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Bitcoin Starts Its Series of Hitting All-Time Highs (UPDATED)

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Bitcoin Starts Its Series of Hitting All-Time Highs (UPDATED) 101
Source: Adobe/arsenypopel

After an accelerated bull run this past weekend, on Monday, the most popular cryptocurrency, bitcoin (BTC) started revisiting its all-time highs (ATHs). (Updated at 15:41 UTC: updates throughout the entire text. Updated at 16:23 UTC: a new section – USD 50K and ‘the perfect opportunity’ – has been added ).

Per Coingecko.com, BTC hit USD 19,686 today, surpassing its previous ATH of USD 19,665, reached on December 16, 2017.

At pixel time, BTC trades at USD 19,579 and is up by 8% in a day and 6% in a week.

However, as reported by Cryptonews.com, bitcoin’s ATH means different things to different people and companies, depending on who you ask.

On Coinpaprika, a crypto market research platform, BTC reached a high of USD 20,089 on December 17, 2017. Binance-owned CoinMarketCap has the bitcoin ATH at USD 20,089 reached on December 17, 2017. Wikipedia says that the BTC price peaked on December 17 at USD 19,783.06.

Mati Greenspan, who is at the helm of Quantum Economics, also observed the nuances in bitcoin’s all-time high price, saying that it’s “different depending on what chart you’re looking at.” He provides a range of USD 19,666 to USD 20,155, with Bitstamp at the low end and eToro at the high end.

BTC price chart:

Bitcoin Starts Its Series of Hitting All-Time Highs (UPDATED) 102
Source: coingecko.com

“Bitcoin’s ascent today to a new all-time high of USD 19,844 will captivate,” Paolo Ardoino, Chief Technology Officer at the Bitfinex exchange, said in an emailed comment. “Still, of far greater consequence are the fundamentals giving fuel to this rally, notably the increasing presence of institutional investors. Bitcoin is still nascent and even relatively small allocations into the asset class from investment funds can have a seismic impact.”

“We are continuing to see increased interest from institutional investors,” Henri Arslanian, PwC Global Crypto Leader in Hong Kong, told Bloomberg, adding that institutional investors now are able to get access to digital assets via multiple players that are regulated.

“Bitcoin has its best opportunity to move higher in the present environment because the Chinese aren’t as fearful as they were in the past,” ST Capital’s Louis Curran told Bloomberg. “Now we’re starting to see the yuan strong on its own fundamentals so there’s less incentive to cap bitcoin.”

Top 10 cryptoassets and their all-time highs:

Bitcoin Starts Its Series of Hitting All-Time Highs (UPDATED) 103
Source: coinpaprika.com

USD 50K and ‘the perfect opportunity’

“With the likes of MicroStrategy, Square, and PayPal jumping on the crypto bandwagon, USD 50,000 by the end of this year is not at all unlikely. This will be a record not driven by frenzy, but by the big, forward-thinking, finance and technology-savvy institutions that will push crypto into the mainstream,” Antoni Trenchev, Managing Partner of Nexo, who predicted that BTC could reach USD 50,000 by end-2020 in March, said in an emailed comment.

Meanwhile, other industry players stressed that BTC hitting its ATH will attract even more potential investors, which brings news opportunities for the whole industry.

“The simple truth is that the price of bitcoin attracts more people to cryptocurrency, institutionally as well as retail. When this happened in 2017, there was a real lack of products for the new converts to experience, whereas today there are endless uses, protocols, services across farming, lending, standard trading etc. Therefore we’d expect to see the new adopters hang around this time,” Soravis Srinawakoon, CEO and Co-Founder of Band Protocol, said.

Samantha Yap, Founder and CEO of YAP Global, a fintech, crypto and blockchain-focused PR agency, and one of the early contributors of Cryptonews.com, stressed that “this is the perfect opportunity for blockchain and cryptocurrency companies to educate new comers about this technology.”

“Take advantage of the bitcoin or ETH price hike as a hook to inform new users about what your company or product is offering. This is the best opportunity to educate mainstream media on how new users can buy, sell, store and interact with cryptocurrency responsibly and safely,” she said.

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Other reactions:

Bitcoin Starts Its Series of Hitting All-Time Highs (UPDATED) 104

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Learn more:
Who Invests In Bitcoin More? Competition Among Multibillion Funds Is Now On
Watch Grayscale Bitcoin Trust For BTC Price Clues – JPMorgan
Crypto in 2021: Institutions Prefer Bitcoin, Retail Open to Altcoins
This Is The Main Story in Bitcoin Now According to Pantera Capital CEO
Is It Still News? More Mainstream Investors, Strategists Enter Bitcoin House
‘Bitcoin on Track for USD 100,000 in 2025’ – Bloomberg Intelligence
4 Reasons Bitcoin May Hit USD 1-5 Trillion Market Cap in 10 Years





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FreshKorn Cryptocurrency

Stocks rebound after Omicron plunge

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Reports of the new Omicron variant of the coronavirus brought back memories of last summer when the fast-spreading Delta variant put a dent in the recovery and consumer confidence. This spooked investors on a traditionally quiet day in the market following Thanksgiving, leading to one of the worst days for stocks this year.
The Dow (INDU) logged its worst day since October 2020, while the S&P 500 (SPX) had its worst performance since February. The Nasdaq Composite (COMP) recorded its steepest fall since September.

