Bitcoin (BTC) has passed the $8,000 threshold after gaining four percent since yesterday. The cryptocurrency is now hovering around $8,070 as the bulls and the bears battle it out over this price point. This is the first time Bitcoin has touched $8,000 since Black Thursday.
Despite suffering one of the worst single-day losses ever and falling to as a low as $4,600 in mid-March after a dramatic market sell-off, Bitcoin has been on the uptrend ever since. From trough to peak, Bitcoin has now gained almost 74% in just over six weeks, and is now in the green compared to the start of the year.
Bitcoin began the year at just $7,200 and is now up 11% so far, making it one of the few financial instruments that has managed to rack up gains during what can only be described as a tumultuous 2020.
The Tether treasury has minted just shy of $1 billion in USDT stablecoins this month, pushing its market cap to over $7.5 billion for the first time. Stablecoins are cryptocurrencies that have their values pegged to fiat currencies, such as the US dollar, and are typically backed by reserves of the same amount of money.
According to Whale Alert on Twitter, a tracker that monitors several blockchains for large transfers, Tether minted $999 million in new USDT in April alone, making it one of the...
During this time, huge influxes of money have gone towards stablecoin Tether, which has printed $1 billion this month, and $2.7 billion in total since the start of the year. It is unclear if this has helped keep Bitcoin's price afloat. Strangely, other stablecoins have seen much less demand.
Despite this recent growth, Bitcoin has largely been losing ground to altcoins this April and has seen its market dominance slide as a result. Starting the month with a market dominance of 65%, this has since fallen to 63.8% as major altcoins like Ethereum (ETH), Tezos (XTZ), and Chainlink (LINK) rack up strong gains against the number one cryptocurrency. Ethereum is now up 25.3% against Bitcoin in the last 30 days, whereas XTZ and LINK are up 39-40% apiece against BTC.
— Bitcoin Halving Countdown (@Bitcoin_Halving) April 29, 2020
Historically, Bitcoin has demonstrated bullish momentum just prior to and shortly after a halving event—which sees the block rewards distributed to miners cut by half roughly every four years. With two weeks to go, the anticipation is heating up.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Circle’s dynamite IPO this week wasn’t just impressive by crypto standards—it outperformed expectations to a degree unrivaled even by America’s most prominent tech companies.
The evening before its Thursday trading debut on the New York Stock Exchange, Circle priced its stock, CRCL, at $31 a share. That represented a mark-up from the lower share prices the firm floated earlier in the week: $26, and then $28. Such last-minute moves are generally indicative of increased investor interest in a comp...
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.
This week: Gemini makes its own IPO move after Circle's explosive debut (and continued rise Friday), while Strategy boosts its Bitcoin buying power.
Twinsies!
Crypto exchange Gemini confirmed that it has filed to go public, within 24 hours of USDC issuer Circle making its euphoric debut on the New York Stock Exchange.
Rumors started making the rounds in February and March that Gemini, which has bee...
USDC issuer Circle, which made its whirlwind of a New York Stock Exchange debut yesterday, has already topped the high it set on Thursday.
Around 1pm ET on Friday, CRCL reached a high of $123.51—just 49 cents shy of fully quadrupling its IPO price. The stock is already trading 44% higher than its $83.23 close at a current price just shy of $120. It's a strong follow after the company tripled its $31 IPO price on its opening day.
As of this writing, the company has reached an intraday market cap...