Cryptocurrency Prices And News: Bitcoin Hovers Near Record High, Miners Join Rally
Cryptocurrency News: Cryptocurrency prices have been mixed this week after bitcoin surged to a new record high on May 22. Bitcoin traded around $107,500 on Wednesday, modestly retreating new peak of $111,970 on Thursday according to CoinMarketCap data. LMAX analyst Joel Kruger recently told IBD that the fresh high could set the stage for a measured rally toward $145,000.
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10 hours ago
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Bitcoin Slides Below $106K; Analyst Sees Ether Breakout Looming
Bitcoin BTC quietly slid to its weakest price in nine days on Thursday afternoon as crypto markets cooled off after a multi-week rally from the April lows. The top cryptocurrency hit a session low of $105,750 before rebounding to just above $106,000. It was down 1.5% in the last 24 hours, but still only 5% away from record high levels. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization except for exchange coins, memecoins and stablecoins — has slumped 0.9% in the last 24 hours, with solana SOL and avalanche AVAX underperforming BTC with losses of 1.8% and 2%, respectively. Meanwhile, Ethereum's ether ETH and XRP XRP defied the downtrend with 1%-2% gains. Crypto stocks have had a relatively muted session. Coinbase (COIN) is down 2.7% but Strategy (MSTR) has risen 0.8%. Bitcoin mining firms Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK) and Greenidge Generation Holding (GREE) booked roughly 4% losses. A check on traditional markets showed U.S. equities giving back most of the gains on yesterday's court ruling that blocked the Trump administration's global tariffs. However, a U.S. appeals court today reinstated the tariffs while the government appealed the earlier ruling, perhaps adding to investor uncertainty. LMAX Group market strategist Joel Kruger expects a volatile ride with tariffs again back in focus with the ongoing appeal and the self-imposed July 9 deadline for trade deals approaching, but still sees further upside for digital assets. 'Bitcoin remains robust in the latter half of the week, consolidating just below its recent peak while steadfastly holding above $100,000 for 20 consecutive days, underscoring persistent bullish momentum," he said. Kruger also noted that Ethereum's ether shows signs of snapping its multi-year downtrend against BTC, as the corporate crypto treasury bonanza has reached the second-largest digital asset with SharpLink Gaming's (SBET) $425 million fundraising plan. Arthur Aziz, founder and investor of B2 Ventures, said that ETH is coiling for a breakout but warned of downside risks. Sharing his technical analysis in a note, he said the $2,750 level has posed significant barrier capping gains over the past weeks, while the $2,550-2,450 area emerged as a key support level. He noted that ETH is forming a bullish ascending triangle pattern, which historically preceded rallies to higher prices. "The stage for a future $3,000 level breakout is being set right now," he said. However, "abusing" leverage in futures markets could trigger a "sharp breakdown" below the $2,550-2,450 support zone in cascading selling. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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16 hours ago
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What is a stablecoin, anyway? Circle's $6.7 billion IPO filing puts spotlight on crypto tokens pegged to the U.S. dollar
The issuer of USDC, a popular stablecoin that's pegged to the U.S. dollar, is officially launching an initial public offering. Circle Internet Group filed paperwork with the U.S. Securities and Exchange Commission on Tuesday to raise up to $624 million by offering 24 million shares to investors. Spicy AI-generated TACO memes are taking over social media because 'Trump always chickens out' Lego's first book nook is an addictively interactive diorama Forget quiet quitting: I'm using 'loud living' to redefine workplace boundaries With its IPO plans, New York-based Circle is hoping to put a lot of circles—well, zeros—behind its valuation, targeting up to $6.71 billion. Tuesday's filing has been long-awaited, as the company confidentially filed for an IPO in January 2024 after scrapping 2022 plans to go public via a merger with a special purpose acquisition company (SPAC). While more players in the crypto space have been diving into public markets in recent years, Circle's filing comes at pivotal timing amid a lot of interest in stablecoins. The company's biggest coin, USDC, is the seventh-largest cryptocurrency by market cap, according to CoinMarketCap, and second-largest stablecoin behind Tether. You may have been hearing more talk of stablecoins among investors and even the U.S. government. But what even is a stablecoin, anyway? If you're confused, read on for a complete breakdown of what you need to know. Stablecoins serve a much different role in the crypto space than the likes of Bitcoin or Ethereum, which can experience wild spikes in their prices. As the name suggests, stablecoins are intentionally stable in price because their value is pegged to an asset like the U.S. dollar. Both the Tether and USDC coins are pegged 1:1 to the U.S. dollar, meaning that for every unit of these cryptocurrencies in circulation, they're backed by $1 of cash or U.S. Treasury bonds. Their prices typically fluctuate only tiny fractions of a cent higher or lower than $1. Even amid Tuesday's IPO news, the price of USDC was essentially flat. Circle is also the issuer of EURC, which is pegged to the value of the euro. Given their price stability, stablecoins offer a valuable ballast to investors amid the volatility of crypto markets for investors. Once popular as a bridge between traditional and decentralized finance markets, there's been more interest in stablecoins as various countries around the world embrace cryptocurrencies. If you feel like you're hearing more about stablecoins lately, it's because they've been the topic of recent debate in the U.S. Senate. In February, Senator Bill Hagerty, a Republican from Tennessee, introduced the GENIUS Act, which would have classified stablecoins as securities under the jurisdiction of the SEC to establish regulatory guardrails for these coins. That Act would have brought a new layer of legitimacy to the crypto industry by bringing stablecoins into the regulated financial system. But the U.S. Senate voted earlier this month to block further advancement of the GENIUS Act, which was widely viewed as a significant setback for the industry. Once a skeptic, President Donald Trump has become a vocal proponent of cryptocurrencies, though some investors worry his support isn't helping. The $TRUMP meme coin launched just days before he returned to the office for his second term. In March, he voiced his support for legislation that provides regulatory certainty for stablecoins and has said he wants the U.S. to be the 'crypto capital' of the world. Even though stablecoins have been the topic of much debate in Washington, D.C. that's not likely to affect Circle's IPO. There's been a relative dearth of initial public offerings since an all-time record in 2021 and investors may be eager to hop aboard a new offering, particularly amid a broader market recovery. Circle has applied to list its stock on the New York Stock Exchange under the ticker symbol 'CRCL' and indicated that shares could be priced between $24 and $26. But there's no definitive timeline yet for when the stock could begin trading. This post originally appeared at to get the Fast Company newsletter:
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16 hours ago
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UNI Surges 10% This Week as Bitcoin Consolidates
Uniswap's native UNI token has risen by 10% this week amid a wider altcoin market rally. The move comes as bitcoin BTC consolidates around $108,000 after setting a record high of $111,970 last week. UNI is currently trading at $7.04 after rising to as high as $7.63 at 03:35 UTC. It is currently testing the $7.00 level as support, which had been a point of resistance over the past week. If UNI holds above $7.00, it could establish a firm level of support before springing toward $10, which spurred a rejection in February. CoinMarketCap's Altcoin Season Index is currently at 25, the top-end of a bitcoin-centric market but rising significantly since last month, when it was at 12. The index signals an altcoin market when it passes through 75.
