Bitcoin Bounces Back to $55K as Yellen Backtracks on Rate Hike Comments
“Rate hikes are not something I’m predicting or recommending,” Yellen later said. Bitcoin has regained poise on Wednesday after U.S. Treasury Secretary Janet Yellen toned down comments suggesting interest rate hikes may be needed to stop the economy from overheating. “It’s not something I’m predicting or recommending,” Yellen clarified during an online event hosted by […]
Dogecoin Hits New All-Time High After eToro, Gemini Listings
Multi-asset brokerage eToro announced support for the cryptocurrency Monday. Dogecoin (DOGE (+27.31%)) tapped fresh lifetime highs on Tuesday in the wake of two new exchange listings. The Shiba Inu dog-branded cryptocurrency rose to $0.577 during European trading hours, topping the previous record price of $0.47 registered on April 16, according to CoinDesk data. Year to date, […]
Crypto Long & Short: Bitcoin’s Potential as a Collateral Class
Signs point to a new avenue of growth for crypto-backed lending. Today I’m going to weave together three seemingly unrelated stories from the past week to highlight a trend that I believe we are largely overlooking. Ready? First, Tesla’s Q1 earnings release revealed the company sold $272 million worth of its bitcoin (BTC, +2.08%) holdings in the first quarter. According to […]
Bitcoin Stabilizes Near Support; Resistance Around $56K-$58K
Bitcoin (BTC) has fully recovered from Thursday’s price drop of almost 5%. The cryptocurrency was trading around $54,000 at the time of writing after holding support at around $52,000. The short-term trend is improving, although there is strong resistance around $56,000 and $58,000 that could limit upside into the weekend. The relative strength index (RSI) […]
Fed’s Powell Says Market, as Exemplified by Dogecoin, Is ‘a Bit Frothy’
“You are seeing things in the capital markets that are a bit frothy, that’s a fact,” said Powell. “I won’t say it has nothing to do with monetary policy.”] U.S. Federal Reserve Chairman Jerome Powell said Wednesday he thinks capital markets, as typified by the dogecoin craze, are a “bit frothy” and admitted that the central bank’s […]
Here Are The Top Stocks Riding The Crypto Wave And ‘Dramatically’ Outperforming The Market
KEY FACTS In a note to clients Tuesday morning, Goldman analysts identified 19 U.S. stocks with market capitalizations over $1 billion that have the highest blockchain and cryptocurrency exposure according to public disclosures and found that the companies have averaged a 43% return this year—more than three times the S&P’s 13% gain over the same […]
Bitcoin Leads Price Sell-Off Across Crypto Markets as Biden Tax Plan Bites
Bitcoin falls as Biden’s plan to raise capital gains tax hurts risk appetite. Bitcoin slipped on Friday as reports of U.S. President Joe Biden mulling a tax hike on wealthy Americans drew stronger selling pressure in the spot market. The biggest cryptocurrency traded well below the 100-day simple moving average support of $49,470 during the […]
Bitcoin Consolidates Below $56K Resistance as Buyers Lose Strength
BTC has remained in a consolidation phase since February. Bitcoin (BTC) is holding short-term support and was trading around $54,000 at press time. The cryptocurrency is now below the 50-day moving average as upside momentum continues to slow. Buyers will need to defend support around $51,000 to stabilize the long-term uptrend. The relative strength index […]
US House Passes Bill to Require Financial Regulators to Set Up Digital Assets Working Group
The Eliminate Barriers to Innovation Act of 2021 seeks to establish a digital asset working group with representatives from the SEC and CFTC. The U.S. House of Representatives has passed several pieces of bipartisan legislation including a section on digital assets, according to a press release from the House Financial Services Committee on Tuesday. Known as the […]
Mike Novogratz’s Galaxy Digital Said to Be in Talks to Buy Crypto Custodian BitGo
A deal between the asset manager and the crypto custodian is close to being finalized, sources tell CoinDesk. Galaxy Digital, the cryptocurrency-focused financial services firm run by Michael Novogratz, is in advanced discussions to buy BitGo, the U.S.-regulated crypto custody specialist, according to four people familiar with the situation. Both Galaxy and BitGo declined to […]