Latest news with #Ergonia
Business Times
a day ago
- Business
- Business Times
Bitcoin rises to new record high as investors snap up riskier assets
[NEW YORK] Bitcoin hit a record high, moving in lockstep with a rally in US equities as investors pushed deeper into risk-taking territory across world markets. The cryptocurrency rose as high as US$124,563 early on Thursday (Aug 14) before giving up some gains to trade around US$121,200 at 6.45 am in New York. The milestone came soon after the S&P 500 closed at its own record for a second consecutive session, extending a summer run that has carried the benchmark to repeated highs. Bitcoin has been steadily rising for most of the past year as a result of the friendly legislative climate in Washington ushered in by President Donald Trump. Public companies, led by Michael Saylor's Strategy, have boosted the demand by following an increasingly popular corporate tactic of stockpiling the original cryptocurrency. The playbook has recently spread to smaller competitors, like Ether, leading to a broad rise across digital assets. Bitcoin's market cap rose to around US$2.5 trillion and Ether's to nearly US$575 billion, according to CoinGecko. Ether was trading just below its almost four-year old record on Thursday, changing hands at around the US$4,700 level. 'Crypto has been positively correlated to equities with the relationship stronger for ETH than BTC,' said Chris Newhouse, director of research at Ergonia. 'General sentiment looks positive.' The coordinated move underscores how speculative market corners and mainstream benchmarks are drawing from the same well of optimism. US inflation data landed in line with expectations this week – and strengthened bets the Federal Reserve will cut interest rates in September, easing financial conditions and encouraging capital to flow from blue-chip equities to volatile digital tokens. Ether's rise has been propelled by sustained demand from newly active treasury firms, while Bitcoin's steadier climb has leaned on persistent exchange-traded inflows even as it has faced technical resistance. 'The combination of moderating inflation, growing expectations for rate cuts, and unprecedented institutional participation through ETFs has created a powerful tailwind,' said Ben Kurland, CEO at crypto research platform DYOR. 'What's different this time is the maturity of the demand base – this rally isn't just retail euphoria, it's structural buying from asset managers, corporates and sovereigns.' BLOOMBERG
Business Times
2 days ago
- Business
- Business Times
Bitcoin rises to new record high as corporate interest expands
[NEW YORK] Bitcoin hit a record high on Wednesday (Aug 13), moving in lockstep with a rally in US equities as investors pushed deeper into risk-taking territory across world markets. The cryptocurrency rose past US$123,500 on Wednesday evening in New York, topping the previous all-time high of US$123,205.12 reached on Jul 14. The milestone came soon after the S&P 500 closed at its own record for a second consecutive session, extending a summer run that has carried the benchmark to repeated highs. Bitcoin has been steadily rising for most of the past year as a result of the friendly legislative climate in Washington, ushered in by US President Donald Trump. Public companies, led by Michael Saylor's Strategy, have boosted the demand by following an increasingly popular corporate tactic of stockpiling the original cryptocurrency. The playbook has recently spread to smaller competitors, such as Ether, leading to a broad rise across digital assets. The coordinated move underscores how speculative market corners and mainstream benchmarks are drawing from the same well of optimism. US inflation data landed in line with expectations this week, and strengthened bets the US Federal Reserve will cut interest rates in September, easing financial conditions and encouraging capital to flow from blue-chip equities to volatile digital tokens. 'Crypto has been positively correlated to equities with the relationship stronger for ETH than BTC,' said Chris Newhouse, director of research at Ergonia. 'General sentiment looks positive.' Ether's rise has been propelled by sustained demand from newly active treasury firms, while Bitcoin's steadier climb has leaned on persistent exchange-traded fund (ETF) inflows even as it has faced technical resistance. 'The combination of moderating inflation, growing expectations for rate cuts, and unprecedented institutional participation through ETFs has created a powerful tailwind,' said Ben Kurland, CEO at crypto research platform DYOR. 'What's different this time is the maturity of the demand base – this rally isn't just retail euphoria, it's structural buying from asset managers, corporates and sovereigns.' BLOOMBERG
Business Times
10-07-2025
- Business
- Business Times
Bitcoin extends record run while options traders target US$120,000
[NEW YORK] Bitcoin options traders are already setting their sights on much higher prices while the original cryptocurrency extends its record-breaking rally for a second day. As Bitcoin breached US$116,000 for the first time, the open interest, or the number of outstanding contracts on the Deribit exchange, has become concentrated around Bitcoin call options with US$115,000 and US$120,000 strike prices. Longer-term options expiring in late September and December have seen elevated open interest at US$140,000 and US$150,000. Liquidations in short positions accelerated after Bitcoin topped US$116,000, with US$543 million over the last hour and US$762 million over the 12-hour period, according to data compiled by Coinglass. Bitcoin's breakout, fuelled in part by institutional demand, is the latest validation for crypto bulls, who pounced after the November election on bets that the second Trump presidency will usher in a new era of permissive regulation. A Congressional committee declared the week of Jul 14 as 'Crypto Week'. The biggest digital asset by market value is up around 25 per cent this year amid the broader rally in risk assets that has also sent stocks to all-time highs. 'Notably, the options market is reflecting renewed bullish conviction,' said Chris Newhouse, director of research at Ergonia, a DeFi trading firm. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The funding rate, a measure of sentiment, in the Bitcoin perpetual futures market, remains positive, indicating more demand to stay in bullish positions. The contracts are one of the most common ways for crypto traders to leverage their bets on the digital asset. Bullish comments by US President Donald Trump over his Truth Social social media site helped to fuel the optimism on Thursday (Jul 10). The rally is due in part to expectations of rising demand from a spate of recently launched crypto treasury companies, according to Mauricio Di Bartolomeo, co-founder and CSO of Ledn. The companies are seeking to issue shares or debt to load the digital assets on their balance sheet in a bid to become Bitcoin proxies in the stock market. 'Bitcoin has reached a new all-time high on the back of relentless demand from investors and corporations.' Di Bartolomeo said. Bitcoin's historic rise comes even as investors grapple with macro headwinds such as increasing tension due to the looming tariffs set to be imposed by the Trump administration in August. 'Bitcoin is showing why it's in a class of its own,' said Roshan Roberts, chief executive officer of the trading platform OKX US. 'As trade tensions flare and altcoins stumble, institutions are treating BTC as a macro hedge and a maturing asset class. July will test markets, but Bitcoin looks built for it.' BLOOMBERG
