Cryptocurrency Live News & Updates : Bitcoin Hits New High Amid Market Buzz
In the latest weekly recap, Bitcoin reached a new all-time high, while Pump.fun achieved a remarkable $600 million token sale. Tether continued its blockchain cleanup, and Coinbase made strides with AI technology. Bitcoin has made headlines by breaking its all-time high, reaching $119,308 before settling at $118,882, while other cryptocurrencies like XLM and HBAR saw impressive gains of 22% and 27%, respectively. Prominent trader James Wynn faced a devastating loss, with his wallet balance plummeting to just $10,176 after aggressive trading strategies led to a near-total liquidation of his assets. Meanwhile, Ethereum is focusing on scalability and privacy enhancements, with Ark Invest's Cathie Wood highlighting the importance of these developments for institutional adoption. Algorand is also showing signs of recovery, with a 58% surge from its June lows, driven by increased network activity and a bullish double-bottom pattern. Despite these positive movements, Algorand faces challenges, including the loss of key partnerships. Overall, the cryptocurrency market is experiencing significant fluctuations, with both opportunities and risks for investors. Show more
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Hans India
an hour ago
- Hans India
Investments in crypto, is it a catalyst or cataclysm
The cryptocurrency world, born from the cypherpunk dream of circumventing traditional financial gatekeepers and government oversight, finds itself in a profound and deeply ironic moment. With each passing day, the US administration isn't just tolerating crypto; it's actively formalising and legalising it, providing the very structure its creators sought to avoid. This unexpected embrace, far from stifling the industry, is fueling a new wave of institutional euphoria and mainstream acceptance, fundamentally reshaping crypto's trajectory and granting it fresh legs for growth. What many early proponents aimed to subvertironically became the wing of the dominant power. Bitcoin, the cryptocurrencies' genesis block famously contained the headline decrying bank bailouts. The repulsion from the fiat currency with foundational thesis on decentralization, privacy, and freedom from government-controlled monetary systems. Yet, the current surge in legitimacy and capital inflow is undeniably abetted by the deliberate U.S. government policy. This isn't accidental tolerance but a calculated, sometimes contentious, move to bring the unruly asset class within the regulatory perimeter. The pivotal shift began not with sweeping legislation, but with a crucial, though reluctant regulatory nod of introducing futures-based Bitcoin ETFs. This provided a familiar, regulated wrapper for institutional investors wary of direct crypto exposure. It was a signal that the SEC, albeit cautiously, was opening a door. The trickle of institutional capital the true watershed moment arrived with the long-awaited approval of spot Bitcoin ETFs in early 2024. This wasn't just another product, it was a game-changer. Suddenly, major Wall Street players like BlackRock, Fidelity, and VanEck could offer funds holding the actual Bitcoin, traded on traditional exchanges. The GENIUS Act not only legitimised the digital tokens but mandated stablecoin issuers to maintain reserves backing outstanding payment stable coins on at least one-on-one basis. The reserves may consist of certain assets including US dollars, federal reserve notes, funds held at certain insured or regulated depository institutions, short-term treasuries, reverse repo agreements and money market funds. The law while providing leeway to the stablecoins to enter the mainstream has also addressed a consistent market for the dollar assets, which is being increasingly shunned by the foreign sovereigns. The legislation has brought clarity on the asset classification, regulatory framework while streamlining anti-money laundering (AML) and Know Your Customer (KYC) guidelines. This wave of regulation, even if incomplete, grants the industry a form of 'pseudo-legitimacy'. The US is charging ahead with these policy formulations even as the rest of the world is in a 'wait-and-watch' mode. The EU while a pioneer in MiCA (Markets in Crypto-Assets Regulation) is restrictive and complex in implementation. The UK and Switzerland are actively working on the framework but still finalising the details. Singapore and UAE have built progressive crypto-friendly regulations to foster innovation while enforcing investor protection. The other major economies like China and India are often maintained stricter stances or even outright bans, creating a fragmented global with this backdrop, would an investment in cryptos make sense for investors? Post pandemic, increasingly Indians have participated in crypto trading extending beyond the urban areas into smaller cities, primarily driven by the younger population. Though, many of burnt their hands with the tokens beyond the blue-chips (like Bitcoin, Ethereum, etc.) the lure for quick returns has allowed to continue to pursue. Domestic crypto exchanges like CoinDCX, ZebPay are legally allowed to operate with FIU-IND (Financial Intelligence Unit) along with the basic KYC compliance. Lack of legislation puts them beyond the purview of SEBI, RBI currently while a flat 30 per cent tax plus applicable surcharge and 4 per centcess is levied over the gains made in these digital assets. Also, a 1 per cent TDS is automatically deducted by the Indian exchanges exceeding Rs. 10K. Stable coins are gaining currency thanks to the recent US legislations, are increasingly finding interest among the 100 million crypto users in India. Though better than the 'rug-pulls' of ICO (Initial Coin Offering) frenzy of '17, the crypto heists are now becoming a menace. Two Indian exchanges were breached with WazirX reportedly loosing $230mn and recently CoinDCX lost about $44mn. Despite the cybersecurity breaches and lack of regulation, the historical returns (though limited period of history) aren't allowing to investors to ignore this burgeoning asset class. (The author is a partner at 'Wealocity Analytics', a SEBI registered Research Analyst firm and could be reached at [email protected])
Mint
2 hours ago
- Mint
