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☆ Buy this bitcoin miner that will distinguish itself from rivals after the halving, Rosenblatt says
▼ + stars: | 2024-04-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Some bitcoin miners won't survive when the upcoming halving slashes their revenue in half, but the ones that do survive will thrive, and Rosenblatt Securities says TeraWulf is its top pick in the category. The firm initiated coverage of the bitcoin miner with a buy rating and $4.20 price target Tuesday. Mining stocks like TeraWulf offer amplified exposure to the bitcoin price, with enhanced returns during bull cycles but increased volatility in bear markets. TeraWulf's estimated cost to mine a bitcoin this year is about $25,000 ahead of the halving and $37,000 after. Miners have been hard at work to enhance their fleet efficiency and lower their operating costs — largely power costs.

Persons: WULF, Rosenblatt, Andrew Bond, Bond, Bitcoin, — CNBC's Michael Bloom Organizations: Rosenblatt Securities, Metrics Locations: Maryland, U.S

☆ Bitcoin’s peak could be a harbinger of a stock market top next, Stifel says
▼ + stars: | 2024-04-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

"Bitcoin & Nasdaq 100 reflect the speculative fever fostered by cheap money after dovish Fed pivots, such as occurred 4Q 2023," Bannister said. Shortly after, on March 28, the S & P 500 reached a new intraday all-time high . .SPX YTD mountain S & P 500, YTD If was indeed its peak, that could mean a weaker Nasdaq 100 for six months, Bannister said. Additionally the S & P 500, which is cap weighted, could struggle against the equal-weight S & P 500 for about six months. "When the equal-weighted S & P 500 out-performs the S & P 500, then value tends to out-perform growth," he said.

Persons: Barry Bannister, Bannister, Bitcoin, — CNBC's Michael Bloom Organizations: Big Tech, Nasdaq, Big Tech Nasdaq

☆ Steve Cohen says he owns a 'little bit' of bitcoin because of his son
▼ + stars: | 2024-04-03 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Hedge fund billionaire and New York Mets owner Steve Cohen said he owns "very little" bitcoin, though he didn't specify its value. "My son is really into it, and he had me play around and try to figure out how to transact on Coinbase," Cohen told CNBC's "Squawk Box" on Wednesday. Still, he appears to be following along with investors across the world who have been trying to understand how to value bitcoin and whether it belongs in a portfolio. BTC.CM= 1Y mountain Bitcoin (BTC) over the past year Cohen also made the point that bitcoin represents just a slice of the broader market of cryptocurrencies and the opportunities for their underlying blockchain technology. "Bitcoin is separate from crypto ... ultimately, it's about use case – will crypto develop use cases?"

Persons: Steve Cohen, Cohen, CNBC's, it's, There's Organizations: New York Mets, Point72 Asset Management, Point72 Ventures, SEC Locations: cryptocurrencies

☆ Crypto investors are bracing for a busy quarter with the Bitcoin halving, ether ETF updates and potential rate cuts
▼ + stars: | 2024-03-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

The most important driver in second quarter for bitcoin and crypto, however, could be the Federal Reserve decision on interest rate cuts. Traders are now pricing in a roughly 61% chance of a first Fed rate cut taking place in June, according to the CME FedWatch Tool . Demand has increased from 40,000 bitcoin at the start of the year to 213,000 bitcoin currently, largely driven by ETF buying ahead of the late April Bitcoin halving, according to CryptoQuant. However, the SEC's decision on whether or not to allow spot ether ETFs to trade, due in May, will "very likely" be market moving, he added. "If it's not priced in today, then it very likely will be a market moving event if it happens," he said.

Persons: Bitcoin, Zach Pandl, Pandl, –, bitcoin, Julio Moreno, Chris Kuiper, — CNBC's Ganesh Rao Organizations: Securities and Exchange Commission, Federal, Metrics, Fidelity Digital Assets, CNBC, Fidelity, SEC Locations: U.S, BlackRock

☆ Gold could start to overtake bitcoin as the cryptocurrency stalls at $70,000, says Wolfe Research
▼ + stars: | 2024-03-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Gold has a chance to charge ahead of bitcoin as the flagship cryptocurrency hovers around the $70,000 level, according to Wolfe Research. However, bitcoin has also been mirroring its own moves from 2021, when the cryptocurrency rocketed twice to all-time highs, just before a deep pullback. "The gold vs. bitcoin ratio is nearing support while oversold on a weekly basis," said Ginsberg. "If our feeling on bitcoin is correct, and it continues to consolidate in this $60,000–$73,000 region, it may provide a good opportunity for gold to start outperforming." It has since returned to its highs and looks ready to reaccelerate, Ginsberg said, although selling pressure "has historically come on strong above $70,000."

