Category: Bitcoin Analysis

Bitcoin rallies 17% this week as institutional interest in the asset picks up

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For many crypto investors, this week felt like the beginning of a new era – and ironically, it was driven by the old guard of financial institutions. Bitcoin ended the week up 17.1% at $30,864.67, according to Coin Metrics, for its best week since March 17. At one point on Friday, bitcoin rose to as much as $31,412.72 , its highest level since June 8, 2022. In altcoins: the tokens tied to Solana and Cardano gained roughly 12% this week, while Polygon advanced more than 13%, as of Friday evening.…

The Grayscale Bitcoin Trust is getting a boost from BlackRock. Here’s what to know

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BlackRock’s new push into the battle for a bitcoin ETF appears to be giving a boost to one of its potential rivals in the space and creating an arbitrage play for opportunistic traders. The Grayscale Bitcoin Trust (GBTC) , which has long traded at a steep discount to its net asset value, rose 12.8% on Friday after BlackRock filed to launch a spot bitcoin ETF. The Grayscale fund continued to surge on Tuesday, adding about 14%. While bitcoin has also been climbing , GBTC’s large move has narrowed the discount…

Diversified portfolio should include bitcoin, ether

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Investors and advisors can’t ignore crypto anymore, according to Ric Edelman, founder of Edelman Financial Engines. “It’s the first new invention of an asset class in 170 years — the last new asset class was the discovery of oil in the 1850s,” he told CNBC Pro at the Digital Assets Council of Financial Professionals’ Vision conference in Austin, Texas. “We need to recognize that in order to have a truly diversified portfolio, we need to have exposure to every asset class,” he added. “That means advisors need to rethink their…

BlackRock files for spot bitcoin ETF, with Coinbase as a crypto custodian

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Bitcoin is up 50% so far in 2023, beating major commodities and stock indexes. Filip Radwanski | Sopa Images | Lightrocket | Getty Images Asset management giant BlackRock took the first steps on Thursday to launch a spot bitcoin exchange traded fund, which has long been a point of contention between crypto advocates and federal regulators. The firm filed an application with the Securities and Exchange Commission to launch the iShares Bitcoin Trust. If approved, the ETF would allow easy access for investors to get exposure to crypto in a…

Bitcoin and ether stand ground this week while altcoins tumble on the SEC’s Coinbase crackdown

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It’s “business as usual at Coinbase” while the crypto market waits for the exchange’s legal battle with the SEC to unfold over the coming months, possibly years. This week the Securities and Exchange Commission continued its crackdown on the crypto industry, suing the largest exchange in the world, Binance, on Monday only to go after the largest exchange in the U.S., Coinbase, the following day. The agency alleged Coinbase has been operating as an unregistered exchange, broker and clearing agency, and that its staking program violates securities laws. Coinbase shares…

Bitcoin posted its worst month since November, but network activity saw record highs

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Even though bitcoin just ended its first down month of the year, the network activity hit new record highs — and that’s a good thing for Bitcoin and its investors. Bitcoin closed May down 7.9% after trading between $26,000 and $28,000. It was the cryptocurrency’s worst month since November. However, Bitcoin’s average daily network hashrate – which measures how much computing power the network uses to process transactions and is a key indicator of the network’s health – increased for the fifth consecutive month. Investors want the hashrate to be…

Paul Tudor Jones says he’s going to keep bitcoin in his portfolio

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Legendary hedge fund manager Paul Tudor Jones said he’s still hanging on to his bitcoin and always will. The founder of Tudor Investment and New York City’s Robinhood Foundation told CNBC’s “Squawk Box” Monday that he’s “never sat on a horse that long.” Jones began buying the cryptocurrency in 2020 as a hedge against inflation. At the time, he compared it to the gold trade back in the 1970s. “From the beginning, I’ve always said I want to have a small allocation to it because it’s the only thing humans…

Bitcoin mining stocks rally as network congestion stirs hopes for higher fees ahead

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Bitcoin’s price action has been relatively tame lately, but bitcoin-related stocks are on the rise this week as miners benefit from recent congestion on the network. That congestion was driven primarily by sudden activity in NFT-like assets, or “Ordinals,” on the Bitcoin blockchain. As a result of the congestion, Binance over the weekend briefly paused user withdrawals twice, which helped push the price of bitcoin down 7% over two days. As that played out, however, the network experienced a record high of more than 465,000 transactions awaiting confirmation in Bitcoin’s…

Grayscale moves to expand ETF business as legal fight over spot bitcoin fund continues

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Grayscale Investments is forging ahead in its plan to transform itself into a major ETF player even as the firm’s potential flagship fund remains blocked by regulators. The crypto-focused asset manager announced on Tuesday that it has created the Grayscale Funds Trust to manage some publicly traded products, including ETFs, under its own roof as part of the rules of the 1940 Investment Companies Act. Grayscale also filed to create three new ETFs under the banner of the trust. “The formation of the Grayscale Funds Trust represents yet another important…

Bitcoin could rally 30% in the next month, says Canaccord Genuity

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Crypto prices were a little sleepy to kick off the first week of May, but investors remain confident in its long-term up trend, and charts show there could be another short-term crypto rally underway, according to Canaccord Genuity. Bitcoin is on pace to end the week up less than 1%, according to Coin Metrics. Meanwhile, ether is looking to notch a 4% gain on the week, thanks in part to its meme-driven rally Friday . Bitcoin and ether ended April higher by 3.3% and 4.3%, respectively. However, there could be…