Bitcoin prices Financial News

Bitcoin Pizza Day is a poignant reminder that cryptocurrencies possess real-world value beyond their speculative nature. It showcased that Bitcoin could be used as a medium of exchange, challenging the notion that traditional fiat currencies were the only means of conducting transactions.

Bitcoin reached a new record high on Thursday, surpassing $97,000 for the first time, fueled by growing expectations that US president-elect Donald Trump will push forward measures to ease regulation of cryptocurrencies. At 10:35 AM IST, Bitcoin's price hit $97,532, with analysts predicting that the $100,000 milestone could soon be within reach.

In a recent interview with ETMarkets, Kumar Gaurav, Founder and CEO of Cashaa, shared his insights on the current challenges and opportunities within the cryptocurrency market. Gaurav discussed how events such as escalating crude oil prices and potential interest rate cuts/hikes by the Federal Reserve could impact Bitcoin and other speculative assets. He emphasized the potential of Bitcoin as a long-term investment and highlighted Cashaa's growth trajectory and future plans, including expanding its services to new regions. Edited excerpts: How do you perceive the current challenges and opportunities within the cryptocurrency market, particularly in light of factors like escalating crude oil prices and potential interest rate cuts/hikes by the Federal Reserve? Kumar Gaurav: Events like escalating crude oil prices and rate hikes by the Fed typically can have a dampening effect on Bitcoin as well as stock prices, basically the prices of all speculative assets, as the rise in costs due to increasing costs of fuel and servicing household loans decreases the dispensable or investable income in the hands of the retail consumers.

bitcoin prices has the phones at crypto wallet recovery firms ringing off the hook, as retail investors locked out of their digital vaults make frantic calls to regain access to their accounts. Cryptocurrencies exist on a decentralized digital ledger known as blockchain and investors may opt to access their holdings either through a locally stored software wallet or a hardware wallet, to avoid risks related to owning crypto with an exchange, as in the case of the former FTX.

Bitcoin dropped 4.5% to $63,044 in Tuesday's trading session as stronger-than-expected US retail sales for March further reinforced expectations that the US Federal Reserve will unlikely rush to cut interest rates this year. Retail sales rose 0.7% last month, the Commerce Department's Census Bureau said. Data for February was revised higher to show sales rebounding 0.9%, the largest gain in just over a year, instead of the previously reported 0.6%.

Bitcoin (BTC) Exchange Traded Fund (ETF) has sent ripples through the financial world, marking a significant milestone in the mainstream acceptance of cryptocurrencies. This groundbreaking development provides both institutional and retail investors with a regulated and accessible means to invest in Bitcoin, bypassing the complexities of handling the digital currency directly.

The cryptocurrency rocketed from just over $5,000 each during the start of the pandemic to nearly $68,000 in November 2021, according to FactSet, during an era of massive tech growth. Prices came back down to earth during an aggressive series of rate hikes from the Federal Reserve as it battled inflation, and then the collapse of one of the biggest companies in crypto, FTX. When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Investors, however, began returning in large numbers this year as inflation started to cool. And the collapse of prominent tech-focused banks actually led more investors to turn to crypto as they bailed out of positions in Silicon Valley start-ups and other more risky bets. Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. Industry advocates say a new way to invest in bitcoin at spot prices, instead of futures, could make it easier for anyone to enter the cryptoverse while lowering some of the well-documented risks associated with investing in cryptocurrencies.

Bitcoin prices rose more than 10% today after a federal appeals court forced the U.S. Securities and Exchange Commission to reevaluate its prior decision to reject Grayscale's attempt to convert its bitcoin trust to a spot exchange-traded fund (ETF). 

Bitcoin has been on an upward trajectory since the beginning of 2023 and breached the key $30,000 level for the first time in 10 months on Tuesday amid the expectation that Fed will pause interest rate hikes. On January 1st, Bitcoin began trading at roughly $16,500. As of 11th April, the asset has been trading above the $30,000 mark which is close to an 80% gain since January 2023. This is the first time since June 2022, that Bitcoin has reached this level. «The resolute demonstrated by Bitcoin in the past three months emphasizes the optimistic investor sentiment towards the leading cryptocurrency. It also indicates how investors have come to view Bitcoin as a viable alternative in the current climate. This bull run further underscores the faith investors have in the resilience of global macroeconomics, particularly that of the United States,» Gaurav Dahake, Founder & CEO of BNS, said. Bitcoin peaked at $30,438 in Asian trade and was last 6% higher at $30,133. It has gained about 7% since the start of the month, after rising 23% in March.

