Bitcoin has moved sharply higher this week, topping $70,000 per bitcoin after the Federal Reserve made a surprise "admission."

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and "uncover blockchain blockbusters poised for 1,000% plus gains" in the aftermath of bitcoin's halving earthquake!

The bitcoin price has come back to within touching distance of its all-time high as a top Goldman Sachs executive hails an "astonishing turning point."

Now, with U.S. Treasury secretary Janet Yellen issuing a huge $34 trillion warning that could trigger bitcoin price chaos, bitcoin has been seen to mirror a price pattern last seen in 2017just before bitcoin's "parabolic" price run.

Sign up now for the free CryptoCodexA daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run

Bitcoin has moved sharply higher this year, putting the bitcoin price back above its 2021 all-time ... [+] high.

"You're looking at the first breakout of bitcoin against M1 money supply since March 2017 when it went historically parabolic for 9 months," an anonymous bitcoin analyst posted to X alongside a chart that showed bitcoin's breakout and retest of a so-called Bollinger band as it last did in 2017.

Bollinger bands are used by traders to chart price and volatility trends while the M1 money supply refers to cash in the economy.

"Dramatic chart," closely-followed technical analysis trader Peter Brandt replied. "This chart is amazing."

Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious

The bitcoin price rocketed after a fleet of Wall Street ETFs hit the market.

In 2017, the bitcoin price started the year at under $1,000 per bitcoin before rocketing to a peak of around $20,000 per bitcoin in December 2017.

"Technically, bitcoin has already broken the resistance of the descending channel and is testing horizontal resistance," Alex Kuptsikevich, senior market analyst with FxPro, said in emailed comments. "The ability to go above $71,000 opens the way for a renewal of historical highs, which could happen very quickly."

Link:

Bitcoin Braced To Go 'Parabolic' After 'Amazing' 2017 Price Breakout Repeat - Forbes

We have yet to find a perfect place to buy Bitcoin. But if you want to know the best place to buy Bitcoin for you, the answer will depend on the features that matter most to you. Here are a few that you should consider when evaluating the best cryptocurrency exchanges, brokers, and apps.

The cost of buying and selling Bitcoin can vary dramatically from one crypto exchange platform to another. While it shouldn't be the only factor you consider, it's important to know what you'll pay on each platform you're considering. When considering fees, check to see what spread the platform charges, as this can push the cost up considerably.

All of the places on the above list will let you buy Bitcoin. But if you want to invest in other cryptocurrencies or begin crypto trading, you'll want to look for a platform that has a good selection. If you'd like to invest in Bitcoin and stocks in the same place, you'll need a platform that offers that.

Some of the biggest cryptocurrency exchanges have extensive libraries of articles, videos, and tutorials to help users learn about Bitcoin and other cryptocurrencies. This can be a big differentiator when looking for the best place to buy Bitcoin, even for people who already understand how Bitcoin works.

Depending on the investor, this could mean different things. For example, someone who is looking to buy their first Bitcoin and only plans to occasionally buy and sell the digital currency may want as simple of a user interface as possible. On the other hand, an active and experienced Bitcoin trader might want a trading platform with many features (charting tools, order options, etc.).

We touched on safety above, but it bears repeating. There's no point in investing in Bitcoin only to lose your assets if the platform collapses or is hacked. Research the risks involved and look for crypto exchanges that are transparent about their security, assets, and insurance.

More:

Best Places to Buy Bitcoin in 2024 - The Motley Fool

The realized price of Bitcoin short-term holders (STHs) is increasing, indicating that BTCs uptrend will continue as the price broke above $70,000 on June 10.

When the price of Bitcoin (BTC) rose from around $68,000 to $70,232 over the last seven days, the realized price of short-term holdersthe average acquisition price for coins moved within the last 155 days and held outside exchange reservesrose by 1.5% over the same time frame, according to James Van Straten, a lead analyst at Cryptoslate.

This group mainly consisted of those who purchased BTC before and after the approval of the U.S. spot Bitcoin ETF in January, just before it breached its previous all-time high of $69,000 in March.

