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The Citizen
22-05-2025
- Business
- The Citizen
Bitcoin hits record high, surpasses R2 million
For South Africans, this development underscores the growing importance of cryptocurrency as a potential portfolio diversification tool. Bitcoin (BTC) hit a new all-time high of $111,534 (R2,010,914) on Thursday. Christo de Wit, South Africa country manager at Luno said this demonstrated an increasing independence from traditional financial markets. On 11 March 2025, Bitcoin was trading around $109,000 (R1,743,420) on Luno. 'The timing of this milestone is particularly symbolic, coinciding with the 15th anniversary of Bitcoin Pizza Day.' ALSO READ: Bitcoin eyes R2 million (again) Bitcoin hit all high De Wit added that on 22 May 2010, developer Laszlo Hanyecz famously paid 10,000 Bitcoin for two pizzas, a transaction worth more than $1.1 billion at today's prices, highlighting Bitcoin's extraordinary appreciation more than the past decade and a half. 'The new all-time high comes as global cryptocurrency market capitalisation reached approximately $3.48 trillion, reflecting a 2.32% increase more than the past 24 hours, while traditional equity markets experienced downward pressure with the S&P 500 declining 1.61%.' New price peak Bitcoin Exchange-Traded Funds (ETFs) He added that the Bitcoin rally has triggered substantial institutional interest, with Bitcoin Exchange-Traded Funds (ETFs) recording more than $607 million in inflows following the new price peak. This institutional adoption signals growing confidence in Bitcoin as a legitimate asset class among professional investors. 'This decoupling from traditional equities is particularly noteworthy.' ALSO READ: Bitcoin crashes. Is it still worth it? Is Donald Trump to blame? What does it mean for South African investors? De Wit said that for South African investors, this development underscores the growing importance of cryptocurrency as a potential portfolio diversification tool, particularly as global economic conditions continue to evolve. 'The broader cryptocurrency market is benefiting from Bitcoin's momentum, with altcoins also posting gains. 'This latest peak occurs against a backdrop of ongoing concerns about potential US debt downgrades and legislative uncertainty around President Donald Trump's proposed tax bill. These factors have weighed on traditional equity markets. 'The divergence between crypto and stock performance suggests that digital assets are increasingly viewed as alternative stores of value during periods of traditional market uncertainty.' NOW READ: Luno impersonation scammers suck R700k from victim
IOL News
22-05-2025
- Business
- IOL News
‘Blue Sky' moment as Bitcoin surges to record high
Bitcoin has surged to an all-time high on optimism about upcoming legislation. Image: IOL Bitcoin surged to a new all-time high of $111,534 (R2,01 million) on Thursday as US debt concerns and legislative uncertainty around President Donald Trump's tax bill weighed on traditional equity markets. According to AFP, the world's most popular cryptocurrency is riding on a wave of optimism over anticipated cryptocurrency legislation in the US, which could provide clarity for the sector. Bitcoin's previous high was around $109,000 (R1.44 million), on March 11, 2005. However, uncertainty over Trump's 'Liberation Day' tariffs weighed on financial markets through early April, until the US President announced a 90-day pause on reciprocal tariffs on April 9. Bitcoin broke through the $100,000 barrier once again on May 8 and has displayed solid growth throughout the month. "Now that January's high has been surpassed - and the 50 percent upside from April's lows has been achieved - bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable US regulatory environment," Antoni Trenchev, co-founder of digital asset trading platform Nexo, told Reuters. "We're still in year four of the bitcoin price cycle - the year after the bitcoin halving when miner rewards are slashed in half - which historically means its best days are still ahead of it and - while macro uncertainty and the threat of further volatility remains, a target of $150,000 in 2025 is still very much on the cards," Trenchev added. Bitcoin's rally, which has also benefited other cryptocurrencies, has triggered substantial institutional interest, with Bitcoin Exchange-Traded Funds (ETFs) seeing more than $607 million (R10.9 billion) worth of inflows following the new price peak. This institutional adoption shows growing confidence in Bitcoin as a legitimate asset class among professional investors, says Luno's country manager for South Africa, Christo de Wit. "This decoupling from traditional equities is particularly noteworthy," De Wit said. "For South African investors, this development underscores the growing importance of cryptocurrency as a potential portfolio diversification tool, particularly as global economic conditions continue to evolve." Get your news on the go, click here to join the IOL News WhatsApp channel IOL
Hans India
20-05-2025
- Business
- Hans India
Role of Bitcoin ETFs in Building Infrastructure for Institutional Investors
In finance, real change often happens quietly. It begins behind boardroom doors, in regulatory updates and through infrastructure developments that go unnoticed until they reshape entire markets. Right now, Bitcoin Exchange-Traded Funds (ETFs) are doing just that. These products are not just offering investors a new way to gain exposure to Bitcoin. They are building the foundations for a new era of institutional investing. Until recently, Bitcoin remained largely out of reach for traditional financial institutions. Despite growing curiosity, practical hurdles such as security risks, regulatory ambiguity and operational complexity held them back. Bitcoin ETFs are now beginning to dismantle those barriers. The launch of the first U.S. spot Bitcoin ETFs in January 2024 marked a pivotal moment. Products like BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC) quickly attracted billions of dollars in inflows. Within a few months, Bitcoin ETF holdings accounted for over 5% of Bitcoin's total circulating supply. This response made one thing clear: institutions were ready. They simply needed the right investment structure. Canada offered a preview of this trend back in 2021 with the launch of the Purpose Bitcoin ETF, the first of its kind in North America. It attracted over 400 million Canadian dollars within the first few days of trading, proving that demand for Bitcoin ETFs was not limited to the U.S. The rapid success