Investing Opportunites
By Rob Berger
The only thing more contentious than politics today is Bitcoin.
Ask the Twitterverse whether Bitcoin is a good investment and you’ll get too very different answers. First, the early adopters love to tell everybody when they first bought (or mined) Bitcoin. If they bought it any time earlier than a few minutes ago, they’ve probably made a fortune.
By JOSEPH YOUNG
The price of Bitcoin (BTC) dropped below $16,900 again on Nov. 27 across top exchanges, including Binance. The recent pullback comes as whale exchange deposits started to increase.
Ki Young Ju, the CEO of CryptoQuant, reported that the All Exchange Inflows Mean indicator reached the “danger zone.” Historically, this caused BTC to suffer short-term corrections.
By Kevin Helms
Iran is undergoing a severe economic crisis as Covid-19 cases surge in the country. The Iranian health ministry says that the number of daily Covid-19 infections has more than quadrupled in less than two months. In addition, an increasing number of sanctions have been placed on Iran by the U.S. government, while the local fiat currency, the rial, continues to dramatically fall.
Steve H. Hanke, Professor of Applied Economics at Johns Hopkins University and a hyperinflation expert, described the situation in Iran as “a classic death spiral.” He detailed on Wednesday:
By Omkar Godbole
While bitcoin’s rally over the past month has revived talks of its price reaching new record highs above $20,000 by the end of the year, the cryptocurrency’s options market continues to assign a very low probability of that scenario playing out.
By Omkar Godbole
Bitcoin is on the rise toward $12,000, but may face a stiff challenge to cross the price hurdle.
By Omkar Godbole
While bitcoin’s dips have found buyers, the cryptocurrency is struggling to clear the important psychological hurdle of $11,000 ahead of the U.S. Federal Reserve’s rate decision due later Wednesday.
Bitcoin and cryptocurrency markets have been dominated by decentralized finance, often shortened to DiFi, over recent months.
The bitcoin price, up around 40% since the beginning of 2020, has been left in the dust by the gains made some DeFi project tokens—including yearn.finance (YFI) that’s up a staggering 3,500% in just a little over a month and has surged past bitcoin’s late-2017 $20,000 all-time high.
Bitcoin has got a lot of attention in recent months as a potential hedge against inflation.
In May, famed hedge fund manager Paul Tudor Jones set the cryptocurrency world alight when he revealed he was “betting on bitcoin” to protect against the “unprecedented expansion of every form of money.”
Bitcoin has leaped higher this week, climbing to year-to-date highs and reaching levels not seen since June last year.
The bitcoin price jumped almost 4% on Monday to hit highs of $12,470 per bitcoin on the Luxembourg-based Bitstamp exchange before falling back slightly.
The latest bitcoin rally, adding to gains of around 30% over the last month, came after high-profile day trader Dave Portnoy called for a bitcoin “pump” and data showed that, after Tesla stock, bitcoin was the most viewed asset in the U.S. last month.
Bitcoin, after a long period in the wilderness, has begun to find its place both on Wall Street and with non-financial companies.
The bitcoin price, up 6% on this time last year, has recently surged after trading sideways since early May—topping $11,000 per bitcoin for the first time since last September as nervous investors brace for a bout of inflation due to huge government spending and cash creation designed to offset the economic damage wrought by the coronavirus pandemic.