy bitcoin
▼ + stars: | 2023-04-27 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin was originally designed, after the 2008 financial crisis, as digital cash that doesn't rely on banks. "To rescue the ship, the Fed will have to resort to dollar debasement and monetary printing again, bringing back the role of Bitcoin as digital gold." The shift back to the digital gold narrative has started, since the recent deposit runs and bank failures on regulated U.S. banks, triggered by high interest rates. A couple weeks later its gold correlation surpassed its Nasdaq correlation. "The safe haven signal will lead to a new crypto cycle, pushing digital wallets as on-chain savings accounts," the analysts said.

☆ Here's the outlook for bitcoin as the cryptocurrency struggles to reclaim the all-important $30,000 technical level
▼ + stars: | 2023-04-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The price of bitcoin is testing a pivotal level that could determine whether strength or weakness is ahead. The cryptocurrency needs to decisively clear $30,000 to test its $35,200 resistance level, according to Fairlead Strategies. If bitcoin can decisively clear that threshold, Stockton expects the cryptocurrency to trend toward its key resistance level at $35,900, representing potential upside of 24%. While Stockton is bearish on bitcoin in the short term and bullish on bitcoin in the intermediate term, she remains neutral on the cryptocurrency for the long term, proving just how mixed the technical outlook for bitcoin is. "We are long-term neutral despite improved intermediate-term momentum given the additional hurdle from the monthly cloud... the cloud is now a headwind, acting as long-term resistance," Stockton said.

☆ Bitcoin surges 9% toward key level of $30,000 as crypto market rallies amid fresh banking sector fears
▼ + stars: | 2023-04-26 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

The rally comes as First Republic Bank stokes fresh fears over weakness in the banking sector. Investors are also adding risk as they anticipate a Fed pivot, a crypto exec told Insider. First Republic Bank stock nosedived almost 50% on Tuesday and lost another 20% Wednesday, hitting a record low, after reporting higher-than-expected customer deposit withdrawals. Bitcoin rallied through the turmoil in March as Silicon Valley Bank failed, and industry observers said a similar situation is playing out for the world's largest crypto amid the latest bout of uncertainty. Another crypto exec echoed similar sentiments, adding that the slew of bank failures like Silicon Valley Bank last month made investors question the stability of traditional financial services.

☆ Bitcoin jumps 8% as First Republic pulls banking sector concerns back into focus
▼ + stars: | 2023-04-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Cryptocurrencies jumped on Wednesday as investor concerns about the U.S. banking sector began to swell again, with First Republic Bank fighting to avoid another collapse. "Crypto rallies during banking crises, and it looks like the banking crisis may not be over," Hougan said. "As First Republic is now on the verge of collapse, bitcoin represents both a safe haven versus uncertain bank deposits." As crypto rallied, the U.S. dollar index moved lower and was on pace for worst day since Apr. 12, when bitcoin traded at its highs of this year.

☆ Crypto is either dead in the water or about to notch new records as soon as next year - it depends on who you ask
▼ + stars: | 2023-04-25 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

You can scroll a bit further down for the market's reaction to the stunning Tucker Carlson announcement, but for today, we're turning our attention to crypto. If you ask Chamath Palihapitiya, that's because crypto crossed the wrong people and now it's dead, at least in the US. While crypto may be "dead in America," bitcoin is still going to $100,000. The housing market is close to bottoming and that could stave off a bad recession. That's according to Morgan Stanley, which wrote in a research note that housing is linked to broader business cycles.

☆ Famed investor Peter Lynch says he doesn't own any crypto
▼ + stars: | 2023-04-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Legendary investor Peter Lynch is staying away from cryptocurrency . "I can't pronounce crypto – I can spell it, definitely can't pronounce it," he joked, adding, "What bitcoin's going to be, I have no idea." Although he appeared to have little interest in putting any of his own money into crypto, Lynch has studied the bitcoin investment case. The next one is about a year from now but it doesn't yet have a specific date. Lynch declined to comment on specific investments, but said he "tends to own small caps."

