Latest news with #Nexo
Crypto Insight
3 days ago
- Business
- Crypto Insight
US Bitcoin ETFs near record month after $1.5B inflows in 2 days
Spot Bitcoin exchange-traded funds (ETFs) in the United States are heading for a record-breaking month, helping push Bitcoin to new all-time highs amid rising institutional demand. The US-listed spot Bitcoin ETFs recorded more than $1.5 billion in combined inflows over a two-day period, with $608 million on May 21 and $934 million on May 22, according to data from Sosovalue. A repeat performance of the past two days' inflows would see monthly inflows surge to $6.68 billion, surpassing the monthly record of $6.49 billion from November 2024. ETF inflows helped Bitcoin rise to a new all-time high of $112,000 on May 22 before retracing to above $110,700 on May 23, up over 19% in the past week, TradingView data shows. The 'robust' ETF inflows and Bitcoin's rise to new all-time highs signal growing institutional demand and rising realized profits 'without increased sell pressure,' Nexo dispatch editor Stella Zlatareva told Cointelegraph. 'Institutional inflows, corporate balance sheet moves, and macro dislocation converge into a clear message: Bitcoin is no longer the alternative — it's becoming the benchmark,' she added. Recent surges in ETF demand coincided with $1 billion worth of Bitcoin being withdrawn from Coinbase on May 9 — a move analysts view as a signal of increasing institutional appetite. Institutional inflows to push Bitcoin to $200,000 in 2025 The 'structural' inflows from institutions may help Bitcoin surpass the $200,000 'base case' before the end of 2025, according to Bitwise's head of European research, André Dragosch. 'So the base case is $200,000, conditional on the US government not stepping in. If they step in, it will move closer toward $500,000,' Dragosch told Cointelegraph, referring to the US government's proposition to make direct Bitcoin acquisitions through 'budget-neutral' strategies. Bitwise's 'in-house prediction' for 2029 is a $1 million Bitcoin price target, as Bitcoin's market cap will surpass the market capitalization of gold, as the leading safe-haven asset, Dragosch explained. However, gold's $22.3 trillion market capitalization is still over 10 times larger than Bitcoin's $2.2 trillion, which makes BTC the world's fifth-largest asset, according to CompaniesMarketCap data. Source:
Observer
5 days ago
- Business
- Observer
Bitcoin surges to all-time peak as crypto sentiment improves
LONDON/NEW YORK: Bitcoin rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve after last month's tariff-induced selloff. The world's largest cryptocurrency touched a high of $109,760.08, and was last up 1.1% at $108,117. Its ascent was driven by a combination of factors including easing trade tension between the United States and China and Moody's downgrade of US sovereign debt which has prompted investors to seek alternative investment sources to the dollar. "Now that January's high has been surpassed – and the 50 percent upside from April's lows has been achieved – bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable US regulatory environment," Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment. Bitcoin at times trades in a similar fashion to tech stocks and other assets that rise in value when investor sentiment is high. The tech-heavy Nasdaq is up 30% from its early April low. That has also coincided with continued weakness in the dollar, a further boost for bitcoin's exchange rate against the US currency. Crypto market participants often point to increased involvement from traditional financial firms as reasons for its gains. This week they have referenced JPMorgan CEO Jamie Dimon, a longtime crypto skeptic, who said the bank will let clients buy bitcoin. Earlier this month, crypto exchange Coinbase was added to the S&P 500 index. Coinbase said on Monday the US Department of Justice has opened a probe into a recent data breach at the company. "We're still in year four of the bitcoin price cycle – the year after the bitcoin halving when miner rewards are slashed in half – which historically means its best days are still ahead of it and – while macro uncertainty and the threat of further volatility remains, a target of $150,000 in 2025 is still very much on the cards," Trenchev said. Meanwhile, ether, the second-largest cryptocurrency, surprisingly did not rise in tandem with bitcoin. It was last down 0.5% at $2,513.— Reuters
IOL News
5 days ago
- Business
- IOL News
‘Blue Sky' moment as Bitcoin surges to record high
Bitcoin has surged to an all-time high on optimism about upcoming legislation. Image: IOL Bitcoin surged to a new all-time high of $111,534 (R2,01 million) on Thursday as US debt concerns and legislative uncertainty around President Donald Trump's tax bill weighed on traditional equity markets. According to AFP, the world's most popular cryptocurrency is riding on a wave of optimism over anticipated cryptocurrency legislation in the US, which could provide clarity for the sector. Bitcoin's previous high was around $109,000 (R1.44 million), on March 11, 2005. However, uncertainty over Trump's 'Liberation Day' tariffs weighed on financial markets through early April, until the US President announced a 90-day pause on reciprocal tariffs on April 9. Bitcoin broke through the $100,000 barrier once again on May 8 and has displayed solid growth throughout the month. "Now that January's high has been surpassed - and the 50 percent upside