In the Battle over Bitcoin, It’s Bull vs. Bear in Elon Musk’s Brain

By Al Root

What do Cathie Wood, ESG investors, and central bankers have in common? They’re all involved in the bull and bear debate over Bitcoin—and they’re all vying for space in Tesla CEO Elon Musk’s mind.

Wood is a big Bitcoin bull. Her price target is $500,000, and cryptocurrency brokerage Coinbase is a top 10 holdings in her ARK Innovation exchange-traded fund. Musk, for his part, regularly tweets about crypto. And Tesla holds some $1.5 billion worth of Bitcoin.

To read more:

Bitcoin rebounds after a wild weekend that took it below $32,000

By Sam Shead

The crypto market edged higher Monday after a week of hell during which billions of dollars were wiped off the value of bitcoin and ether.

The price of Bitcoin rebounded above the $38,000 level Monday after plummeting to less than $32,000 on Sunday. Bitcoin was up around 14.74% at $37,993.96 in the 24 hours leading up to 11:25 a.m. ET, according to CoinDesk data, which put the market cap of the world’s most popular cryptocurrency at around $711.1 billion.

Ether, the world’s second most popular cryptocurrency, rose from less than $1,800 on Sunday to over $2,400 on Monday. It was trading around $2,461.97 at 11:25 a.m. ET – up 26.1% over 24 hours and with a market cap of around $285.6 billion, according to CoinDesk.

To read more:

Elon Musk Dismantles Bitcoin Bit By Bit

By Rob Berger

Like plucking the petals off a tulip, Elon Musk seems to be on a one-man mission to bring down Bitcoin. We’ll guess at why he’s doing it in a minute. Let’s first focus on what he’s doing and what it means for Bitcoin.

The current drama started on January 29, 2021. It was on that day that Elon Musk added the hashtag #Bitcoin to his Twitter bio. Bitcoin skyrocketed from $32,000 to $38,000 on the news. So much for fundamentals.

To read more:

Move over Bitcoin, Ether tops $3,000

By Joanna Ossinger

Bitcoin’s domination of the total cryptocurrency market value is declining as its next-biggest rival Ether reaches the $3,000 milestone.

The rise of Ether suggests there’s room for more than one winner among digital tokens as the sector evolves. Bitcoin now accounts for about 46% of total crypto market value, down from roughly 70% at the start of the year, and Ether makes up 15%, according to tracker CoinGecko.

To read more:

Bitcoin Rebounds After Hitting Lowest Level Since March

By Joanna Ossinger

Bitcoin rallied back Monday as investors took advantage of the lowest levels in seven weeks to pile back in.

The largest cryptocurrency rose as much as 13% to above $54,000, the biggest intraday gain since early February.

The move comes as JPMorgan Chase & Co. is preparing to introduce an actively managed Bitcoin fund to some clients as soon as this summer, Coindesk reported, citing unidentified people familiar with the matter. The rebound reverses a two-week slump that had pushed Bitcoin below its 100-day moving average amid technical warnings from Wall Street and fears of a growing crypto bubble.

To read more:

JPMorgan Sounds Urgent Alarm On Bitcoin Price ‘Momentum’ After $300 Billion Bitcoin And Crypto Sell-Off

By Billy Bambrough

Bitcoin, after hitting a fresh all-time high last week, is showing signs of weakness (with some predicting bitcoin could be about to peak).

The bitcoin price, now hovering around $55,000 per bitcoin, is currently up almost double where it started 2021—with the wider cryptocurrency market riding its coattails to a total value of over $2 trillion.

Now, with a sudden weekend sell-off leaving bitcoin traders and investors reeling, JPMorgan analysts have warned that if the bitcoin price doesn’t regain ground above $60,000 soon, bitcoin’s momentum signals will collapse.

To read more:

Bitcoin slumps 14% as pullback from record gathers pace

By Reuters

Bitcoin, the world’s biggest cryptocurrency, fell as much as 14% to $51,541 on Sunday, reversing most of the big gains it made over the past week.

Bitcoin was last trading down 10% at $53,991 as of 1320 GMT, a whopping $12,000 below record highs set on Wednesday. Smaller rival Ether , the coin linked to the ethereum blockchain network, dropped 10% to $2,101.

Data website CoinMarketCap cited a blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.

Luke Sully, CEO at digital asset treasury specialist Ledgermatic, said in an email that people “may have sold on the news of the power outage in China and not the impact it actually had on the network”.

To read more:

Bitcoin Approaches $65,000 With Coinbase Listing Fueling Demand

By Yakob Peterseil

Bitcoin breached the $64,000 level for the first time as investor demand for all things crypto surged amid Coinbase Global Inc.’s public debut.

The direct listing of the biggest U.S. crypto exchange is seen pushing tokens even more into the mainstream of investing, exposing legions of potential buyers to the digital asset class that have grown into a $2 trillion industry in little more than a decade. Bitcoin, the original and biggest crypto coin, is valued at more than $1 trillion alone after a more than 800% surge in the past year.

To read more:

Crypto Lobby Forms to Shake Reputation as Criminals’ Currency

By Joe Light

Even as cryptocurrencies steadily gain support on Wall Street, they’re still regarded by regulators as a tool for criminals to conceal shady transactions — posing a challenge to the nascent industry as it seeks to win wider respect.

That’s creating a potentially lucrative opportunity for new groups in Washington advocating for digital currencies. Some prominent crypto lobbying organizations say they’ve increased their membership and raised millions of dollars to help improve the industry’s image.

To read more: