Bitcoin Hits a Record High. Here's Why.
If you are kicking yourself for not buying Bitcoin when it was valued at about $100, prepare to kick yourself even harder. Bitcoin hit over $111,00 in overnight trading, according to the CoinDesk Bitcoin Price Index.
Ryan Lee, chief analyst at Bitget, told Coindesk that he believes Bitcoin could hit $180,000 by the end of the year. He believes the negative economic news is a driving force.
"Moody's recent downgrade of the U.S. sovereign credit rating to Aa1 is another key macro catalyst, sparking renewed interest in BTC and ETH as hedges against fiat risk. BTC's ability to hold above $103,000 amid volatility highlights the market's shift toward crypto as a strategic reserve asset," Lee said.
Related: Why Gold and Bitcoin Are the Go-To Safe Havens in 2025
Alexander S. Blume, founder and CEO of Two Prime, says it is all about supply and demand. "The OTC supply may be drying up, driving up prices," he told Coindesk. OTC, which stands for "over-the-counter," involves trading either directly or through broker-dealers rather than on a centralized exchange, according to Investopedia.
Blume continued: "This would not be reflected in exchange trading volumes or the derivatives market. If this is the case, get ready for a wild ride, as more demand is coming on board with a competitive bitcoin corporate treasury environment and, perhaps, a less elastic OTC spot market."
What makes Bitcoin valuable?
Cryptocurrency expert Mark Sgambelluri explains that Blockchain makes it so that every Bitcoin can only be held by one person at a time, making it an asset.
"Just like a Van Gogh is valuable because it is one of a kind and copies of it are worth nearly nothing, especially digital copies, each Bitcoin is intrinsically valuable because it can not be replicated, so it allows a digital asset to take on astronomical value," he wrote for Entrepreneur. "It is most similar to digital gold — gold is valuable because of its set supply and because you can transfer it. Bitcoin has a set supply and is even more easily transferred and stored."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
Analyst who nailed GameStop's rally is betting 10x on Riot Platforms
Analyst who nailed GameStop's rally is betting 10x on Riot Platforms originally appeared on TheStreet. A pseudonymous crypto analyst Kaleo, who refers to his trade moves as a 'degen' investor is making a bullish bet on Riot Platforms (RIOT), a big US Bitcoin miner, in a high-stakes options trade. On May 28, the trader made a succession of posts that are now going viral. In the post the trader showed off a self-proclaimed "degen experiment," wherein tens of thousands of dollars are funneled into out-of-the-money (OTM) call options — high-risk wagers that Riot's stock will surge to well above current levels. The core idea? With Bitcoin running and the potential to smash new all-time highs, stocks like Riot may have explosive upside to go with it. "If it does, it moves fast," wrote the trader, referring to previous cycles where Riot surged after Bitcoin entered "price discovery" — trading above its all-time highs. As of June 9, Riot is trading just above $9.70, and this trader is buying calls with strike prices of $25, $30 and even $35, some of these calls will not expire until January 2026. They only make money if Riot's stock price doubles or more in the next several months. Risky trade, yet this strategy is catching on. The trader is willing to commit to a total of $75,000 and is adding positions on a daily basis while the stock is under $10. 'This could go to zero,' they admitted, 'but if it plays out, it could be a 10x.' They are using examples from the GameStop betting spree of 2021, although they believe Riot is more legitimate because it operates as a real business entity with real fundamentals. Unlike meme stocks, Riot is in the growing Bitcoin mining industry and is correlated to BTC price action, believes the trader. In early 2021, GameStop (GME) — a then struggling video game retail company— gained notoriety as the subject of viral movement on Reddit's r/WallStreetBets community. Retail traders began purchasing shares and options on GME to squeeze significant hedge funds that were betting the stock would lose value (a type of trading called short-selling). As trader buying pressure increased, GameStop's stock price surged from less than $20 to nearly $500 within a week-or-so. It created what is known as a 'short squeeze," a situation where short-sellers must buy back stock at a much higher price driving the price even higher. It also turned ordinary traders into overnight millionaires, and some hedge funds ended up going bankrupt. With Bitcoin sitting at $107,847.26, some retail traders have the motto of win big or go bust trying. Disclaimer: This article is for informational purposes only and does not constitute financial advice, investment recommendations, or an endorsement of any trading strategy. Always conduct your own research and consult a licensed financial advisor before making investment decisions. Analyst who nailed GameStop's rally is betting 10x on Riot Platforms first appeared on TheStreet on Jun 9, 2025 This story was originally reported by TheStreet on Jun 9, 2025, where it first appeared. 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
