Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$107,730.00
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-1.21%Reading
Bitcoin has continued to move upwards after weeks of struggle, nearing $45,000—a 1% 24-hour increase and 19% jump over the last 30 days. The last time BitcoinBitcoin was priced above $45,000 was February 10, according to data from CoinMarketCap.
The biggest cryptocurrency by market cap has struggled to hold steady above $40,000 the past month, instead closely following the equities market. And it is continuing to do so.
The U.S. stock market is up today; so is crypto. The S&P 500 index is heading for a weekly gain of 1.4%, and the Nasdaq was looking at a bigger gain of around 2%. Bitcoin in the past week has shot up by roughly 6%.
EthereumEthereum, the second biggest digital asset, is up today over 1%, trading for $3,136.82. It is up a fair whack in the past week too: over 11%.
Bitcoin has long been referred to as “digital gold” by some commentators—a safe-haven asset that will be secure when every other investment struggles. But it is struggling to serve that purpose—other assets traditionally viewed as “safe havens” have performed better than Bitcoin recently.
Elsewhere, a lot of the crypto market is still in the red if looking at 24-hour performance. Big players such as Cardano, the seventh biggest cryptocurrency by market cap, is down 5.2%.
Terra, a popular network for DeFiDeFi products (those that enable peer-to-peer trading and borrowing), is also down 0.5%, at a price of $93.25. But both have made significant gains in the past week, up 31% and 6.8% respectively.
Solana, the ninth-largest cryptocurrency by market cap, climbed approximately 10% in 24 hours, moving from about $96 to $103 at one point today. Compared to other major coins, only Cardano and Dogecoin saw similar gains, of 9% and 6%, respectively. Solana’s upward move comes shortly after Krafton, publisher of popular battle royale game PUBG, announced that it is partnering with Solana Labs to develop blockchain games on the network. But plenty of other companies have been announcing and launch...
The rest of the market tends to (but not always) follow Bitcoin when it does well. It has had a decent week in part thanks to a big Wall Street announcement: Goldman Sachs on Tuesday became the first major U.S. bank to make a crypto transaction. The New York-based investment bank executed an over-the-counter (OTC) transaction, by buying an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital.
This, according to some, has led to a surge in confidence from investors, who see big money and interest coming from established players as a good reason to get stuck in and put some cash in crypto.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
The Hyperliquid platform's native token, HYPE, is today the strongest performer among top 15 assets by market cap—excluding stablecoins. Its seven-day gains have outpaced major altcoins as Bitcoin volatility posts record lows for the year, pushing a relatively stable trading pattern. HYPE traded at $41.31, down 0.3% on the day, yet maintaining strong momentum with 12.4% weekly gains and 67.2% monthly appreciation, according to data from CoinGecko. It has sustained this uptrend since mid-May, wit...
The investment firm of famed tech investor Cathie Wood remains bullish on Bitcoin as its price has climbed back near its recently established all-time high of $111,814. Aggregate unrealized profit levels, Bitcoin ETF flows, and key support levels converging are among "bullish" indicators for the top crypto asset, according to ARK Invest’s monthly Bitcoin report for May. “Bitcoin has not hit irrational exuberance,” reads one of the report’s key takeaways. One notable sign that Bitcoin hype has...
Bitcoin Core developers have confirmed plans to remove long-standing data storage restrictions in the upcoming version 30 release, scheduled for October 30. The change essentially eliminates Bitcoin's current 80-byte limit on OP_RETURN outputs, which are special transaction fields that allow users to embed arbitrary data on the blockchain. Under the new rule, transactions can include multiple OP_RETURN outputs, each potentially containing up to 4MB of data. “Bitcoin Core is just one protocol imp...