In brief
Bloomberg's #Crypto Outlook
February 2021 - A Digital Reserve Asset#bitcoin #gold #StockMarket #Macroeconomics https://t.co/TbJ5QXpQ5t pic.twitter.com/nHtbZN8rDy— Mike McGlone (@mikemcglone11) February 3, 2021

$111,058.00
3.46%$2,657.30
4.23%$2.43
2.44%$685.43
4.59%$178.29
5.04%$0.99976
-0.00%$0.240968
5.49%$0.802412
6.07%$0.276809
2.06%$2,650.14
4.29%$110,549.00
3.15%$3.86
-1.37%$3,183.94
3.87%$16.67
5.20%$25.20
10.80%$31.38
17.88%$0.300442
3.29%$0.0000153
4.61%$0.203302
3.43%$430.49
7.14%$8.85
0.33%$3.18
3.15%$406.27
11.91%$98.55
3.32%$4.90
3.84%$2,643.16
3.94%$0.999755
-0.00%$2,824.00
4.12%$0.00001462
5.11%$5.21
0.18%$0.99858
0.06%$0.814402
0.12%$0.998208
-0.28%$110,859.00
3.25%$31.41
3.29%$472.48
13.01%$255.59
0.50%$6.43
3.43%$3.03
7.41%$5.50
6.03%$214.92
5.08%$1.008
6.03%$52.77
1.03%$15.53
6.45%$0.118361
5.61%$0.100278
3.72%$19.59
5.14%$5.58
5.86%$1.00
0.00%$36.08
0.39%$21.75
0.94%$5.02
7.04%$0.03022538
5.87%$0.755468
2.30%$1.17
-0.02%$0.407642
2.91%$1.052
0.02%$5.13
3.88%$0.853324
9.55%$0.249023
6.88%$0.998083
0.07%$0.426986
7.06%$110,063.00
2.67%$1.37
21.47%$0.239819
5.92%$3.04
5.29%$4.41
-0.13%$2.77
5.68%$0.00002217
7.93%$0.529879
4.71%$4.69
2.77%$0.563009
6.71%$2,659.12
5.10%$1.54
15.82%$0.99568
-0.63%$187.11
5.07%$0.974539
7.54%$2,754.79
3.40%$99.51
0.91%$11.50
0.21%$0.794389
7.58%$13.43
10.43%$2.00
1.29%$1.29
-0.32%$0.698245
6.07%$0.240878
6.93%$4.58
1.47%$0.01934614
2.28%$2,998.70
3.54%$1,750.38
0.15%$0.765494
2.78%$1.16
10.48%$0.120246
8.57%$0.997034
-0.32%$0.072806
1.96%$110,831.00
3.47%$0.00011182
12.05%$0.795358
8.08%$3.39
4.82%$2,825.22
4.27%$0.961883
7.05%$231.13
5.32%$198.16
5.29%$0.01923283
5.72%$0.02072775
5.63%$0.999784
0.03%$0.998804
0.08%$110,008.00
2.50%$0.235253
5.37%$0.999934
-0.02%$685.30
5.01%$0.01393636
5.90%$0.860325
13.04%$2,773.88
3.82%$0.957081
7.37%$0.916827
18.37%$111,037.00
2.98%$0.335529
7.30%$2,757.49
3.82%$3,300.62
0.06%$2.49
6.44%$0.606249
-5.31%$3,307.75
-0.16%$23.82
6.17%$39.20
9.66%$0.134994
3.06%$0.076154
8.88%$2.14
13.52%$4.11
2.07%$4.59
3.03%$0.00000075
2.73%$44.68
8.16%$12.56
-1.84%$110,304.00
3.27%$0.120814
2.57%$2.08
3.15%$0.433797
6.37%$0.651679
4.51%$0.02021774
2.83%$2.47
2.00%$0.999445
-0.07%$0.997318
-0.01%$2.06
-0.04%$0.339323
5.99%$0.241295
6.49%$111.14
0.01%$1.10
-0.16%$2,660.54
4.62%$2,661.12
4.88%$0.479204
9.49%$0.682295
7.38%$110,871.00
3.37%$0.699676
4.74%$0.00960713
9.57%$0.549857
11.89%$2,745.54
5.17%$19.45
5.11%$2,830.44
3.83%$0.173452
13.51%$0.694781
6.58%$7.97
9.47%$0.530574
11.97%$2.13
-2.12%$0.11128
15.16%$2,643.11
4.12%$0.00000129
9.00%$110,217.00
2.80%$3.11
4.85%$0.99702
-0.24%$0.00537647
10.67%$6.99
6.97%$0.09746
5.35%$0.196746
1.44%$107,624.00
3.46%$0.733811
5.78%$0.187933
3.89%$0.438212
2.27%$0.00002381
5.68%$1.57
3.42%$0.050628
1.05%$1.69
-0.60%$0.00456784
15.71%$0.999712
-0.01%$0.06302
-0.79%$0.04650438
4.38%$0.00000045
2.45%$1.38
4.46%$0.166803
-0.26%$1.61
6.71%$0.178888
4.43%$0.00811995
2.61%$2,634.94
4.01%$37.71
5.25%$1.087
-0.00%$44.79
3.90%$0.994781
-1.30%$0.00476311
1.33%$0.415715
-1.28%$0.371032
6.66%$1.10
-0.01%$0.873014
4.28%$109,897.00
3.18%$0.99946
-0.07%$2,810.35
3.55%$0.00566062
4.55%$3.23
0.02%$0.03887944
2.35%$0.01978482
3.61%$0.249141
6.95%$31.29
17.58%$0.999767
-0.03%$0.999924
-0.08%$141.13
3.04%$0.392998
5.39%$0.364527
6.66%$2,917.42
4.26%$0.868721
3.20%$0.32948
6.41%$0.00006547
4.10%$110,711.00
3.27%$0.999568
-0.01%$2,881.08
3.72%$31.27
17.57%$0.861446
13.99%$25.26
11.24%$0.00000166
4.30%$0.24078
5.35%$2,657.76
4.39%$0.266634
6.29%$19.74
5.85%$0.00366217
7.12%$0.724486
5.63%$1.00
0.51%$2,637.14
3.76%$2,868.12
4.35%$19.52
-0.15%$2.87
5.90%$3.52
-4.27%$0.99973
-0.02%$0.00074353
-3.11%$0.999839
0.08%$0.730576
6.75%$0.00299795
6.73%$0.526599
5.00%$0.00
7.81%$24.70
4.13%$3.68
6.65%$30.53
11.37%Reading
Bloomberg’s senior commodity strategist Mike McGlone is convinced that Bitcoin is currently in a consolidating bull market, and $50,000 is the “initial target resistance” level.
