Latest news with #BitcoinTreasuries
CNBC
3 days ago
- Business
- CNBC
ETFs and corporate treasuries should support bitcoin's uptrend in June as tariff uncertainty lingers
In the tug of war between the macroeconomic and crypto adoption stories, blockchain adoption is starting to taking over the bitcoin narrative. Institutions and corporations combined to drive up bitcoin in May. The cryptocurrency ended the month about 10% higher, its second straight monthly rise, driven by strong inflows into bitcoin exchange-traded funds and continued purchases of bitcoin by corporate treasury departments. Bitcoin ETFs saw $5.6 billion in inflows this month, when the number of bitcoin held by public companies grew 4% to $85.6 billion, according to Bitcoin Treasuries . Investors expect the trend to continue in June, and to benefit bitcoin's long-term performance. The uncertainty of President Donald Trump's tariff policy has so far helped bitcoin more than hurt it – the initial sell-off in risk assets after Trump's tariffs were unveiled in April pulled it down to about $76,000, but bitcoin still finished the month up 13.5%. That said, analysts say not to dismiss the downside risk just yet. "The fact that significant policy adjustments can be made at any time, especially around tariffs, makes near-term pricing incredibly difficult," said Chris Rhine, head of liquid active strategies at Galaxy Digital. "The cumulative weight of this policy uncertainty will likely lead to a sharper slowdown in economic activity, particularly in consumer-driven end markets, increasing the likelihood of monetary policy support." In other words, lower interest rates. 1M mountain Bitcoin (BTC) in May Investors have cheered crypto's seeming decoupling from equities in recent weeks, benefiting when there's liquidity in the market and stocks do well, but also in risk-off scenarios where crypto has provided a haven from uncertainty. That best-of-both-worlds scenario has helped support bitcoin's price and bring new buyers to the market. Unfortunately, that dynamic hasn't been meaningfully tested yet, said Federico Brokate, head of U.S. business at 21Shares, a financial technology company focused on providing access to cryptocurrency investments through exchange-traded products. "The macro story is still very important," Brokate said. "If we continue to see that in June, that's going to be very bullish for the asset, price wise. We haven't seen this play out over a sustained period of time, so this is something that a lot of us will be paying attention to over the next few weeks." After reaching a new all-time high on May 22 of $111,999, bitcoin retreated to the $104,000 level Friday after Trump reignited fears of a trade war with China . In a social media post, the president claimed China "violated" its current trade agreement with the U.S., one day after Treasury Secretary Bessent said in a Fox News interview that U.S.-China trade talks "are a bit stalled." The shadow of unpredictability aside, investors are optimistic about bitcoin's direction, primarily monitoring bitcoin ETF flows, corporate treasury announcements and regulatory developments. After an early block, the 'GENIUS' Act, short for Guiding and Establishing National Innovation for U.S. Stablecoins, advanced to the Senate on May 19 and is likely to come up for a floor vote in early June. Whether it passes with bipartisan support or fails to pass, the outcome will likely have an impact on sentiment around bitcoin, Galaxy's Rhine said. Wells Fargo expects "a difficult road ahead" in light of a separate bill to regulate stablecoins in the House, analyst Andrew Bauch said in a note this week. From a technical standpoint, looking solely at price charts, bulls are likely to hold the reins in June, according to Tracy Jin, chief operating officer of crypto exchange MEXC. "[They'll] aim to defend the $109,000 support level, a potential target for downward pressure from hedge funds holding put options," she said. With a new record behind it, bitcoin has now opened the door to the $113,000 to $115,000 zone. That represents "serious resistance on the way to a strategic target of $130,000, Jin said, adding: "If the current pace is maintained and the $115,000 level is successfully overcome, the price may reach $130,000 in June."
Gulf Insider
21-05-2025
- Business
- Gulf Insider
Bitcoin Jumps To New All-Time High, Surpassing Prior Record In January
Bitcoin rose to a new all-time high on Wednesday, breaking its January record. The price of the flagship cryptocurrency was last higher by 2% at $108,955.10, according to Coin Metrics. Earlier, it rose as high as $109,500. After languishing for several weeks amid tariff-related uncertainty, bitcoin's price has been steadily climbing in May, up 16% so far this month. Cumulative inflows into ETFs tracking the price of bitcoin surpassed $40 billion last week and have seen just two days of outflows in May. The cryptocurrency has benefited from both liquidity in the stock market, giving a boost to risk assets, as well as recent risk-off scenarios related to concerns about tariffs and deficits in the U.S. that have driven gains in gold as well as bitcoin. On-chain data also shows lower selling pressure as indicated by bitcoin inflows into exchanges and increased liquidity in the crypto market as measured by new records of the amount of Tether stablecoin USDT, a gauge of crypto market liquidity, sitting on exchanges, according to CryptoQuant. Investors have been expecting upcoming catalysts, including regulatory updates as well as corporate treasury investments, to drive bitcoin prices higher, according to Steven Lubka, head of private clients and family offices at Swan Bitcoin. Since the beginning of the year, the number of bitcoins held by public companies has grown 31% to about $349 billion, according to Bitcoin Treasuries. That comprises 15% of the total bitcoin supply. The latest bull rally brought Bitcoin higher than its previous ATH on January 20 at $109,114.88, which followed the crypto market rally starting in November. So far, Bitcoin has risen 24.10% during the last 30 days and 55.73% in one year.