☆ Bitcoin volatility is back to pre-banking crisis lows, but crypto futures show investor optimism is building
▼ + stars: | 2023-04-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

This means traders expect bitcoin prices will increase and may be willing to pay a premium for longer-dated futures contracts in anticipation of those higher prices. The banking crisis opened many investors' eyes to the range of bitcoin's nonspeculative use cases, specifically its potential as an alternative banking system. As worries about U.S. banks have waned and inflation has eased, some are concerned the fallout from the U.S. banking crisis could tilt the economy into recession this year. The drop in bitcoin volatility also comes as the stock market's "fear index," the Cboe Volatility Index , has fallen to about 17 from 26 at the height of the banking crisis. New catalysts for volatility While the banking crisis briefly put some life back into the crypto market , tension between the crypto industry and U.S. regulators remains as a dark cloud over it.

LONDON, April 24 (Reuters) - Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered (STAN.L) said on Monday, saying that the so-called "crypto winter" is over. "While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer," Kendrick wrote. Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. It gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked interest rates and a string of crypto firms imploded. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022.

☆ Crypto winter is over — and bitcoin could hit $100,000 by the end of 2024, Standard Chartered says
▼ + stars: | 2023-04-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Bitcoin's value could jump to as much as $100,000 by the end of 2024, Standard Chartered said in a note published Monday. The collapse of Silicon Valley Bank and other mid-tier U.S. lenders has solidified the case for bitcoin as a "decentralised, trustless and scarce digital asset," Standard Chartered analyst Geoff Kendrick said in the note. "We see potential for Bitcoin (BTC) to reach the USD 100,000 level by end-2024, as we believe the much-touted 'crypto winter' is finally over," Kendrick said in the report, titled "Bitcoin — Pathway to the USD 100,000 level." "Given these advantages, we think BTC's share of total digital assets market cap could move into the 50-60% range in the next few months (from around 45% currently)." The woes of Circle's USD Coin and other so-called stablecoins, which aim to achieve a 1-to-1 peg to the U.S. dollar, has also benefited bitcoin, Kendrick said.

April 18 (Reuters) - Beleaguered bitcoin miners are finally feeling the spring sunshine after a cold, hard crypto winter. At the current bitcoin price, these companies' cash flows have substantially improved and most of them should have no problem paying their obligations," said Jaran Mellerud, analyst at bitcoin mining services company Luxor. Bitcoin mining is the process by which a network of computers validates a block of transactions on the blockchain. "The bitcoin price increase has bought these companies time, but it would be detrimental for these companies if it were to fall back down to $20,000," he said. A rapid rise in power prices or a fast fall in bitcoin could usher in a new cold spell.

☆ Bitcoin’s chart has some eerie parallels to gold in the 1970s. What that means for it next
▼ + stars: | 2023-04-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

But about 50 years ago, gold did the same thing, Morgan Stanley said in a recent note. If bitcoin's current moves continue to follow those of gold in the 1970s, the cryptocurrency could be in for some tough times ahead. "Bitcoin, on a logarithmic scale, has so far followed a similar path to the price speculation of gold in the 1970s, which also seemed to follow a four year cycle." Starting in 1971, gold prices quadrupled within four years as the U.S. dollar money supply grew rapidly, the strategist said. At the end of March, that correlation fell to its lowest since 2021 , while bitcoin's correlation with gold has been climbing.

☆ Crypto trading could take a breather after ‘Shanghai’ rally, as investors refocus on banks and economy
▼ + stars: | 2023-04-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

While ether climbed throughout the week, bitcoin – the outperformer this year – was trading more choppily. Or will it be an event where people are losing money broadly and economic concerns spill over into the crypto space." "I think it could go either way, but so far what we see in the crypto space is encouraging," he added. "Investors could continue to be picky and look for perceived quality, even in the crypto space," she said. "That's helped bitcoin this year since it's seen as a risk asset outside of crypto, but a store of value within crypto.

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