Latest news with #Coinhouse
eNCA
09-05-2025
- Business
- eNCA
Bitcoin tops $100,000 for first time since February
LONDON - Bitcoin on Thursday topped $100,000 for the first time since February, as investors' appetite for riskier assets grew after Britain and the United States unveiled a trade deal. "Now that the United States appears more reasonable and concludes agreements with other countries, cryptocurrencies are on the rise again," said Stephane Ifrah, analyst at crypto platform Coinhouse. Bitcoin broke through the symbolic $100,000 threshold for the first time in December, reaching $109,241.11 on January 20 just a few hours before the inauguration of US President Donald Trump. The Republican leader vowed to support cryptocurrencies during his campaign for a second White House term. But a wave of US tariffs unleashed on countries around the world dampened financial markets, causing a wave of uncertainty. Even though they were not directly concerned by the Trump tariffs, cryptocurrencies have a reputation for volatility and investors swiftly fled for safer havens such as gold. The sector has also been dealt several blows amid scandals such as the collapse of the cryptocurrency $LIBRA, once backed by Argentine President Javier Milei. The price collapsed after a handful of early investors decided to sell at a huge profit, causing colossal losses for the majority of those who purchased $LIBRA. It also dragged down prices of other cryptocurrencies, including bitcoin. Argentine prosecutors are reportedly examining whether Milei engaged in fraud or criminal association, or was in breach of his duties, when he praised the $LIBRA cryptocurrency on social media in February. Also in February, Dubai-based cryptocurrency exchange Bybit reported that hackers stole $1.5 billion worth of digital assets in what marked the largest crypto theft in industry history. In early April, bitcoin dropped to $75,000. "Bitcoin is strong in line with the stock market," said Charlie Morris, analyst with ByteTree. "The UK trade deal is one good reason to be bullish because many more trade deals are likely to follow."
New Straits Times
09-05-2025
- Business
- New Straits Times
Bitcoin tops US$100,000 for first time since February
LONDON: Bitcoin on Thursday topped US$100,000 for the first time since February, as investors' appetite for riskier assets grew after Britain and the United States unveiled a trade deal. "Now that the United States appears more reasonable and concludes agreements with other countries, cryptocurrencies are on the rise again," said Stephane Ifrah, analyst at crypto platform Coinhouse. Bitcoin broke through the symbolic US$100,000 threshold for the first time in December, reaching US$109,241.11 on January 20 just a few hours before the inauguration of US President Donald Trump. The Republican leader vowed to support crypto currencies during his campaign for a second White House term. But a wave of US tariffs unleashed on countries around the world dampened financial markets, causing a wave of uncertainty. Even though they were not directly concerned by the Trump tariffs, crypto currencies have a reputation for volatility and investors swiftly fled for safer havens such as gold. The sector has also been dealt several blows amid scandals such as the collapse of the crypto currency $LIBRA, once backed by Argentine President Javier Milei. The price collapsed after a handful of early investors decided to sell at a huge profit, causing colossal losses for the majority of those who purchased $LIBRA. It also dragged down prices of other cryptocurrencies, including bitcoin. Argentine prosecutors are reportedly examining whether Milei engaged in fraud or criminal association, or was in breach of his duties, when he praised the $LIBRA cryptocurrency on social media in February. Also in February, Dubai-based cryptocurrency exchange Bybit reported that hackers stole US$1.5 billion worth of digital assets in what marked the largest crypto theft in industry history. In early April, bitcoin dropped to US$75,000. "Bitcoin is strong in line with the stock market," said Charlie Morris, analyst with ByteTree. "The UK trade deal is one good reason to be bullish because many more trade deals are likely to follow." In late April, the UK government published draft legislation aimed at regulating cryptocurrencies like bitcoin and ethereum, after the European Union introduced its own framework.
