Cloud Hosting

BitcoinBTC, ethereum and other major cryptocurrencies are currently trading far below their all-time highsthough one influential investor who saw the Covid pandemic coming thinks that could be about to change.

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster

The bitcoin price has added around 70% since the beginning of the year as traders brace for a potential Federal Reserve u-turn, helping the ethereum price rally.

Amid the brutal crypto winter that's erased almost $2 trillion of value from the market, two of the world's largest financial institutions with a combined $14 trillion in assets under managementFidelity and BlackRockBLKare quietly expanding into the world of bitcoin, ethereum and cryptocurrency.

It's at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

"At BlackRock we continue to explore the digital assets ecosystem, especially areas most relevant to our clients such as permissioned blockchains and tokenization of stocks and bonds," Larry Fink, the chief executive of the world's largest asset manager wrote in his annual letter to shareholders, adding "very interesting developments are happening in the digital asset space."

Last year, Fink predicted crypto's blockchain technology will usher in "the next generation for markets" after signing a major deal with bitcoin and crypto exchange Coinbase.

Meanwhile, Fidelity Investments has now opened up its crypto trading platform to its 37 million users to buy and sell bitcoin and ethereum commission-free, it was first reported by The Block.

Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious

The bitcoin and crypto market has traditionally moved cyclically, surging higher before crashing and then soaring higher again.

Some bitcoin, ethereum and crypto market watchers are pointing to bitcoin's next halving, when the flow of new bitcoin being created will be cut by half, as a potential catalyst for the next bitcoin price bull run.

"Were about a year away from bitcoins next halving," Alex Thorn, Galaxys head of research, said in emailed comments. "Historically, these have been bullish events for the digital asset."

The next bitcoin halving is scheduled for late April 2024 and will see the bitcoin block reward issued to miners cut to 3.1 bitcoin, down from 6.2 currently.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

The rest is here:
$14 Trillion Earthquake: Fidelity And BlackRock Are Quietly Laying The Groundwork For The Next Bitcoin, Ethereum And Crypto Price Bull Run - Forbes

March 21 (Reuters) - As crisis stalks the traditional world of stocks and bonds, bitcoin is suddenly looking like a safe haven.

The infamously volatile cryptocurrency seems positively hale and hearty, just as a banking meltdown drives markets into the arms of a recession.

Bitcoin has risen 21% this month, while a choppy S&P 500 has lost 1.4% and gold has gained 8%.

"If you were going to describe an environment where there were successive bank runs because central banks are trying to fight inflation with fast rate increases, that is pretty close to as spot-on a thesis for owning bitcoin as you've ever heard," said Stphane Ouellette, CEO at digital asset investment platform FRNT Financial (FRNT.V).

The cryptocurrency has, for now, severed its ties with stocks and bonds and tagged on to a rally in gold, fulfilling at least one part of creator Satoshi Nakamoto's dream - that bitcoin can serve as a refuge for suffering investors.

Bitcoin's 30-day correlation with the S&P 500 (.SPX) has slid to negative 0.12 over the past week, where a measure of 1 indicates the two assets are moving in lock step.

A selloff in banks has wiped out hundreds of billions of dollars in market value and forced U.S. regulators to launch emergency measures. The past couple of weeks has seen Silicon Valley Bank and crypto lender Silvergate go under, while Credit Suisse has teetered on the brink.

Let's not carried away, though. This is bitcoin.

"The bearish argument would be that these dynamics are temporary, and ultimately this rally is not going to sustain," said Ouellette.

It remains to be seen if bitcoin's bullishness will endure as attention shifts to the Federal Reserve's policy meeting this week where the U.S. central bank must walk a fine line as it fights inflation and bank stresses.

[1/2]A neon logo of cryptocurrency Bitcoin is seen at the Crypstation cafe, in downtown Buenos Aires, Argentina May 5, 2022. Picture taken May 5, 2022. REUTERS/Agustin Marcarian

Furthermore, the cryptocurrency's allure hasn't all been about safety.

The rapid price rise has forced some short-sellers to cut their bets and buy coin back. Data from Coinglass shows traders liquidated $300 million worth of crypto positions on Monday, with most of that total - $178.5 million - short positions.

Nonetheless, bitcoin is resurgent.

It now commands nearly 43% of the total crypto market, its highest share since last June, according to CoinMarketCap data, while the total cryptocurrency market's capitalization has jumped 23% to $1.1 billion since March 10.

