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China used to be the crypto capital of the world. Thanks to the cheap energy and friendly regulations, <a target="_blank" class="" href="https://www.businessinsider.com/bitcoin-how-to-mine-foundry-china-crypto-ban-kevin-zhang-2021-11">mining companies</a> flocked to set up shop in a country reluctantly playing host to the energy-intensive process of creating coins and validating transactions. In 2019, despite some regulation and a ban on initial coin offerings years prior, China's leader, Xi Jinping, called for widespread implementation of blockchain technology to support the country's quest for secure and reliable data systems, boosting blockchain research and further propelling China ahead of the US. At its peak, in 2021, the country accounted for almost 70% of global cryptocurrency mining.But in May of that year, China changed course. Concerns about the use of cryptocurrencies for illegal activity resulted in an effective <a target="_blank" class="" href="https://www.businessinsider.com/china-crypto-ban-bitcoin-golden-opportunity-us-blockchain-regulation-2021-10">ban on crypto mining and transactions</a>. Zongyuan Zoe Liu, a senior fellow at the Council on Foreign Relations, told me the ban stemmed from the risk that cryptocurrencies posed to China's financial system through activities like <a target="_blank" class="" href="https://www.businessinsider.com/bitcoin-crypto-fraud-scam-money-laundering-jian-wen-uk-2024-3">money laundering</a>. This sent the industry spiraling.Mining companies immediately fled the country, many moving to nearby Kazakhstan, where there was an abundance of coal power. Since minting bitcoins requires solving increasingly complex math problems, the hundreds of specialized machines used in the process — along with the equipment to cool them — take a massive amount of electricity. According to the <a target="_blank" href="https://ccaf.io/cbnsi/cbeci/mining_map">Cambridge Bitcoin Electricity Consumption Index</a>, Kazakhstan went from accounting for 7% of the global "hashrate" — the computational power required to make new bitcoins — in May 2021 to almost 20% just three months later. The influx of crypto miners began sucking up 7% of the country's generated energy, sending the price of fuel soaring and creating widespread power outages. After a massive public outcry at the end of 2021, mining companies in Kazakhstan were effectively cut off from the grid.So then they came to America. Today, the US makes up about 40% of the <a target="_blank" href="https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country">global hashrate</a> — up from 17% during China's 2021 peak — making America the biggest hub for bitcoin mining. The country's 52 cryptocurrency-mining operations use about 2% of America's energy — enough to power the entire state of Utah or West Virginia. While it hasn't caused the kind of crisis that took place in Kazakhstan, the massive energy consumption has still prompted pushback from locals and heightened <a target="_blank" class="" href="https://www.businessinsider.com/bitcoin-mine-texas-lawsuit-links-to-chinese-investors-2023-12">concerns about Chinese-owned operations moving in</a>. And it's just the latest example of China kicking out burdensome industries only for them to end up on America's doorstep.Among the major Chinese-owned crypto-mining companies that migrated to America was Bit Mining. In May 2021, the company had the largest data center and crypto-mining facility in the world, in China. By that September, after a brief stint in Kazakhstan, it was setting up shop in Akron, Ohio, in a building once owned by the tire giant Goodyear. Other bitcoin-mining companies settled in rural regions in the US with affordable electricity, favorable regulations, and ample warehouse space. But the noisy facilities, which typically employ only a few dozen people, haven't formed the rosiest relations with neighbors."The amount of energy these companies use is staggering," Jeremy Fisher, a senior strategy advisor with the Sierra Club's Environmental Law Program, told me. In Rockdale, Texas, for example, a Riot Platforms mining facility uses 450 megawatts of energy — the equivalent of what's needed to power roughly 300,000 homes. Electricity is also becoming an increasingly pressing issue in the climate crisis. <a target="_blank" class="" href="https://www.businessinsider.com/blackouts-power-outages-more-common-climate-change-electric-grid-infrastructure-2023-3">Power outages nationwide</a> have increased 64% since the early 2000s, and weather-related outages have increased 78%."At a moment when we need to be rapidly increasing the amount of renewable generation and shutting down fossil-fuel plants, proof-of-work cryptocurrency is pushing the wrong direction," Fisher said.Resistance to bitcoin mining has manifested largely at the local level. Frustrated locals in Murphy, North Carolina, Massillon, Ohio, and other places are signing petitions, forming coalitions, and creating YouTube channels to fight back against the mines in their towns. Gladys Anderson, who lives next to a mining facility in Bono, Arkansas, <a target="_blank" class="" href="https://katv.com/news/local/chinese-owned-cryptocurrency-mining-facility-planned-in-vilonia-opposed-by-townsfolk-local-government-officials-mayor-preston-scroggins-chinese-government-communist-party-green-digital-llc-greenland-usa-greenland-holding-group-mike-matos-arkansas-hb-1799">spoke</a> about her experience at a town-council meeting for a proposed facility in Vilonia, Arkansas, last summer. "It's caused a lot of headaches," she said. Her son, who has autism, struggles to deal with the loud noise. "My son is currently in the backyard having a meltdown," she said. The Bit Mining facility in Akron has also faced pushback. "They're going to be using a lot of water, and electricity rates tend to go up for that sort of thing," Kelley Sayre, a resident there, said. A <a target="_blank" class="" href="https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html?">New York Times</a> analysis found that the energy used by the Akron facility translated to 705,000 tons of CO2 emissions a year (roughly equal to the annual amount of emissions from two gas-fired power plants). Bit Mining didn't respond to a request for comment.The mayor's office of Akron isn't excited about the mine, either. "The bitcoin mining industry as a whole runs counter to this administration's values and policy goals," Stephanie Marsh, the director of communications for the city of Akron, said in a statement. "Digital mining operations consume an exorbitant amount of electricity, employ very few individuals, and take up a considerable amount of space." Marsh told me the city would prefer the space to be occupied by a company that could provide hundreds of jobs and contribute to the local economy. It's