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<ul class="summary-list"><li>Bitcoin and gold have both been hitting new record highs.</li><li>The cryptocurrency is surging following SEC approval of spot ETFs and a looming "halving" event.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/commodities/gold-price">gold</a> are moving in tandem right now, and both the digital currency and the precious metal hit new record highs last week.Those gains have come during a relatively muted period for stocks, with the benchmark <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> index up just 3% over the past month as investors try to figure out <a href="https://www.businessinsider.com/recession-outlook-jamie-dimon-jpmorgan-us-economy-interest-rates-cut-2024-3">the Federal Reserve's next move on interest rates</a>.Gold and what some call its <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-digital-gold-crypto-crash-volatility-ftx-sbf-2023-8">digital equivalent</a> are benefiting in different ways from an <a href="https://www.businessinsider.com/goldilocks-economy-interest-rate-cuts-federal-reserve-2024-2">unusual macroeconomic environment</a> where inflation and interest rates remain a top priority for the market, analysts say."I think it's a coincidence, really — gold attracts certain people, and bitcoin attracts other investors," Kathleen Brooks, research director at the online brokerage firm XTB, told Business Insider. "But these alternative asset classes are kind of where it's at.""Several factors have driven the two of them to new records, but it's really a quirk of the macro backdrop that they're both rising at the same time."<h2>Bitcoin blitz</h2>After a rough couple of years, bitcoin has kicked off 2024 on a tear. The token is trading above $73,000 and is up almost 75% since January 1, per a <a href="https://www.marketwatch.com/investing/cryptocurrency/btcusd" target="_blank" rel="noopener">CoinDesk index</a> that tracks its price.That surge has powered it <a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-price-impact-record-high-above-72000-btc-2024-3#:~:text=Bitcoin%20hit%20a%20new%20record,near%2D80%25%20price%20decline.">past its previous high of about $69,000</a> set in November 2021 at the height of the last crypto bubble:In January, the Securities and Exchange Commission fired the starting gun on bitcoin's stellar rally by approving <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-crypto-investing-analysis-sec-approval-gary-gensler-2024-1">11 spot ETFs</a>, which allowed a flurry of institutional investors to pile into crypto for the first time.More recently, investor excitement has been building about an upcoming "<a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-cryptocurrency-new-all-time-high-halvening-explained-2024-3">halving event</a>" that's expected to take place in April. That will slash the reward for mining new blocks by half, which in the past has boosted bitcoin's price by making supply scarcer."Spreading into the ETF space was massive for bitcoin," Brooks said. "Past halvings have gone unnoticed — but that hasn't happened this time, because bitcoin is so much more mainstream, and that should help keep up demand."<h2>Golden run </h2>Gold's early 2024 run has been more subtle — but that's a given when you're dealing with an asset that investors tend to see as a "safe haven" defined by its low volatility.The precious metal dipped slightly on Tuesday but is still up about 4.5% year-to-date at $2,159 per Troy ounce. That's above the previous record high of about $2,140 reached in December:Central banks from countries including <a href="https://www.gold.org/goldhub/gold-focus/2024/03/central-banks-accumulate-more-gold-january-starting-2024-they-mean-go" target="_blank" rel="noopener">China, Turkey, and India</a> have all been on a gold-buying spree in recent months, helping to squeeze its price higher.It appears they're loading up to diversify their reserves, with other major holdings such as <a href="https://markets.businessinsider.com/index/us-dollar-index">the US dollar</a> tumbling as traders prepare for the Fed to start cutting interest rates."Gold is very much driven by central banks, without question or doubt," Marc Ostwald, chief economist for ADM Investor Services International, told BI."They feel uncomfortable with the fact that they've got too much in the way of dollars in their portfolios. There aren't many other alternatives, but gold is one of them."Analysts also believe that gold's strong recent run has underlined its status as a haven for investors, with the wars in Ukraine and Gaza dragging on and <a href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">stickier-than-expected inflation</a> still fueling market jitters.Bitcoin and gold are two of the hottest assets on the market right now — just for very different reasons.

