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Bitcoin Set a New Record-High Despite Plunge in Global Stocks

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Bitcoin Set a New Record-High Despite Plunge in Global Stocks

The world’s most capitalised cryptocurrency, Bitcoin, set a new record-high on Sunday after hitting $49,381.31 per coin.

Bitcoin rose from $46,333.57 per coin to $49.382.42 per coin in the last 24 hours, representing a net change of $2,259.50.

So far this year, Bitcoin has appreciated by 67.09 percent.

Accordingly, the value transacted in the last 24 hours rose to $6.35 billion with an average transaction fee of $20.02 and a total transaction count of 333,184.

The coin surged despite global stocks closing in the red on Friday. MSCI, which tracks World Index in 49 countries, dipped by 0.15 percent while Germany’s DAX sheds 0.5 percent.

The European shares, STOXX 600 index, rebounded from opening decline to close in the green.

Italy’s FTSEMIB index depreciated 0.2 percent despite the announcement of Mario Draghi, the former President of the European Central Bank as the Prime Minister of Italy.

Standard and Poor 500 declined by 0.2 percent while markets in China and most Southeast Asia were closed for the Lunar New Year.

Bitcoin gained after the news of Morgan Stanley’s $150 billion investment arm considering cryptocurrency investment became public.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Bitcoin´s New All-time High Underscores its Mainstream Value

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Bitcoin is undeniably a mainstream asset class and most investors should consider including crypto assets as part of a diversified portfolio, asserts the boss of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The bullish observation from Nigel Green, CEO and founder of deVere Group, which has $12bn under advisement, comes as the world’s dominant cryptocurrency hits a new all-time high of more than $66,000 on Wednesday.

Mr Green notes: “In July, we publicly predicted that Bitcoin would reach and most likely beat it’s previous all-time highs.

“I am confident that whilst there might be some profit-taking in the near-term, so that investors can accumulate more later, the momentum is such that we can expect prices to continue on their upward trajectory.”

He continues: “This fresh all-time high deniably cements Bitcoin as a mainstream asset class.  I believe that most investors should consider including crypto assets as part of a diversified portfolio.

“Why? Because crypto is the inevitable future of money and there is clearly going to be advantages for those investors who have exposure early on – in the same way as those who invested in the major internet, online and tech successes back in the day, such as Amazon, Google and Apple, have secured enormous returns.”

Wednesday´s price highs come as the ProShares Bitcoin Strategy ETF – the first of its kind – launched on the New York Stock Exchange on Tuesday at the opening bell.

The deVere CEO says there are there are five main factors that will secure the longer-term upward price trajectory.

“First is the U.S. Federal Reserve saying it has no intention of banning cryptocurrencies. It’s highly probable that other cryptocurrencies will have more stringent regulatory oversight, yet Bitcoin could be viewed differently by authorities partly due to its gold-like status,” he observes.

“Second is the ongoing, mounting interest from institutional investors including Wall Street giants and major payments companies, who bring their capital, expertise and reputational influence to the market.

“Third, is the rising number of crypto advocates and mega influencers like Elon Musk, Jack Dorsey and Cathie Wood who have a clear message: crypto is the inevitable future of money.”

Fourth, the technicals back the prediction. Looking at Bitcoin halving events, over time we’ve seen that values rise substantially in the year after a halving. After the 2012 and 2016 Bitcoin halvings, prices increased by 55 times and 15 times respectively.

“And fifth, cryptocurrencies – Bitcoin in particular – have changed the way the world handles money, does business, makes transactions and manages assets. Investors appreciate the intrinsic value of digital, borderless, global currencies for trade and commerce purposes in increasingly digitalised economies in which businesses operate in more than one jurisdiction.”

He goes on to say: “This will only increase as mass global adoption increases. Only last month El Salvador became the first country in the world to adopt Bitcoin as legal tender, and I’m certain many others will follow suit.”

Mr Green concludes: “Today is a major milestone.  It underscores crypto´s mainstream appeal and galvanises its place in the global financial system.”

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Bitcoin

Bitcoin Price Just 1% Off All-time High: Will this Trigger a Sell-off?

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Long-term Bitcoin holders will begin to realise some profits amid near all-time price highs, but we expect values to continue to rise due to more active market participants, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The prediction from Nigel Green, chief executive and founder of deVere Group, comes as the world’s dominant cryptocurrency was less than 1% off its all-time high of $64,888.

The price highs come as the ProShares Bitcoin Strategy ETF – the first of its kind – launched on the New York Stock Exchange on Tuesday at the opening bell.

Mr Green says: “The Bitcoin price has gained around 35% since mid-September as interest around the first SEC-approved Bitcoin ETF has grown.

“It’s been seen as a major test to see if mainstream investors are ready to include cryptocurrencies in their portfolios alongside other assets such as stocks and bonds – and it appears, judging by the reaction, that they are.”

He continues: “This will continue to drive not only Bitcoin but the wider digital assets sector, therby encouraging more ETFs, amongst other crypto vehicles, to be brought to market.

“This will inevitably bring in a growing number and broader range of active market participants, including those using pension funds, and retirement and brokerage accounts.

“The growing interest in and demand for crypto will help maintain the upward trajectory of Bitcoin and other digital currencies in the near term.”

In September, he forecast that the Bitcoin price would be back to its previous highs by the end of this year. This is already now almost proven to be an accurate prediction but, he says, the momentum will drive them further still.

Yet despite the growing number of active market participants which, as Nigel Green says, “as history teaches us, have matched with increasing interest in the digital asset in early stages of bull markets,” some long-term Bitcoin holders might “begin to realise profits.”

He notes: “Long-term holders typically buy in a bear market and sell in a bull run.  They are spurred into realising some profits when the price is close to or breaks the previous all-time high.

“As such, we can expect to see some long-term holders now cashing in some Bitcoin with a view to accumulating more later.”

However, the deVere CEO concludes that any long-term holders’ selling is “likely to be balanced by growing activity by new investors” and that therefore “the price momentum should be sustained.”

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Bitcoin Near $60,000 Per Coin After Bloomberg Report Favour Bitcoin ETF

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Bitcoin, the world’s most capitalised cryptocurrency, rallied near $60,000 per coin after a report by Bloomberg said bitcoin futures exchange-traded fund (ETF) will clear the U.S. Securities and Exchange Commission (SEC) late on Thursday.

Cryptocurrency’s most dominant coin rose to $59,961 per coin before pulling back to $59,258.38 at the time of writing.

The SEC is reviewing around 40 bitcoin ETF filings with multiple decision deadlines on futures-linked products hitting next week. According to Bloomberg, the regulator is expected to approve at least some of them, clearing the way for trading to begin.

The SEC does not need to take any formal action to approve the filings. Under federal law, applications can become effective if the SEC allows a mandated deadline to pass by without requesting changes or directing the aspiring issuer to pull the filing.

Bloomberg named applications by ProShares and Invesco as two proposals that may be allowed to launch under this law next week.

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