not clear what benefits the city gets from the Bit Mining facility.Countering local pushback is a powerful, ascendent new force: the bitcoin lobby. Tech companies and bitcoin investors are already having an impact on legislation in states like California, where, last September, Gov. Gavin Newsom vetoed a bill that would've established a licensing and regulatory framework for "digital financial assets." His veto came after the crypto industry spent over $400,000 on lobbying efforts. That influence has grown to a federal level, too. Bitcoin lobbyists spent more than $20 million to ensure that Congress would block federal oversight of cryptocurrencies by the Securities and Exchange Commission, which it did in May."Bitcoin stands for freedom, sovereignty, and independence from government coercion and control," former President Donald Trump told crypto enthusiasts at July's Bitcoin Conference in Nashville, reversing his previous opposition to the coin, which he called a scam during his presidency. To thunderous applause, Trump promised to fire the chair of the SEC and position America as the "<a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-reaction-trump-us-crypto-capital-planet-comments-impact-2024-7">crypto capital of the planet</a>." In response, crypto investors and super PACs dumped millions into Trump's campaign.In 2008, bitcoin's inventor, Satoshi Nakamoto, whose identity remains unknown, <a target="_blank" href="https://satoshi.nakamotoinstitute.org/quotes/motives/">described</a> the coin as "very attractive to the libertarian viewpoint." The supposed decentralized nature of the blockchain has attracted supporters who believe in free-market economics and techno-utopianism. Crypto enthusiasts dream of a world where financial institutions are replaced by decentralized cryptocurrencies, money that they say is inflation-proof.However, in recent years, bitcoin mining has become increasingly concentrated in the hands of a small number of private companies. In 2021, the National Bureau of Economic Research found that 10% of miners controlled 90% of the bitcoin-mining capacity. "The concentration of currency holding, processing power, and programming skills in the hands of one group of people who are effectively partners in a venture defeats the entire purpose of employing a blockchain structure," the economist Saifedean Ammous wrote in his book "The Bitcoin Standard."As it grows, the people who own this concentrated industry are becoming of particular interest to politicians concerned about the new Cold War with China.At a packed City Council <a target="_blank" href="https://massillonohio.gov/wp-content/uploads/03-18-24-Council-Mtg.pdf">meeting</a> in Massillon in March, many residents raised concerns about the proposed Bitdeer Inc. crypto-mining facility. The company owns mining facilities across the world and is listed on the Nasdaq; the proposed facility in Ohio would be made up of 30 buildings on 31 acres of land and employ 70 people. Cheyanne Diehl, a 29-year-old Massillon resident, said she wasn't just concerned about energy usage and noise but also had qualms with the company's country of origin. "Some of these questions you guys might not be able to answer, but I did want to know if there are any factors that might motivate a small American town to consider the construction of a bitcoin facility particularly when the facility's owner is a Chinese billionaire," she said. In April, Massillon's City Council ultimately voted 8-1 to move ahead with the facility in hopes of stimulating the economy. It's set to be constructed by next summer. In Arkansas, the backlash was so severe that the state reversed course on its laws allowing crypto mining and passed regulations this year addressing noise reduction, proximity to residential areas, and foreign ownership.The surge in cryptocurrency-mining operations owned by investors from China has prompted the Biden administration to keep a close eye on the industry. In May, President Joe Biden ordered a <a target="_blank" class="" href="https://www.businessinsider.com/pentagon-chinese-owned-bitcoin-operation-cheyenne-wyoming-microsoft-2023-10">mining company that is majority-owned by Chinese investors</a> to sell its facilities close to a nuclear-missile base in Wyoming, arguing it posed a security risk. A spokesperson for the Chinese Embassy in Washington, <a target="_blank" href="https://www.ft.com/content/a15bb35a-152e-4f8a-bdc2-f45b7497a92c">Liu Pengyu, claimed</a> that this kind of "politicization" of free trade undermined "international confidence in the US market environment."It's yet another touchstone amid the wider economic tension between the US and China. Across the economy, China seems to always be one step ahead of America. When <a target="_blank" href="https://www.businessinsider.com/plastic-recycling-problem-america-waste-pyrolysis-big-oil-china-2024-4">China banned plastic imports</a>, the US suddenly had to deal with its own plastic waste. When China ramped up <a target="_blank" href="https://www.businessinsider.com/us-china-tech-war-computer-chips-semiconductor-plants-costing-americans-2023-1">making computer chips</a>, America rushed to catch up. And when <a target="_blank" href="https://www.businessinsider.com/cheap-chinese-electric-cars-will-upend-the-us-vehicle-market-2023-5">China put cheap electric vehicles</a> on the market, the <a target="_blank" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">US quickly imposed heavy tariffs</a> to avoid hurting the domestic EV market. Now, Chinese-owned mines are sucking the energy out of the US.For Fisher of the Sierra Club, the solution is multifaceted. He said it's important to have transparency and ensure regular electricity ratepayers aren't subsidizing bitcoin-mining facilities. "Right now, it's profitable to mine cryptocurrency at electricity costs that put steel mills out of business," he said. "We might need to implement fees to ensure that the grid stays affordable for ratepayers and industries." His final recommendation is an ambitious one: a moratorium on new mining facilities.Fisher isn't alone in calling for a pause on building new facilities. Harrison, Arkansas' City Council, for example, enforced a multimonth moratorium on a Green Digital facility after witnessing citywide opposition to the project. It ultimately greenlighted the project, but it showed that a city council was capable of enforcing a moratorium.Given how much energy bitcoin mining consumes, it's worth questioning whether its presence in the US is really worth the trade-off. The bitcoin lobby's rosy vision for the future has so far been confined to the realm of utopianism and, if left unchecked, could accelerate a climate dystopia for us all.<a target="_blank" rel="" href="https://www.businessinsider.com/author/taylor-dorrell">Taylor Dorrell</a> is a writer and photographer based in Columbus, Ohio.