Bitcoin and gold are both on fire right now — but for very different reasons

<ul class="summary-list"><li>China's crypto transaction volumes have stayed strong, despite a ban on digital assets.</li><li>Investors are turning towards cryptocurrencies as China's stocks have floundered. </li></ul>The massive slide in Chinese equity markets is emboldening domestic traders to turn towards cryptocurrency, despite Beijing's strict disapproval of the asset class.In the face of heavy regulation, mainland China still witnessed an estimated $86.4 billion raw transaction volume between July 2022 and June 2023, outpacing its industry-friendly counterpart in Hong Kong, a <a href="https://go.chainalysis.com/rs/503-FAP-074/images/The%202023%20Geography%20of%20Cryptocurrency%20Report.pdf?version=0" target="_blank" rel="noopener">Chainalysis</a> report found. That's as Chinese stocks have been dragged down in the last three years, witnessing a <a href="https://www.businessinsider.com/china-hong-kong-stock-market-slump-confused-beijing-economy-signals-2024-1">$6 trillion valuation</a> decline in that period. The downturn hasn't abated, with the country's <a href="https://markets.businessinsider.com/index/csi-300?utm_medium=ingest&amp;utm_source=markets">CSI 300</a> index already down 4% this year.Against this, both retail investors and brokerages in China are finding refuge in cryptocurrencies, sources told <a href="https://www.reuters.com/technology/bruised-by-stock-market-chinese-rush-into-banned-bitcoin-2024-01-25/" target="_blank" rel="noopener">Reuters</a>. One finance executive told the outlet that half of his portfolio is now made up of digital assets, which are up 45%."If you are a Chinese brokerage, facing a sluggish stock market, weak demand for IPOs, and shrinkage in other businesses, you need a growth story to tell your shareholders and the board," an anonymous crypto exchange executive said.Technically, Beijing implemented a <a href="https://markets.businessinsider.com/news/currencies/china-crypto-crackdown-timeline-regulatory-bitcoin-ether-solana-dogecoin-bans-2021-9">ban on crypto transactions in 2021</a>, adding onto earlier curbs that suspended crypto exchanges and restricted banks from participating in the industry.But investors have been finding ways around these barriers, Reuters reported. One strategy is to use over-the-counter channels, which are privately conducted transactions, or to go through international exchanges such as Binance. Otherwise, investors have also been using offshore bank accounts to purchase cryptocurrency, or turning to Hong Kong, which has endorsed use of the asset class. Even Chinese bank and brokerage subsidiaries in the territory are eyeing crypto opportunities.In recent days, Beijing has demonstrated a renewed desire to attract investors back into its equity markets, with a <a href="https://markets.businessinsider.com/news/stocks/china-stock-market-crash-beijing-intervention-hang-seng-xi-jinping-2024-1?utm_medium=ingest&amp;utm_source=markets">$280 billion support scheme</a> in the works.Alongside crypto, Chinese investors have been rushing to buy into foreign securities, as stocks in the US, Japan, and India have offered massive gains. To limit outflows, authorities have recently <a href="https://markets.businessinsider.com/news/stocks/china-stocks-rout-restrictions-foreign-investing-economy-outlook-downturn-2024-1?_gl=1*1t6ys2r*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwNjE5MzA2OS40NC4xLjE3MDYxOTQ3MTYuNjAuMC4w">instructed domestic funds to curb access to overseas markets</a>.

China's stock rout has spurred a mad dash into banned bitcoin

In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

<ul class="summary-list"><li>Forbes said it had identified the sites of four secret, state-owned Bitcoin mining facilities in Bhutan.</li><li>The publication used satellite imagery to identify the sites.</li></ul>The Kingdom of Bhutan has secretly developed a series of bitcoin mining facilities, a <a target="_blank" href="https://www.forbes.com/sites/iainmartin/2023/11/22/bhutan-secret-bitcoin-mine-locations/?sh=6605fee94a4e">Forbes</a> investigation has revealed.Using satellite imagery from Planet Labs, Satellite Vu, and Google Earth, as well as sources with knowledge of Bhutan's crypto investments, the publication said it found the sites of what appear to be four crypto-mining facilities that have never been publicly disclosed.The satellite images reveal long, rectangular mining units and data center cooling systems hidden amongst dense forests and mountainous terrain across the Himalayan country. Other images also show high-capacity power lines and transformers running from Bhutan's hydroelectric plants to the mining sites, Forbes reported.One site was located near Dochula Pass, a sacred area that has 108 memorial shrines, while the others were identified in Trongsa, a mountainous town in the center of the country, Dagana in the south, and an area called "Education City," a failed $1 billion government project to revive the economy.By tracking earth-moving and building construction, Forbes said that work at the sites likely began in 2020.<div type="image" title="The Dochula Pass is a Bhutanese mountain pass located on the road from Thimphu to Punakha" height="4912" width="7360" msid="105500627" hostid="261" sizebytes="5777284"></div>Bitcoin mining is an energy-intensive process that <a target="_blank" href="https://www.businessinsider.com/bitcoin-mining-electricity-usage-more-than-google-2021-9#:~:text=Bitcoin%20mining%20consumes%20around%2091,from%20just%20five%20years%20ago.">consumes</a> around 91 terawatt-hours of electricity annually — more than many countries, and Bhutan's crypto-mining operations have seen the country's energy imports and usage soar in recent years. The kingdom, which has historically sold its surplus of hydropower to India, purchased $20.7 million worth of electricity in <a target="_blank" href="https://kuenselonline.com/growing-domestic-demand-cuts-electricity-export-revenue-by-27-percent/">2023</a>.Bhutan's monarch, King Jigme Khesar Namgyel Wangchuck, has long held a fascination with the cryptocurrency, and he hopes that it will help prevent the remote, bio-diverse mountain nation of less than 800,000 people from falling into an economic crisis.Bhutan – which has been dubbed the "The Last Shangri-la" - suffered from declining tourism during the COVID-19 pandemic, while it also faces rising youth unemployment and a brain drain triggered by surging rates of emigration.<a target="_blank" href="https://www.businessinsider.com/el-salvador-bitcoin-city-volcano-nayib-bukele-cryptocurrency-crypto-blockstream-2021-11">El Salvador</a> is currently the only country in the world known to run state-owned crypto mines.

