The next few years might prove crucial for bitcoin (BTC) that is “here to stay” but is not likely to be used as a means of payment, according to German multinational giant Deutsche Bank. Bitcoin’s market capitalization of more than USD 1trn “makes it too important to ignore,” while large players who buy and sell BTC have “considerable” market-moving power, said the March 2021 report prepared by Deutsche Bank Research. The coin’s price could continue to rise as long as asset managers and companies continue to enter the market.
Bitcoin (BTC) appears set to challenge record highs in the wake of this week’s dovish Federal Reserve meeting. One expert, however, is calling caution, based on his observation of price charts as bitcoin rose from lows near $43,000 seen earlier this month. The chart pattern has taken the shape of what’s known as a rising wedge, a sign of uptrend fatigue.
Owning a digital token tied to an artwork or song doesn’t mean you actually own the art or the song — but those tokens are still going for a small fortune. There’s a new way to spend your money — or potentially earn big bucks — that’s outstripped cryptocurrency in hype and popularity: nonfungible tokens. NFTs are a new kind of collectible. But unlike a Pokemon card, a comic book or a traditional artwork such as a painting, they’re entirely digital, tied to things like a video highlight, a meme or even a tweet.
The firm invested $100M into the Grayscale Bitcoin Trust late last year, it has sold one third and it’s holdings are still worth $50M more than the purchase price. Israel’s Altshuler Shaham Investment House has doubled its money after tipping $100 million into the Grayscale Bitcoin Trust late last year. It’s the only know Israeli institution to have invested this magnitude of funds into Bitcoin so far.
Bitcoin and other cryptocurrencies could eventually become part of the recommended portfolio for everyday investors, Ark Invest’s Cathie Wood said Monday. Wood, whose star as an investor rose dramatically last year thanks to the strong performance of her flagship Ark Innovation ETF, said on CNBC’s “Closing Bell” that she believes volatile cryptocurrencies will eventually resemble bonds.
Bitcoin price extended its rise above the USD 55,000 resistance zone. BTC even spiked above USD 55,000 before it started a downside correction. It is currently (05:30 UTC) holding gains above USD 53,000 and there are chances of a fresh increase above USD 54,500. Similarly, most major altcoins are trading above key supports. ETH surged towards the USD 1,880 resistance level before there was a USD 100 dip. XRP/USD failed to test the USD 0.495 and USD 0.500 resistance levels.
Over the past year, in the face of inflation and global uncertainty, mainstream businesses have forayed into digital assets with newfound enthusiasm. From public companies like Tesla and Square to funds like Grayscale Bitcoin Trust and Tudor Investment Group, prominent institutions are increasing their exposure to Bitcoin. In aggregate, these institutions are estimated to hold over 6% of the 18.6 million Bitcoin in circulation, amounting for over 1.2 million BTC. At time of writing, with Bitcoin surpassing an all-time high of over $48,000, the total value of these institutional holdings has eclipsed $55 billion.
Jack Dorsey is putting his first tweet up for sale as an NFT, a nonfungible token. The Twitter CEO’s tweet — which read “just setting up my twttr” — will be 15 years old later this month. Dorsey announced the sale by linking to it in a tweet Friday at around 4 p.m. PT. As of March 9 at 11 a.m., the highest bid on the NFT was $2.5 million.
The so-called Grayscale effect might be waning, as both bitcoin and ethereum are rallying while leaking from Grayscale’s trusts at the same time. In the past 7 days, BTC 211 (USD 11.4m) and ETH 781 (USD 1.4m) left Grayscales trusts. In the same period of time, the price of BTC jumped by almost 9%, while ETH rallied by 16%. Just two months ago, strategists at the major investment bank JPMorgan said that Grayscale trusts could be a determining factor in whether the cryptos’ prices go up or down, as losses could be fuelled by the “trend-following investors” leaving the space.
After only three days accepting Dogecoin (DOGE) as a form of payment, Dallas Mavericks owner Mark Cuban is predicting the price of the token will eventually hit $1. In a Saturday tweet, Cuban said customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of publication — in transactions for the Dallas Mavericks, claiming the franchise was now “the largest Dogecoin merchant in the world.” The billionaire predicted that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token would “definitely hit $1.”