In his latest Crypto Outlook report, he said that Bitcoin is outperforming the rest of the market and that $20,000 is the “extreme downside” level that would only be revisited in case of the events comparable to the global markets crash in March 2020.
Bloomberg's #Crypto Outlook
February 2021 - A Digital Reserve Asset#bitcoin #gold #StockMarket #Macroeconomics https://t.co/TbJ5QXpQ5t pic.twitter.com/nHtbZN8rDy— Mike McGlone (@mikemcglone11) February 3, 2021
According to the analyst, Bitcoin’s support base has risen toward $30,000 due to the growing amount of institutional adoption. The potential of the largest cryptocurrency to become a global reserve asset is increasing as well, outweighing risks of failure.
Among the key macro factors speaking in favor of Bitcoin’s further growth, McGlone points to “the rising tide of global liquidity” and “accelerating digitalization.”
“Unprecedentedly low interest rates, rising debt-to-GDP levels and global quantitative easing are strong tailwinds for the price of gold, but rapidly advancing technology is tilting investors toward increasing acceptance of the digital newcomer to avoid the risk of falling behind,” the report stated.
Remarkably, McGlone said that by the end of 2020 Bitcoin became less risky than the Dow.
Appealing to the basic rules of economics, the analyst stated that the combination of Bitcoin’s fixed supply and its gradual maturation will result in declining volatility of the asset. By the time of the next reward halving in 2024, the volatility of Bitcoin could match that of gold.
The prices of cryptocurrencies are moving in tandem with the broader stock market as it was another green day for assets. Global crypto markets were up 5.6% in the last 24 hours to $1.17 trillion, making it four days straight crypto’s total value has stayed about the trillion dollar mark. Another green day for crypto. IMAGE: Nomics Leading the charge was Bitcoin, with 4.7% gains, putting it just shy of $38,000. It’s been 27 days since it hit $40,000. If Bitcoin gains another 7% it will surpass...
“It would be naïve not to expect bumps in the road with the new technology, but unless human advancement, electrification and digitalization backpedal, Bitcoin is poised to eventually become a worthy substitute for gold in investment portfolios,” wrote McGlone.
He also appears to be convinced that while Ethereum has found a “comfortable” support above $1,000, the second largest cryptocurrency by market cap is still very dependent on Bitcoin’s price and “should do just fine”—as long as the former continues to rise.
The threat actor behind massive thefts from Coinbase users has taken to openly mocking prominent on-chain sleuth ZachXBT, using a public Ethereum transaction as a taunt. It was first revealed by ZachXBT through a notice on the Telegram channel Investigations. ZachXBT has identified the threat actor as the same person or group behind the data breach targeting Coinbase users. "L bozo," the hacker wrote Wednesday evening through an Ethereum transaction using the blockchain's input data message feat...
Bitcoin soared to a new record price above $109,000 on Wednesday morning, pushed by tailwinds that have sent cryptocurrencies and other risk-on assets higher over the past two months. The largest crypto by market capitalization was recently trading at $109,378 at crypto exchange Coinbase, up 4.5% over the past 24 hours. According to Coinbase, BTC topped out at $109,500 before cooling. Bitcoin is now up nearly 25% over the last month. "Bitcoin is pushing toward new highs with strong tailwinds beh...
A list of 220 of the top holders of President Donald Trump’s official Solana-based meme coin (TRUMP) was headed by Tron founder Justin Sun, the crypto billionaire confirmed via social media on Monday. The list contained registered TRUMP holders vying for an invitation to the president’s gala dinner to be hosted at Trump National Golf Course in Washington, D.C. on May 22. The top 25 “VIP” holders, including Sun, also receive access to an exclusive reception and special tour alongside the dinner....