bitcoin soared above $25,000, reaching a threshold the digital currency hadn’t touched since June. This week, bitcoin reached nearly $30,000, up 70% for the year. Bitcoin proponents seized on the price rise to argue that the banking crisis was prompting investors to convert traditional currencies into digital coins. One crypto executive hailed the bank failures as “the end of the USD and the dawn of hyperbitcoinization.” A company that markets bitcoin to investors started putting references to the bank runs in its promotional materials. But despite the fanfare, there is little evidence that the recent banking collapse has generated widespread support for bitcoin as a financial alternative. Instead, the surge in bitcoin’s price was driven by a range of financial trends that have little to do with the technology’s philosophical underpinnings, analysts said. The reasons for the surge include growing optimism that the Federal Reserve may pause interest rate increases, as well as increasing concerns about the safety of so-called stablecoins, a type of cryptocurrency intended to maintain a price of $1.

Bitcoin, the world’s largest digital currency, surged last week, breaking past the $25,000 mark and reaching a new high for 2023. This was an almost 60 percent gain for the cryptocurrency from the low of $15,742 in 2022 following the FTX crisis in November. Bitcoin's value has been increasing steadily since then.

Major cryptocurrencies traded in the red early on January 25 as the global crypto market cap decreased 3.52 percent to $1.01 trillion, over the last day. The total crypto market volume over the last 24 hours is $57.25 billion, which makes a 2.75 percent increase.

The total crypto market capitalisation surpassed USD 1 trillion mark on January 14, according to the data from CoinGecko.

Major cryptocurrencies traded mixed early on November 4 as the global crypto market gained 0.17 percent to $1.01 trillion over the last day. On the other hand, the total crypto market volume over the last 24 hours plunged 22.54 percent to $79.53 billion.

Major cryptocurrencies were trading in the green early on October 26 as the global crypto market cap increased 4.97 percent to $976.54 billion over the last day. On the other hand, the total crypto market volume over the last 24 hours rose 69.11 percent to $89.24 billion.

Major cryptocurrencies were trading in the red early on October 20 as the global crypto market cap declined by 1.22 per cent to $915.97 billion over the last day. On the other hand, the total crypto market volume surged 231.89 per cent to $179.23 million over the last 24 hours.

Cory Klippsten started issuing warnings about the cryptocurrency market in March. The digital coin luna, Klippsten tweeted, was a scam, run by an entrepreneur with “major Elizabeth Holmes vibes.” The newfangled crypto bank Celsius Network was a “massive blowup risk,” he said.

Deutsche Bank have forecasted a strong upside in the Bitcoin by the end of the current calendar. The International lender has a target of $28,000 for Bitcoin, signaling an upside of 40 per cent the largest crypto token. Bitcoin saw the April-June 2022 period as the worst quarter in the last one decade, thanks to deteriorating macroeconomic conditions across the globe. The report from Deutsche Bank provides an interesting perspective on the medium-term outlook for Bitcoin and suggests that cryptocurrency markets have mirrored movements of the Nasdaq 100 and S&P 500 since late 2021.

The presence of a boomer comedian pitchman, though, is just the latest sign that crypto has left behind its bleeding-edge roots. Institutional investors are pouring billions into digital tokens, athletes and mayors are taking part of their salaries in cryptocoins, and you may have already run into a bitcoin ATM at your grocery store. And then there are bitcoin's FOMO-inspiring, albeit insanely volatile, price movements: After peaking near $69,000 on Nov. 9, it was recently trading at about $39,300 — still almost five times its value in March 2020, according to Coinbase.

Over the past two months, as global asset markets were whipsawed by an increasingly hawkish Federal Reserve and then Russia’s invasion of Ukraine, Bitcoin remained stubbornly in a range.

Bitcoin has leapt since Russia's invasion of Ukraine, bolstered by people in those countries looking to store and move money in anonymous and decentralised crypto. Bitcoin trading denominated in the Russian rouble went into overdrive when the invasion began on Thursday, with daily volumes rising 259% from a day earlier to 1.3 billion rouble ($13.1 million), according to data from CryptoCompare. In Ukraine, meanwhile, crypto exchange Kuna saw its daily trading volume more than treble to 150 million hryvnias ($5 million). Bea O'Carroll, managing director at Radkl, a digital asset investment firm, said the war and Western sanctions had seen a trend emerge of bitcoin being used to transfer value.