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☆ Is bitcoin being manipulated? A professor who proved it in 2017 sees more red flags, report says.
▼ + stars: | 2023-02-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

In 2017, professor John Griffin noticed the price of bitcoin appeared to be propped up by a single "whale," and he's now seeing similar red flags, per Fortune. "The same mechanism we saw in 2017 could be at play now in the still unreal bitcoin market." "The same mechanism we saw in 2017 could be at play now in the still unreal bitcoin market." "The whale kept establishing price floors, and those floors kept rising. Bitcoin price floor manipulationDuring bitcoin's latest run, it's peculiar how reliably bitcoin bounced above $16,000 seemingly the moment it breached that level, he said.

☆ Cathie Wood's Ark Invest says bitcoin could hit $1.5 million by 2030, doubling down on its bullishness for the world's largest cryptocurrency
▼ + stars: | 2023-02-01 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Ark Invest said bitcoin could hit nearly $1.5 million by 2030, a 6,326% increase from its current price. The famed money manager predicted bitcoin will scale unto a "multi-trillion dollar market," per a recent report. The bullish estimates come amid a severe and lengthy crypto market rut. Bitcoin is down 65% from its all-time high in November 2021, with the industry's total market value off over 64% from its peak. Since the start of the year, Ark's flagship exchange-traded fund, ARKK, bought 108,548 Coinbase shares, worth $6.3 million at its current price.

☆ Gold demand surged to an 11-year high in 2022 on 'colossal' central bank buying
▼ + stars: | 2023-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Alexander Manzyuk | ReutersGold demand soared to an 11-year high in 2022 on the back of "colossal central bank purchases, aided by vigorous retail investor buying," according to the World Gold Council. Annual gold demand jumped 18% to 4,741 tons (excluding over-the-counter or OTC trading) across the year, the largest annual figure since 2011, fueled by record fourth-quarter demand of 1,337 tons. "Central bank net purchases in Q4 totalled 417t, lifting H2 total buying to 862t. The majority of the central bank buying in 2022 came from emerging markets, with the Central Bank of Turkey the largest buyer at a record 542 tons. This means that the purchasing power of non-U.S. buyers is reduced and harms global gold demand.

☆ Cathie Wood sees bitcoin rising above $500,000 and lauds its resiliency after FTX collapse
▼ + stars: | 2023-02-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Ark Invest chief investment officer Cathie Wood is still bullish on the cryptocurrency, however, and continues betting its price will eventually reach $500,000, she told CNBC's "Squawk Box" Wednesday morning. Wood is also a big investor in the Grayscale Bitcoin Trust, known by its ticker GBTC, through the ARK Next Generation Internet ETF (ARKW) . Last year, Grayscale sued the Securities and Exchange Commission over its decision to block the conversion of its Grayscale Bitcoin Trust to an exchange-traded fund. "The SEC has dragged its feet in terms of a bitcoin ETF, while approving a bitcoin futures ETF – it just doesn't make any sense to us," Wood added. Wood just posted her best month ever as her beaten-down favorite stocks staged a big comeback in the new year.

Jan 31 (Reuters) - Big investors are dipping their toes into crypto waters again after a bumper month for bitcoin. Bitcoin was far and away the biggest draw, with funds tracking it responsible for $116 million of that. They said shorter-term investors were selling their bitcoin at a profit, while longer-term "HODlers" were still sticking with their coin and not contributing to selling pressure. Additionally, bitcoin's "dominance" or share of the total crypto market has hovered around 41% this month, levels not seen since last July. Analysts at Citi said this mimicked a similar jump in bitcoin dominance in April 2019, when a bitcoin rally marked a crypto market bottom.

☆ January was bitcoin's best month since 2021, but crypto isn't ready for a 'rocket ship rally' yet
▼ + stars: | 2023-01-31 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

For some investors, however, its strong month isn't necessarily a green light to jump back into the crypto market. As of Tuesday, bitcoin is set to finish the month up 38.39%, which would make it its best month since October 2021 and its best January in 10 years, according to Coin Metrics. Ether , which led the crypto recovery last summer ahead of the merge, has risen 31% this month, coming off a 67.06% decline for 2022. However, "we're not so sure bitcoin is ready for another rocket ship rally just yet." "Thus far, the rise in BTC dominance looks reminiscent of April 2019, during which a BTC rally marked a crypto market bottom, much akin to rising BTC dominance lately."