Using data from market intelligence firm Glassnode, Van Straten noted that STH realized price has been steadily increasing, nearing $64,000, indicative of Bitcoins uptrend over the last 18 months.

As long as Bitcoin holds above $64,000 for the next few months, the long-term outlook for Bitcoin price will remain bullish as this level acts as a significant support zone.

At the time of publication, BTC is trading at $70,090 and is enjoying robust support on the downside compared to the resistance it faced in its recovery path.

This was corroborated by data from IntoTheBlock, whose In/Out of the Money Around Price (IOMAP) model showed that the immediate support for the price around $69,000 was where approximately 1.3 million were previously bought by more than 2.22 million addresses.

Any attempts to pull the price lower may be met by aggressive buying from this cohort of investors who would like to increase their profits.

Related: BTC price settles at $69K after dip wipes $1.3B Bitcoin open interest

Additional data from CryptoQuant reveals a spike in Taker Buy Sell Ratio on the HTX crypto exchange.

The Taker Buy Sell Ratio is a key metric used by traders to gauge market sentiment and potential price movements. A ratio above one suggests more takers are buying than selling, indicating bullish sentiment, while a ratio below one suggests the opposite.

Independent trader Ali Martinez observed that this ratio had spiked to 730, a rare occurrence signaling exceptionally strong buy-side pressure on the HTX exchange.

Generally, the spike in the Taker Buy Sell Ratio suggests that a significant number of investors are currently buying Bitcoin in anticipation of further price increases. This surge in buying activity often precedes notable price jumps.

In another X post, Martinez observed a spike in the number of daily active addresses on the Bitcoin network, breaking a downtrend that started on March 5! He shared a chart from Santiment showing that 765,480 more addresses were active on the Bitcoin blockchain over the last 24 hours.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read the rest here:

Bitcoin's short-term holder realized price hits $64,000, confirming BTC rally - Cointelegraph

Vertigo3d | iStock | Getty Images

Crypto's culture encourages investors to "HODL," or hold on for dear life, in the rollercoaster ride of bitcoin's extreme fluctuations.

But this long-prized practice may diminish as adoption of ETFs grows, particularly if traditional investors who are accustomed to rebalancing their portfolios regularly add in bitcoin exposure.

The cryptocurrency has become increasingly institutionalized in recent years and since the launch of exchange traded funds this year that track bitcoin's price, that trend is expected to increase especially as different wirehouses, brokerages, and advisors start to turn on client access to the ETFs.

"You have so many people in this community who are just diamond-handed holders," Donald Marron,director of economic policy initiatives at Urban Institute, said this week at the 2024 Vision conference in Austin, Texas. "If you convince them to allocate 1% [to bitcoin] today and never touch it, they would see enormous wealth gains if you were on those roads to a much higher bitcoin price."

"If you have people who are actually doing what I view as traditional asset allocation, they're going to face a question every quarter, every month, every year about whether they rebalance," he added. "From a risk management point of view, rebalancing is a good thing. But rebalancing also means that they're going to be sellers along this journey."

At some point, every HODLer becomes a seller, according to Julio Moreno, head of research at CryptoQuant. At the moment, long-term holders are selling, as is normal during bull markets, after accumulating bitcoin during the bear market.

Matt Hougan, chief investment officer at Bitwise Asset Management, the issuer of the Bitwise Bitcoin ETF (BITB), said investors should treat bitcoin "like any other asset add it into a portfolio and include the rebalancing process" pointing to bitcoin's traditional four-year cycle of three good years followed by a down year.

"Bitcoin has has boom and bust cycles," he said, speaking at the Vision conference, a crypto investing forum for advisors hosted by the Digital Assets Council of Financial Professionals. "When you add rebalancing to your portfolio, the impact on 'sharpes' and other measures increases dramatically."

Sharpe ratios help investors assess the return they get from an investment relative to the amount of risk they take.

