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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.
Wharton professor Jeremy Siegel said bitcoin's recent boost will fade out once people start trusting banks again. He said cryptocurrencies push a narrative that the conventional financial system is terrible, helping drive bitcoin gains amid a banking crisis. The world's largest cryptocurrency is trading around the $28,000 mark – it's highest level in nine months. "Bitcoin was launched with a mantra that the banking system was terrible, and the economy needed an alternative. So, the narrative is helping drive money into bitcoin with a 30% gain in the last week," Siegel said.
ET Monday, the value of all the bitcoin in circulation gained around $26 billion. Bitcoin jumped on Monday as some investors turned to digital currencies amid a crisis in the traditional banking sector. The rally in bitcoin comes amid turmoil in the global banking sector which was sparked by the collapse of Silicon Valley Bank in the U.S. On Sunday, UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.2 billion) in a deal partly brokered by the Swiss regulators looking to stem contagion across the global banking sector. Other cryptocurrencies are not seen as "digital gold" by proponents in the same way that bitcoin is.
Cryptocurrencies stood out this week as bank shares tumbled and the global liquidity crisis rocked the stock market. Bitcoin versus the banks The price of bitcoin twice rose above the key $25,200 level to more than $26,000, according to Coin Metrics. BTC.CM= 1Y mountain Bitcoin, 1-year Bitcoin's outperformance amid a crisis in the traditional banking system had some wondering if the price rallied on a potential narrative shift. Though bitcoin was initially designed to be digital cash and an alternative financial system, it spent much of last year trading like a speculative asset. "In practice, bitcoin isn't isolated from the traditional banking system.
Bitcoin bounces back
  + stars: | 2023-03-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin bounces backTanaya Macheel joins 'Squawk on the Street' to report on Bitcoin's bounce back.
The US central bank has lifted borrowing costs from near-zero to just under 5%, starting with its initial raise on March 16, 2022. Lender Silicon Valley Bank failed and FTX imploded after borrowing costs rose. "Stocks had become reliant on low interest rates as a crutch," Dan Kemp, CIO at Morningstar Investment Management, told Insider. "If valuations had been lower, then the reaction to the Fed's rate hikes would've been far less severe." Rising interest rates in a particular country tend to strengthen its currency, because they attract foreign investors seeking higher yields.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLarge cap technology has provided a floor for the market this week, says Fairlead Strategies' Katie StocktonKatie Stockton, Fairlead Strategies founder and managing partner, joins 'Squawk Box' to discuss moving out of the bear market cycle, positive seasonal influences, and large swings in bitcoin's value.
In this article BTC.CM= Follow your favorite stocks CREATE FREE ACCOUNTBitcoin is up 50% so far in 2023, beating major commodities and stock indexes. Filip Radwanski | Sopa Images | Lightrocket | Getty ImagesBitcoin is up 50% this year despite the collapse of major crypto-focused banks, beating major stock indexes and commodities. Interest rate outlookThe bank collapses came after a year of interest rate hikes from the U.S. Federal Reserve. But it sold those assets at a hefty loss because interest rate rises had pushed the price of Treasurys lower. Bitcoin vs. stocks
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMedalie: Bitcoin's correlation with the Nasdaq is at the lowest level since the collapse of FTXClara Medalie, director of research at Kaiko, discusses the rally Bitcoin, Ether and other cryptocurrencies have seen in wake of the collapse of Silvergate, SVB and Signature Bank.
The Biden administration seeks a tax change on crypto transactions, The Wall Street Journal said. The change is part of Biden's 2024 budget proposal could raise $24 billion. Biden's 2024 budget proposal was slated for release on Thursday, and the president is targeting a cut of about $3 trillion to the US deficit in the next 10 years. The proposal comes after crypto prices tumbled last year amid the market's persistent "crypto winter." Bitcoin fell by more than 60% in 2022, and the broader crypto market's valuation fell below $1 trillion after reaching $3 trillion in 2021.
The slight move lower began late Wednesday, a few hours after Silvergate Capital announced it will wind down operations and liquidate its crypto-friendly bank. Crypto prices fell on Thursday after Silvergate, a bank that has been at the center of the industry's growth, made a decision to shut down. "This likely consolidates crypto exposure to a handful of smaller banks, which means more liquidity risk and more concentration risk. "We've also noticed a drop in liquidity on both USD crypto pairs and U.S. exchanges as liquidity providers are taking a wait-and-see approach. In the short term, lower liquidity will lead to more volatility in markets and bigger price moves up or down."
Bitcoin futures ETFs track bitcoin futures contracts, or agreements to purchase or sell bitcoin at a certain price on a specified date. A spot bitcoin ETF would track bitcoin's underlying market price. Proponents say a spot bitcoin ETF would give investors exposure to bitcoin without directly buying it. He told Reuters in January that Grayscale would appeal the case if the court backed the SEC's decision to reject its bitcoin ETF proposal. Grayscale Bitcoin Trust, launched in 2013, has $14 billion in assets under management, according to Grayscale’s website.
MarketVector's Smart Contract Leaders Index (.MVSCLE), which tracks major tokens of this kind - including ether, dot and solana - is up 36% in 2023, outpacing even bitcoin's 33% rise. Bundeep Rangar, CEO of crypto-focused asset manager Fineqia, said he expected the biggest crypto returns to come from smart contract tokens on platforms that support decentralized finance (DeFi) apps. Around seven of the top 20 biggest crypto assets are smart contract tokens, including ether and dot , solana and cardano . BofA analysts also pointed to smart contract tokens and the blockchain-based applications they power as similar to growth stocks in the equities world, typically technology shares. They caution, though, that the global macro outlook and central bank policy could hit the growth of crypto projects and their associated tokens.
