Latest news with #CoinMetrics
West Australian
22-05-2025
- Business
- West Australian
Bitcoin hits new record high as rally marches on
Bitcoin continued its blistering rally on Thursday, hitting a brand new record high above $111,000 ($172,304). Bitcoin hit $US111,886.41 in early trading hours in London, according to Coin Metrics, before paring some of those gains to trade at around $US111,012. Bitcoin's move has been 'driven by a mix of positive momentum, growing optimism around US crypto regulation, and continued interest from institutional buyers,' James Butterfill, head of research for crypto-focused asset manager CoinShares, told CNBC. The price rise in world's largest cryptocurrency is taking place despite a drop in US stock markets on Wednesday. Bitcoin has typically correlated with equity markets, particularly the tech-heavy Nasdaq. The diverging movements of Bitcoin and stocks could be the result of investors looking for alternative stores of value. 'The rally was also helped along by broader macro concerns, including Moody's recent downgrade of US sovereign debt, which added to the narrative of Bitcoin as a hedge against fiat instability,' Butterfill noted. Ratings agency Moody's cut the United States' sovereign credit rating last week. There have been some positive developments for the crypto space on the regulatory front in the US too. The GENIUS Act — a bill to regulate stablecoins — cleared a key procedural vote in the Senate. US President Donald Trump and his AI and crypto czar David Sacks have pushed forward a pro-crypto agenda in the US, which has helped support the market. Adding to upbeat news for crypto, JPMorgan CEO Jamie Dimon, a notable bitcoin skeptic, said that the bank will allow clients to buy the digital currency.
Express Tribune
22-05-2025
- Business
- Express Tribune
Bitcoin hits new all-time high of $111,000
Bitcoin surged to a new all-time high above $111,000 on Thursday, continuing its strong rally despite falling US stock markets. Early London trading saw the cryptocurrency peak at $111,886.41, according to Coin Metrics, before settling near $110,900. Experts attribute Bitcoin's rise to a combination of positive momentum, growing optimism over US crypto regulations, and renewed institutional interest. James Butterfill, head of research at crypto asset manager CoinShares, said the rally reflects investors seeking alternative stores of value amid macroeconomic uncertainty. The recent downgrade of the US sovereign credit rating by Moody's has further bolstered Bitcoin's appeal as a hedge against fiat currency instability. Meanwhile, the GENIUS Act, a US bill aimed at regulating stablecoins, has advanced through a key Senate procedural vote, signaling progress on the regulatory front. Support from influential figures also helped lift the market. US President Donald Trump and crypto advocate David Sacks have promoted a pro-crypto agenda, while JPMorgan CEO Jamie Dimon—long a Bitcoin skeptic—announced the bank will allow clients to purchase the digital currency. Bitcoin's divergence from the tech-heavy Nasdaq, which fell on Wednesday, suggests investors are increasingly viewing the cryptocurrency as a safe haven amid growing financial uncertainty.
CNBC
22-05-2025
- Business
- CNBC
Bitcoin hits new record high above $111,000 as rally marches on
Bitcoin continued its rally on Thursday, hitting a brand new record high above $111,000. Bitcoin hit $111,886.41 in early trading hours in London, according to Coin Metrics, before paring some of those gains to trade at around $111,012.00 at 07:03 a.m. London. Bitcoin's move has been "driven by a mix of positive momentum, growing optimism around U.S. crypto regulation, and continued interest from institutional buyers," James Butterfill, head of research for crypto-focused asset manager CoinShares, told CNBC by email. The price rise in world's largest cryptocurrency is taking place despite a drop in U.S. stock markets on Wednesday. Bitcoin has typically correlated with equity markets, particularly the tech-heavy Nasdaq. The diverging movements of bitcoin and stocks could be the result of investors looking for alternative stores of value. "The rally was also helped along by broader macro concerns, including Moody's recent downgrade of U.S. sovereign debt, which added to the narrative of Bitcoin as a hedge against fiat instability," Butterfill noted.
NDTV
22-05-2025
- Business
- NDTV
Bitcoin Jumps To All-Time High, Breaking Its January Record
Bitcoin surged to a new all-time high on Wednesday, climbing past its previous January record in a strong show of investor confidence. The world's most valuable cryptocurrency was last trading at $108,955, up nearly 2%, according to data from Coin Metrics. CNBC reported that it touched a high of $109,857. The rally comes as broader market sentiment improves, with the tech-heavy Nasdaq index also up 30% from its April lows. Bitcoin, often seen as a high-risk, high-reward asset, tends to mirror trends in technology stocks when investor appetite strengthens. A weakening US dollar has also added momentum to Bitcoin's rise, boosting its value in global markets. Experts say growing interest from traditional financial institutions is supporting the cryptocurrency's upward trend. This week, remarks by JPMorgan CEO Jamie Dimon - a long-time crypto sceptic - acknowledging that clients are now able to buy Bitcoin, were seen as significant. Additionally, crypto exchange Coinbase is set to be included in the S&P 500 index, a move seen as a further sign of mainstream acceptance. However, Coinbase has also confirmed that it is facing a probe by the US Department of Justice following a recent data breach, even as it celebrates the landmark index inclusion. Despite regulatory concerns and past volatility, Bitcoin's latest milestone is being closely watched by both investors and institutions amid growing calls for clearer crypto regulation in the US and other major economies.
Business Mayor
21-05-2025
- Business
- Business Mayor
Bitcoin slips after touching new all-time high, as rising yields pressure risk assets
Global Economy May 21, 2025 Yuriko Nakao | Getty Images Bitcoin rose to a new all-time high on Wednesday, breaking its January record. The price of the flagship cryptocurrency was last trading flat at $106,678.74, according to Coin Metrics, after Treasury yields spiked and stocks fell to session lows. Earlier, it rose as high as $109,500. 'Bitcoin's new high has been concocted by an array of favorable ingredients in the macro cauldron, namely softer U.S. inflation numbers, a de-escalation in the U.S.-China trade war and the Moody's downgrade of U.S. sovereign debt, which has put the spotlight on alternative stores of value like bitcoin,' said Antoni Trenchev, cofounder of crypto exchange Nexo. Stock chart icon Bitcoin hits a new record Wednesday 'We've entered an alternate universe very different from early April when global macro concerns were at their peak and bitcoin slumped to $74,000,' he added. 'It's possible a three-month window has opened for risk assets to thrive as a broader agreement between the U.S. and China is thrashed out.' After languishing for several weeks amid tariff-related uncertainty, bitcoin's price has been steadily climbing in May, up 13% for the 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, according to SoSoValue. 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. Since the beginning of the year, the number of bitcoin held by public companies has grown 31% to about $349 billion, according to Bitcoin Treasuries. That comprises 15% of the total bitcoin supply. Earlier this week, the Senate voted to advance legislation that would create the first regulatory framework in the U.S. for stablecoins, a key sector of the crypto market. President Donald Trump has said he wants to see crypto regulation on his desk and ready to sign by August before Congress is in recess. Also this month, Coinbase joined the S&P 500, which Wall Street has praised as a watershed moment for the crypto industry. READ SOURCE