Rebalancing may help dampen bitcoin's notorious volatility one of the biggest things keeping many investors away from the asset, according to Michael Allegue, an investment officer at MassMutual.

"As more and more institutional capital comes in, there's potential for volatility dampening as many other firms, us included, are probably going to be rebalancing accounts they're not going to be purely buy-and-hold," Allegue said.

Here is the original post:

Bitcoin ETFs bring in a new investor who bucks the 'HODL' culture and rebalances as bitcoin soars - CNBC

A visual representation of the digital cryptocurrency Bitcoin is shown in this photo illustration ... [+] taken in Brussels, Belgium, on February 25, 2024. Photo by Jonathan Raa/NurPhoto

The Lightning Network is revolutionizing bitcoin transactions by providing a second-layer solution that enhances speed and reduces costs. By enabling off-chain transfers, it facilitates near-instantaneous processing and lower fees, making bitcoin more practical for everyday use.

David Marcus, co-founder and CEO of LightSpark, sees a future where every corporation uses Bitcoin Bitcoin and the Lightning Network for net settling between suppliers or customers. He sees bitcoin as the global neutral settlement network, capable of interoperating with real-time domestic payment systems such as FedNow in the U.S., PIX in Brazil, SPEI in Mexico, UPI in India, and SEPA in Europe.

A key factor in the effectiveness of the Lightning Network is liquidity, which ensures that transactions can be processed smoothly and efficiently. Liquidity refers to the availability of funds in the network to facilitate transactions. Without sufficient liquidity, even the fastest network can experience bottlenecks.

LightSpark isnt the only solution addressing liquidity issues. Other tools, including Lightning Labs Loop, Breez SDK, C=, Amboss Hydro, and Voltage Flow Flow , are available.

Erik Alvarez, Director of Velas Commerce, points out that some of these services rely on others in the background, such as using Loop on the backend to manage liquidity more effectively.

Since its inception, the Lightning Network's development has been driven by active community and developer engagement. This collective effort aims to enhance bitcoin's functionality and extend its use as a mainstream digital currency. Despite its advantages, the network faces barriers due to its complexity and the technical expertise required to manage payment channels effectively.

A primary challenge for users is maintaining and balancing payment channels, requiring technical know-how. LightSpark addresses these issues by simplifying Lightning node operations, making the network more accessible. Marcus states, "Bitcoin is poised to become the neutral settlement network and asset globally, uniquely positioned to bridge various real-time domestic payment systems."

The network still faces hurdles such as potential centralization, nodes going offline, and difficulties integrating with existing payment infrastructures. Ongoing efforts focus on enhancing user interfaces and simplifying technology for broader adoption. Marcus explains, "We are automating the complexities of managing Lightning operations, allowing companies to maintain control while we handle the underlying technology."

Calle, an open-source developer and creator of Cashu, an open-source Ecash protocol, provides insights into the Lightning Network. Institutions like HRF, Open Sats, and Spiral have facilitated collaboration and provided financial support for development projects. Calle notes, "Spiral is all in on Lightning, doing a lot for its development."

Despite these efforts, the network faces the inherent issue of centralization versus efficiency. According to Calle and Alvarez, the ideal scenario is a fully decentralized network where every participant has equal rights and provisions; the reality is different.

Technical and economic incentives often lead to a more centralized structure. "Most people won't run their own Lightning node; it's a nuisance for individuals but manageable for businesses," Calle explains. The scalability of the Lightning Network involves recognizing that not everyone will have their own Lightning channels, and over-marketing may have led to unrealistic expectations.

Looking forward, cloud nodes offered by companies like Blockstream, Voltage, and LightSpark present a compromise. They run Lightning nodes for individual customers, making the technology more accessible and better than traditional payment systems like MasterCard. Alvarez adds, "Were also big fans of Ecash, and we would argue that bitcoins layers can be seen as Layer 1 for on-chain transactions, Layer 2 for Lightning, and Layer 3 for Ecash."

