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Bitcoin Sets a New Record High at $63,000 on Tuesday

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Bitcoin surged to a fresh record high of more than $63,000 on Tuesday, as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange Coinbase.

The price of bitcoin climbed 5% in the last 24 hours to hit $63,171, according to data from Coin Metrics, before easing slightly to around $62,653. Ether, the second-most valuable digital coin after bitcoin, also set a fresh record, climbing to $2,222.

Coinbase is set to go public on Wednesday through a direct listing that could value the company at as much as $100 billion — more than major trading venue operators like Intercontinental Exchange, owner of the New York Stock Exchange. Crypto investors are hailing the company’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.

“This is really good and really important for the industry,” Marcus Swanepoel, CEO and co-founder of London-based cryptocurrency platform Luno, told CNBC. “It’s going to increase the trust and transparency in our industry.”

“There’s still a bit of distrust in the industry and I think having a company of that size be public is going to help a lot of people realize that this is not just an asset class to take seriously but also a business to take seriously.”

Coinbase, founded in 2012, is the largest cryptocurrency exchange in the United States. It’s seen surging revenues this year thanks to a climb in the value of bitcoin and other cryptocurrencies. The company reported estimated revenues of $1.8 billion in the first quarter of 2021, a nine-fold increase from the same period a year earlier, while profits grew to between $730 million and $800 million.

Bitcoin has more than doubled in price since the start of this year, as mainstream investors jumped into cryptocurrencies. Tesla recently made a $1.5 billion bet on bitcoin and now accepts the digital currency as a method of payment for its cars. Meanwhile, Wall Street giants like Goldman Sachs and Morgan Stanley are looking to offer their wealthy clients some exposure to bitcoin.

Bitcoin bulls view the cryptocurrency as a store of value akin to gold that can be used to diversify investment portfolios in times of economic crisis. But skeptical economists like Joseph Stiglitz and Nouriel Roubini are unconvinced, viewing bitcoin as extremely volatile and a vehicle for illegal transactions.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Binance CEO Forecasts Bitcoin Surge Beyond $80,000 on Institutional Inflows

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Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).

Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.

He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.

Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”

Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.

He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.

However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.

Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.

Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.

Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.

With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.

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Bitcoin Retreats from Record Highs Amid Debate Over Market Speculation

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The cryptocurrency retreated from its recent record highs, igniting a debate over the speculative fervor gripping global markets.

In Asian trading on Friday, Bitcoin plummeted by as much as 5.6%, shedding its gains from the previous day when it reached a new pinnacle of nearly $73,798.

Despite recovering slightly to trade at $67,300, the retreat has triggered concerns about the sustainability of the crypto bull run.

The moderation in Bitcoin’s surge, alongside a similar trend in other top cryptocurrencies like Ether, BNB, and Solana, reflects a broader shift in investor sentiment.

With both Bitcoin’s ascent and the performance of the top 100 tokens hovering around 60% for the year, market participants are reevaluating their risk appetites amidst a backdrop of escalating inflationary pressures.

In a Bloomberg Television interview, Bank of America Corp.’s Chief Investment Strategist Michael Hartnett sounded alarms, likening the market’s euphoria to the characteristics of a bubble, particularly evident in the technology sector’s “Magnificent Seven” stocks and the soaring highs of cryptocurrencies.

The debate over market speculation is gaining traction on Wall Street, with questions looming about the vulnerability of various asset classes to a potential pullback.

Proponents of Bitcoin point to fundamental supports, such as significant net inflows into US exchange-traded funds and an impending reduction in token supply growth.

However, Bitcoin’s stumble coincided with a surge in US yields and the dollar following a report revealing a spike in producer prices, exacerbating concerns about the Federal Reserve’s ongoing efforts to rein in inflation.

Also, data from Coinglass indicates a rise in caution within the derivatives market, with a notable increase in liquidated bullish crypto wagers and a slump in funding rates for Bitcoin perpetual futures, favored by speculators.

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BTC Rally Surges 70% in 2024, But Millionaire Creation Slows Compared to Previous Uptrends

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Bitcoin (BTC), the world’s most dominant cryptocurrency, has sustained its rally in 2024, surging by 70% to new record highs above $72,000.

This year’s rally marks another milestone for the leading cryptocurrency following a 155% surge in the previous year from the depths of a bear market.

However, despite the surge in prices, the creation of new Bitcoin millionaires has slowed compared to previous uptrends.

According to data tracked by Paris-based Kaiko, less than 2,000 millionaire wallets, defined as wallets holding $1 million worth of Bitcoin, are being created daily.

This figure is lower than during the last bull run, where over 4,000 millionaire wallets were created daily, along with more than 2,000 wallets holding $10 million balances.

Analysts suggest several factors contributing to this slowdown.

Firstly, new capital may have yet to fully enter the market. Also, large investors, known as whales, may be taking profits as Bitcoin reaches new highs.

Another factor could be that whales are storing their holdings with custodians rather than in personal wallets.

Despite the slower growth rate of new millionaires, market consensus remains optimistic about Bitcoin’s future trajectory.

With Wall Street’s increasing embrace of Bitcoin, particularly through spot exchange-traded funds (ETFs), many believe that the bull run is still in its early stages.

Continued inflows into ETFs, combined with the anticipated supply reduction from the upcoming halving event, could drive prices even higher. Some analysts predict that Bitcoin could reach $150,000 and beyond in the coming months.

However, signs of caution emerge as the gap between liquidity on the buy and sell sides widens, suggesting that investors may be looking to take profits near record highs.

The overall sentiment in the cryptocurrency market remains bullish, with Bitcoin’s rally showing resilience and strength in the face of market dynamics.

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