Latest news with #PeterChung
Bloomberg
23-05-2025
- Business
- Bloomberg
Bloomberg Daybreak Asia: Treasuries Hold Gains, Bitcoin Hits New All-Time High
Asian shares posted a modest gain early Friday, after a rebound in Treasuries and the dollar eased some concerns about US fiscal policy. A regional stock gauge advanced 0.4% on gains in Japan, Australia and South Korea. US equity-index futures fluctuated in early Asian trading after the S&P 500 ended fractionally lower for its third daily decline. Treasuries steadied after rallying across the curve Thursday on moderating US fiscal concerns. We get market perspective from Eric Sterner, Chief Investment Officer at Apollon Wealth Management. Plus - Bitcoin surpassed $111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand and support from Donald Trump's administration. Bitcoin climbed as much as 3.4% on Thursday to hit a record of $111,980, before paring some of the increase. Smaller tokens also rose in a broad rally, with second-ranked Ether at one point up about 7.3%. We get reaction from Peter Chung, Head of Research at quant crypto firm, Presto Research.
Yahoo
29-04-2025
- Business
- Yahoo
Veteran trader shares surprising 2025 outlook for 'digital gold'
Bitcoin's price target for 2025 remains $210,000, driven by institutional adoption and global liquidity expansion, Peter Chung doubled down on their earlier prediction in an interview with CNBC on Apr. 28. Chung is the research head at Presto, a Singapore-based quantitative trading firm established in 2024. Chung said that the recent market reaction to the macroeconomic conditions, in hindsight, was a healthy correction that paved the way for Bitcoin as a "mainstream asset." Comparing gold's bullish run against Bitcoin's comparatively modest price action in April so far, Chung proposed that Bitcoin has two faces: digital gold and risk-on asset. Most of the time, Bitcoin behaves like a risk-on asset because its value is derived from user adoption, similar to an internet company. But during times of crisis, Bitcoin behaves like gold, as its features are designed to imitate those of bullion like scarcity. However, these moments are rare, happening only when the market doubts the stability of the US dollar-dominated financial system — one recent example being the aftermath of President Donald Trump's "Liberation Day" tariff announcements. Trump refers to Apr. 2 as "Liberation Day," when he imposed tariff hikes globally before pausing them for all except China for 90 days on Apr. 9. As the traders flocked to gold due to its status as an asset to hedge during crisis, it hit the record high of $3,500 per ounce on Apr. 22. On the other hand, Bitcoin — often called "digital gold" — lags far behind gold. Though it has been able to exceed the Apr. 2 level of $87,000, it was still trading at $94,343.51 at press time, as per Kraken's price feed. Sign in to access your portfolio
Yahoo
21-04-2025
- Business
- Yahoo
Bitcoin Hits $87,000, But Analysts Advise Caution on Bull-Run Expectations
Bitcoin's price crossed the $87,000 threshold on Sunday, marking the first time it has reached this level since April 2. The world's largest cryptocurrency is currently trading at approximately $87,325, reflecting a 2.4% increase in the past 24 hours. Analysts attribute this rally to a resurgence in institutional interest, particularly highlighted by the recent acquisition of 3,459 BTC by Strategy, formerly known as MicroStrategy. Despite reporting unrealized losses of $5.91 billion on its BTC holdings in the first quarter, Strategy's actions suggest a renewed commitment to Bitcoin amid market uncertainty. Dominick John, an analyst at Kronos Research, noted that the rally is also fueled by an uptick in global liquidity, driven by an expanding M2 money supply that reached $90.2 trillion across the U.S., Europe, Japan, and China from December to February. The positive net flow of $15.8 million into U.S. spot Bitcoin exchange-traded funds last week further indicates growing institutional confidence in the crypto. While Bitcoin has shown resilience, analysts caution that it is too early to declare a new bull market. Peter Chung, head of research at Presto Research, emphasized that ongoing negotiations regarding U.S. tariffs still contribute to market nervousness. He stated that clarity on these matters is essential for stabilizing broader markets. The upcoming Federal Open Market Committee meeting on May 6 and 7 will be closely watched, as the CME FedWatch Tool currently predicts a 12.4% chance of a 25-basis-point rate cut. John added that sustaining capital inflows will depend on the U.S. Federal Reserve maintaining lower interest rates. In addition to Bitcoin, other major cryptocurrencies experienced upward momentum, with Ether rising 0.97% to $1,632 and XRP gaining 1.38% to $2.11. However, Solana saw a decline of 0.87%, trading at $140.2. Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
Bitcoin Holds Steady As ETF Inflows Continue And State Reserve Efforts Face Setback