Persons: bitcoin, Rob Ginsberg, Ginsberg Organizations: Wolfe Research Locations: bitcoin, U.S

☆ BlackRock says bitcoin returns likely to come down now that it has been embraced by Wall Street
▼ + stars: | 2024-03-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

If you're looking for your bitcoin to go to the moon, the window of opportunity may be slowly closing, according to BlackRock. "Certainly, returns going forward will come down," he said at the Bitcoin Investor Day conference in New York City Friday. That demand was "massive and clear" in 2023, when BlackRock filed to launch its iShares Bitcoin Trust. "I don't think we've seen the end of cycles in bitcoin," Mitchnick said. "[With] bitcoin, when the price goes up, the probabilities of success and adoption in some senses, as digital gold, are also changing," he said.

Persons: Robert Mitchnick, It's, –, Mitchnick, CNBC's Ganesh Rao Organizations: BlackRock Locations: BlackRock, New York, @GC

☆ Blackrock says bitcoin will be a good portfolio diversifier despite its recent rally with stocks
▼ + stars: | 2024-03-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin is more like digital gold than a so-called "risk-on" asset, according to Robert Mitchnick, BlackRock's digital assets lead. For years, bitcoin's ability to behave in different ways at different times has stumped investors . "Historically bitcoin's long-term average correlation [to stocks] has been close to zero – slightly positive, but close to zero," he said. While the recent rally was spurred by the launch of U.S. bitcoin ETFs, some on Wall Street have suggested that it may have recently fused into the more macroeconomic-fueled gold rally . Risk and portfolio construction That, understandably, adds confusion for newcomers to bitcoin investing, who are drawn to its digital gold-like qualities.

Persons: Robert Mitchnick, BlackRock's, bitcoin, It's, Bitcoin, bitcoin rocketed, Mitchnick Organizations: New York City, Fed, BlackRock Locations: New York

Like tech stocks, bitcoin sometimes benefits from low interest rates and improved market liquidity, which can lead to better sentiment and greater investment in growth assets. Stock Chart Icon Stock chart icon Bitcoin turns higher after two days of losses"There has been an inverse relationship between rates and bitcoin price," said Oppenheimer executive director Owen Lau. "When the Fed increased interest rates in 2022, it took out liquidity from the market, which impacted bitcoin and tech stocks. When the Fed cuts rates, it provides liquidity to the market, which should benefit risky assets such as bitcoin. The Dow Jones Industrial Average , S&P 500 and Nasdaq Composite all closed at record highs after the Fed meeting wrapped up.

Persons: Bitcoin, cryptocurrency, Cryptocurrencies, Oppenheimer, Owen Lau, It's, Ether, Solana, dogecoin, MicroStrategy, CleanSpark, bitcoin, We've, Vijay Ayyar Organizations: Getty, Metrics, Federal, Polygon's, Iris Energy, Marathon, JPMorgan, Dow Jones, Nasdaq, CNBC

☆ Grayscale CEO says fees on its bitcoin ETF will drop over time after outflows hit $12 billion
▼ + stars: | 2024-03-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Grayscale CEO Michael Sonnenshein said that the crypto fund manager expects to bring fees on its Grayscale Bitcoin Trust ETF down in the coming months, as the nascent crypto ETF market matures. The FTX bankruptcy estate reportedly offloaded the majority of its shares in Grayscale's bitcoin ETF, according to January reporting from Bloomberg and CoinDesk. Grayscale also wants to introduce other ways of giving investors less costly ways of accessing its bitcoin ETF, including a "mini" version of its flagship product — the Grayscale Bitcoin Mini Trust, announced last week. The new BTC ETF would be effectively spun out of the Grayscale Bitcoin Trust ETF and seeded with an as-yet undisclosed portion of bitcoin underlying GBTC shares. The firm is currently awaiting approval from the U.S. Securities and Exchange Commission for its Bitcoin Mini Trust ETF.

