Posted on 02/27/2024 9:51:48 AM PST by SeekAndFind
LONDON/SINGAPORE (Reuters) -Bitcoin hit a two-year high on Tuesday on signs of large players buying the cryptocurrency, while smaller rival ether topped $3,200 for the first time since 2022.
Bitcoin has rallied more than 10% in two sessions, helped by a Monday disclosure from crypto investor and software firm MicroStrategy that it had recently purchased about 3,000 bitcoins for an outlay of $155 million.
The original and largest cryptocurrency by market value has also been buoyed recently by the approval of bitcoin-owning exchange-traded funds (ETFs) in the United States. On Monday, trading volumes in several of the funds spiked and crypto-linked firms rallied too, in contrast to nervous broader markets.
Bitcoin rose as far as $57,036 in the Asian morning its highest since late 2021. Ether rose as far as $3,275, its highest since April 2022.
"There's only so much supply ... but the demand unleashed by the U.S. spot ETFs seems to be relentless," said Justin d'Anethan, head of partnerships in Asia at Keyrock, a digital asset market maker.
A major incentive right now is the bitcoin halving event in April. This process is designed to slow the release of bitcoin, whose supply is capped at 21 million - of which 19 million have already been mined - by cutting the reward for producing the tokens in half.
Bitcoin has gained 32% in value so far in February, heading for its largest one-month gain since January 2023, and momentum is building beyond the investment community.
Social media platform Reddit, which on Feb. 22 filed to list its shares on the New York Stock Exchange, said it had invested a small portion of its excess cash reserves in bitcoin, ether and matic, the native token of the Polygon network, as a form of payment for sales of certain virtual goods.
(Excerpt) Read more at msn.com ...
Ether, which was up 1.1% at two-year highs around $3,220, has risen at an even faster pace this month, heading for a 41% gain.
Anticipation is growing among market participants over the possible regulatory approval of spot ether ETFs, which has helped this latest rise in price.
OTOH, reports surfacing of big shorts
American ETFs are the end of the free concept of Bitcoin. It opens the door completely to ending anonymity and to US government and bankster domination.
The government failed to destroy it, so they took it over. While the world was terrified about CBDC‘s, they took over. Bitcoin will be a skin suit for government controlled digital currency now.
That’s to be expected after a big spike up, but at the same time a bunch of shorts got REKT in yesterday’s price rise. Shorting bitcoin is one of the more rash things an investor can do...
meanwhile, gold and silver have barely budged in the last 4+ yrs
There were tons of shorts at 53,000, they got liquidated in less than an hour
Why? What control can they exert on the network? They can’t mess with the supply, so as long as you don’t sell, they exert no control.
I have been tracking my PM purchases since 2013..
My Compound Annual Growth over that time for silver for that period is .48%.
The CAGR for all of my PMs averages 3.52%. This is roughly the annual inflation rate for that same period.
I like my PMs for a lot of reasons. But return on investment is not one of them.
Bitcoin reminds me of Tulips, which were a mania at one time. Anything which is going up attracts speculators. Such as AI stocks Nvidia. Is something valuable simply because of limited supply? Answer is yes if it has unique necessity in commercial products. Such as Rhodium, whose price has rocketed up since it’s supply is limited and it is a necessary item in Catalytic Convertors.
Shut up, bot.
Bitcoin reminds me of Tulips,
JAMBOG!
Bitcoin breaks $57,000 as big buyers circle
02/26/2024 7:11:30 PM PST · by NoLibZone · 33 replies
Rueters ^ | Reuters
https://freerepublic.com/focus/f-news/4220232/posts
Reminds me of the original sunburst Gibson Les Pauls, those made ‘58-’60. For decades I’ve read how they’re overvalued, only boomers value them etc. When examples hit $50,000 decades ago, there were comments about fools and their money.
Go out and try to buy a decent, original ‘59 Les Paul.
I’ve been reading dire warnings about bitcoin forever, but people who invested just a few years ago look like genuises now.
Bitcoin is still lower than all time high few years back. It is good for short term trades to play the trend, but dont better farm on Bitcoin.
It dropped less than Netflix did.
The whole ETF thing has screwed up its trading behavior. But, it should be hitting all time highs by the end of the year.
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