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Stocks are doing crazy things again. The share price of online house flipper Opendoor Technologies has catapulted some 377% in the past month, despite a stagnant U.S. housing market. One of the biggest stock gainers Tuesday was Kohl's, a department store that has been losing ground to competitors for some time and has replaced its chief executive more than once in recent years. On Wednesday, the crowd favorites were unusual names such as GoPro and Krispy Kreme, with both the camera company and doughnut maker notching eye-popping gains over the week. Some investors say the action is the latest phase in what has turned into a near-euphoric rebound from April's tariff turmoil. Since the market tumbled and then turned higher, there has been a stampede into risky assets such as meme stocks, cryptocurrencies and shares of smaller companies that have yet to turn a profit. To some, this resembles a bubble—a period of frenzied market activity and speculation that artificially inflates asset values, driving prices to an eventual breaking point. 'A lot of us thought that the [spring] correction had to do with the fact that valuations were rather stretched back in January and February, yet here we are," said Ed Yardeni, president of Yardeni Research. 'It's almost like a slow-motion melt-up." Here's what investors are tracking for signs of froth: The return of YOLO bets recalls the heady days of 2021, when online traders briefly drove the fading mall retailer GameStop to a $24 billion valuation, before rising interest rates brought the bull market to an end. The housing market is stalled, and Opendoor shares traded under $1 earlier this month. They closed Friday at $2.54. The bets on Kohl's center on the potential sale of the company's real-estate holdings, which Wall Street has eyed for years. The stock has still slid more than 70% since the start of 2022. 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The KBW Nasdaq Bank Index has climbed more than 7% over the past month, while shares of GE energy spinoff GE Vernova and advertising tech firm Trade Desk rose more than 20% in the same period. The number of stocks in the benchmark S&P 500 closing above their 50-day moving average is hovering at levels last seen in the fall, before the postelection 'Trump bump" in share prices. Analysts typically consider that kind of improving breadth a sign of a sustainable bull market. Yet stock valuations are stretched. The equity risk premium, defined as the gap between the S&P 500's projected earnings yield and the yield on 10-year Treasurys, is close to zero. That means that the extra return for owning stocks over lower-risk bonds has nearly vanished, which investors consider an unhealthy sign. Despite initial concerns that tariffs could kick-start inflation and drag on growth, the U.S. economy has kept chugging along. There are some signs of weakness: The annual inflation rate ticked up in June, as tariffs started to affect consumer prices. One basket of leading economic indicators recently pointed to slower growth in the second half of the year. But the increase in consumer prices has so far been modest, and economists' biggest worry—a sharp slowdown in the labor market—has yet to materialize. Such a shift could turn off the tap on U.S. consumer spending, effectively halting economic growth. Private-sector job growth has fallen to the lowest level in eight months. Hiring has slowed to a trickle, and college graduates are struggling to land roles. 'At a point where the job market is clearly weakening, it's interesting that we're seeing such optimism in markets," Cox said. 'When the job market starts slowing, it doesn't turn around easily." Write to Hannah Erin Lang at
Economic Times
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- Economic Times
Return of meme stock mania has traders on alert for market froth
Meme stock enthusiasm has returned, creating uncertainty for professional investors. Stocks like Opendoor Technologies and Kohl's experienced gains. The S&P 500 and Nasdaq 100 indices reached record highs. Investors are borrowing heavily to buy stocks. Some analysts suggest caution due to high valuations. Comparisons are being drawn to the GameStop and AMC surge of 2021. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The reemergence of meme stock mania last week has professional investors facing a quandary: ride the excitement of retail traders or take it as the latest warning sign that the frothy markets are due for a speculative stocks caught up in the frenzy this week, like Opendoor Technologies and Kohl's, gave up some of their gains as the week went on, but most are still trading at their highest levels in months. The broader S&P 500 Index and Nasdaq 100 Index are doing even better, sitting at all-time highs after charging back from the early April selloff set off by President Donald Trump's tariff are indicators that investors are abandoning restraint and betting on further gains. The amount that investors are borrowing to buy stocks on the New York Stock Exchange, known as margin debt , has exceeded the tech-bubble highs to reach a new record, according to data from the Financial Industry Regulatory signs of fatigue are creeping in. The latest meme stock rally seemed to lose steam after just a few days, and Bitcoin , one of the most visible symbols of the speculative fever, has recently fallen back from its record highs. Some Wall Street trading desks have been urging clients to scoop up discounted protection against possible losses. The current run has stretched valuations, with the S&P 500 trading at nearly 23 times forward earnings, well above the ten-year average of around 18, signalling that stocks have gotten significantly more expensive."I'm seeing it and just starting to just tuck my horns in a little bit," said Eric Diton, president and managing director of the Wealth Alliance. "I'm longer-term bullish, but I'm just short-term cautious. I really think we're overdue for some kind of a pullback again because of the excessive speculation."For help in navigating the volatility, some market watchers are looking for comparisons with the most famous meme stock moment back in January 2021, when GameStop and AMC Entertainment captured the world's buying was fuelled by retail traders who were flush with stimulus checks and stuck at home, swapping tips on social media. It came after a banner year in the markets, in 2020, but ended up being only the beginning of an even bigger rally in 2021, when the S&P 500 rose another 27%. There was, though, eventually a reckoning in 2022 when the index plunged 19%, notching the worst yearly performance since the great financial crisis.