☆ After a tough year for crypto, here's how to handle losses on your tax return
▼ + stars: | 2023-01-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Plus, there's currently no "wash sale rule" for crypto. The rule blocks the tax break if you buy a "substantially identical" asset 30 days before or after the sale. If your crypto losses exceed other investment gains and $3,000 of regular income, you can use the rest in subsequent years, Greene-Lewis said. But it's easy to lose track of carryover losses and miss future opportunities to lower taxes, she warned. If you wind up getting, say, 10% back after claiming a bad debt deduction, that 10% becomes regular income.

☆ Investors are pouring cash into crypto at the highest level in 6 months as risk appetite returns and bitcoin wraps up best January since 2013
▼ + stars: | 2023-01-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Inflows into crypto more than tripled last week to the highest amount since July 2022. The bulk of the funds went into bitcoin as the cryptocurrency's price has soared to kick off 2023. Investors veered away from products that made short bets on bitcoin. Total assets under management in investment products have risen 43% from their lows in November to $28 billion. Canada logged $30 million, the US pulled in $26 million, and Switzerland landed $23 million.

☆ I asked ChatGPT investors' burning questions – and a CIO told me why the bot won't be challenging Wall Street's top stock-pickers anytime soon
▼ + stars: | 2023-01-28 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

I asked ChatGPT questions about markets and showed the answers to Morningstar Investment Management CIO Dan Kemp. He called some of its knowledge "remarkable" – but isn't worried it'll put top strategists out of their jobs anytime soon. "It provides answers, but it doesn't ask questions like a good investment manager," Kemp said. Kemp told me he was impressed with the breadth of the bot's knowledge – especially its ability to avoid unnecessary jargon when producing stock market content. "It's an interesting mistake and it's one that lots of investors made last year – not every high risk comes with a high reward."

☆ Bitcoin is headed for its best start to the year since 2013 as risk appetite grows ahead of expected smaller Fed rate hike
▼ + stars: | 2023-01-27 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

The rally comes ahead of expected smaller rate hikes from the Federal Reserve next week. The rally seems driven by the belief that the Federal Reserve will ease back further on aggressive rate hikes following signs of cooling inflation. "More measured rate hikes globally tilting to stability will reduce the headwinds as BTC edges towards fresh heights. Matrixport's Thielen said supporting the rally is a "clear signal" that US institutions are buying up bitcoin right now. "Institutions are not only buying bitcoin spot; rather, we are also seeing consistently high premiums for perpetual futures," Thielen said.

☆ DCG-owned crypto exchange Luno axes 35% of staff, citing market turbulence
▼ + stars: | 2023-01-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

A worsening macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on bitcoin's price this year. Cryptocurrency exchange Luno is the latest company in the industry to make layoffs, setting out to cut 35% of its global workforce. "2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market," the company said in a statement shared with CNBC Wednesday. "Luno unfortunately hasn't been immune to this turbulence, which has affected our overall growth and revenue numbers." A Luno spokesperson told CNBC the layoff measure would have "minimal or no impact on key operating, and compliance teams."

☆ Chart analyst Katie Stockton says she remains skeptical of bitcoin's 2023 rally
▼ + stars: | 2023-01-24 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Katie Stockton, founder of Fairlead Strategies, said Tuesday that bitcoin's rally in the new year doesn't look sustainable. "The positive development is that it has rallied enough to give folks an exit," Stockton said on CNBC's "Squawk Box." BTC.CB= 1Y mountain Bitcoin Stockton said a slow grind higher would be more bullish for bitcoin and other altcoins. "So we're skeptical as to the sustainability of this rally, which we are still viewing as countertrend," Stockton said. Meanwhile, the chart analyst said there are oversold conditions in place, but they've been in place for many months now.