Persons: Michael Sonnenshein, Sonnenshein, GBTC, FTX Organizations: NYSE, LONDON, CNBC, Bloomberg, BlackRock, Fidelity, Vanguard, Trust, BTC, U.S . Securities, Exchange Commission, SEC Locations: Grayscale's bitcoin, solana

☆ Bitcoin to rally to $150,000 this year and could touch $250,000 in 2025, Standard Chartered says
▼ + stars: | 2024-03-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The excitement around the arrival of bitcoin ETFs and the subsequent surge to new highs for the cryptocurrency is making even bitcoin bulls raise their expectations. "We raise our long-held price estimate to the USD 150,000 level from USD 100,000 given the more rapid pass-through from ETF inflows to the BTC price to date," the note said. The new bitcoin ETFs have pulled in billions of dollars from investors since their January launch, even with the Grayscale Bitcoin Trust seeing heavy outflows. The iShares Bitcoin Trust (IBIT) has raked in more than $12 billion on its own, according to FactSet. The quick growth of the bitcoin ETFs has boosted confidence that there are more investors interested in crypto who have been reluctant to buy it through crypto exchanges.

Persons: Geoff Kendrick, Kendrick Organizations: BTC, Metrics, bitcoin Locations: Bitcoin

☆ What investors need to know about crypto taxes amid the latest bitcoin rally
▼ + stars: | 2024-03-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Whether you're a longtime crypto investor or recently purchased digital assets, here are some key things to know from crypto tax experts. For 2023, there's a "digital assets" question on the front page of Form 1040, along with returns for estates and trusts, partnerships, corporations and S corporations. Andrew Gordon President of Gordon Law Group"Yes-or-no questions are quite powerful," said Andrew Gordon, tax attorney, certified public accountant and president of Gordon Law Group. However, the 2023 digital assets question does not apply to bitcoin futures ETFs or spot bitcoin ETFs, he said. How crypto tax reporting works

Persons: Cryptocurrency, Matt Metras, Andrew Gordon President, Andrew Gordon, Gordon, They're Organizations: IRS, MDM Financial, Gordon Law, Gordon Law Group

☆ MicroStrategy shares up 180% this year after debt sale to buy more bitcoin spurs latest rally
▼ + stars: | 2024-03-13 | by ( Ari Levy | ) www.cnbc.com time to read: +3 min

Michael Saylor, chairman and CEO of MicroStrategy, speaks during the Bitcoin 2022 conference in Miami on April 7, 2022. Saylor told CNBC's "Squawk Box" on Monday that bitcoin is going to "eat gold." "The price of bitcoin is going to have to adjust up in order to meet that investor demand," Saylor said. MicroStrategy said in the release that it "used the net proceeds from the sale of the notes to acquire additional bitcoin." As of Monday, Canaccord's analysis showed that MicroStrategy's equity value premium over its bitcoin holdings was 86%.

Persons: Michael Saylor, Saylor, CNBC's, bitcoin, MicroStrategy, Canaccord, MicroStategy Organizations: MicroStrategy, BTC, CNBC Locations: Miami, bitcoin

☆ What investors need to know about ‘Dencun,’ Ethereum’s next big tech upgrade
▼ + stars: | 2024-03-12 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Relative to bitcoin , the initial price action following the upgrade is even weaker historically, with ether underperforming 80% of the time in the first 20 days, Saunders added. Saunders warned, however, that the trading environment for crypto is different today than it was during previous Ethereum network upgrades. The scalability problem Dencun follows the "Shapella" upgrade from almost a year ago, which allowed investors to withdraw their staked ether from the network for the first time. This upgrade is focused on the longer-term goal of enhancing Ethereum's ability to handle more activity and transactions as the network grows. "The Dencun upgrade serves as an important step in addressing this congestion, which hurts users and developers alike."

