Category: Bitcoin

Bitcoin Price Struggles Post Expected Fed Result, More Losses Ahead?

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Bitcoin price is struggling to recover above the $29,000 resistance level. BTC must settle above $29,000 and then $29,600 to move into a positive zone. Bitcoin is attempting a recovery wave above the $28,850 level. The price is trading below $29,200 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could face a strong resistance near the $29,600 resistance. Bitcoin Price Still In The Negative Zone…

TD Cowen analyst just made a risky buy call on a bitcoin play

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Investors looking for ways to bet on crypto should look closer at a software company with a unique balance sheet, according to TD Cowen. Analyst Lance Vitanza initiated coverage of MicroStrategy at outperform, saying in a note to clients on Wednesday that the stock was the “best way for institutions to acquire exposure to bitcoin.” “MSTR is a leading provider of [business intelligence] software, but with a twist: it uses all its retained earnings – and then some – to buy and hold bitcoins. This is not a short-term trading…

Bitcoin Price Could Recover But Upsides Might Be Attractive To Bears

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Bitcoin price is attempting a recovery wave above the $29,200 level. BTC must clear the $29,600 resistance to start a decent recovery wave. Bitcoin is consolidating above the $29,000 support zone. The price is trading below $29,600 and the 100 hourly Simple moving average. There is a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could recover but upsides might be limited above the $29,600 resistance. Bitcoin Price Faces Resistance Bitcoin price extended its decline below…

This is why miners are selling their bitcoin at levels not seen since 2019

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Recent data shows a major increase in the amount of bitcoin moved by miners from the mining pool to crypto exchanges, but the price of the flagship cryptocurrency continues to show resilience. Selling volume by miners hit its highest level on Friday since March 2019, according to blockchain data firm Glassnode. The day BlackRock filed for a spot bitcoin ETF , selling volume jumped to its highest level since September 2017. This selling behavior, implied by miners’ moving mined bitcoin to exchanges, began at the end of May. Miners are…

Fidelity joins the rush for a bitcoin ETF, following BlackRock, Ark Invest and others

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A sign marks a Fidelity Investments office in Boston, Massachusetts, April 28, 2022. Brian Snyder | Reuters Asset management giant Fidelity Investments is again trying to launch a spot bitcoin ETF, according to a Thursday filing. The move comes two weeks after BlackRock filed for a spot bitcoin ETF, which has long been opposed by the Securities and Exchange Commission. Other firms appear to have taken BlackRock’s filing as a sign that the SEC’s stance could soon change. Since then, WisdomTree, VanEck and Invesco have taken the initial steps toward…

The first leveraged bitcoin futures ETF is hitting the market as crypto gains new momentum

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Traders will soon have a new way to bet on bitcoin while Wall Street waits to see if the long-awaited spot bitcoin funds are approved by federal regulators. The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is set to launch on Tuesday. There are already several bitcoin futures funds on the market, including the $1 billion ProShares Bitcoin Strategy ETF (BITO) , but BITX will be the first leveraged ETF in the space. “There’s a big audience that’s already out there for leveraged-type products, and to sort of marry that…

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…