Remote mountain Kingdom of Bhutan is operating secret, state-owned Bitcoin mining facilities, report says

<ul class="summary-list"><li>The dollar's reign as the world's reserve currency is nearly over, Dick Bove says.</li><li>The newly retired bank analyst blamed corporate offshoring and flagged the threat posed by China.</li></ul>The US dollar has been the lifeblood of global finance and trade since World War II — but one Wall Street veteran thinks the end of that era is nigh."The dollar is finished as the world's reserve currency," Dick Bove, who retired as a financial analyst after 54 years this month, told <a href="https://www.nytimes.com/2024/01/27/business/dick-bove-retirement.html" target="_blank" rel="noopener">The New York Times</a>.Bove, 83, predicted that China's economy would surpass America's in size. He blamed the outsourcing of US manufacturing to other countries, arguing that trend has given other countries more control of international production, the global economy, and worldwide money flows.He also suggested that cryptocurrencies such as bitcoin could help fill the void left by the dollar's shrinking influence.Dollar-denominated assets make up nearly 60% of international reserves, per the <a href="https://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4" target="_blank" rel="noopener nofollow">International Monetary Fund</a>. However, several countries are embracing "de-dollarization" — working to erode dollar dominance — especially after the US took advantage of Russia's reliance on the greenback to levy sanctions against it following its invasion of Ukraine in 2022.Nations ranging from Brazil and Argentina to India and Bangladesh are exploring the use of <a href="https://www.businessinsider.com/dedollarization-usd-greenback-gold-yuan-euro-bitcoin-brics-alternate-2023-5#1-beijing-has-big-ambitions-for-the-chinese-yuan-2?utm_medium=ingest&amp;utm_source=markets">backup currencies and assets</a>, such as the Chinese yuan and bitcoin, for trade and payments.Several governments have blasted the excessive influence of US monetary policy on other economies and currencies, the dollar's strength for pricing out poor countries from imports, and the diminishing need for a petrodollar now the US has achieved energy independence through domestic shale oil and green energy production.Bove, who worked at 17 brokerages during his career, told the Times that analysts who aren't forecasting dollar doom are simply "monks praying to money" who are unwilling to bite the hand that feeds them: the traditional financial system.The former chief financial strategist at Odeon Capital began working as a construction analyst in the late 1970s. Decades later, he was one of the few market watchers, along with the likes of "The Big Short" investor <a href="https://markets.businessinsider.com/news/stocks/michael-burry-big-short-housing-bubble-crash-gamestop-meme-stock-2021-10">Michael Burry</a> and hedge fund titan <a href="https://markets.businessinsider.com/news/stocks/john-paulson-shorting-housing-bubble-mortgages-defaults-philanthropy-career-advice-2021-9">John Paulson</a>, to spot deep-seated problems in the US housing sector before it collapsed and sparked the 2008 financial crisis.He warned of a "powder keg" in that industry as early as 2005, a few years before multiple banks blew up and a global recession set in.Bove also embraced his contrarian, combative tendencies during the interview. "I've liked to be a pain in the ass at times," he said. "A lot of the time."