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin (CRYPTO: BTC) is trading near flat on Wednesday, up 0.14% to $83,788 at the time of writing. The world's largest cryptocurrency is up 0.44% over the past week but is down 0.74% on the month as price action stabilizes following last week's macro-driven selloff. After suffering nearly $900 million in outflows last week, spot Bitcoin ETFs are showing signs of recovery. The funds recorded $76.4 million in net inflows on Tuesday, extending a two-day rebound after a brutal seven-day streak of outflows. BlackRock's IBIT led the charge with $38.2 million in net new capital, while ARKB and BITB also saw healthy gains. Total trading volume across the 12 ETFs came in at $1.6 billion on Tuesday, down from $2.2 billion the day before, according to The Block. Analysts say the recovery in CME futures basis yields has revived interest in the spot/futures arbitrage trade, helping support inflows. Don't Miss: Trade crypto futures on Plus500 with up to $200 in bonuses — no wallets, just price speculation and free paper trading to practice different strategies. Peter Chung, head of research at Presto Research, told The Block, "the ETF inflows over the last few days may therefore be a result of the changing dynamics between the spot and the futures market." While Ethereum-based products continue to bleed capital, Bitcoin's positioning as a macro hedge and growing institutional vehicle appears intact. Bitcoin's growing role in state-level fiscal strategy suffered a minor setback this week as Oklahoma's Senate Revenue and Taxation Committee narrowly rejected House Bill 1203—a proposal to create a strategic Bitcoin reserve for the state. The 6-5 vote killed the bill despite a last-minute "yes" from Sen. Christi Gillespie, who said she changed her mind after hearing from constituents, according to Decrypt. The move puts more pressure on other states leading the charge. New Hampshire's House recently passed a bill permitting up to 10% of state reserves in Bitcoin. Texas and Arizona also have live legislation in the pipeline, with Arizona's House Rules Committee approving two BTC-related bills in March. According to the tracker Bitcoin Laws, 40 bills across 20 states remain active. On the institutional front, asset manager VanEck proposed a new hybrid bond instrument, called BitBonds, aimed at refinancing up to $14 trillion of U.S. debt. The bonds would allocate 90% to Treasuries and 10% to Bitcoin, allowing for upside capture if BTC appreciates beyond a 4.5% annual threshold. The product, still theoretical, is framed as a bridge between traditional finance and crypto-native yield, aligning with broader institutional interest in tokenized U.S. debt products. Bitcoin remains range-bound after a failed attempt to hold above $86,000 earlier this week. The asset is currently consolidating just below that level, with technical analysts watching for signs of support near $83,000. If the $85,000–$86,000 range is reclaimed, momentum could carry BTC toward a retest of its all-time highs above $91,000. Meanwhile, downside pressure remains limited, with macroeconomic tailwinds—such as easing Treasury yields and renewed ETF interest—providing a cushion. For now, Bitcoin appears to be stabilizing in the aftermath of last week's tariff-driven volatility, with ETF flows and institutional narratives again playing a central role in price discovery. Related Bonuses: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and placing your first qualifying trade on Coinbase. Trade, earn, and grow your crypto portfolio with — plus receive up to $500 worth of rewards in the most popular tokens if you're a new customer. This article Bitcoin Holds Steady As ETF Inflows Continue And State Reserve Efforts Face Setback originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
Crypto Weekly: Amazon outage impacts Binance, Bhutan mines 'green'
STORY: From seized crypto in China. To 'green' mining in Bhutan. :: Crypto Weekly This is Crypto Weekly. :: China's seized crypto China's growing pile of cryptocurrencies seized from illegal transactions is prompting local governments to find ways of disposing the hoard. And is spurring calls from courts and the financial industry for better regulation. Lawyers say the lack of rules around how authorities should handle seized bitcoin and other tokens has spawned inconsistent approaches. And some fear this could embolden lawbreakers and foster corruption. Crypto trading is banned on the mainland. :: Crypto investors 'sidelined' Outflows from Bitcoin ETFs in the U.S. surged last week as trade war concerns gripped the market. According to data from SoSoValue - the 12 Bitcoin ETFs saw outflows of over $700 million - a more than 300% increase from the week before. Peter Chung from Presto Research told Reuters that this wasn't a surprise. :: Peter Chung, Head of Research, Presto Research "I think similar to what we are seeing in the traditional finance market, there is generally a risk of trade happening in the crypto space as well. For the time being unless we get some more clarity on how the growth outlook is going to look like in the midst of all these tariff negotiations, I think people will generally stay sidelined on investment in risk-on-assets that includes crypto ETFs as well." :: Amazon's outage Crypto exchange Binance said it briefly stopped allowing users to withdraw from the platform on Tuesday. It was due to an issue involving an Amazon Web Services data center. A spokesperson for Binance said withdrawals were suspended for around 23 minutes. :: Bhutan turns to 'green' crypto The Himalayan nation of Bhutan is exploring ways to mine and leverage green cryptocurrencies using hydropower. Its sovereign wealth fund says it could boost its economy and create jobs to reduce brain drain. Green cryptocurrencies are mined using clean energy resources such as wind, hydro or solar power.