☆ Bitcoin's 2023 rally gathers steam as cryptocurrency briefly tops $23,000
▼ + stars: | 2023-01-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

1 token briefly topped $23,000 for the first time since Aug. 19, 2022, according to data from CoinGecko. The Fed and other central banks began cutting interest rates in 2022, shocking holders of risky asset classes, like stocks and digital tokens. Economists previously told CNBC they predict a Fed rate cut could happen as soon as this year. The Fed is likely to keep interest rates high for the time being. Bitcoin short sellers have been squeezed by sudden upward moves in prices, according to Ayyar.

☆ Charts suggest investors should ignore ‘crypto cheerleaders’ and stick with gold, Jim Cramer says
▼ + stars: | 2023-01-23 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Monday warned investors to stay away from crypto despite bitcoin 's recent gains and instead look to gold . "The charts, as interpreted by Carley Garner, suggest you need to ignore the crypto cheerleaders now that bitcoin's bouncing. And if you seriously want a real hedge against inflation or economic chaos, she says you should stick with gold. The price of the digital currency climbed reached $23,333.83 on Saturday for the first time since August, according to Coin Metrics. To explain the analysis from Garner, who is the senior commodity market strategist and broker at DeCarley Trading, Cramer examined the daily chart of Bitcoin futures and the tech-heavy Nasdaq-100 going back to March 2021.

☆ Here's why it's time to bet against a key sector of the market ahead of the coming recession
▼ + stars: | 2023-01-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today, I'm sharing a research note from one analyst who's eyeing a new bet to place against a corner of the stock market that offered refuge last year. He's talking about the S&P 500 Consumer Staples Sector SPDR Fund. In his view, the consumer staples sector, which served as a haven last year, presents a bubble about to burst. How much credence do you give to chart analysis for stock market outlooks? The stock market is about to be flipped upside down, according to Bank of America.

☆ Here's what you need to know about crypto's current price surge: Traders share bitcoin price estimates and how they think this rally will play out
▼ + stars: | 2023-01-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Bitcoin's price has rallied, up by 30% since its December low. This reduces the number of new coins being created, which tightens supply and kicks up demand, sending bitcoin's price spiking. He added that a real bull rally will only kick off within six months of the next bitcoin halving. Since market trading volume has been low relative to 2021, it doesn't take much to push the market in any direction, he said. Bitcoin's price plunged by 3.4% that afternoon before slightly recovering on Thursday.

☆ Bitcoin’s popularity with developers shrunk last year while Ethereum’s flourished. Here’s what that means for investors
▼ + stars: | 2023-01-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Crypto prices suffered badly in 2022, but developer activity for the year paints a more optimistic picture for investors. That puts developer growth at 9% for the year, the report showed, even as the price of ether dropped 67%, according to Coin Metrics. Its price collapsed 50% last year, but the strength of its developer community gave investors hope it would pull through. Meanwhile, bitcoin's developer population shrunk 4%, though it's still the fifth largest in the market at 300 full-time builders. Why it matters for investors Developer activity is an indicator of a network's utility and potential for end users.

☆ New Year, new rally: Why bitcoin is up 26% this month after a tumultuous 2022
▼ + stars: | 2023-01-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

"The most important macro data investors are focussing on is the weak services PMI and the trending down of employment and wage data. 'Whales' buying BTCLarger purchasers of digital coins known as "whales" may be leading the latest rally in bitcoin, according to Kaiko. Several bitcoin miners have been flushed out by the drop in prices. Bitcoin miners, who use power-intensive machines to verify transactions and mint new tokens, have been squeezed by the slump in prices and rising energy costs. That's historically a good sign for bitcoin, according to Ayyar.