The era of US dollar dominance is 'finished,' says Wall Street veteran who just retired after 54 years

The <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Friday asked the Centre to make its stand clear on <keyword id="6395759" type="General" weightage="20" keywordseo="bitcoins" source="Orion">Bitcoins</keyword>. Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. A bench comprising Justices D.Y. Chandrachud and Surya Kant told the additional solicitor general (ASG) Aishwarya Bhati, "You have to make your stand clear." The bench was hearing a plea by Ajay Bhardwaj against the Union of India. Bhati submitted before the bench that this case involves 87,000 Bitcoins and the accused is not cooperating with the investigation, and multiple summons have been issued so far. The bench queried, "Is it illegal or not..." Bhati replied: "We will do that my lord." Advocate Shoeb Alam, appearing for an FIR informant, sought cancellation of bail granted to Bhardwaj. The bench pointed out that a status report had been filed by the Enforcement Directorate in July last year. Bhati added that the accused has not cooperated in the probe. The bench directed the accused to meet with the investigating officer (IO) and cooperate in the investigation. The bench said the IO will file a status report showing the cooperation of the accused and scheduled the matter for further hearing after four weeks. The bench added that the interim order restraining arrest of the accused will continue till the next date of hearing. The Reserve Bank of India's order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-donations-to-ukraine-surge-as-war-with-russia-intensifies/articleshow/89818975.cms">Bitcoin donations to Ukraine surge as war with Russia intensifies</a>

Supreme Court asks government to take a stand on Bitcoin

New Delhi [India], March 6 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Enforcement Directorate (ED) has filed a prosecution complaint against 299 accused persons and entities (including 76 Chinese-controlled entities) and two other entities controlled by other foreign nationals in an ongoing money laundering case, the agency said on Wednesday. The case is linked to the duping of gullible investors who were promised astronomical returns on investing money (claimed to be used for mining bitcoins and other crypto Currencies) for which an app-based token by the name of "<keyword id="19984854" type="General" weightage="20" keywordseo="hpz-token" source="keywords">HPZ Token</keyword>" was used. The prosecution complaint filed before a Special Prevention of Money Laundering Act (PMLA) court in Nagaland's Dimapur named 299 accused persons and 78 entities. Out of the total entities named in the prosecution complaint, 76 are Chinese-controlled entities (in which 10 directors are of Chinese origin) and two other entities are controlled by other foreign nationals. The court took cognizance of the offence of money laundering in the prosecution complaint on Tuesday after finding that a prima-facie case has been made under PMLA, 2002, against the said 299 accused persons. ED initiated an investigation based on an FIR registered by Cyber Crime Police Station, <keyword id="20214444" type="General" weightage="20" keywordseo="kohima" source="keywords">Kohima</keyword> (Nagaland) under various sections of the Indian Penal Code, 1860 and the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>, concerning the duping of gullible investors who were promised astronomical returns on investing money [claimed to be used for mining of bitcoins and other cryptocurrencies], for which an app-based token by the name of "HPZ Token" was used. The ED investigation revealed that various bank accounts and merchant IDs were opened by various shell entities having dummy directors and proprietors only for the rotation and layering of proceeds of crime representing funds fraudulently received for illegal online gaming betting and investment in <keyword id="19899404" type="General" weightage="20" keywordseo="bitcoin" source="keywords">Bitcoin</keyword> mining. For an investment of Rs 57,000, returns of Rs 4,000 per day for three months were promised but money was paid only once and thereafter, fresh funds were sought. Earlier, ED conducted search operations at 44 locations throughout the country and an amount of Rs 176.67 crore, maintained by shell entities in various banks and virtual accounts, was frozen. Further movable and immovable properties to the extent of Rs 278.70 crore held in the name of dummy entities were attached. Total seizure and attachment stand at Rs 455.37 crore in the case so far. (ANI)

ED files prosecution complaint against 299 accused, 76 Chinese-controlled entities in a money laundering case