The Lightning Network offers a promising solution to bitcoin's scalability challenges by enabling faster and more efficient transactions worldwide. As this technology matures, it is set to redefine global finance by making digital payments quicker and more accessible. However, achieving the ideal balance between decentralization and efficiency will require ongoing development and innovation. With continuous advancement and strong community collaboration, the Lightning Network stands ready to transform the future of bitcoin and global digital payments.

Read this article:

Bitcoin And The Future Of The Lightning Network - Forbes

DeFi Technologies Inc., a public company traded on CBOE Canada (DEFI), has made a strategic decision to adopt Bitcoin as its primary treasury reserve asset, purchasing 110 Bitcoin, according to Newswire.ca,

This move highlights the companys confidence in Bitcoins potential as a hedge against inflation and a safeguard against monetary debasement.

Olivier Roussy Newton, CEO of DeFi Technologies, stated,

We have adopted Bitcoin as our primary treasury reserve asset, reflecting our confidence in its role as a hedge against inflation and a safe haven from monetary debasement.

In addition to this significant adoption, Valour, a subsidiary of DeFi Technologies, reported an impressive AUM of C$837 million ($607 million) as of May 31, marking a year-on-year increase of 64.9%.

Valour has also successfully repaid an additional $5 million in outstanding loans secured by BTC and ETH collateral, following a prior repayment of $19.5 million.

Valour Inc. has launched several innovative exchange-traded products (ETPs), including the Valour Internet Computer (ICP) ETP, Valour Toncoin (TON) ETP, Valour Chainlink (LINK) ETP, and the worlds first yield-bearing Bitcoin (BTC) ETP.

These ETPs highlight the companys continued innovation and financial acumen in the decentralized finance sector.

DeFi Technologies Inc.s share price has increased by 15% following the announcement, bringing its year-to-date (YTD) growth to 176%.

See the original post:

DeFi Technologies shares spike 15% in a day after it adopts Bitcoin treasury strategy - CryptoSlate

(Bloomberg) -- Bitcoins rally to near a record high is reawakening animal spirits not just in the cryptocurrency market itself, but in the broader financial world that had left the digital asset sector for dead last year.

Most Read from Bloomberg

The change of heart can be seen in the improved outlook for deal flow, highlighted by Robinhood Markets Inc.s purchase of crypto exchange Bitstamp Ltd. on Thursday, to a resurgence of venture-capital investments to what some analysts are expecting to be record amount of initial public offerings of companies connected to the industry.

In the crypto market itself, theres been a notable return of the hallmarks of previous bull markets: Celebrities are once again promoting crypto, and new tokens are being created at a rate of thousands per day, with some 330,000 coins debuting in the Ethereum ecosystem in April and May alone, according to crypto data tracker Dune.

Taken all together, it demonstrates that theres nothing like rising prices to make investors forget about past financial carnage including bankruptcies of crypto exchange FTX and lender Celsius in a market thats most famous for its scandals and boom-and-bust cycles.

Investors often have short memories, said Campbell Harvey, a finance professor at Duke University. When market sentiment is high, they put extra weight on good news and tend to downplay the bad news that might have happened in the past.

Bitcoin climbed this week to within 2.5% of the all-time high of $73,798 reached in mid-March amid surging demand for recently authorized exchange-traded funds. While the bellwether digital currency is up almost 70% already this year, the gains pale in comparison to the returns of extremely speculative memecoins such as Dogwifhat and Bonk.

This years boom was kicked into high gear when the Securities and Exchange Commission approved ETFs investing directly into Bitcoin in January. Then in May, the agency made a step toward approving similar spot Ether ETFs, a move many in the industry have seen as caving to increased political pressure to legitimize crypto and create new laws that would make it easier for digital-asset companies to operate.

US Bitcoin ETFs attracted inflows for an unprecedented 18th straight day through Thursday. Net subscriptions for the group of almost a dozen products stood at $15.6 billion, taking total assets to $62.3 billion, according to data compiled by Bloomberg.

