Bitcoin
Bitcoin and Crypto Stocks Pop Again This Week
Bitcoin has lifted some cryptocurrency stocks.
Some portions of crypto market came to life this week, led by Bitcoin (Bitcoin 1.30%). The token with the world’s largest market capitalization has been boosted by a resurgence in risk-taking this week following a few weeks of uncertainty surrounding geopolitics and the Federal Reserve’s next move. All of this has caused Bitcoin to jump 10.1% in the last seven days, as of 2:40 pm ET on Friday.
Bitcoin’s move has led to some big moves among leveraged Bitcoin players. According to data provided by S&P Global Market IntelligenceBitcoin holder Microstrategy (MSTR 10.04%) rose as high as 33.6% this week, before falling slightly and trading 28.8% higher at the time of writing. Miners Digital Marathon (MARA -1.02%) jumped 21.7% at its peak, Riot Platforms (REBELLION 0.60%) rose 21.7%, and Cabin 8 (CABIN 2.69%) rose 19.5%. They are currently up 28.8%, 9.3% and 13.9% for the week.
Bitcoin’s big move
The value of Bitcoin has fallen in recent weeks following the halving that halved the reward for mining a new Bitcoin. It didn’t help that investors were worried that the Federal Reserve would keep interest rates higher or that the conflict in the Middle East and Eastern Europe would continue to escalate. As Bitcoin trading correlated more with growth stocks than as a hedge to Fed moves, these uncertainties caused Bitcoin to fall.
Earlier this week, the return of some risk-taking driven by pandemic-era personalities caused a number of stocks to jump dramatically and, not surprisingly, these moves reached the crypto market. What is not clear is whether these commercial dynamics, which ultimately did not generate fundamental value for any company, will keep the market sustained.
Leveraging Bitcoin
Meanwhile, companies leveraged by Bitcoin are the biggest beneficiaries. MicroStrategy has been one of the most bullish voices in the Bitcoin market and has been buying the token with debt in recent years. This means that the stock will plummet if the value of Bitcoin falls, and when it rises, the stock may also soar.
Miners will have a double benefit if Bitcoin rises. This not only means that what they mine is more valuable, but they also keep Bitcoin on their balance sheets, enjoying the impact of the token’s rise.
This is the balance between investing in MicroStrategy or Bitcoin mining stocks.
Will pop last?
Some of the same dynamics that led to the crypto market peaking in 2021 appear today. Stocks are extremely valued and the market is ignoring weakening fundamentals and an economy that is beginning to show signs of stress. It doesn’t seem like this would affect Bitcoin, but I mentioned earlier that Bitcoin trades more like a growth stock than a hedge for financial markets.
We also saw tens of billions of dollars flowing into the crypto industry after crypto exchange-traded funds (ETFs) were approved and more people started trading again. These trends may not last if the economy slows. As a result, I will stay out of Bitcoin and leveraged stocks for Bitcoin because the risk at this point is not worth the potential reward.
Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has positions and recommends Bitcoin. The motley fool has a disclosure policy.
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.
Forbes Digital Assets
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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