Bitcoin miners got kicked out of China. Now they're sucking America dry.

<ul class="summary-list"><li>Bitcoin is much less volatile these days, according to DataTrek Research.</li><li>Greater institutional interest in the cryptocurrency may be dampening its price moves. </li></ul>The price of <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">bitcoin</a> is known to swing big and frequently.For years many traders viewed that as a feature rather than a bug, as it could yield sizable and immediate gains similar to those seen during meme stock trading. But as of late, the cryptocurrency's volatility has resembled that of a far more boring and conventional asset.DataTrek Research cofounders Nicholas Colas and Jessica Rabe highlighted in a Monday note that bitcoin's long-run volatility is more than triple that of the S&amp;P 500, which typically sees about 1% daily price moves in either direction. Since September 2022, bitcoin's volatility has been below its long-term average. Even the recent launch of <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-crypto-investing-analysis-sec-approval-gary-gensler-2024-1">spot ETF products</a> hasn't resulted in a meaningful spike in its price churn.The chart below shows the token's trailing 100-day standard deviation of daily returns dating back to 2015."The numbers here reflect how much [Bitcoin] typically moves in percentage points on any given day over these rolling windows," Colas and Rabe said. "We have noted the average of 3.5 points with a dotted black line."<div type="image" title="bitcoin price volatility chart" height="714" width="1380" msid="108019832" hostid="261" sizebytes="51770"></div>Unique to bitcoin, however, is its history of regularly touching highs and lows during stretches of above-average volatility. For example, from December 2017 to March 2019 the asset hit a then-record high of $19,000 and also crashed to $8,000. Several other occasions in the last several years have brought similar swings.Stocks, meanwhile, tend to touch lows during above-average volatility, but they reach new highs during times of low volatility, according to DataTrek.The data show that bitcoin indeed has been more stable than usual over the last 18 months, despite still being more than twice as volatile as US large-cap stocks."Greater levels of institutional interest may be dampening [bitcoin's] daily price moves," Colas and Rabe said. "Simply put, [bitcoin] <a href="https://markets.businessinsider.com/news/currencies/crypto-market-messari-mainnet-nft-regulation-sec-gensler-technology-coinbase-2023-9">may finally be growing up</a>. We have been waiting many years to see this development, and it may now be occurring."It's possible a more stable bitcoin could entice investors to increase their asset allocation. It's true too, though, that lower volatility could send some retail investors back into stocks, in the firm's view."Over the last 3 years, many individuals started their trading and investing lives focused on virtual currencies like [bitcoin]," DataTrek's cofounders said. "Now that volatility is lower than usual, they might shift capital into spicier single stocks where daily returns give them a chance at short term gains."Meanwhile, crypto investors have been bracing for the halving event, expected in April, which will cut the amount of bitcoin rewarded to miners in half. Some strategists have used halving to justify <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-crypto-halving-blockchain-finance-markets-eth-btc-2023-8">six-figure price forecasts</a>, pointing to the token making new all-time highs in the 12 months following the prior three halving events. In 2024, bitcoin has climbed about 16.1% to hover at about $51,309. It's up 118% in the last 12 months, and was trading at $51,935 on Monday morning.