Bitcoin futures ETFs track bitcoin futures contracts, or agreements to purchase or sell bitcoin at a certain price on a specified date. A spot bitcoin ETF would track bitcoin's underlying market price. Proponents say a spot bitcoin ETF would enable investors to gain exposure to bitcoin without directly buying it. The agency has denied more than a dozen spot bitcoin ETF applications, all of which it said lacked surveillance-sharing agreements to detect potential manipulation. Grayscale Bitcoin Trust, launched in 2013, has $14 billion in assets under management, according to Grayscale’s website.
Bitcoin and ether are starting the new trading month on a positive note – following a relatively flat month – each rising less than 1% Wednesday. In the near term, our bet is on the dollar pulling back," he said Wednesday. If we're right and more upside lies ahead in the near term, it's tough to think crypto isn't a major beneficiary." Long-term investors see regulation as a positive development ultimately, but it can put pressure on prices in the near term, Kruger said. Breaking past $25,000 Although bitcoin held up in February, investors are unsure when to expect a rocket ship rally .
In December 2021, a town found a secret crypto mining operation underneath a Massachusetts high school. Police are looking to arrest Nadeam Nahas, the town's former assistant facilities director. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The town discovered 11 computers, electrical wiring, and ductwork in the crawl space of Cohasset High School in December 2021. According to court documents, authorities concluded a cryptocurrency mining operation was "unlawfully attached to the school electrical system," and alleged Nahas stole $17,492.57 of electricity from the school by running the computers nonstop from April to December of 2021.
But for many in the Black community, that narrative is still alive and it's imperative that people stay focused on it. There's a long game to play, however, particularly for the Black community. For Black people, that's a golden opportunity to level the playing field and give them "sovereignty" over their wealth, said Lamar Wilson, founder of crypto-focused network Black Bitcoin Billionaire. Fast forward to today, and Black people still largely start their wealth building journeys from behind. Still, within that group, at every income level, there's a big difference in the unbanked rates between Black and white households.
Secondhand watch prices fell 8%, compared with the S&P 500's 19% drop and bitcoin's 65% crash. Rolex, Patek Philippe and Audemars Piguet are seen by watch lovers as the "Big Three" luxury makers, with a 70% market share. But prices for preowned timepieces fell slightly for all those brands in the last quarter of 2022, Morgan Stanley said. Secondhand Rolex prices slipped 5% over that three-month period, led by losses from the popular Daytona, GMT Master II, and Submariner models. "As these three brands account for around 70% of the secondary watch market, their price decline continued to weigh on the overall market."
Chartmaker Forrest Przybysz shared his 2023 price outlook for bitcoin and ether. Here are four altcoins that Przybysz is most optimistic about with bitcoin at risk of falling. In other words, while Przybysz's charts also indicate that ether could fall 20%, the token's potential upside of 57% is double that of bitcoin. Ether is trading above technical support but could rise substantially. Forrest Przybysz, Sistine ResearchDespite their strong showings so far this year, bitcoin and ether are still about 64% below their all-time highs.
The price of ether fell on Friday, extending losses from the previous session as fears about a U.S. regulatory crackdown on crypto staking weighed on investors. The drop began after crypto exchange Kraken closed its staking program as part of a $30 million settlement with the Securities and Exchange Commission. Earlier in the week, Coinbase CEO Brian Armstrong sounded the alarm on a potential regulatory crackdown on staking and staking services in the U.S. that may be underway. The angst in the crypto market centers on the staking services offered by exchanges like Kraken as well as Coinbase. Staking is available only on networks like Ethereum that operate using the "proof-of-stake" protocol.
It's looking that way, if crypto options traders are anything to go by. The volume of bitcoin options traded on Deribit, one of the leading exchanges for crypto-focused derivatives products, jumped 82% in January versus December, according to crypto market maker OrBit Markets. Ether options swelled 38%. Calls commanded 71.1% of total bitcoin futures open interest, and 77.5% for ether, according to Deribit data. Yet the surge in volumes also indicates investors are in two minds about the direction of crypto markets, preferring low-risk, low-reward options to actually buying bitcoin or ether.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEx-Coinbase manager pleads guilty to insider trading, and crypto skips Super Bowl: 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, Charlie Shrem of The Bitcoin Foundation discusses the outlook for crypto amid bitcoin's recent rally.
LONDON, Feb 6 (Reuters) - Cryptomarkets have not been killed off by last year's turmoil, while the new wave of central bank digital currencies will face geopolitical limits, the Bank for International Settlements' new innovation head has predicted. Dubbed the central bank to the world's central bank, the BIS has long been critical of cryptocurrencies, likening bitcoin to both a ponzi scheme and market bubble in the past. Since the start of 2023, however, there has been something of a rebound, including a 40% recovery in bitcoin's price. The European Central Bank should get the go-ahead for full-scale tests. "We will never have full interconnectedness," Skingsley said, adding though that the BIS' work aimed to make CBDCs as versatile as possible.
Bankruptcy filings from Celsius and Voyager have raised questions about what happens to investors' crypto when a platform fails. Bitcoin briefly touched the $24,000 level on Thursday, reaching a key technical level and building on its January rally. The up move came a day after the Federal Reserve raised its benchmark interest rate by a quarter percentage point. "The market took the latest FOMC as dovish, but bitcoin's rally remains precarious," said Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank. "The price did rise on Wednesday, but failed to close above $24k and its momentum seems to be on the decline."
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