Story continues

Large financial companies are wading deeper into crypto. Earlier this week, Mastercard resumed letting users of the worlds biggest crypto exchange, Binance, make purchases on its network. Binance settled with the Justice Department over anti-money laundering and other violations last year, and is still fighting charges from the SEC.

Over the past several months, we have reviewed the enhanced controls and processes that Binance has put into place, a Mastercard spokesperson said in a statement. It is based on those efforts that we have decided to allow Binance-related purchases on our network. This status is contingent on ongoing reviews.

Crypto MNA is heating up as well. This week, Bitcoin miner Core Scientific Inc. rejected an unsolicited $1 billion takeover offer from artificial intelligence startup CoreWeave Inc., just days after announcing a partnership. On Thursday, Robinhood said it will acquire Bitstamp for $200 million to expand its crypto business in Europe.

A US regulatory framework creates a velocity of innovation environment that accelerates an institutions buy-over-build decision-making and drives a robust M&A environment, Elliot Chun, partner at MNA consultant Architect Partners, said in a recent note. I will be bold and say that in May 2024, our industry officially transitioned from #TheGreatPurge and entered into #TheGreatSurge.

Crypto funds are flourishing, with more such funds launching in the first quarter than in any time since the second quarter of 2021, according to Crypto Fund Research.

Talk of new crypto IPOs is reviving, with Kraken said to be in talks for a pre-IPO funding round, while eyeing an IPO as soon as in 2025, Bloomberg reported Thursday. If crypto prices keep increasing, the next 18 months could see the biggest wave of crypto-related IPOs on record, according to Renaissance Capital, a pre-IPO researcher.

I do think that if these companies can point to explosive revenue growth or strong earnings, that will get investors interest, said Matthew Kennedy, senior market researcher with Renaissance. I suspect that the financials are there, and that investors will take them with a grain of salt they know its a cyclical business, plenty of companies are like that.

Most Read from Bloomberg Businessweek

2024 Bloomberg L.P.

Continue reading here:

Bitcoin Rally and 'Short Memories' Reignite Everything in Crypto - Yahoo Finance

Markets June 7, 2024, 10:18AM EDT Published 1 minute earlier on

UPDATED: June 7, 2024, 10:34AM EDT

U.S. job growth increased more than expected in May, a reading that could potentially prompt the Federal Reserve to delay cutting interest rates.

On Friday, the U.S. Labor Department reported that the unemployment rate ticked up to 4.0% for the first time since January 2022, while non-farm payrolls (NFPs) increased by 272,000 jobs last month, surpassing economists' forecasts.

The dollar rebounded broadly in the early U.S. trading session following the stronger-than-expected employment data, while bitcoin made gains despite equity indices moving lower.

The employment data coming out of the U.S. hit risk assets. Major European and UK equity indices were red. In London, the FTSE 100 posted a 37.45-point decrease to 8,254.60 in mid-day trading.

The regional Stoxx 600 index traded up in Europe, retraced yesterday's gains and dropped 0.35% to 522.80. Meanwhile, in New York, the Dow Jones Industrial Average opened down 0.23%, the S&P 500 fell 0.3%, and the NASDAQ decreased by 0.42%.

Bitcoin moved lower with depressed equity markets in Friday's trading. The world's largest digital asset by market cap increased by around 0.2% in the past day and was changing hands for $71,366 at 10:08 a.m.ET., according toThe Block's Price Pages.

The European Central Bank (ECB) cut interest rates as expected on Thursday. The European monetary policymakers' move lowers theECBskey rate to 3.75%, down from a record high of 4%, where it has been since September 2023. It's the first time the ECB has cut rates since 2019.

The move by the ECB to cut rates comes after the Bank of Canada (BoC) lowered its policy rate to 4.75% on Wednesday, having held it at 5% since July last year.

Canada was the first G7 country to loosen monetary policy in the current cycle, followed by the ECB.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Go here to see the original:

Bitcoin rebounds from drop with equity indices as strong US jobs data poses challenge to Fed rate cuts - The Block

Nasdaq-listed medical manufacturer Semler Scientific which made headlines last month for adding Bitcoin (BTC) to its treasury has bought another $17 million worth of the asset and may raise up to $150 million to buy more.