"We're seeing a return to bitcoin's core ethos, that of a financial asset independent from the opacity and meddling of the centralized financial system," said Henry Elder, head of decentralized finance (DeFi) at digital asset investment manager Wave Digital Assets.

The mainstream bank crisis has also fueled some interest in DeFi, with the total value of tokens linked to such platforms rising to $49 billion from $43 billion over the past week, according to DappRadar.

Not all areas of the digital world have been immune to the banking fallout, though. The no. 2 stablecoin Circle USD or USDC lost its 1:1 peg to the dollar after disclosing its reserves were parked at the shuttered Silicon Valley Bank.

As worries spread over USDC's ability to maintain its peg, its market cap slid to $36.8 billion last Friday from $43.8 billion a week earlier, even as leading stablecoin Tether gained around $4 billion.

Market participants said some USDC withdrawals were likely reinvested in bitcoin as well, helping fuel the rally.

"It's too soon to say that bitcoin has proven the narrative that it's an alternative in a banking crisis," cautioned Ed Hindi, Chief Investment Officer at Tyr Capital in Geneva.

But he added: "The rally we are currently witnessing in bitcoin will be looked back at as the point in time where its main property as a decentralized non-sovereign asset was stress tested."

Reporting by Medha Singh and Lisa Mattackal in Bengaluru; Editing by Vidya Ranganathan and Pravin Char

Our Standards: The Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Read the original here:
Cryptoverse: Bitcoin passes the bank stress test - Reuters

Veteran analyst Peter Brandt says that Bitcoin (BTC) is not going to take very long to reach new all-time highs (ATHs).

Brandt, whose crypto reputation was made by calling Bitcoins 2017 collapse, is shooting down a prediction by pseudonymous crypto analyst Cheds that Bitcoin is unlikely to hit $50,000 within 90 days.

Says Cheds,

In case you are wondering: BTC highly unlikely to come even close to $50,000 in the next 90 days, let alone $1 million.

In response to Cheds Tweet, Brandt says,

Some smoke too much wacky.

Brandt says he is predicting Bitcoin will reach new all-time highs within 12 months.

All predictions are just guesses. My guess is that Bitcoin is 12 months away from new ATHs.

He points to the historical performance of Bitcoin, saying his forecast is in line with the duration of prior market cycles.

Dangerous to have opinions that are without fact. New ATHs in April-June 2024 would be very much in line with past cycles. The amount of disinformation in crypto is amazing to me.

Brandt says he is not basing his prediction on next years halving event for Bitcoin when the new supply of BTC is reduced by half, which he says is not as important as some suggest.

Halving is waaaaaaaaaay overrated and a non-event.

Bitcoin is worth $28,086 at time of writing.

Generated Image: MidjourneyFeatured Image: Shutterstock/Chuenmanuse

Go here to read the rest:
Legendary Trader Peter Brandt Says Bitcoin (BTC) Likely Targeting New All-Time High Heres His Timeline - The Daily Hodl

(Bloomberg) -- Bitcoin is hurtling toward a quarterly gain bigger than any since the start of 2021, the year when it went on to hit a record high.

Most Read from Bloomberg

Some analysts argue the token is being viewed as a hedge against the woes in the US and European banking sectors and benefiting from expectations of looser monetary policy to cushion economies from the fallout of those troubles.

The behavior of the price through this crisis is going to attract more institutions, Ark Investment Managements Cathie Wood said on Bloomberg Television, referring to the unraveling of three US lenders and the emergency takeover of Credit Suisse Group AG by rival UBS Group AG.

Bitcoins revival has helped the digital-asset market add about $390 billion in value in 2023 after a $1.5 trillion rout last year. The rebound has weathered crypto bankruptcies, a US regulatory crackdown and the temporary de-peg of a key stablecoin thats meant to hold a constant $1 value.

The rally has paused this week, leaving the token near $28,000 as traders await the latest Federal Reserve policy decision. Key charts suggest any hiatus or pullback is likely a temporary speed bump on the way to further gains.

Quarter to Remember

Bitcoin is up 70% since the start of 2023. A $300 billion increase in the Federal Reserves balance sheet last week part of efforts to support liquidity in the US banking sector is positive for risk assets and has aided crypto and gold, Chris Weston, head of research at Pepperstone Group Ltd., wrote in a note.

Toward $35,000?

