Bitcoin’s 2021 rally is minting thousands of crypto ‘diamond hands’ millionaires

The recent rise of bitcoin toward all-time highs is creating millionaires, on paper, at a fairly rapid clip, according to data from BitInfoCharts. At last check, bitcoin was trading up by over 6.5% on CoinDesk BTCUSD, +2.27% at $49.141.23. But even with the asset down by about 12% for the week after a jaunt to a record high at $58,332.36 over the weekend, the digital currency’s ascent is helping mint a round of crypto millionaires. Read:… Source link

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Planning to Short Bitcoin? Better Check China’s ‘Tether Premium’ First – Yahoo Finance

Bitcoin’s rapid recovery from the biggest two-day sell-off in almost a year shows the power of a recently overlooked factor in cryptocurrency markets: demand from Chinese retail traders. Prices for the largest cryptocurrency were higher on Wednesday, stabilizing around $49,000, after tumbling 15% in the prior two days. The sudden demand for bitcoin (BTC) from Chinese traders, possibly motivated by the price drop, can be viewed through a hitherto largely ignored metric: the “tether… Source link

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Institutional Support Is Coming To Bitcoin

A Bitcoin exchange shop in Krakow, Poland on March 5, 2019. (Photo by Jakub Porzycki/NurPhoto via … [+] Getty Images) NurPhoto via Getty Images The story of bitcoin has been one of a rapid rise recently, at least when it comes to short-term prices. In 2017, the story centred on the frenzy of retail investors who started getting interested in bitcoin and other cryptocurrencies and started figuring out how to navigate the rise of initial coin offerings…. Source link

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The ‘Unique Opportunity’ to Upgrade Ethereum’s Virtual Stack

With Eth 2.0’s first hard fork spec mapped out, attention has turned to the planned merge of Eth 1.x and Ethereum 2.0. And, not wanting to lose momentum around the merge, Vitalik Buterin has proposed making some additional changes to the network, given most people don’t see Ethereum changing much afterward (minus some cleanup, more shards and, of course, our new favorite Ethereum word, rollups). In two blog posts and on Friday’s All Core Developers call, Buterin made the case for… Source link

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Monero, Augur, Dogecoin Price Analysis: 24 February

Popular privacy coin Monero stabilized on the charts and eyed a rise above the $230-level on the back of its bullish indicators, at press time. On the contrary, Augur may require stronger cues from the broader market to break above the $39.2-mark. Finally, gains on Dogecoin’s charts could be restricted to the $0.062-resistance level, despite the bullish comeback. Monero [XMR] Source: XMR/USD, TradingView A hike of over 5% in the last 24 hours helped Monero flip the $214.6-resistance at… Source link

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Hedge funds’ bitcoin trade helps lift Grayscale assets to $38bn

Assets at cryptocurrency investing firm Grayscale have shot up to almost $38bn — for crypto enthusiasts, a sign of accelerating institutional interest in what has long been a speculative bet. But analysts say the build-up has been fuelled in part by a lucrative hedge fund trade that exploits a quirk in its flagship product. US-based Grayscale’s trusts have become favoured tools for institutional investors betting on red-hot cryptocurrency markets without the costs,… Source link

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LTC seeks 50% rebound after holding critical support level

Litecoin price remains contained inside an ascending parallel channel on the 12-hour chart. LTC bulls have defended a key support level and aim for a massive 50% rebound. There seems to be weak resistance to the upside for Litecoin. After an overall market crash in the past 48 hours, Litecoin price quickly dropped from a high of $247 to a low of $157. However, the digital asset defended a critical support level and aims for a massive rebound.  Litecoin price eyes… Source link

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CoinShares Is Launching an Exchange-Traded Ethereum Product – Bloomberg

Photographer: Chris Ratcliffe/Bloomberg CoinShares, a St. Helier, Jersey-based digital-asset investment house with over $4 billion under management, is launching a physically backed, exchange-traded Ethereum product. CoinShares Physical Ethereum is the second ETP to be released on the firm’s institutional-grade ETP platform following the launch of its CoinShares Physical Bitcoin… Source link

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Market Wrap: Bitcoin Settles Around $47K After Biggest 2-Day Rout in 11 Months

Bitcoin’s punishing sell-off appeared to decelerate as prices settled around $47,000, after the largest cryptocurrency by market capitalization logged its steepest two-day loss since March 2020 early Tuesday. Bitcoin (BTC) trading around $47,851.27 as of 21:00 UTC (4 p.m. ET). Slipping 11.72% over the previous 24 hours. Bitcoin’s 24-hour range: $44,964.49-$55,053.91 (CoinDesk 20) BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.

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