Bitcoin
Bitcoin lags behind stocks and bonds in Q2 2024
Analysts have signaled that Bitcoin has failed to deliver in the second quarter of 2024, lagging behind stocks and bonds in terms of performance.
According to Bloomberg, Bitcoin underperformed compared to global equities, fixed income and commodities this quarter. The leading cryptocurrency lost approximately 5% from the beginning of April to mid-June.
After reaching a high of $73,798 in March, attempts to return to the position failed to achieve.
In the previous quarter, Bitcoin soared 67% in the three months to March. Massively outperforming traditional asset indices.
One of the main reasons that drove the change was the fashion around the approval of US Bitcoin Exchange Traded Funds (ETFs). However, that enthusiasm appears to be fading, according to Noelle Acheson, author of the Crypto Is Macro Now newsletter.
Acheson believes the inflow of new funds into Bitcoin ETFs has slowed. She attributed most of the recent inflows to existing Bitcoin holders, adding that “only new money will move the price.”
Raising more than $15 billion to date, Bitcoin ETFs have been one of the most coveted investment vehicles on Wall Street.
JPMorgan Chase strategists noted that there has been a rotation of funds from digital wallets on exchanges to new ETF products. With this in mind, they estimated this year’s net flow into cryptocurrencies, including ETFs and other sources, at $12 billion.
The estimate is much lower compared to the 45 billion dollars recorded in 2021 and the 40 billion dollars in 2022.
As a result, strategists concluded that they remain “skeptical” about the continuation of the pace of inflows until the remainder of 2024.
Acheson further estimates that Bitcoin miners may have contributed to the cryptocurrency’s poor performance.
Miners have been selling their cryptocurrency holdings to stay afloat. With the April halving, there was a considerable drop in profitability. The current halving has reduced the block reward from 6.25 BTC to 3.125 BTC.
In May, crypto mining analytics firm Hashrate Index Revealed that miners would face a “strong upward difficulty adjustment” in the coming months. Before that, research firm Kaiko had warned of imminent selling pressure from miners.
“If miners were forced to sell even just a fraction of their holdings next month, it would have a negative impact on the markets,” the company wrote at the time.
Despite the drop in performance, some analysts remain bullish on Bitcoin.
As reported by crypto.news, analyst CryptoCon predicted a year-end price target of $91,539 for the debut cryptocurrency. Michael Novogratz of Galaxy Digital speculates a similar range of $100,000.
Meanwhile, Cathie Wood of Ark Invest has the most bullish outlook, having raised her long-term price target for Bitcoin to a whopping $3.8 million.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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