<a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-record-grayscale-etf-markets-regulators-investors-finance-2023-11"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! A bit of inspiration for you as we head into the weekend. A team at NYU Langone conducted <a href="https://www.insider.com/first-whole-eye-transplant-surgery-man-lost-half-face-2023-11">the world's first whole eye transplant</a>. And there's hope he may even be able to see out of it one day. In today's big story, we're looking at how crypto is <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-record-grayscale-etf-markets-regulators-investors-finance-2023-11" target="_blank" rel="noopener">quietly having a strong year</a>.What's on deck: <ul><li>Markets: Investment ideas for 2024 from Goldman's <a href="https://www.businessinsider.com/how-to-invest-2024-economy-recession-stock-market-goldman-sachs-2023-11" target="_blank" rel="noopener">$2.7 trillion asset management arm</a>.</li><li>Tech: The perks you need to <a href="https://www.businessinsider.com/top-benefits-that-attract-tech-workers-2023-11" target="_blank" rel="noopener">win over tech workers</a>, according to a Meta recruiter.</li><li>Business: Your <a href="https://www.businessinsider.com/pay-raise-wages-inflation-recession-federal-reserve-rate-hikes-2023-11" target="_blank" rel="noopener">raise might stink this year</a>... but it'll be good for the economy! (Ok, you're still mad.)</li></ul>But first, guess who's back...<h3>The big story</h3><h2>Crypto comeback<a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a></h2><a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-record-grayscale-etf-markets-regulators-investors-finance-2023-11"></a><div type="image" title="person interacting with a bitcoin logo mascot" height="500" width="1000" msid="105129532" hostid="261" sizebytes="38190"></div>The ink is barely dry on <a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10" target="_blank" rel="noopener">Sam Bankman-Fried's conviction</a>, and bitcoin is already rising like a fresh divorcee. Bitcoin hit a new high for 2023, nearly touching $38,000 at one point on Thursday. It marked the highest price for the cryptocurrency since early May 2022, adding to what has <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-record-grayscale-etf-markets-regulators-investors-finance-2023-11" target="_blank" rel="noopener">quietly been a strong year for bitcoin</a>, writes Insider's Phil Rosen. After a dreadful 2022 culminating in the downfall of FTX and the <a href="https://www.businessinsider.com/ftx-crypto-king-sam-bankman-fried-rise-and-fall-2022-11" target="_blank" rel="noopener">aforementioned SBF</a>, bitcoin has been on the up. While there was plenty of fallout from FTX's bankruptcy, the price of bitcoin has steadily climbed this year. Year-to-day, it's up more than 110%. If you're surprised by those numbers, I wouldn't blame you. The crypto community, or at least what's left of it, hasn't been as vocal about its gains this time. It appears the market had its fill of <a href="https://www.businessinsider.com/miami-florida-stock-market-crash-crypto-bubble-parties-real-estate-2023-3" target="_blank" rel="noopener">humble pie in 2022</a> and isn't looking for more. It's not just bitcoin enjoying a bit of a boon. Ether's price surged after <a href="https://www.theblock.co/post/262407/blackrock-ishares-ethereum-trust-entity-filing-delaware" target="_blank" rel="noopener">reports circulated</a> about BlackRock filing paperwork in Delaware that indicates plans for an ether ETF. But the best example of crypto's comeback might be the U-turn one of its biggest critics just made. Nouriel Roubini — aka "Dr. Doom" — has previously called crypto "totally corrupt" and the "<a href="https://twitter.com/Nouriel/status/1596216630513922048?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1596216630513922048%7Ctwgr%5E5262a3347c2eca1db1b902fddd1c4d3047bc3267%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fu.today%2Fdr-doom-roubini-says-binance-is-same-as-ftx-but-worse-heres-why" target="_blank" rel="noopener">biggest criminal heist in human history</a>." Now he wants in. His asset management firm, Atlas Capital, <a href="https://markets.businessinsider.com/news/currencies/dr-doom-nouriel-roubini-crypto-inflation-us-dollar-debt-crisis-2023-11" target="_blank" rel="noopener">is launching a blockchain-based stablecoin</a> pegged to "a carefully chosen portfolio of liquid real world assets."<a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-record-grayscale-etf-markets-regulators-investors-finance-2023-11"></a><div type="image" title="chart of bitcoin price" height="724" width="1450" msid="105129536" hostid="261" sizebytes="24092"></div>That's not to say everyone is buying into the crypto hype.JPMorgan analysts <a href="https://markets.businessinsider.com/news/currencies/cryptocurrency-outlook-bitcoin-price-rally-halving-etf-sec-mining-jpmorgan-2023-11" target="_blank" rel="noopener">dismissed bullish arguments for crypto</a> in a note Wednesday, calling the recent rally "rather overdone." The bank also downplayed the potential for the industry to grow off the back of the <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-grayscale-trust-gbtc-crypto-etf-conversion-sec-lawsuit-2023-8" target="_blank" rel="noopener">SEC approving a bitcoin ETF</a>, suggesting it would mostly be used by players already in the space. And SEC's approval of a bitcoin ETF doesn't translate into Gary Gensler and co. <a href="https://www.businessinsider.com/sec-binance-coinbase-crypto-digital-currency-2023-6" target="_blank" rel="noopener">taking a softer approach to crypto</a>, the bank added. Of course, even JPMorgan has some interest in the space. While not an apples-to-apples comparison, the bank has launched ventures with blockchain technology. It now reportedly handles <a href="https://markets.businessinsider.com/news/currencies/jpmorgan-handles-1b-transactions-daily-in-digital-token-jpm-coin-bloomberg-1032743264" target="_blank" rel="noopener">$1 billion worth of transactions every day</a> via its digital token JPM Coin. It seems doubtful we'll ever get back to the days of crypto skyrocketing overnight, but maybe that's a good thing. Now that it's dropped its toxic ex, crypto is ready to move on.Consider this crypto's growing up era.<h2>3 things in markets</h2><a href="https://markets.businessinsider.com/news/commodities/beef-prices-record-high-inflation-drought-us-agriculture-climate-change-023-11"></a><div type="image" title="Hereford cattle" height="500" width="1000" msid="105129538" hostid="261" sizebytes="74736"></div><ol><li> Beef. <a href="https://www.youtube.com/watch?v=tviyAIS9c_U" target="_blank" rel="noopener">It's what's for dinner</a>. (Just a bit more expensive.) Retail prices for <a href="https://markets.businessinsider.com/news/commodities/beef-prices-record-high-inflation-drought-us-agriculture-climate-change-023-11">the red meat have hit $8 a pound</a>, surpassing the previous record of $7.90 during the pandemic. The culprit? A dry spell in the southwestern US has sent feed costs surging.