But just as the market quickly bounced back from its Delta fears, history appears to be repeating itself: Investors are taking a breath and sensing a buying opportunity.

The market opened in the green, with all three indexes sharply higher. The Dow opened up 375 points, or 1.1%, while the S&P rose 1.2%. The Nasdaq was 1.5% higher.

Other asset classes that were battered Friday — notably oil and cryptocurrencies — also recovered.

US oil prices were up 6.7%, or almost $5, at $72.69 per barrel around the time of the stock market open. That doesn’t totally make up for Friday’s drop, but it takes back a chunk of it.

The global oil benchmark Brent was up 5.7% at $76.84 per barrel.

Bitcoin was up more than 5%.

“Investors are trying to make sense of the latest Omicron Covid strain, but at this point more seems to be unknown than known,” said analysts at Bespoke Investments. “Clouding things even more, we’re unlikely to have definitive answers in the immediate future.”



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Stocks tumble as fears over new Covid-19 variant grip global markets

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US equities took a dive at the open and continued their downward path in the first half hour of trading, with the Dow more some 900 points lower. Oil prices were also badly hit.

Over the summer, the Delta variant spooked consumers and weighed on sectors like leisure and hospitality. Now investors and economists worry this new variant could do the same.

Wall Street was deep in the red early Friday, with the Dow (INDU) falling 2.5%, or about 900 points, in what is shaping up to be a volatile session. The broader S&P 500 (SPX) tumbled 1.8% and the Nasdaq Composite (COMP) opened down 1.3%.

It’s a shortened trading session as the New York Stock Exchange will close at 1 pm ET after being closed Thursday for Thanksgiving. Reduced trading volume during this half-day session is also likely to exacerbate the swings in the market.

Nevertheless, it could shape up to be one of the worst days of the year for stocks.

But it’s not just stocks that are getting a beating.

Oil prices are tumbling as well. US oil futures fell 7.4%, or nearly $6, to $72.51 per barrel around the time of the stock market open. The global benchmark Brent dropped 6.8% to $76.63 per barrel.

The US dollar, measured by the ICE US Dollar Index, which pegs it against its main rivals, was down 0.6% Friday morning.

Cryptocurrencies also felt the heat, dropping across the board. Bitcoin was down nearly 7% around the time of the stock market open, according to CoinDesk data.

Meanwhile, investors are pushing into safe haven investments. The 10-year US Treasury bond got more expensive and yields fell more than 0.1 percentage points to 1.52% Friday morning. Gold prices also jumped.



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‘NFT’ is Collins Dictionary’s Word of the Year for 2021, beating out ‘crypto’ and ‘cheugy’

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Written by Jack Guy, CNNLondon

“NFT,” the abbreviation of “non-fungible token,” has been named Word of the Year by dictionary publisher Collins, beating “crypto” and “cheugy” to the top spot.

An NFT is “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible,” according to a blog post from Collins, published Wednesday.

Acting like virtual signatures, NFTs prove the authenticity of an artwork as the blockchain serves as incorruptible proof of ownership, meaning that “original” artworks and their owners can always be identified via the blockchain, even if an image or video is widely replicated.

They also provide scarcity, and as a result the digital art market has been booming.
In March, a digital artwork named “Everydays: The First 5000 days” sold for $69.3 million via Christie’s, making its creator, graphic designer Mike Winkelmann, better known as Beeple, one of the art market’s most valuable living artists.

The idea of a digital revolution is also captured in another of the dictionary’s candidates for Word of the Year: “crypto,” short for “cryptocurrency,” digital money that is challenging traditional forms of money, according to Collins.

It also named “metaverse” in its blog post, following Facebook’s announcement that it would change its corporate name to Meta.

Other selected words reflect the ongoing coronavirus pandemic, with “double-vaxxed” and “hybrid working” making the shortlist.

“Climate anxiety” reflects growing concern about the damage humans are doing to the planet, while “neopronoun” is a way of referring to a person without using their name or traditional markers of gender, such as “he” and “she.” Collins gives “xe,” “ze” and “ve” as examples of neopronouns.

Rounding out the shortlist are “Regencycore,” which is defined as a fashion aesthetic inspired by the Georgian-era clothing seen in the Netflix show “Bridgerton,” and “cheugy,” which is used to say that something is out of date or uncool.

In 2020, Collins named “lockdown” its Word of the Year, for obvious reasons, and, earlier this month, Oxford Languages made “vax” its pick for 2021.

Defined as “a colloquialism meaning either vaccine or vaccination as a noun and vaccinate as a verb,” vax was relatively rare until this year, the company, which publishes the Oxford English Dictionary, said.

In September, vax appeared more than 72 times more frequently than the year before, said Oxford Languages, which analyzes news content to track changes in the English language.



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