Yahoo
40 minutes ago
- Yahoo
Mark Cuban Reacts to Elon Musk-Donald Trump Feud
The escalating public feud between Elon Musk and President Donald Trump has prompted a response from billionaire investor Mark Cuban. What Happened: Cuban's comment came during a brief exchange with TheStreet Roundtable on Friday. When asked about the Musk-Trump spat, Cuban simply replied, 'All I'll say is that I bought a bunch of popcorn.' The feud between Musk and Trump intensified this week after Musk publicly criticized Trump's administration over the 'One Big Beautiful Bill.' Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — In response, Trump threatened to terminate billions in government contracts with Musk's companies, including SpaceX and Tesla Inc. Musk further escalated the situation with a shocking social media post claiming that Trump is in the Epstein files. This revelation sent shockwaves across social media and markets, causing Tesla shares to drop by 14% and DJT, the stock tied to Trump's media company, to fall over 8%. Bitcoin also saw a near 4% slip. Despite the significant influence both Trump and Musk have in the crypto and tech markets, this public fallout has caught even their closest allies by It Matters: The feud between these two influential figures has the potential to impact not only their personal reputations but also the companies they represent. Musk's Tesla and SpaceX, as well as Trump's media company, are all at risk of financial repercussions due to this public spat. The significant drop in Tesla's shares and DJT stock following Musk's controversial social media post is a clear indication of the potential damage such public feuds can cause. Furthermore, the ripple effect on Bitcoin's value shows that the influence of these two figures extends beyond their respective companies and into the broader market. As the feud continues to unfold, investors and market watchers will be keeping a close eye on the potential fallout. Read Next: The average American couple has saved this much money for retirement — How do you compare? Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom Image: Shutterstock/Kathy Hutchins UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Mark Cuban Reacts to Elon Musk-Donald Trump Feud originally appeared on Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Institutions want more than crypto yield — they want control, says Formidium exec
Institutions want more than crypto yield — they want control, says Formidium exec originally appeared on TheStreet. As Bitcoin and other digital assets inch further into the mainstream, institutions aren't just asking about yield — they're asking about control. 'These are the two questions that keep repeatedly coming up,' said Harsha Patwardhan, head of sales at Formidium in an interview with TheStreet Roundtable. 'Are my assets safe, and how much are my assets worth?'Formidium is not a custodian, but it plays a critical role in the digital asset stack: providing institutional-grade reporting, valuation, and visibility. While custody ensures the safekeeping of assets, Formidium ensures you know exactly what you own, where it's held, and what it's worth—in real time. 'We have API connectivity to over 200 exchanges, wallet providers, custodians,' Patwardhan explained. 'We're able to plug into them via APIs and get, in most cases, real-time information.' For traditional and institutional investors, high levels of transparency isn't just a nice-to-have feature, it's necessary. There are hundreds of thousands of different tokens, with hundreds more being released every single day. Once investors move past retail-friendly products, they need the kind of fund administration they're used to in equities, private credit, or hedge funds. 'A typical fund can have anywhere from 10 to 50 wallets,' Patwardhan noted. 'Even a $10 million crypto fund could have 80 wallets. Normal hedge funds don't have that many brokers—they have two, maybe three.' Through API integrations with over 200 counterparties, including exchanges, custodians, and wallet providers. Formidium aggregates and reconciles this fragmented data in near real time. That gives allocators not only a clear line of sight into holdings and exposures, but also valuation data that adheres to U.S. generally accepted accounting principles (GAAP) and accounting best practices. As the lines between traditional and decentralized finance continue to blur, firms like Formidium are becoming essential infrastructure — quietly enabling the next wave of adoption. Institutions want more than crypto yield — they want control, says Formidium exec first appeared on TheStreet on Jun 9, 2025 This story was originally reported by TheStreet on Jun 9, 2025, where it first appeared. 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
