Digital currency Bitcoin hits new high before losing S$200 in value in one day

Bitcoin soars close to $13,000, hitting a 17-month high
* Bitcoin surges as high as $12,919 in early morning trade, to its highest level since January 2018.
* It’s enjoyed a spectacular rally this year as companies like Facebook get involved in the crypto space.

Ryan Browne
PUBLISHED 26 June 2019

Bitcoin skyrocketed close to $13,000 on Wednesday, notching a 17-month high and continuing a stunning turnaround for the cryptocurrency in 2019.

The digital currency surged as high as $12,919 in early morning trade, according to CoinDesk’s bitcoin price index, which tracks prices from various exchanges.

That was the highest level the virtual coin had traded at since January 2018. It’s now up 230% since the start of this year. Bitcoin last traded about 11% higher on Wednesday to $12,565.

It was the biggest gainer among some of the most popular cryptocurrencies, with ether up nearly 6% at $332 and XRP just 0.2% higher at about 47 cents. Bitcoin’s dominance of the market now stands at over 60%, according to CoinMarketCap.

Bitcoin has enjoyed a spectacular rally this year as investors look to major companies like Facebook getting involved in the crypto space. The social media giant announced plans for a cryptocurrency called Libra last week. The digital token will be used for payments and is being overseen by a consortium of companies including Visa and Uber.

There are other theories behind bitcoin’s move higher, including the idea that it may be viewed as a hedge amid ongoing U.S.-China trade uncertainty. Another reason for the rally, experts say, is that traders are anticipating a so-called “halvening” event next year that cuts the rewards to bitcoin miners in half.

More details in https://www.cnbc.com/2019/06/26/bitcoin-...-high.html

Even as the decade ended yesterday, one of the best investment ever ..... mega muliti-bagger : $0.50 invested for 9m% gains can buy a D9 condo ....

Background info - Bitcoin price history : https://www.investopedia.com/articles/fo...istory.asp

--------------------------------------

9m per cent leap in a decade stuns Bitcoin sceptics
Wed, Jan 01, 2020 - 5:50 AM

New York

IF IN the throes of this bull market's earliest stages of recovery someone told you to forgo stocks, forget commodities, renounce fixed-income assets and buy an unknown digital token, the first of its kind, and watch it grow beyond your wildest dreams, you'd call them crazy, right?

.......The largest digital token, trading around US$7,200, has posted gains of more than 9,000,000 per cent since July 2010, according to data compiled by Bloomberg......

https://www.businesstimes.com.sg/compani...n-sceptics

Crypto's doing pretty good at this point of time. Placing a placeholder here and seeing how it goes, in time to come.

Bitcoin Price Falls After One-Hour Volume Spike

This comes after bitcoin prices saw a 4.5 percent gain on Monday. The Standard & Poors 500 also showed positive gains Monday, up 4.6 percent. Year to date, bitcoin is up 21 percent while the S&P is down 5.5 percent.

https://www.coindesk.com/bitcoin-price-f...lume-spike

People have made money with bitcoin. People have lost money with bitcoin. But with more baptism over time, it is becoming clearer and clearer how it will be performing.

Bitcoin's hedge fund sharks are swimming with the whales

Bitcoin is doing that thing again. After a 50 per cent slump in the cryptocurrency's price to about US$4,000 in mid-March, when Covid-19 panic was gripping the financial markets, it has bounced back to trade at about US$11,200. Veteran crypto-watchers have seen this rapid shift from fear to greed many times before, and know it can have painful consequences.

https://www.businesstimes.com.sg/banking...the-whales

Bitcoin hits $19,000 for first time in three years, all-time high in sight

By Saikat Chatterjee
NOVEMBER 24, 20205:06 PM

LONDON (Reuters) - Bitcoin hit $19,000 on Tuesday for the first time in nearly three years, homing in on its all-time high of just under $20,000.

The world’s most popular cryptocurrency was last up 3.2% at $18,958. Bitcoin has gained nearly 40% in November alone and is up around 160% this year.