Bitcoin has traced a reverse head-and-shoulders, a pattern often viewed as bullish. The technical study indicates a price objective of about $35,000. With interest-rate markets gone from pricing in rate hikes to pricing in rate cuts, there is now a gentle tailwind supporting Bitcoin, Tony Sycamore, market analyst at IG Australia Pty, wrote in a note.

Story continues

In the Clouds

Bitcoin has jumped into an area marked by a weekly Ichimoku cloud, an indicator that uses mathematical formulas to help define levels of resistance and support. The break into the cloud signals the potential for further increases. The token could ride the narrative as a system hedge and draw succor from central banks being forced to inject liquidity to tackle bank-sector wobbles, Bendik Schei, head of research at K33, wrote in a note.

Temporary Pullback

The DeMARK Sequential indicator a method of analyzing price momentum that tries to anticipate when a market trend has run its course is flashing red. The study uses a system of counting applied to chart patterns and has printed a 9 count that likely presages a pullback, according to the analysis. DeMARK indicators support a neutral short-term bias but other chart patterns could soon point to a long-term breakout, Katie Stockton, founder of Fairlead Strategies LLC, wrote in a note.

Most Read from Bloomberg Businessweek

2023 Bloomberg L.P.

Read more here:
Bitcoin Is Set to Extend its 70% Surge This Year if Key Charts Are Right - Yahoo Finance

Bitcoin is up 50% so far in 2023, beating major commodities and stock indexes. Industry insiders said the bank collapses have sent investors looking for alternatives to the traditional banking system and there is also anticipation of a slowdown in interest rate rises, which is helping bitcoin.

Filip Radwanski | Sopa Images | Lightrocket | Getty Images

Bitcoin climbed past the $28,000 level over the weekend as investors rediscover its appeal as an alternative banking system.

On Monday, the cryptocurrency had pulled back a bit. Bitcoin fell more than 2% to $27,705.23, according to Coin Metrics. Earlier in the day, it hit $28,554.07, it's highest level in nine months. Meanwhile, ether fell 3.5% to $1,765.60.

See Chart...

Bitcoin (BTC) this month

The weekend rally in bitcoin came amid continued turmoil in the global banking sector. On Sunday, UBSagreed to buy Credit Suissefor 3 billion Swiss francs ($3.2 billion) in a deal partly brokered by the Swiss regulators looking to stem contagion.

"Bitcoin continues to trade like a leading risk-on asset, like it has for the past two years," said James Lavish, managing partner at the Bitcoin Opportunity Fund. "The rescue of Credit Suisse has put out a large credit fire ... this emboldens bitcoin buyers who are now anticipating the Fed slowing the increase in rates and signaling a coming pause this week."

As of Monday afternoon, there is about a 72% chance of a quarter-point increase by the Fed, according toCME Group's FedWatch tool. The other 28% anticipates there will be no hike and that Chairman Jerome Powell may start to ease his aggressive tightening campaign due to the emerging financial contagion.

Bitcoin is coming off its best week since January 2021, which was right before the first bull run that year, while ether just posted its best weekly gain since August 2021. The two are up for the year by 67% and 46%, respectively.

Advocates of bitcoin have often dubbed it "digital gold" referring to it as a store of value, particularly in moments of global turmoil, and one that is uncorrelated with other asset classes.

Now, there are signals bitcoin's price movement is beginning to decouple from stocks, for now. The cryptocurrency's correlation with the S&P 500 is now at its lowest since September 2021, after reaching its highest in 2022, according to Coin Metrics.

"If one looks at the history of bitcoin and why it was created in the first place, it was precisely for events like this where the current system shows signs of weakness and hence owning an uncorrelated asset helps," Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC. "Over the years, this argument of bitcoin being an uncorrelated asset class has been debated quite a bit, but we are now potentially seeing that viewpoint being vindicated."

Bernstein analysts Gautam Chhugani and Manas Agrawal argued in a Monday note that the market has been trading closer to its "uncorrelated non-sovereign roots" since the demise of FTX and the market structure "feels a lot healthier, with no more distortions caused by FTX and Alameda."

In contrast to bitcoin and ether's year-to-date gains, returns on gold, the dollar, U.S. equities and bonds were "less impaired last year, but have not bounced back as sharply" either, and tech-dominated indices have performed only marginally better when high growth assets were beaten down during the rising rate cycle, they added.

Read more here:
Bitcoin briefly tops $28,000 for the first time in 9 months after bank crisis sparks weekend rally - CNBC