Persons: Alex Saunders, Saunders, Philipp Zentner, bitcoin –, Duncan Ash, Michael Bloom Organizations: BTC, Citi, ETH, Metrics, Securities and Exchange Commission Locations: U.S

☆ ETFs have brought big price swings back to bitcoin but could still help dampen volatility in the long term
▼ + stars: | 2024-03-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

A big selling point of bitcoin exchange-traded funds was their potential to reduce bitcoin's notorious volatility over time. He pointed to funding rates for bitcoin futures contracts, which have soared recently to levels not seen since early 2021. Additionally, open interest, or the number of open positions for a bitcoin futures contract, is at all-time highs. "Realized crypto [volatility] will likely ease as funding rates normalize," Glass said. "Those recurring inflows could dampen volatility of large moves from momentum strategies which basically chase price up and down and amplify swings."

Persons: Bitcoin, —, David Glass, Glass, bitcoin, David Wells, Wells, Michael Bloom Organizations: Citi, Investors

☆ The majority of altcoins launched since 2020 are dead, but bitcoin's latest rally could spark a revival
▼ + stars: | 2024-03-10 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

72% of crypto projects have died since 2020, a report from Alphaquest and Storible said. On Friday, crypto market capitalization hit a record high of $2.58 trillion. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Since 2020, 72% of crypto projects have died, according to a report published by Alphaquest and Storible. On Friday, the crypto market hit a new record, with capitalization reaching $2.58 trillion, Kuptsikevich wrote in a market update.

Persons: Storible, —, Alphaquest, FTX's, bitcoin, Geoff Kendrick, Alexander Kuptsikevich, Liquid Investments Seth Ginns, Kuptsikevich, Kendrick Organizations: Service, Standard, BTC, Business, CoinFund, Liquid Investments Locations: Alphaquest, altcoins

☆ Bitcoin is set to make another run at the record and could rally to $98,000, according to chart analyst
▼ + stars: | 2024-03-06 | by ( Todd Gordon | ) www.cnbc.com time to read: +5 min

Bitcoin charged to new highs on Tuesday, but then retreated about 14%, sending a scare into the market. I've been following the bitcoin story for 10 years now, opened my first Coinbase account back in 2014 and bought bitcoin at $330. Are tech stocks — like semiconductors — acting as a leading indicator for bitcoin, signaling a sustained move through the highs? Higher rates and a higher dollar put downward pressure on U.S. tech stocks and bitcoin due to their positive correlation demonstrated above. As a result, tech stocks and Bitcoin are rallying.

Persons: Bitcoin, I've, Jerome Powell, Powell, bitcoin, It's, Gordon, GBTC Organizations: Nvidia, VanEck Semiconductor, BTC, Nasdaq, U.S ., Financial Services, Treasury, U.S, Elliott Locations: bitcoin

☆ Animal spirits are back in the market, fueling 2021-like speculative activity
▼ + stars: | 2024-03-01 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The Federal Reserve's rate-cut signal in December triggered a furious rally to record highs, unleashing animal spirits that are fueling similar speculative activities from the depths of the pandemic. "The animal spirits are reviving," Michael Hartnett, chief investment strategist at BofA Global Research, said in a phone interview. "Animal spirits, they don't necessarily start with the biggest animals in the jungle," Quincy Krosby, chief global strategist at LPL Financial, said by phone. To be sure, others believe the market rally has been justified by the enthusiasm for artificial intelligence, and the contribution it's likely to make to future corporate profits. Billionaire investor Ray Dalio said the U.S. stock market is not in a speculative bubble based on his criteria.

Persons: Bitcoin, Michael Hartnett, Hartnett, Cryptocurrency, Scott Rubner, Goldman Sachs, Quincy Krosby, Ray Dalio Organizations: BofA Global Research, Nasdaq, GameStop, Palo Alto Networks, Research, LPL Locations: Nigeria, Argentina, Snowflake, YOLO, . U.S, U.S

☆ Here are Thursday's biggest analyst calls: Tesla, Apple, Microsoft, Delta, Disney, Snowflake, Okta, Salesforce & more
▼ + stars: | 2024-02-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Goldman Sachs reiterates Salesforce as buy Goldman said it's standing by its buy rating following the company's robust earnings report on Wednesday. "Multiple high-profile catalysts should double revs by FY28 & support an Outperform rating with a $54 PT." "We initiate coverage of Gates Industrial (GTES) with a Buy rating and $21 price target. The more aggressive stance follows a near week long sell-off in COLD shares following 4Q results and initial 2024 guidance." Goldman Sachs reiterates Microsoft as buy Goldman said it's standing by its buy rating after a meeting with Microsoft investor relations.