The volatility that made bitcoin so appealing is dwindling

Bitcoin's back on top, but it's not a boon for everyone in the space

<ul class="summary-list"><li>Few commentators speak of bitcoin's utility, and the biggest bulls say the plan is to never sell.</li><li>Not long ago, much of the rhetoric focused on decentralized finance and bitcoin as a payment. </li></ul>These days, if you listen to bitcoin's most prominent investors, little of what you hear will touch on the real-world utility of the world's largest cryptocurrency. It wasn't long ago that enthusiasts insisted bitcoin would have a myriad of use cases that would establish it as an alternative to the legacy financial system. They touted the potential for cross-border payments, decentralized finance, and blockchain technology. All that is largely absent from today's rhetoric. The bull thesis in 2024 is simple: supply will fall short of demand. There's almost no discussion taking place about bitcoin's value being derived from anything other than its use as an investment vehicle. Some of the most prominent bulls including MicroStrategy's Michael Saylor and SkyBridge Capital's Anthony Scaramucci have indicated the plan is simply to hold bitcoin forever. Speaking at the Bitcoin Investor Day conference in New York on March 22, <a href="https://www.businessinsider.com/bitcoin-price-investing-advice-cryptocurrency-scaramucci-markets-wall-street-finance-2024-3">Scaramucci said he advises his clients to "do nothing" with their bitcoin</a>. "The dead people at Charles Schwab do far better than the living people," Scaramucci said. "So act like you're dead with your bitcoin and don't sell your bitcoin. Don't do anything with it."Saylor, <a href="https://markets.businessinsider.com/news/currencies/bitcoin-microstrategy-holdings-michael-saylor-halving-mining-crypto-mstr-btc-2024-3?utm_source=copy-link&amp;utm_medium=referral&amp;utm_content=topbar">whose firm owns 1% of all bitcoin</a> in circulation, has similarly said his intention is to snap up as much bitcoin as possible and keep it forever. "We think bitcoin is the highest form of property, the apex property in the world, and it's the best investment asset," Saylor said in a recent interview with <a href="https://finance.yahoo.com/news/michael-saylor-is-never-selling-microstrategys-bitcoin-100028211.html" target="_blank" rel="noopener">Yahoo Finance</a>. "So the endgame is to acquire more bitcoin. Whoever gets the most bitcoin wins. There is no other endgame."<h3>Speculating on sentiment</h3>Skeptics have questioned bitcoin's utility since its inception. Even as an inflation hedge, the token hasn't shown much promise. It lost 60% of its value in 2022 when the Federal Reserve hiked interest rates to tame the worst bout of inflation since the 1970s.And as a form of payment, there's hardly any mainstream use being recorded today. <a href="https://www.coindesk.com/markets/2024/03/25/nobody-wants-to-sell-btc-analyst-says-as-bitcoins-on-chain-activity-limps/" target="_blank" rel="noopener">A CoinDesk report</a> said bitcoin's blockchain has recorded minimal on-chain transfer volume, indicating no one is doing anything but holding."I sympathize with how much some investors struggle with the appeal of bitcoin," William Quigley, the cofounder of the stablecoin Tether, told Business Insider.Bitcoin, he said, is slow and expensive to use for transactions, and there are stronger alternatives as far as consumer payment systems. Bullishness aside, it ultimately hasn't caught on as a popular choice for everyday transactions. "The most common critique I hear is it has no utility, that it's a paperweight," Quigley said. "For the most part, I say, 'guilty as charged on all counts.' But none of that matters to me." For Quigley, the reason investors want to trade bitcoin isn't much different from the reason they would want to trade something like a futures contract. The point of trading bitcoin, he said, is to trade on sentiment and capture profits in price discrepancies."Crypto is dominated by people speculating on changes in sentiment," the Tether cofounder said. "The utility of bitcoin from a trader standpoint is to try to make money on sentiment."<h3>Price appreciation is the top use case</h3>At the Friday conference, while some individuals floated the idea of bitcoin as a hedge against inflation or runaway government debt, there was little chatter about its utility beyond being an investment. Alex Konanykhin, the CEO of Unicoin, said bitcoin at one point was a "tremendous" innovation in the long evolution of money, as it put the blockchain on the map. But in his view, being a first-mover doesn't mean it won't be dethroned."My point is not that it's worthless, but it's become antiquated in the 15 years of its existence," Konanykhin told Business Insider. To be fair, it's not surprising why the investment thesis has eclipsed any discussion of real-world use cases.The coin is up 150% over the last year and 58% in 2024. After the <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-crypto-investing-analysis-sec-approval-gary-gensler-2024-1?_gl=1*as9sry*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcxMDc3NjIwMC4xNzUyLjEuMTcxMDc3OTAwOC4wLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">SEC approved 11 spot bitcoin ETFs</a> in January, demand soared and experts say mainstream adoption appears irreversible.Paired with robust ETF-fueled demand, <a href="https://www.businessinsider.com/bitcoin-halving-cryptocurrency-markets-investors-etf-spot-btc-supply-demand-2024-3">this year's halving event</a> and supply shock will further support bitcoin's long-term price outlook and overshadow any talk of utility. "What's the utility?" Quigley said. "Critiques may not be that relevant if you're looking at it as an investor."

No one's touting bitcoin's use case anymore. Bulls say the plan is to hold it forever.

<ul class="summary-list"><li>Bitcoin investors shouldn't sell amid high volatility, Anthony Scaramucci said. </li><li>He said clients have been dismayed by the crypto's big price swings. </li></ul>The best thing bitcoin investors can do is nothing, according to Anthony Scaramucci.In a Friday panel with Anthony Pompliano at the Bitcoin Investor Day conference, the SkyBridge Capital founder said the firm's clients have generally been "happy" with bitcoin allocations, but "not super happy" given the asset's large price fluctuations. "They don't like the volatility ride," Scaramucci told attendees. "The hardest thing for anyone in this room to do is to do nothing."Scaramucci, who is a three-decade Wall Street veteran and briefly worked as the White House Director of Communications under Donald Trump, added that he thinks bitcoin's total market cap could eventually be near that of gold, which the World Gold Council pegs at about $12 trillion for all that's ever been mined. "The dead people at Charles Schwab do far better than the living people," he said. "So act like you're dead with your bitcoin and don't sell your bitcoin. Don't do anything with it. Hopefully, we can continue to coach our clients to listen to that mantra. "The world's largest cryptocurrency has attracted a tidal wave of demand since January, when the Securities and Exchange Commission approved 11 spot bitcoin ETF products, including those from major asset managers like BlackRock and Fidelity.Bitcoin has gained roughly 44% year-to-date, and on Friday it hovered around $63,750. While institutional demand has ramped up, markets are also bracing for the <a href="https://www.businessinsider.com/bitcoin-halving-cryptocurrency-markets-investors-etf-spot-btc-supply-demand-2024-3?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*8ub6rc*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcxMTEzMTA2OS4xNzc0LjEuMTcxMTEzNDgwOS4wLjAuMA..">upcoming halving event</a>, which is expected to happen in April. That occurrence, industry experts say, could create a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-cryptocurrency-new-all-time-high-halvening-explained-2024-3?_gl=1*p2feii*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcxMTEzMTA2OS4xNzc0LjEuMTcxMTEzNjQ5OC4wLjAuMA..">supply shock</a> and ultimately push the price of bitcoin higher.ARK Invest CEO Cathie Wood said Friday at the conference that bitcoin could see millions more tacked onto her firm's current price target of $1.5 million by 2030, suggesting the token <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-cathie-wood-cryptocurrency-investors-target-markets-etf-2024-3">could go as high as $3.8 million</a> given the latest developments. Ark was one of the 11 firms the SEC approved for an ETF.