Fuelling its gains have been demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

More details in https://www.reuters.com/article/us-crypt...SKBN28413S

Bitcoin shatters $20,000 barrier for first time

By Thyagaraju Adinarayan, Gertrude Chavez-Dreyfuss
DECEMBER 16, 20208:52 PM

LONDON/NEW YORK (Reuters) - Bitcoin smashed through $20,000 for the first time on Wednesday, its highest ever, amid increased institutional and corporate interest.

The cryptocurrency hit an all-time peak of $20,800 and was last up 6.4% at $20,675. It has gained more than 170% this year, buoyed by demand from larger investors attracted to its potential for quick gains, purported resistance to inflation and expectations it will become a mainstream payment method.

Smaller coins ethereum and XRP, which often move in tandem with bitcoin, gained 5.4% and 8.1%, respectively.

“Many of our clients have been expecting bitcoin to surpass its all-time high of $20,000 given the recent news from major institutional players like SGX and MassMutual openly endorsing bitcoin,” said Scott Freeman, co-founder & partner at trading firm JST Capital.

“While this is a major milestone for this nascent asset class, as retail, institutional, and blue-chip investors alike allocate more capital to this space, it would not be surprising to see other coins follow in BTC’s footsteps and for this upward trajectory to be sustained into 2021.”

More details in https://www.reuters.com/article/crypto-c...SKBN28Q1UI

Quote:Visa has quietly warmed to crypto, along with PayPal and Square
Daniel Roberts·Editor-at-Large
Thu, December 17, 2020, 4:09 AM GMT+8·3 min read

https://finance.yahoo.com/news/visa-has-...53910.html

Bitcoin trades near Sunday record of $34,800 following 800% surge

By Kevin Buckland
PUBLISHED JANUARY 4, 2021 / 10:55 AM

TOKYO (Reuters) - Bitcoin traded at $33,365 in Asia on Monday, after soaring to a record high of $34,800 on Sunday as investors continue to bet the digital currency is on its way to becoming a mainstream asset.

The latest milestone for the world’s most popular cryptocurrency came less than three weeks after it crossed $20,000 for the first time, on Dec. 16, and bitcoin has now surged some 800% since mid-March.

With bitcoin’s supply capped at 21 million, some see it as a hedge against the risk of inflation as governments and central banks turn on the stimulus taps in response to the COVID-19 pandemic. Some also view it as a safe-haven play during the COVID-19 pandemic, akin to gold.

“Some of it is reflecting the fear of a weaker dollar,” Bank of Singapore currency analyst Moh Siong Sim said of the most recent rally.

“It seems like people are preferring bitcoin as an expression of concern over currency debasement, relative to gold.”

Bitcoin’s advance also reflects increasing expectations it will become a mainstream payment method, with PayPal opening its network to cryptocurrencies.

The potential for quick gains has also attracted demand from larger U.S. investors, as well as from traders who normally stick to equities.

More details in https://www.reuters.com/article/us-crypt...SKBN29905L

Bitcoin breaks above $35,000 to touch new high

By Reuters Staff
JANUARY 6, 2021 12:13 PM

SHANGHAI (Reuters) - Bitcoin traded above $35,000 for the first time in Asia on Wednesday, rising to a high of $35,879 and extending a rally that has seen the digital currency rise more than 800% since mid-March.

More details in https://www.reuters.com/article/us-crypt...SKBN29B0GR

(06-01-2021, 06:48 PM)cyclone Wrote: Bitcoin breaks above $35,000 to touch new high

By Reuters Staff
JANUARY 6, 2021 12:13 PM

SHANGHAI (Reuters) - Bitcoin traded above $35,000 for the first time in Asia on Wednesday, rising to a high of $35,879 and extending a rally that has seen the digital currency rise more than 800% since mid-March.

More details in https://www.reuters.com/article/us-crypt...SKBN29B0GR

Isn't it strange ? Back in 2017, there was a case of a company's shares soaring almost 300% after rebranding during the crypto craze.

It cld arguably have signalled encroaching bubble territory. Though the price did correct on and off thru' the years, look at where we are now.

Long Island Iced Tea Soars After Changing Its Name to Long Blockchain
https://www.bloomberg.com/news/articles/...blockchain