</li><li> Inflation isn't going anywhere, according to Ken Griffin. The billionaire hedge fund manager said the high cost of things won't abate anytime soon <a href="https://www.businessinsider.com/ken-griffin-inflation-linger-decades-ukraine-israel-hamas-gaza-war-2023-11" target="_blank" rel="noopener">thanks to a trend of deglobalization</a>. As a result, high-interest rates could become the norm as policymakers continue to fight inflation.</li><li>Goldman Sachs' top investment ideas for 2024. The bank's $2.7 trillion asset management arm is bullish on the economy. Strategists see opportunities outside the US in India and Japan but also favor hedging with gold. Check out <a href="https://www.businessinsider.com/how-to-invest-2024-economy-recession-stock-market-goldman-sachs-2023-11" target="_blank" rel="noopener">what else they're saying</a>.</li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/andreessen-horowitz-ai-reshuffle-a16z-2023-11"></a><div type="image" title="Marc Andreessen, left, and his longtime business partner, Ben Horowitz (right)" height="750" width="1000" msid="105129540" hostid="261" sizebytes="103998"></div><ol><li>Andreessen Horowitz is sharpening its focus on AI. Sources say A16z is <a href="https://www.businessinsider.com/andreessen-horowitz-ai-reshuffle-a16z-2023-11" target="_blank" rel="noopener">reshuffling parts of its investment team</a> for this effort. One group will invest in AI applications, while another will concentrate on AI infrastructure.</li><li> Meta recruiter reveals the top perks that win tech workers over and the ones they don't seem to care about. She said mental health-support packages are some of the most underused benefits. Meanwhile, relocation assistance and home office funds are <a href="https://www.businessinsider.com/top-benefits-that-attract-tech-workers-2023-11" target="_blank" rel="noopener">among the top 10 perks</a>.</li><li>"The Slack redesign has ruined my life. Sorry, I can't work today." The new look is across mobile and desktop apps. It now looks like <a href="https://www.businessinsider.com/slack-redesign-confusing-activity-tab-2023-11" target="_blank" rel="noopener">a carnival of distraction and chaos</a> — a hideous Grimace-purple rail on the left side that now tracks every "activity."</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/retirement-saving-henrys-401k-paycheck-to-paycheck-high-earners-millennials-2023-11"></a><div type="image" title="binder clip on folded $100 bill" height="668" width="890" msid="105129542" hostid="261" sizebytes="7554"></div><ol><li> Some HENRYs (high earners, not rich yet) are saving too much for retirement. And it might backfire. This <a href="https://www.businessinsider.com/retirement-saving-henrys-401k-paycheck-to-paycheck-high-earners-millennials-2023-11">over-saving practice</a> could lead to people sacrificing on things that matter to them in the short term.</li><li>Peter Thiel says the Trump administration "couldn't get the most basic pieces of the government to work." The billionaire has given tens of millions to Republican candidates in recent years. But Thiel said he's <a href="https://www.businessinsider.com/peter-thiel-trump-administration-comments-most-basic-pieces-of-government-2023-11" target="_blank" rel="noopener">done giving money</a> for the 2024 election cycle.</li></ol><ol start="2"><li>You're probably not getting a big raise this year — don't worry, it's good for the economy. Wage growth has slowed. And inflation has been cooling. This means workers might finally <a href="https://www.businessinsider.com/pay-raise-wages-inflation-recession-federal-reserve-rate-hikes-2023-11" target="_blank" rel="noopener">see their earnings catch up</a> with the big spike in inflation.</li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/joe-manchin-wont-run-for-reelection-2023-11" target="_blank" rel="noopener">Sen. Joe Manchin will not run for reelection in 2024 — all but handing his seat to the GOP</a>.</li><li><a href="https://www.businessinsider.com/omegle-shuts-down-after-14-years-2023-11">Omegle shuts down after its founder acknowledges "unspeakably heinous crimes."</a></li><li><a href="https://www.businessinsider.com/remote-work-from-home-ending-companies-mandate-return-to-office-2023-11" target="_blank" rel="noopener">The remote work era may be coming to an end — if companies can afford to keep their offices open</a>.</li><li><a href="https://www.businessinsider.com/tipping-gratuity-america-services-most-least-restaurants-self-checkout-pew-2023-11" target="_blank" rel="noopener">Most Americans don't tip baristas. These services have the stingiest customers</a>.</li><li><a href="https://www.insider.com/best-state-parks-in-us-better-than-national-ones-2023-11" target="_blank" rel="noopener">10 US state parks that are just as cool as national parks, according to someone who's been to all 50 states</a>.</li><li><a href="https://www.businessinsider.com/feds-bust-high-end-brothel-network-apparent-clients-worry-online-2023-11" target="_blank" rel="noopener">Feds busted a "high-end" brothel network serving politicians and pharma execs</a>.</li><li><a href="https://www.businessinsider.com/falling-inflation-outlook-fed-target-interest-rates-rent-prices-oil-2023-11" target="_blank" rel="noopener">CHART OF THE DAY: Inflation will hit the Fed's 2% target by April and keep falling, analyst says</a>.</li></ul><h2>What's happening today</h2><ul><li>Grammy Awards nominations are announced today. They'll be livestreamed, starting at 10:45 a.m. ET.</li><li>Happy birthday, Diplo — <a href="https://www.youtube.com/watch?v=nntGTK2Fhb0" target="_blank" rel="noopener">Where Are Ü Now</a>? Microsoft's Windows was also released on this day (40 years ago).</li><li>Earnings today: Soho House, Hudson Global, <a href="https://markets.businessinsider.com/earnings-calendar" target="_blank" rel="noopener">and other companies</a>.</li></ul><h3>News Quiz</h3><h2>How well do you know the news?</h2>Test your knowledge of the week's top stories with Insider's news quiz<ul><li>From Monday: This Grammy winner's creative agency unveiled a "dumb" phone for sale. </li><li>From Tuesday: Significant updates were announced for this high-profile chatbot.</li><li>From Wednesday: What former US president shared his most-used apps?</li><li>From Thursday: According to leaked numbers, what is Google's fastest-growing product?</li><li>From Friday: Prices for this food recently hit record highs as a result of a megadrought.</li></ul>Check Saturday's edition of Insider Today for the answers.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Bitcoin is back (sort of)