☆ Miss El Salvador dons golden bitcoin outfit at beauty pageant
▼ + stars: | 2023-01-13 | by ( Isabel Woodford | ) www.reuters.com time to read: +2 min

[1/3] Alejandra Guajardo, Miss Universe El Salvador 2022 poses on stage in an outfit inspired by the country's use of Bitcoin, and previously the colón and cocoa beans as a currency, during the 71st Miss Universe National Costume Show at the Ernst N. Morial Convention Center in New Orleans, Louisiana, U.S. January 11, 2023. Jan 13 (Reuters) - A Miss Universe contestant from El Salvador strutted onto stage this week wearing a bitcoin-inspired gold bodysuit, a glittering tribute to her country becoming the world's first to adopt the crypto-currency as legal tender two years ago. Designed by fellow Salvadoran Francisco Guerrero for the "national costume" stage of the competition, the currency-themed outfit includes a staff topped with a golden bitcoin and a huge colon coin strapped to her back ringed by cacao beans. Guajardo's costume caught the attention of the online Bitcoin community on Thursday, with many pledging their support and rooting for her victory. Reporting by Isabel Woodford; Editing by David Alire Garcia and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Cryptoverse: Bitcoin digs in for a bumpy new year
▼ + stars: | 2023-01-10 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +4 min

[1/2] Bitcoin are seen in this illustration picture taken September 27, 2017. The overall global crypto market cap has risen 5% to $871 billion since Jan. 1, but it's still down over 57% from this time last year. Bitcoin itself has gained 4.3% since the start of 2023, though stuck in a narrow range between $16,500 and $17,300. For some market players, though, subdued sounds pretty good after the bitcoin bloodbath of 2022. Reuters GraphicsTHE BULL'S TALEMarcus Sotiriou, analyst at digital asset broker GlobalBlock, pointed to tightening Bollinger bands - a technical indicator tracking price and volatility - on bitcoin charts.

☆ Coinbase jumps to a one-month high as the crypto exchange says it will slash another 20% of staff amid market slump
▼ + stars: | 2023-01-10 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Coinbase shares spiked up Tuesday after the crypto exchange said it plans to cut more jobs. The stock reached a nearly one-month high after CEO Brian Armstrong outlined the decision to slash 950 jobs. The crypto exchange plans to cut 950 jobs to reduce operating expenses by 25%, CEO Brian Armstrong said in a Tuesday blog post. In Tuesday's blog post, Armstrong also appeared to point to FTX founder Sam Bankman-Fried as a negative source of pressure on the crypto market. "In 2022, the crypto market trended downwards along with the broader macroeconomy," Armstrong wrote.

☆ 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.

☆ A 25-year-old traded $2 billion of crypto from his parents' suburban home in Australia, public records show
▼ + stars: | 2023-01-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

25-year-old Darren Nguyen's crypto business is based at his parents' suburban home, per The Australian. Filings reported by The Australian show it managed to trade $2 billion worth of crypto in the fiscal year ending June 2021. The firm made an after-tax profit of $7 million as crypto boomed in 2021. Darren Nguyen's crypto trading business, PO Street Capital, is registered at his parents' house in the suburbs of Sydney, Australia. Although, since PO Street Capital first registered in June 2018, Bitcoin is still up around 118% as of Tuesday morning.

CNBC rounds up some of the boldest price calls for bitcoin in 2023. Bitcoin miners, who use power-intensive machines to verify transactions and mint new tokens, are being squeezed by the slump in prices and rising energy costs. "In prior down markets, miner capitulation has usually indicated major bottoms," Ayyar told CNBC. However, Mobius told CNBC that he is sticking for his $10,000 price call in 2023. "There will be a managed bull market in 2023, not a bubble -- so we won't see the price overshooting as before," she told CNBC.

☆ From TerraUSD's meltdown to the collapse of a $32 billion crypto empire, here is a full timeline of the crypto market's year in 2022
▼ + stars: | 2022-12-31 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +7 min

Insider spoke with several crypto experts and charted the most influential events for the industry in 2022. The firm filed for insolvency in June, leading to widespread contagion. A month later, the firm filed for bankruptcy, listing $4.31 billion in assets and $5.5 billion in liabilities. The world's largest asset manager agreed to offer clients access to Coinbase's crypto trading and custody services. Radix's Epstein warned the industry must brace for more FTX contagion, but predicted crypto markets will rebound eventually.

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