'Act like you're dead': What Anthony Scaramucci tells clients nervous about bitcoin's big swings

<ul><li><keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has smashed past the $20,000 mark for the first time, doubling in value since the beginning of 2020.</li><li>Bitcoin has seen growing interest and participation from renowned global investors, including billionaire Alan Howard and insurance giant MassMutual.</li><li>Industry insiders believe there’s more to come in this bully rally in the cryptocurrency.</li><li>Payment giants Visa, MasterCard, and PayPal have also thrown their weight behind Bitcoin, leading to a boost in investor confidence.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Bitcoin has gone past the crucial $20,000 barrier for the first time, setting a new record in the cryptocurrency’s history. The latest breakout in Bitcoin comes after it was hovering around the $20,000 mark for the last one month. Since the beginning of 2020, Bitcoin has doubled in value – it has increased from $11,100 in the beginning of this year to $22,000 as of December 17, and there are two more weeks left this year. That is a 100% increase in Bitcoin’s value, making it an increasingly lucrative option for a lot of investors. At the time of writing this story, 1 Bitcoin was valued at over $22,000, which is another crucial range for the cryptocurrency. Industry insiders believe there’s more to come. “The more respected companies that join the BTC rally, the more reputable and wanted of an asset it becomes. Not to mention, those large buyers created somewhat of a shortage in Bitcoin liquidity. The price is only going upwards from this,” said Ray Youssef, co-founder and CEO of Paxful. “This time BTC has not just revisited $20,000 but has gone ahead to rally beyond $22,000. We are noticing more and more BTC (Bitcoin) leaving exchanges across the world, 19% more transfer than the 2017 price increase, which is a signal that investors are holding BTC as long-term investments,” said Vikram Subburaj, co-founder and CEO of Giottus Cryptocurrency Exchange. <div type="Article" hostid="261" msid="76063794" title="Bitcoin hodl waves indicate 60% of the cryptocurrency is being hoarded – analysts suggest a bull run could be in the offing" mstype="2" mssubtype="0"></div> <div type="image" title="Bitcoin 01_01_20 to 17_12_20" msid="79775530" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin&amp;#39;s value crashed in March but since then the surge has become almost impossible to stop&amp;lt;/p&amp;gt;"></div> Investor backing has helped Bitcoin double its value in 2020 The rally in Bitcoin is not just because of a demand-supply gap. Industry sources believe Bitcoin investments from renowned global investors has also stoked the bull rally. Sumit Gupta, CEO and co-founder of CoinDCX said, “Bitcoin breaking above $20,000 is a milestone in a year which saw numerous ups and downs in the global economy. This is mainly due to numerous global renowned investors, institutions putting their weight behind Bitcoin.” Some of the big names investing in Bitcoin recently include billionaire Alan Howard-backed One River Asset Management, insurance giant MassMutual, Ruffer Investment, among others. “With more players joining the bandwagon we will be noticing more price increases in the days to come,” Subburaj further added. Alan Howard’s firm is <a href="https://www.bloomberg.com/news/articles/2020-12-16/bitcoin-whale-surfaces-with-1-billion-and-alan-howard-s-backing">eyeing holdings</a> to the tune of $1 billion in Bitcoin and Ether by 2021. Bringing Bitcoin to the masses Payment giants like Visa, MasterCard, PayPal and even Square have thrown their weight behind Bitcoin and other cryptocurrencies. MasterCard has <a href="https://www.businessinsider.com.au/mastercards-garry-lyons-davos-fintech-mastercardlabs-blockchain-bitcoin-2016-1">invested in Bitcoin company</a> Digital Currency Group, while Visa has launched a credit card that <a href="https://www.businessinsider.in/finance/news/visa-will-offer-a-credit-card-that-rewards-purchases-in-bitcoin-rather-than-cash-or-airline-miles-in-early-2021/articleshow/79533024.cms">rewards purchases in Bitcoin</a>. PayPal has announced that it will allow users to buy and sell cryptocurrencies, giving Bitcoin a big push to the masses. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-winklevoss-twins-said-buying-bitcoin-is-the-trade-of-the-century-and-predicted-a-30x-return-in-a-recent-interview-here-are-the-9-best-quotes/articleshow/79722959.cms">The Winklevoss twins said buying Bitcoin is the 'trade of the century' and predicted a 30x return in a recent interview. Here are the 9 best quotes</a> <a href="https://www.businessinsider.in/stock-market/news/insurer-massmutual-scoops-up-100-million-worth-of-bitcoin-and-billionaire-mike-novogratz-noted-it-as-the-most-important-news-in-crypto-this-year/articleshow/79681890.cms">Insurer MassMutual scoops up $100 million worth of Bitcoin, and billionaire Mike Novogratz noted it as the most important news in crypto this year</a> <a href="https://www.businessinsider.in/stock-market/news/an-incoming-senator-believes-bitcoin-is-a-better-store-of-value-than-paper-money-and-plans-to-teach-congress-how-to-use-it-to-reduce-the-national-debt/articleshow/79744309.cms">An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt</a>

Bitcoin has doubled investor wealth in 2020 — and industry insiders say there's more to come