The global cryptocurrency market entered its worst phase ever on Tuesday, with <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> dropping below $30,000 per coin and leaving millions of investors in a panic mode. The overall global cryptocurrency market dropped 13 per cent, and was hovering around $1.37 trillion market cap, which is its lowest this year. Bitcoin was more than 55 per cent down since its all-time high of $69,000 in November last year. Other digital coins also suffered double-digit-percentage drops, led by Cardano (20 per cent), Solana (16 per cent), XRP (13 per cent), BNB (16 per cent), and Ethereum (10 per cent), Decrypt reported. Experts said that rising interest rates, along with weakening economic activity, has created a risk-off environment. Terraform Labs (TFL), the organisation behind UST, cryptocurrency LUNA, and Luna Foundation Guard (LFG) emptied its treasury wallet of all of its bitcoin (about 42,530 bitcoin) or $1.3 billion. The UST stablecoin lost its 1:1 dollar peg ratio for the second time in the past three days and dropped as much as 5.3 per cent to 95 cents on Monday, reports TechCrunch. The decline can be attributed to nervousness over the US Federal Reserve's determination to tackle inflation. The Fed last week announced an interest rate increase of 50 basis points. In what could further dampen the mood of crypto investors in the country, the goods and services tax (GST) council in India is also mulling a 28 per cent tax on cryptocurrencies, at par with the current GST on casinos, betting and lottery. Bitcoin accounts for about a third of the cryptocurrency market with nearly $650 billion in value. Bitcoin investors are likely to lose up to $545 million this year, owing to various reasons like forgetting passwords to their wallets or making a mistake in recording their "seed phrases", according to a new report. A seed phrase is a series of words generated by your cryptocurrency wallet that give you access to the crypto associated with that wallet. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-has-plummeted-53-from-its-all-time-high-as-crypto-follows-broader-markets-lower-amid-investors-fears-of-tighter-fed-policy/articleshow/91450342.cms">Bitcoin has plummeted 53% from its all-time high as crypto follows broader markets lower amid investors' fears of tighter Fed policy</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-tax-in-india-government-may-levy-28-percent-gst/articleshow/91439216.cms">India may expand taxes on crypto beyond IT and TDS – government reportedly mulling 28% GST</a>