The firms latest Bitcoin purchase was revealed in an S-3 filing to the United States securities regulator on June 6. After making its first 581 Bitcoin purchase on May 28, it now holds 828 Bitcoin, worth over $58.5 million.

Semler isnt wasting too much time, either. It announced that it can raise an additional $150 million of debt securities, with a portion of the proceeds used to buy more Bitcoin.

We intend to use the net proceeds from the sale of any securities offered under this prospectus primarily for general corporate purposes, including the acquisition of bitcoin, the firm wrote.

In a June 6 statement, the firms CEO, Doug Murphy-Chutorian, said Semlers Bitcoin investment strategy has become the firms other top-line priority alongside its healthcare business.

Bitcoin, now Semslers primary treasury reserve asset, can serve as a reasonable inflation hedge and safe haven amid global instability, the firm said in its SEC filing.

We also believe that its digital, architectural resilience makes it preferable to gold, which has a market value that greatly exceeds the market value of bitcoin, Semler said. Given the gap in value between gold and bitcoin, we believe that bitcoin has the potential to generate outsize returns as it gains increasing acceptance as digital gold.

The firm iterated that it has no plans to purchase cryptocurrency assets other than bitcoin.

Semlers (SMLR) stock spiked 30% on news of its May 28 purchase. However, it wasnt able to pop this time around, falling 2.5% to $29.13 on June 6, Google Finance data shows.

Related: Billionaire investor Bill Miller puts 50% of net worth in Bitcoin

Japan-based investment firm Metaplanet is another firm that has followed MicroStrategys Bitcoin playbook.

It first bought $6.5 million of Bitcoin on April 8 and has bought multiple purchases since, totaling 117.7 Bitcoin or $8.3 million at current prices.

Metaplanets last Bitcoin purchase on May 22 contributed to its being the best-performing stock on the Tokyo Stock Exchange for two consecutive days.

Magazine: How to protect your crypto in a volatile market Bitcoin OGs and experts weigh in

See the original post:

Semler Scientific now holds 828 Bitcoin and has $150M plan to buy more - Cointelegraph

The chief executive of crypto exchange Abra believes that Bitcoin (BTC) is the antidote to hundreds of years of monetary debasement.

In a new Kitco News interview, Bill Barhydt says that historys greatest powers built their empires with sound monetary policy.

But the Abra CEO says world powers eventually betray the trust of its people by resorting to currency devaluation.

After World War II, the intent was there would be a certain amount of gold, countries would give us their gold to the victor goes the spoils. We would print dollars commensurate with a certain value of that gold, and you knew how much your money was worth, and the underlying assets were protected.

That was the grand bargain.

Throughout history, every world power has reneged on that or a similar bargain, time after time.

According to Barhydt, Bitcoin fixes the problem of currency debasement that has plagued powerful nations for centuries. Barhydt notes that BTCs finite supply, predictable inflation and decentralization can serve as the foundation of a strong global financial system.

When you look at it from that perspective, you could actually make a case now where: I get the math, the math proves that its out there; I get the scalability, because Satoshi said that over time you could actually put more data through the blockchain; and I get the decentralization of having clusters of miners

When I brought it all together I was like, This is exactly how money should work. It was incredible This is it. If the world can figure this out what this is really all about, it will change how banking works

This network belongs to the people. You cant shut it off. Thats the last piece of the puzzle. If you have no off switch and it belongs to the people, you now have the answer to the hundreds-year-old problem, which is how do you get rid of this fiat, this rule-by-decree monetary model that weve had for hundreds of years.

Don't Miss a Beat Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X, Facebook and Telegram Surf The Daily Hodl Mix

Generated Image: DALLE3

View original post here:

Abra CEO Says Bitcoin Is a Solution to Centuries-Old Problem of Fiat Currency and Rule by Decree - The Daily Hodl