Express Tribune
08-05-2025
- Business
- Express Tribune
Bitcoin breaks $100k barrier for first time in months
Bitcoin soared past the $100,000 mark on Thursday for the first time in three months, buoyed by growing investor confidence in riskier assets following the announcement of a new trade agreement between the United States and the United Kingdom. The world's largest cryptocurrency climbed 5.3% over the past 24 hours to reach $101,293, according to data from CoinDesk. The rally marked a significant milestone for Bitcoin, which had not breached the $100,000 threshold since February. Analysts pointed to improving geopolitical sentiment as a key driver behind the surge. "Now that the United States appears more reasonable and concludes agreements with other countries, cryptocurrencies are on the rise again," said Stephane Ifrah, an analyst at crypto platform Coinhouse. The breakthrough came after President Donald Trump unveiled what he described as a 'full and comprehensive' trade agreement with the UK—marking the first major trade deal since his Liberation Day tariff announcement in April, which introduced sweeping reciprocal tariffs on several U.S. trading partners. While details of the pact remain limited, Commerce Secretary Howard Lutnick stated the agreement would boost British imports of US goods, particularly in agriculture, including ethanol, beef, and industrial machinery. Trump confirmed the deal on Truth Social, adding that several more agreements were in 'serious stages of negotiation.' The announcement helped buoy not only cryptocurrencies but also global stock markets, as investors welcomed a sign of de-escalation in recent trade tensions. Cryptocurrencies, often viewed as high-risk assets, typically mirror broader market sentiment. They tend to perform well in times of economic clarity and drop during uncertainty or macroeconomic stress. Bitcoin's latest rally reflects a shift in investor mood, following the Federal Reserve's decision on Wednesday to keep interest rates steady amid what Chair Jerome Powell described as 'extremely elevated' uncertainty. With the trade deal offering a glimmer of stability, the crypto market appears to have regained its footing. However, it remains to be seen whether Bitcoin's momentum can be sustained in the weeks ahead.
Japan Times
16-03-2025
- Business
- Japan Times
Trump's bitcoin reserve to be a 'digital Fort Knox'
The creation of a "Strategic Bitcoin Reserve" in the United States is further proof of President Donald Trump's support for the cryptocurrency sector. Trump earlier this month signed an executive order establishing the reserve, which White House crypto chief David Sacks has likened to "a digital Fort Knox," comparing it to the stockpiling of gold bars at the U.S. military base. Gold is held in reserves by countries worldwide as the metal is seen as a safe-haven asset, protecting against financial instability such as high inflation. The metal on Friday surpassed $3,000 per ounce for the first time, boosted by an uncertain economic outlook amid Trump's tariffs. Gold reserves can help also stabilize a country's currency, while bars are used as collateral for loans and transactions. How will U.S. bitcoin reserve work? It is to be funded by about 200,000 bitcoins, worth around $17 billion in total, that have been seized in the United States as a result of civil and criminal cases. The reserve will be virtually secured for an indefinite time. Additional bitcoin can be added to the reserve as long as such action is "budget-neutral," thus not costing the taxpayer. Announcement fails to impress The price of bitcoin initially slid after Trump signed the executive order but has since stabilized. Analysts have blamed the lack of support on a failure to immediately buy more bitcoin. Dessislava Aubert, an analyst at crypto data provider Kaiko, said that "legally," the U.S. government must return bitcoin to all victims identified as suffering from a hack. According to Aubert, "a big chunk" of the bitcoin held by the United States — estimated at around 198,000 tokens — would have to be returned to victims of a hack at crypto exchange Bitfinex in 2016. Sector watchers are also waiting to see if other digital tokens will be added to the reserve, which is possible according to the executive order. Trump has said that bitcoin's nearest rival, ether, along with three other tokens — XRP, Solana and Cardano — could be added. Reason to copy gold reserve? Critics of the U.S. bitcoin reserve point out that, unlike gold, cryptocurrencies are risky assets and have no intrinsic value. However, Sacks believes that by storing bitcoin over time, the government would protect itself from the cryptocurrency's massive short-term volatility. Meanwhile, Stephane Ifrah, an investment director at crypto platform Coinhouse, said that bitcoin, like gold, can profit from its rarity thanks to a limited 21 million tokens. An advantage of the bitcoin reserve is its transparency, since the level of tokens will be known at all times — unlike the amount of gold placed in Fort Knox. Additionally, with the bitcoin reserve, "we're dealing with a rare asset that's much more suited to today's world," Ifrah said. Prominent cryptocurrency critic, Molly White, believes the "true reason" for the reserve "is a way to drive interest in the crypto industry," which could financially benefit investors. Trump has been accused by some of showing a conflict of interest, having vowed ahead of being elected to make the United States the "bitcoin and cryptocurrency capital of the world." The Financial Times reported that Trump earned $350 million from launching a meme coin, $TRUMP, to coincide with his inauguration. The Wall Street Journal has reported that the Trump family discussed acquiring a possible stake in the Binance platform — a report denied by the crypto exchange's founder. Other countries' plans Brazil is also considering the creation of a cryptocurrency reserve, an idea recently ruled out by the Swiss central bank. Governments around the world are partaking in cryptocurrency activity, notably by selling digital assets seized in court cases, as was the case in Germany last year with 50,000 bitcoins. El Salvador made bitcoin one of its official currencies, reversing the decision this year owing to a lack of take-up by citizens. Bhutan holds nearly $900 million worth of bitcoin, equivalent to nearly 30% of the kingdom's gross domestic product.