The crypto market is in a frenzy as Bitcoin falls below $30,000, a 55% drop from its all-time high

<ul><li>After witnessing a free fall for weeks, <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> gains 16% over the weekend.</li><li>Also, <keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword> gain 20% over the past 24 hours.</li><li>Earlier, global market cap of cryptocurrencies sank below $850 billion.</li></ul>After witnessing free fall for weeks, Bitcoin finally managed to rebound past $20,000 per digital coin on Monday, around 16 per cent gain over the weekend. The rally came after Bitcoin, the largest cryptocurrency by market capitalisation, dropped below $18,000 per digital coin on Sunday -- a massive over 70 per cent drop from its record high of $68,000 in November last year -- as mayhem in the crypto market continued. The global market cap of cryptocurrencies sank below $850 billion, which recently hovered over $1 trillion. The second-largest cryptocurrency Ethereum also fell below $1,000 on Sunday, down nearly 80 per cent since its all-time-high in November last year. On Monday, Ethereum also rebounded to reach $1,133, a 20 per cent gain over the past 24 hours. The latest <keyword id="6873772" type="General" weightage="20" keywordseo="crypto-crash" source="Orion">crypto crash</keyword> is happening as investors are afraid of global macroeconomic conditions and the US Federal Reserve is trying to curb rising inflation. Overall, the prices of top cryptocurrencies declined as much as 35 per cent last week in the wake of economic recession fears. The global market cap of cryptocurrencies sank below $850 billion, which recently hovered over $1 trillion. According to analysts, Bitcoin may hit a grim $14,000 this year. The likely bottom range at $14,000 would represent a drop of around 80 per cent for Bitcoin from the $68,000 all-time high. According to Coindesk, Bitcoin has historically experienced periods of asymptotic price run-ups followed by steep crashes, "typically played out over several months to two years". Cryptocurrency watchers refer to these periods as "cycles". SEE ALSO: <a href="https://www.businessinsider.in/tech/news/elon-musk-said-he-wants-twitter-to-become-the-wechat-of-the-western-world-in-his-first-meeting-with-employees/articleshow/92307072.cms">Elon Musk said he wants Twitter to become the WeChat of the western world in his first meeting with employees</a> <a href="https://www.businessinsider.in/business/news/top-10-industries-in-india-with-most-billionaires/articleshow/74542383.cms">Top 10 industries in India with most billionaires</a>

Bitcoin and Ethereum reverse crypto crash effects; make a quick and fast rebound

Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Thursday said that there was a greater acceptance among Group of 20 (G20) member countries that any new regulations on the crypto assets need to be globally coordinated. "I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. "the G20, I think, has responded fairly with alacrity (on the crypto challenge)," Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors. "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added. Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency. India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework. Earlier in February, Sitharaman had said, "We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We've now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So something should develop." She made the remarks while responding to a question regarding a consensus among the G20 nations on crypto assets during India's Presidency. "Recognising the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives," she said. The Central government led by Prime Minister Narendra Modi has for several years debated drafting a law to regulate or even ban cryptocurrencies but has not made a final decision. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

You Searched For "Bitcoin in India" and got 11 results

Bitcoin and gold are both on fire right now — but for very different reasons

George Glover

China's stock rout has spurred a mad dash into banned bitcoin

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ED undertakes first-ever searches in Ladakh in crypto fraud case

PTI

Remote mountain Kingdom of Bhutan is operating secret, state-owned Bitcoin mining facilities, report says

Polly Thompson

The era of US dollar dominance is 'finished,' says Wall Street veteran who just retired after 54 years

Theron Mohamed

Supreme Court asks government to take a stand on Bitcoin

IANS

ED files prosecution complaint against 299 accused, 76 Chinese-controlled entities in a money laundering case

ANI

Bitcoin is back (sort of)

Dan DeFrancesco

The crypto market is in a frenzy as Bitcoin falls below $30,000, a 55% drop from its all-time high

IANS

Bitcoin and Ethereum reverse crypto crash effects; make a quick and fast rebound

IANS

Any action on crypto assets will have to be global: FM Nirmala Sitharaman

ANI

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