Yahoo
07-05-2025
- Business
- Yahoo
Metaplanet Lifts Bitcoin Stash by 555 BTC, Plans to Sell Debt to Buy More
Japanese investment firm Metaplanet (3350) said it will sell a second $25 million of bonds to EVO FUND to fund further purchases of bitcoin (BTC). The Tokyo-based company agreed to issue the debt only days after selling the same amount of bonds to the same buyer. The bonds, which will bear no interest, have a redemption date of Nov. 6, according to a Metaplanet post on X on Wednesday. In a separate statement, Metaplanet said it bought 555 BTC for 7.63 billion yen ($53.5 million), taking its total holdings to 5,555. That is the largest bitcoin stash among public companies outside of North America, according to Bitcoin Treasuries. Metaplanet shares added about 11.5% to close at 477 yen ($3.33) on Wednesday.
Yahoo
04-05-2025
- Business
- Yahoo
CIA has 'another tool' against China
Michael Ellis, the deputy director of the Central Intelligence Agency (CIA), the foreign intelligence service of the U.S., said that "Bitcoin and other cryptocurrencies are another tool in the toolbox." But they are "also a target" Ellis made the remarks during an interview with popular crypto voice Anthony Pompliano on May 1. The CIA deputy director said the agency looks at Bitcoin just like "law enforcement," as it keeps striving to track illicit crypto payments by bad actors such as drug cartels, terrorist groups, etc. Ellis said there is tremendous potential for law enforcement and the intelligence community to use crypto to track what their adversaries are doing and disrupt them. In that sense, Bitcoin is actually very similar to other sorts of advanced technologies and the agency needs to prioritize this technology, he added. "Bitcoin is here to stay. Cryptocurrency is here to stay," Ellis said and highlighted how more and more institutions are adopting it, which he thinks is "a great trend." Ellis said that Bitcoin is another area of technological competition where they need to make sure the U.S. is very well positioned against China and other adversaries. When Pompliano wondered that people talk about crypto as a tool for "bad people" but it could also be a tool for "good people," Ellis responded that Bitcoin and other cryptocurrencies are "another tool." The agency can disrupt crypto usage by their adversaries and also use crypto to gather more intelligence, he added. "You sound like the in-house Bitcoiner," Pompliano remarked, referring to Ellis. With 198,012 BTC, the U.S. holds the most Bitcoin among all the countries, as per the Bitcoin Treasuries. As per Kraken's price feed, Bitcoin was trading at $96,541.46 at press time.
Yahoo
26-04-2025
- Business
- Yahoo
China may shift to Bitcoin that ‘thrives' in uncertainty, BlackRock's ETF head says
China may shift to Bitcoin and gold amid global uncertainty and geopolitical tensions to diversify outside the U.S. Treasuries, BlackRock's head of thematics and equity ETFs Jay Jacobs said. Jacobs said that central banks across the globe have been diversifying outside the U.S. dollar for decades now. Gold and Bitcoin are among the latest entrants to the list of alternative assets that banks have been increasingly relying on for the last 3-4 years, he added. The BlackRock executive made the remarks in an interview with CNBC on Apr. 25. In the long run, crypto is decoupled from the U.S. tech stocks even if the crypto market has been very much tied to stock and bond markets due to the recent tariff tensions, the BlackRock executive argued that Bitcoin behaves differently from traditional assets. While the latter depend on higher growth, higher certainty, and lower geopolitical risks to thrive, it's not the case with the former. These factors are opposite drivers for Bitcoin. It thrives when there is 'more uncertainty,' he added. Unlike stocks and bonds, assets like Bitcoin and gold should continue to surge in value in the long term if there is a trajectory of greater uncertainty around the world, Jacobs said. BlackRock itself has discovered that geopolitical fragmentation is the 'mega force' that will drive the markets over the next decades, and Bitcoin is a result of it, the executive said. As per the U.S. Treasury Department, China held $784.3 billion in U.S. Treasuries toward the end of February. China's gold reserves were valued at $229.6 billion at the end of March, the Economic Times reported on Apr. 21. As per Bitbo's Bitcoin Treasuries, China held 194,000 BTC worth $18 billion at the time of writing. As per Kraken's price feed, Bitcoin was trading at $95,087.43 at press time. Sign in to access your portfolio