<ul class="summary-list"><li>US stocks ticked higher on Wednesday after Fed officials reaffirmed central bank's dovish monetary policy.</li><li>Fed Vice Chair Richard Clarida said pricing pressure will prove to be "largely transitory."</li><li>Bitcoin and ether staged a recovery from last week's losses.</li></ul>US stocks edged higher on Wednesday after more central bank officials signaled that inflationary pressures are temporary, soothing investor concerns that a policy change would come sooner than expected.Fed Vice Chair Richard Clarida said on Tuesday it would be possible to <a href="https://www.reuters.com/article/global-markets/global-markets-asian-shares-gain-dollar-soft-as-fed-calms-inflation-fears-idUSL2N2ND09C" target="_blank" rel="noopener">discuss scaling back</a> the pace of asset purchases, and that pricing pressure will prove to be "largely transitory."San Francisco Fed Bank President Mary Daly <a href="https://www.cnbc.com/2021/05/25/feds-daly-says-the-economy-is-strong-but-its-way-too-early-to-tighten-policy.html" target="_blank" rel="noopener">told CNBC</a> on Tuesday economic progress looks encouraging, but it isn't yet time to change policy."What we've seen is some really bright spots, some very encouraging news," she said. "It gives me hope, and I am bullish for the future. But it's too early to say that the job is done."Here's where US indexes stood at the 9:30 a.m. ET open on tk:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingestm=ingest">S&amp;P 500</a>: 4,196.06, up 0.19%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingestgest">Dow Jones industrial average</a>: 34,395.29, up 0.24% (77.89 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest">Nasdaq composite</a>: 13,703.03, up 0.34%</li></ul>"The debate over inflation's sustainability has been the primary directional driver of recent price action," said Craig Johnson, Piper Sandler chief market technician. "Investors appear to be giving the Fed the benefit of the doubt with their transitory inflation forecast, but we suspect the window of confidence could close without supporting evidence in coming months. Based on this backdrop, we suspect economic uncertainty and volatility could remain high over the coming weeks as investors wait for more clarity on inflation and tapering."Cryptocurrency volatility continued, with bitcoin topping $40,000 Wednesday morning and ether moving above $2,800. JPMorgan said the recent headwinds in the cryptocurrency industry are similar to the 2017 collapse. <a href="https://newsletter.businessinsider.com/click/23965281.89377/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vY3VycmVuY2llcy9uZXdzL2pwbW9yZ2FuLWJpdGNvaW4tY3J5cHRvY3VycmVuY3ktcGx1bmdlLTIwMTctY29sbGFwc2UtYnRjLWV0aGVyLWFsdGNvaW5zLXN0YWJsZWNvaW5zLTIwMjEtNS0xMDMwNDYzOTkxP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/5d0cd4a524c17c4d6716770bBeeaef551" target="_blank" rel="noopener">Investors are diversifying out of bitcoin and ether</a> into riskier altcoins again. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> fell as much as 1.2%, to $65.25 per barrel.<a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest"> Brent crude</a>, oil's international benchmark, slid 0.8%, to $68.05 per barrel, at intraday lows.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingestgest">Gold</a> erased nearly all of its 2021 losses and climbed as much as 0.7%, to $1913 per ounce.

US stocks rise as Fed officials reassure investors inflation will be short lived

<ul><li>A continued sell-off in <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> and <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword> has driven the total market cap of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> to about $2 trillion on Thursday.</li><li>Other altcoins driving the decline include Solana, Polkadot, and Cardano, among others.</li><li>The total market cap of <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> peaked above $3 trillion in mid-November. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell.</a></li></ul>A bear market in <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>, and other altcoins has driven the total market capitalization of cryptocurrencies to about $2 trillion on Thursday, according to <a href="https://coinmarketcap.com/">data from CoinMarketCap.</a>That's a sizable drop from its recent peak of about $3 trillion in mid-November, when bitcoin peaked at about $69,000. Since then, the world's most popular cryptocurrency has plunged 38%, with its sell-off accelerating this week after <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-market-cryptocurrencies-ethereum-binance-cardano-fed-minutes-2022-1">minutes from the Federal Reserve</a> hinted at the potential for sooner-than-expected interest rate hikes.Bitcoin's Wednesday sell-off erased about $60 billion in market value, with the cryptocurrency losing a total $500 billion in value since its November peak. Meanwhile, ether lost about $50 billion in market value during this week's sell-off, and has seen its total market capitalization fall by about $170 billion since its peak.Some investors expect the sell-off in crypto to be short-lived despite <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-technical-sell-off-violates-support-downside-ahead-2022-1">various support levels having been broken.</a> Crypto bull Mike Novogratz expects bitcoin to find a floor around $38,000 as institutions step in and buy, representing additional downside of about 12% from current levels.But bitcoin and ether aren't the only tokens driving the decline in the total market value of cryptocurrencies. More than 25 cryptocurrencies with a market value of at least $1 billion have erased 10% or more in market value over the past week. High-flying <a href="https://markets.businessinsider.com/currencies/sol-sol">Solana</a> fell 9% over the past day and is down 42% from its record high. Meanwhile, <a href="https://markets.businessinsider.com/currencies/ada-usd">Cardano</a> is about 60% below its record high, while <a href="https://markets.businessinsider.com/currencies/dot-usd">Polkadot</a> is down about 51% from its peak. If investors maintain their risk-off attitude towards speculative assets due to a tightening Fed, the decline in cryptocurrencies could continue. <div type="image" title="Crypto market value" height="468" width="1368" msid="88742573" hostid="261"></div>

The bear market in bitcoin is dragging the market cap of the total crypto space back toward $2 trillion, tumbling from its peak of $3 trillion in November