Persons: Jefferies, Roth, Roth MKM, Morgan Stanley downgrades Snowflake, Morgan Stanley, Goldman Sachs, Salesforce, Goldman, it's, TD Cowen downgrades Macy's, Telsey, TD Cowen, Wells, Needham, " Jefferies, Tesla, Coupang, Baird, Cantor Fitzgerald, Cantor, Gates, Piper Sandler, Piper, Raymond James, William Blair, Gordon Haskett downgrades, Haskett, Frank Slootman's Organizations: Jefferies, Barrick Gold, NEM, UBS, Apple, Mar, Bitdeer Technologies, BTC, Citi, United Airlines, Delta, Delta Air Lines Inc, DAL, Deere & Company, American Airlines Citi, Catalyst Watch, Reliance, Star India, JV, UBS downgrades Republic Services, Downside, RBC, Xenia Hotels, Resorts, Deutsche Bank, Deutsche, Products, Gates, NTR, LXU, UW, Bank of America, underperform Bank of America, Realty Trust, Fidelity, Korn, Microsoft, Macquarie Locations: U.S, China, American's, DIS's, Xenia, Federal, Korea

☆ Bitcoin's all-time high is in sight after the crypto breached $57,000, chart analysts say. Here's what to expect
▼ + stars: | 2024-02-27 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin's all-time high is in clear sight after the cryptocurrency surpassed $57,000 on Tuesday. The flagship crypto is now roughly 20% off its November 2021 all-time high of $68,982.20, and it just cleared a key resistance level, according to Fairlead Strategies. "The main thing to highlight is the confirmed breakout above $48,000, which targets final resistance [of about] $64,900," said Will Tamplin, senior analyst at Fairlead. BTC.CM= 5D mountain Bitcoin this week confirmed a breakout above $48,000 Oppenheimer chart analyst Ari Wald confirmed that outlook. However, the firm does not expect a major pullback from bitcoin given the breakout and positive momentum in the intermediate term.

Persons: Will Tamplin, Oppenheimer, Ari Wald, Bitcoin, bitcoin, Katie Stockton Organizations: Fairlead, Metrics

☆ Wall Street cheers Coinbase after its first quarterly profit in 2 years, but skepticism lingers
▼ + stars: | 2024-02-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

Wall Street is celebrating Coinbase after the crypto exchange operator posted its first quarterly profit in two years. Late Thursday, Coinbase posted earnings of $1.04 per share on $954 million of revenue for the fourth quarter. "Happy days are here again" for Coinbase, as Raymond James put it, but it's not clear for how long. "That said, we maintain our U/P rating given crypto market unpredictability, lack of revenue diversification, valuation, and continued legal overhang." JPMorgan, neutral, PT $95 "Management calls spot bitcoin ETFs [a] net positive but, we're still unconvinced," said JPMorgan's Kenneth Worthington.

Persons: Coinbase, haven't, bitcoin, Raymond James, Goldman Sachs, Goldman, Will Nance, revs, Jason Kupferberg, Benjamin Budish, EBITDA, underperform, Patrick O'Shaughnessy, we're, Kenneth Worthington, Keefe, KBW's Kyle Voigt, Oppenheimer, Owen Lau, Devin Ryan, Needham, John Todaro, Canaccord, Joseph Vafi, Michael Bloom Organizations: LSEG, U.S . Securities, Exchange Commission, " Bank of America, Bank of America, Barclays, JPMorgan, Management, SEC, Coinbase's, BTC Locations: U.S, Coinbase, Needham

☆ Here’s what bitcoin’s chart says about its next moves after it breached $50,000 this week
▼ + stars: | 2024-02-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin broke through $50,000 to start the week and although a stubbornly high inflation reading has pulled it lower since, the cryptocurrency is still in safe territory, according to chart analysts. On Monday, the cryptocurrency finished above $50,000 – at one point rising to $50,334.00, its highest level since December 2021. BTC.CM= YTD mountain Bitcoin year-to-date Other chart analysts echoed that investors need not be too concerned about a significant decline from here. "Old resistance becomes support and that $46,000 to $48,000 can then become the jumping board for a continuation of the rally." Katie Stockton of Fairlead Strategies agreed the bitcoin chart supports "a long-term bullish bias."