from April's lows has been achieved - bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable US regulatory environment," Antoni Trenchev, co-founder of digital asset trading platform Nexo, told Reuters. "We're still in year four of the bitcoin price cycle - the year after the bitcoin halving when miner rewards are slashed in half - which historically means its best days are still ahead of it and - while macro uncertainty and the threat of further volatility remains, a target of $150,000 in 2025 is still very much on the cards," Trenchev added. Bitcoin's rally, which has also benefited other cryptocurrencies, has triggered substantial institutional interest, with Bitcoin Exchange-Traded Funds (ETFs) seeing more than $607 million (R10.9 billion) worth of inflows following the new price peak. This institutional adoption shows growing confidence in Bitcoin as a legitimate asset class among professional investors, says Luno's country manager for South Africa, Christo de Wit. "This decoupling from traditional equities is particularly noteworthy," De Wit said. "For South African investors, this development underscores the growing importance of cryptocurrency as a potential portfolio diversification tool, particularly as global economic conditions continue to evolve." Get your news on the go, click here to join the IOL News WhatsApp channel IOL
The Sun
6 days ago
- Business
- The Sun
Bitcoin surges to all-time peak as crypto sentiment improves
LONDON/NEW YORK: Bitcoin rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve after last month's tariff-induced selloff. The world's largest cryptocurrency touched a high of $109,760.08, and was last up 1.1% at $108,117. Its ascent was driven by a combination of factors including easing trade tension between the United States and China and Moody's downgrade of U.S. sovereign debt which has prompted investors to seek alternative investment sources to the dollar. 'Now that January's high has been surpassed - and the 50 percent upside from April's lows has been achieved - bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable U.S. regulatory environment,' Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment. Bitcoin at times trades in a similar fashion to tech stocks and other assets that rise in value when investor sentiment is high. The tech-heavy Nasdaq is up 30% from its early April low. That has also coincided with continued weakness in the dollar, a further boost for bitcoin's exchange rate against the U.S. currency. Crypto market participants often point to increased involvement from traditional financial firms as reasons for its gains. This week they have referenced JPMorgan CEO Jamie Dimon, a longtime crypto skeptic, who said the bank will let clients buy bitcoin. Earlier this month, crypto exchange Coinbase was added to the S&P 500 index. Coinbase said on Monday the U.S. Department of Justice has opened a probe into a recent data breach at the company. 'We're still in year four of the bitcoin price cycle - the year after the bitcoin halving when miner rewards are slashed in half - which historically means its best days are still ahead of it and - while macro uncertainty and the threat of further volatility remains, a target of $150,000 in 2025 is still very much on the cards,' Trenchev said. Meanwhile, ether, the second-largest cryptocurrency, surprisingly did not rise in tandem with bitcoin. It was last down 0.5% at $2,513.
The Sun
6 days ago
- Business
- The Sun
Bitcoin hits record high above $109k amid market optimism
LONDON/NEW YORK: Bitcoin rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve after last month's tariff-induced selloff. The world's largest cryptocurrency touched a high of $109,760.08, and was last up 1.1% at $108,117. Its ascent was driven by a combination of factors including easing trade tension between the United States and China and Moody's downgrade of U.S. sovereign debt which has prompted investors to seek alternative investment sources to the dollar. 'Now that January's high has been surpassed - and the 50 percent upside from April's lows has been achieved - bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable U.S. regulatory environment,' Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment. Bitcoin at times trades in a similar fashion to tech stocks and other assets that rise in value when investor sentiment is high. The tech-heavy Nasdaq is up 30% from its early April low. That has also coincided with continued weakness in the dollar, a further boost for bitcoin's exchange rate against the U.S. currency. Crypto market participants often point to increased involvement from traditional financial firms as reasons for its gains. This week they have referenced JPMorgan CEO Jamie Dimon, a longtime crypto skeptic, who said the bank will let clients buy bitcoin. Earlier this month, crypto exchange Coinbase was added to the S&P 500 index. Coinbase said on Monday the U.S. Department of Justice has opened a probe into a recent data breach at the company. 'We're still in year four of the bitcoin price cycle - the year after the bitcoin halving when miner rewards are slashed in half - which historically means its best days are still ahead of it and - while macro uncertainty and the threat of further volatility remains, a target of $150,000 in 2025 is still very much on the cards,' Trenchev said. Meanwhile, ether, the second-largest cryptocurrency, surprisingly did not rise in tandem with bitcoin. It was last down 0.5% at $2,513.