<ul class="summary-list"><li>54% of fintech experts surveyed expect <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> to overtake currencies issued by central banks in global finance by 2050. </li><li>The move could also take place by 2035, according to 29% of respondents. </li><li>The majority of the panel see bitcoin as currently undervalued, and the price rising this year to $66,284. </li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">Bitcoin</a>, the world's most traded <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword>, will surpass money issued by central banks as the dominant form of finance worldwide in less than 30 years, according to a panel of fintech specialists. 54% of 42 crypto experts surveyed foresee so-called <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">hyperbitcoinization</a> - or the moment that bitcoin overtakes global finance -- occurring by 2050, according to a <a href="https://www.finder.com/uk/bitcoin-btc-price-prediction">report Friday from Finder.com</a>, a personal finance comparison site. That event could take place even sooner, by 2035, according to 29% of the respondents. The projection come during a time of growing interest in the cryptocurrency market among institutional and retail investors and as the majority of the central banks are conducting work on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">digital currencies</a>, ranging from research to pilot programs. "Some countries will leverage BTC as their primary currency of choice. With fixed circulation, ease of transfer, it will serve them well to move to a "bankless" model inherent in this ecosystem," Joseph Raczynski, a Thomson Reuters technologist and futurist, said in Finder.com's report. He expects by 2025 for bitcoin to overtake fiat currencies and, by then, it priced to be $150,000. El Salvador is breaking ground with its move in <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-adoption-poses-network-challenges-blockchain-jpmorgan-2021-7">becoming the first country to adopt bitcoin as legal tender</a>. Usage will begin in September following approval by lawmakers in June. 55% of the panelists think bitcoin will become the currency of choice in developing nations, with Finder.com asking them about bitcoin's use in such countries specifically in light of El Salvador's action and as Venezuelans use bitcoin as a way to beat hyperinflation. But 44% of 41 respondents don't think hyperbitcoinization will occur at all. Among them is Lee Smales, an associate professor at the University of Western Australia. "Ultimately I think Bitcoin (and many other cryptocurrency assets) will lose out to central bank digital currencies - many of which will be live by the end of the decade," Smales said. Federal Reserve Chairman Jerome Powell told US lawmakers this week that cryptocurrencies<a href="https://markets.businessinsider.com/currencies/news/fed-crypto-jerome-powell-senate-testimony-stablecoins-2021-07"> have failed to become a viable payment method</a> and that an official US digital currency could undercut the need for cryptocurrencies or stablecoins. Powell said a research paper on whether the Fed should establish a digital currency will likely be published in September. 86% of central banks are exploring the benefits and drawbacks of central bank digital currencies, or CBDC, according to a 2020 survey by the <a href="https://www.bis.org/publ/bppdf/bispap114.pdf">Bank for International Settlements</a>. Looking at bitcoin's price in 2021, 61% of Finder.com's panel said bitcoin is currently undervalued. On average, the panel expects bitcoin to climb to $66,284 by the end of the year. Bitcoin on Friday traded below $32,000 <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-falls-lowest-july-cryptocurrencies-selloff-eth-doge-powell-2021-7">and was headed toward its worst weekly performance</a> in more than a month. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/twitter-built-on-blockchain-will-let-users-monetise-their-posts-and-come-up-with-their-own-rules/articleshow/84548663.cms">Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-co-founder-quits-crypto-with-a-big-warning/articleshow/84547141.cms">Ethereum’s co-founder wants to be more than just ‘the crypto guy’ as he exits the industry</a> <a href="https://www.businessinsider.in/cryptocurrency/news/dogecoin-jumps-10-after-elon-musks-twitter-profile-picture-change/articleshow/84544778.cms">Dogecoin jumps 10% after Elon Musk’s Twitter profile picture change</a>

More than half of experts in a recent crypto survey said bitcoin will replace fiat currency by 2050

<ul><li>"Bond King" Jeffrey Gundlach <a href="https://www.cnbc.com/video/2021/01/11/watch-mondays-full-episode-of-the-halftime-reportjan-11-2020.html">told CNBC</a> on Monday <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> hit "bubble territory" once it passed $23,000, and he doesn't feel comfortable with the coin's current levels. </li><li>"I don't like bitcoin here, I don't like things that are up on a stilt like that," the DoubleLine Capital founder said of the coin that rallied nearly 300% in 2020. He added that he's "neutral" on bitcoin.</li><li>Bitcoin fell as much as 13% on Monday to $30,558. It's lost over $10,000 in value since hitting a record above $41,000 last week, but the coin is still up nearly 89% in the last month. </li><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Watch bitcoin trade live here.</a></li></ul>"Bond King" Jeffrey Gundlach <a href="https://www.cnbc.com/video/2021/01/11/watch-mondays-full-episode-of-the-halftime-reportjan-11-2020.html">told CNBC</a> on Monday <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> hit "bubble territory" once it passed $23,000, and he doesn't feel comfortable with the coin's current levels."I don't like bitcoin here, I don't like things that are up on a stilt like that," the DoubleLine Capital founder said of the coin that rallied nearly 300% in 2020.Bitcoin <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-dollar-rally-politics-risk-trump-impeachment-ethereum-crypto-2021-1-1029946824">fell as much as 20% on Monday, to $30,324</a>. While the coin has lost roughly $10,000 in value since hitting a record above $41,000 last week,it's still up nearly 89% over the past month. Gundlach suggested bitcoin's run-up has happened all too fast."People seem to be so much on one side of the boat that I just really don't really believe the boat can sail that well, and I think that's where bitcoin is on the bullish side right now," he said. Read more: <a href="https://www.businessinsider.com/bitcoin-investing-how-to-value-crypto-why-buy-matt-hougan-2021-1" target="_blank" rel="noopener">The CIO of a $500 million crypto asset manager breaks down 5 ways of valuing bitcoin and deciding whether to own it after the digital asset breached $40,000 for the first time</a>The investor added that bitcoin has a "terrific supply and demand dynamic" if institutions get involved. The total number of bitcoins that can ever be mined is 21 million, which means that the supply stays scarce even if demand grows. He's insisted that he's not a "bitcoin hater" and told CNBC he went neutral on bitcoin after it hit $23,000.In a <a href="https://markets.businessinsider.com/news/stocks/billionaire-bond-king-jeff-gundlach-bitcoin-faang-stocks-government-benefits-2020-12-1029885902">DoubleLine webcast in December</a>, he said: "I'm not a bitcoin pro or con person. I'm not in the cult, and I'm not in the anti-bitcoin cult. I just look at it as a fascinating representation of animal spirits and speculation."Earlier, in a RealVision interview from Oct 1, Gundlach said he "didn't believe in bitcoin.""I think that it's a lie," <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-outlook-analysis-rally-dalio-chamath-novogratz-druckenmiller-gundlach-2020-11-1029820605">he said</a>. "I think that it's very tracked, traceable. I don't think it's anonymous." Gundlach later added that he was "not at all a bitcoin hater."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-strongest-sales-growth-2021-goldman-sachs-2021-1" target="_blank" rel="noopener">Goldman Sachs says to buy these 29 stocks poised to deliver the strongest sales growth through year-end</a>