Persons: Bitcoin, bitcoin, Wolfe, Rob Ginsberg, Ginsberg, Julius de Kempenaer, De Kempenaer, Katie Stockton, it'll, Stockton Organizations: CNBC, Fairlead Locations: overbought

☆ Ether is poised for an ETF approval in May, but the crypto’s price action may be subdued
▼ + stars: | 2024-02-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Investors expect the Securities and Exchange Commission to greenlight spot ether ETFs in May, but the price action for the crypto could be subdued compared to bitcoin's moves in the runup to its ETF approvals. That compares to the 55% surge bitcoin saw after BlackRock first filed its spot ETF application for the flagship crypto. Regardless, we see the spot ether ETF being less appreciated by the market." JPMorgan estimates a "no more than 50% chance" of spot ether ETF approval by May 23, the final deadline for the SEC to approve or deny the Ark/21Shares application . Schwenkler said any excitement leading up to potential ether ETF approvals will be "less speculative" and that a lot of it is priced in already.

Persons: Kenneth Worthington, Nico Cordeiro, there's, Owen Lau, Oppenheimer, Gustavo Schwenkler, Bitcoin, Solana, Schwenkler, — CNBC's Michael Bloom Organizations: Securities and Exchange Commission, JPMorgan, BlackRock, BTC, ETH, SEC, CNBC, Leavey School of Business, Santa Clara University, of Locations: Southern, of New York, bitcoin

☆ Bitcoin tops $48,000 in a big comeback to end the week
▼ + stars: | 2024-02-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTChesnot | Getty ImagesBitcoin marched higher to end the week, with its price breaching the $48,000 level for the first time since spot bitcoin exchange-traded funds began trading. Earlier, bitcoin rose to as high as $48,207.78 for the first time since Jan. 11, when the price momentarily touched $49,058.48 in volatile trading following the launch of spot bitcoin ETFs. Before that, bitcoin had not seen the $48,000 level since March 2022. Nevertheless, bitcoin's now up 10% for the week, while ether is on track for a 9% gain. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m.

Persons: Bitcoin, cryptocurrency, bitcoin, bitcoin's, Sylvia Jablonski Organizations: Getty, Metrics Locations: Defiance

☆ Bitcoin could stay rangebound for several weeks more but Solana is poised for a breakout, says Wolfe Research
▼ + stars: | 2024-02-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin investors have high hopes for 2024 given the cryptocurrency's almost too-good-to-be-true setup , but they may have to wait a few weeks more for its next big ascent, according to Wolfe Research. BTC.CM= 1M mountain Bitcoin ended the month of January flat and is poised for more weakness, says Wolfe Research. "A breakout does not look likely in the near term. "Solana and other altcoins have come on strong in recent months and likely continue that outperformance near term." Ginsberg said the tokens tied to Cardano and Avalanche are also set to rise in the near term, and Chainlink could be poised for a breakout.

Persons: bitcoin, Wolfe, it's, Rob Ginsberg, Solana, Ginsberg, We're, they're, — CNBC's Michael Bloom Organizations: Wolfe Research, Solana, Securities and Exchange Commission, Avalanche Locations: U.S, bitcoin

☆ Launch of new ETFs may not affect bitcoin the same way they did gold, Citi says. Here’s why
▼ + stars: | 2024-01-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

The launch of spot bitcoin ETFs in the U.S. has been widely anticipated for months, with many investors thinking they could revolutionize investing in the asset the way the SPDR Gold Shares ETF (GLD) did for gold in 2004. Bernstein recently said bitcoin could rocket to $200,000 by the end of next year with bitcoin ETFs. "It still took bullion ETFs several years to crystalize holdings and AUM that structurally impacted spot gold prices and lifted trading," Saunders said. Additionally, bitcoin is newer and less established than gold was before the introduction of gold ETFs, he added. Last year, that correlation fell to its lowest since 2021 , while bitcoin's correlation with gold has been climbing.

Persons: Bernstein, Alex Saunders, Saunders, they're, … bitcoin, bitcoin Organizations: Citi Locations: U.S

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