of both U.S. and Canadian offerings underlined a common theme. Institutions around the world were looking for secure and regulated ways to participate in Bitcoin's growth story. Bitcoin ETFs allow institutions to access this asset class using familiar processes. They fit neatly within existing compliance frameworks, eliminating the need to manage private keys or create new custody solutions from scratch. Risk committees, auditors and regulators can evaluate these ETFs as they would any other listed security, making approvals and oversight far more straightforward. Custody has long been one of the biggest institutional concerns. Holding Bitcoin safely is both technically complex and expensive. Bitcoin ETFs solve this by relying on established custodians such as Coinbase Custody and Fidelity Digital Assets. This professional infrastructure gives institutional investors confidence that their assets are being managed securely and transparently. Another major benefit is liquidity. Unlike direct Bitcoin transactions, which often involve price slippage and fragmented markets, Bitcoin ETFs are traded on stock exchanges with consistent volumes and pricing. For instance, BlackRock's ETF regularly sees daily trading volumes that rival mid-cap S&P 500 stocks. This level of liquidity enhances flexibility and helps investors manage positions with ease. Beyond accessibility and security, Bitcoin ETFs are driving broader changes across the digital asset landscape. Institutional demand brings higher expectations around pricing efficiency, transparency and market integrity. This, in turn, is prompting crypto exchanges and service providers to adopt more robust practices in areas such as surveillance, reporting and risk management. Public perception is also shifting. A decade ago, Bitcoin was viewed primarily as a speculative experiment. Today, names like BlackRock, Fidelity and Franklin Templeton are among the leading players in the Bitcoin ETF space. Their participation signals a profound change. Digital assets are moving from the fringes to the core of modern finance. It is important to acknowledge that Bitcoin remains a volatile asset. Institutions must manage this risk thoughtfully. However, Bitcoin ETFs offer a regulated and credible entry point that aligns with how institutions already operate. They provide a way to gain exposure to digital assets without compromising on compliance, governance, or operational control. The future of investing is already taking shape. Bitcoin ETFs are not just another product on the shelf. They are transforming how the financial world engages with digital assets. The groundwork being laid today will influence how institutions allocate capital, manage portfolios and expand their horizons for years to come. (This article is authored by Srinivas L, CEO, 9Point Capital)
Business Mayor
03-05-2025
- Business
- Business Mayor
Bitcoin Could See A Weekend Rally To $100,000 – Is BTC Ready For New Highs?
Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. As Bitcoin (BTC) attempts to break out from its weekly range, its price eyes the crucial $99,000-$100,000 resistance barrier, fueling bullish sentiment among investors. Multiple analysts forecast that the flagship's crypto next all-time high (ATH) rally is around the corner, with some suggesting that the initial jump could come in the coming days. Related Reading Bitcoin To $100,000 This Weekend? Over the past two weeks, Bitcoin has recovered from its sub-$80,000 correction, breaking above the $90,000 mark and reclaiming the $93,5000 resistance to re-enter its post-US elections price range. Amid its recovery, the cryptocurrency consolidated between the $93,000-$96,000 range, moving sideways for the last weeks. The start-of-month pump has seen BTC break out of this range after being compressed during this period, resembling its performance from two weeks ago. Analyst Daan Crypto Trades explained that BTC surged to the $83,000-$86,000 region during the mid-April recovery, consolidating for over a week before a small 2% breakout toward the $87,500 resistance. This was followed by a two-day 'tight chop' and a breakout to a new higher range. Bitcoin's 'small breakout' from this week's range. Source: Daan Crypto Trades on X He suggested that Bitcoin displays 'a similar setup as the week before' as it has ranged and compressed within the $93,000-$96,000 zone and jumped around 2% to the $97,700 mark. Read More Why Is Dogecoin Price Down Today? Additionally, the largest crypto by market capitalization's 'tight chop' phase could have started as its price has hovered between $97,050 and $97,700 for the past few hours. If BTC replicates its recent performance, the flagship crypto could rally around 8% toward a new range at the end of the weekend and retest $99,000-$100,000 in the coming days. BTC Resembles Q4 2024 Price Action Meanwhile, analyst Rekt Capital suggested that Bitcoin could repeat its Q4 2024 performance. He highlighted that BTC has recovered from its downside deviation to reclaim its recent re-accumulation range, but it's facing a lower high resistance within this zone. Notably, the cryptocurrency experienced the same situation in the post-halving re-accumulation range, initially rejected from the lower high to fall to the range's lows. Weeks later, Bitcoin broke above the lower high resistance, restesting it as support before breaking out and soaring to a new ATH. The analyst noted that the idea was first explored before the US election pump, suggesting that BTC could mimic its Q1 2024 rally, fueled by the US spot Bitcoin Exchange-Traded Funds (ETFs). BTC's performance resembles Q4 2024. source: Rekt Capital on X 'It would be poetry if Bitcoin repeated history and followed through on the same path in this current Range as well,' he stated. However, Rekt Capital detailed that for history to repeat, Bitcoin must get rejected at $99,000, hold the $93,500 mark as support, and break the $97,000-$99,000 range before being rejected at the $104,500 resistance. Related Reading Then the flagship crypto would need to hold the $97,000-$99,000 range as support for a similar breakout to new ATHs. The analyst concluded that if Bitcoin continues holding the $93,500 mark, the price will be positioned to move across its re-accumulation range. Nonetheless, BTC must break its 'black Lower High resistance within this Range, which is positioned at ~$99k this week.' As of this writing, Bitcoin trades at $97,461, a 3% increase in the weekly timeframe. Bitcoin's performance in the one-week chart. Source: BTCUSDT on TradingView Featured Image from Chart from