Billionaire 'Bond King' Jeff Gundlach says bitcoin appears to be in 'bubble territory'

<ul><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword>'s breakout to record highs on Tuesday sets it up for more gains ahead, according to technical analyst Katie Stockton of Fairlead Strategies. </li><li>Stockton's measured move price target of $69,121 for bitcoin represents potential upside of 10% from current levels.</li><li>Bitcoin needs to see consecutive daily closes above its recent all-time-high to confirm the move higher, according to Stockton.</li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> broke out to new all-time-highs on Tuesday, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-all-time-high-btc-stimulus-institutional-coinbase-cryptocurrencies-2021-4-1030297319">cruising past the $63,000 price level</a> and hitting a record $63,275 as investor anticipation grows for crypto-exchange platform <a href="https://markets.businessinsider.com/currencies/news/coinbase-ipo-predictions-expert-analysis-direct-listing-bitcoin-crypto-2021-4-1030290743">Coinbase's direct listing on Wednesday.</a>The gains in bitcoin will likely continue in the short-term, technical analyst Katie Stockton of <a href="https://www.fairleadstrategies.com/crypto">Fairlead Strategies</a> told Insider, assuming that Tuesday's breakout is confirmed by daily consecutive closes above its previous record March high of about $61,742. If the breakout is confirmed, Stockton sees the potential for bitcoin to gain an additional 10% from current levels in the short-term, surging to $69,121 based on <a href="https://markets.businessinsider.com/news/stocks/chart-patterns-technical-analysts-used-by-buy-stocks-analysis-market-2020-5-1029263411">a measured move price projection.</a>A bullish measured move is considered a continuation pattern among technical analysts, and it generally consists of three parts: a reversal advance, a period of consolidation, and a continuation rally.The size of the initial reversal advance is then projected forward from the low of the consolidation period to generate the price target.Bitcoin's reversal advance occurred in early March, as the cryptocurrency rallied about 44% after suffering a decline of 26% in mid-February. Bitcoin's rally to about $61,742 on March 13 was then followed by a period of price consolidation, with it <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading">trading</keyword> flat over the next month despite a short-lived 18% correction to $50,360 on March 25. After bitcoin's break to new record highs on Tuesday, Stockton believes the month-long period of consolidation is over and that a continuation rally for bitcoin is set to unfold. But there is still downside potential for bitcoin, especially if the cryptocurrency fails to establish consecutive daily closes above its previous March high.If bitcoin breaks below $61,742 in the short-term, it could trend lower to support near its 50-day moving average around $55,000, representing downside potential of about 13% from current levels, Stockton said. Whichever way bitcoin trades going forward, Coinbase investors will be closely watching, given that the directional volatility in the cryptocurrency <a href="https://markets.businessinsider.com/currencies/news/coinbase-price-target-raised-440-da-davidson-blockbuster-earnings-bitcoin-2021-4-1030282489">has a big impact on the company's earnings</a>.Read more: <a href="https://www.businessinsider.com/crypto-arbitrage-trading-strategy-alameda-research-sam-bankman-fried-billionaire-2021-4" target="_blank" rel="noopener">A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities</a><div type="image" title="04132021_XBTUSD" height="587" width="1038" msid="82053592" hostid="261"></div>

You Searched For "bitcoin live price" and got 11 results

Bitcoin miners got kicked out of China. Now they're sucking America dry.

Taylor Dorrell

The volatility that made bitcoin so appealing is dwindling

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Bitcoin's back on top, but it's not a boon for everyone in the space

Dan DeFrancesco

No one's touting bitcoin's use case anymore. Bulls say the plan is to hold it forever.

Phil Rosen

'Act like you're dead': What Anthony Scaramucci tells clients nervous about bitcoin's big swings

Phil Rosen

Bitcoin has doubled investor wealth in 2020 — and industry insiders say there's more to come

Rounak Jain

US stocks rise as Fed officials reassure investors inflation will be short lived

Emily Graffeo

The bear market in bitcoin is dragging the market cap of the total crypto space back toward $2 trillion, tumbling from its peak of $3 trillion in November

Matthew Fox

More than half of experts in a recent crypto survey said bitcoin will replace fiat currency by 2050

Carla Mozée

Billionaire 'Bond King' Jeff Gundlach says bitcoin appears to be in 'bubble territory'

Emily Graffeo

A decisive breakout in bitcoin has it set up for a further 10% gain in the near term, according to one technical analyst

Matthew Fox

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