For investors, Bitcoin (BTC) may be the most surprising asset class in recent times. Even as it displays schizophrenic and volatile price swings, the cryptocurrency has also emerged as the best-performing asset in the last decade. It has, at various times, outperformed the S&P 500 and diminished gold’s luster as a store of value. Because […]
Read More(Bloomberg) — Coinbase Global Inc., like the rest of the cryptocurrency market, is having a really tough week. Not filing-for-bankruptcy bad, but the biggest US crypto exchange did just mention the B-word in a regulatory filing, giving its customers a painful reminder of how bad things could get for them if Coinbase ever does get […]
Read More(Bloomberg) — It’s been a long few weeks since the crypto crowd was partying in Miami. Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That’s now just $2.2 billion, according to the Bloomberg Billionaires Index, after a […]
Read More(Bloomberg) — Few companies are tethered as closely to Bitcoin as MicroStrategy Inc., a software company that’s plowed its profits and borrowed money into the cryptocurrency. Shares of the Tysons Corner, Virginia-based company have tumbled alongside Bitcoin, dropping more than 50% since the end of March to around $230. Yet options activity shows some investors […]
Read More(Bloomberg) — Coinbase Global Inc. shares tumbled after first-quarter revenue missed estimates and the largest U.S. cryptocurrency exchange warned that total trading volume in the current quarter will be lower than in the first. The company’s shares fell about 14% after the close of regular trading. Monthly transacting users fell to 9.2 million, below an […]
Read More(Bloomberg) — There’s a crypto refrain when prices crash precipitously like this: The selloff is washing out the short term-focused non-believers, known as weak hands, strengthening the industry in its wake. It’s a glib way to think of all those who had joined the market as Bitcoin’s price rose to an all-time high at the […]
Read More(Bloomberg) — Bitcoin is falling toward levels last seen in July 2021, part of a wider retreat in cryptocurrencies amid a global flight from riskier investments. The world’s largest digital token dropped as much as 2.7% on Monday and was trading at $33,741 as of 12:40 p.m. in Singapore. The second biggest, Ether, shed as […]
Read More(Bloomberg) — At a posh financial-industry gathering known for swaying palm trees and late-night yacht parties, this year’s main attraction was a face-off between a crypto billionaire and a futures-exchange kingpin. There was Sam Bankman-Fried, whose FTX platform has rapidly become a dominant venue for investing in virtual coins, going toe-to-toe with Terry Duffy, the […]
Read More(Bloomberg) — Tesla Inc. investors are signaling confidence that the automaker can power through disruptions such as the continued shutdown of its Shanghai factory due to Covid-19 lockdowns, at least based on crypto-token trading that suggests its shares will rise Monday. The electric-vehicle maker said Saturday it delivered a record 310,048 cars worldwide in the […]
Read MoreBitcoin (BTC-USD) and other major cryptocurrencies have tracked the volatility and broader market declines seen so far in 2022. But the pressure could be short-lived, according to at least one pundit, with a handful of temporary factors driving the latest pullback for digital currencies. “It always is uncomfortable when the market goes down, but I […]
Read More(Bloomberg) — Charlie Munger, Warren Buffett’s longtime business partner, called out the “wretched excess” in both venture capital and Bitcoin, and said that cryptocurrencies should be banned. “I wish it had been banned immediately, and I admire the Chinese for banning it,” Munger said Wednesday at Daily Journal Corp.’s annual meeting, which was held virtually. […]
Read MoreMaybe cryptocurrency isn’t “rat poison” after all? Those were once the words of Warren Buffett, the famous investor called the “sage of Omaha” for knowing things before the rest of the market. Now his money is saying otherwise. Specifically, his company Berkshire Hathaway has bought $1 billion worth of stock in a digital bank that […]
Read More(Bloomberg) — Sam Bankman-Fried, the chief executive officer and co-founder of cryptocurrency exchange FTX, said 95% of crypto trading volume occurs offshore and urged for greater regulatory clarity to attract businesses to the U.S. “Despite the majority of the intellectual property for the digital asset industry originating from the United States, 95% of volume occurs […]
Read More(Bloomberg) — Another pronounced bull run for Bitcoin is coming in 2024 when the world’s largest cryptocurrency goes through another halving, according to Thailand’s largest digital-asset exchange. Halving occurs every four years, slowing the rate at which new tokens are created. Some argue it leads to Bitcoin price gains, a topic of much debate. Jirayut […]
Read More(Bloomberg) — Weakness in the crypto market is providing a sobering backdrop for bullish forecasts, but adherents remain undeterred. Trading-platform Crypto.com estimates 1 billion people will invest in cryptocurrencies by the end of this year. It’s a lofty target. Not only is it more than triple the amount from last year, based on the company’s […]
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