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Bitcoin (BTC) hit fresh local lows on Feb. 26 despite what appear to be ongoing largescal institutional buy-ins.
Data from Cointelegraph Markets and TradingView showed BTC/USD $44,150 during Friday trading — last seen two weeks ago — after a rebound to $50,000 fizzled overnight.
Bitcoin had seen good news in the form of asset manager Stone Ridge planning to become the first Bitcoin mutual fund, along with major corporate purchases from MicroStrategy and Square. These, however, failed to stem the bearish mood, with 24-hour losses standing at near 10% at the time of writing.
“Everyone wants 42k, so we probably just go up now or drop to 38k on a savage wick. Crowd rarely gets what it wants,” popular trader Scott Melker summarized on Twitter.
Cointelegraph Markets analyst MichaĂ«l van de Poppe had…
Bordier & Cie, a Swiss financial institution operating for more than 170 years, has announced a partnership with digital asset bank Sygnum to allow its customers to purchase crypto assets.
The integration with Sygnum’s business-to-business banking platform allows Bordier’s clients to purchase Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Tezos (XTZ).
The announcement describes the move as “lay[ing] the foundation for a broader offering of regulated digital asset products and services,�? including options and tokenized asset classes. Bordier managing partner Evrard Bordier said:
“By partnering with Sygnum Bank, we are providing our clients with a one-stop, integrated solution while empowering them to invest in this new, high growth asset class with complete trust.�?
Bordier noted the move was driven by increasing demand from clients looking to diversify their portfolios with new assets. The firm emphasized the lack of correlation between the cryptocurrency and mainstream financial markets, describing…
A survey of more than 2000 Australian investors has found that cryptocurrency is a more popular investment than gold and silver — but it still has a long way to go to catch up to shares.
The poll, conducted on behalf of BTC Markets over the month of February, found that 12.6% of Aussie investors hold Bitcoin or other cryptocurrencies, compared to 12.1% who hold precious metals.
However, the stock market is by far the preferred in option for investors, with 63.6% holding shares directly and 28.8% investing in either exchange-traded funds or managed funds. Property is also a popular investment (25.8%), while 18.8% said they invested in “collectibles�?.
Australian crypto investors heavily favor Bitcoin and Ethereum, with 83.2% holding Bitcoin and 42% holding Ethereum, followed by Ripple with 28.5%, Litecoin with 18%, and Bitcoin cash with 12%.
The research revealed that almost one-third of the cryptocurrency investors made…
The Massachusetts Institute of Technology’s Digital Currency Initiative has revealed a new “Bitcoin Software and Security Effort�? intended to foster research into bolstering the Bitcoin network’s defenses.
The open-source initiative has received support from a diverse group of crypto industry leaders, including Gemini’s Cameron and Tyler Winklevoss, MicroStrategy’s CEO Michael Saylor, Square CEO Jack Dorsey, and major European digital asset manager, CoinShares.
In a blog post unveiling the project, DCI said that Bitcoin’s ascent from an “obscure cryptographic toy�? to a robust network that “secures on the order of $1 [trillion] of value�? was due to the millions of hours invested into building the project by open-source developers.
Coinshares announced a $500,000 donation to the project and chief executive Jean-Marie Mognetti hinted that perhaps other crypto companies should do likewise:
“As a beneficiary of the work of hundreds of developers who secure, upgrade,…
Buzzy digital artist Mike Winkelmann, aka Beeple, made NFT history yesterday with his piece, “Crossroads�?, netting $6.6 million on the secondary market via Nifty Gateway.
Like many Beeple artworks, Crossroads was inspired by the 2020 U.S. presidential elections. It was designed to feature one of two animations, depending on the outcome of the election — one a triumphant Trump, the other a forgotten, despondent one.
Originally purchased by a user called Pablo for $66,666.60 on Nov 1, the new owner, who chose to remain anonymous, paid almost 100 times more, breaking the price record for a single NFT sale. Previously the record was held by CryptoPunk 6965 which sold last week for 800 ETH, with a sale value of $1.55 million.
Beeple’s work has already captivated art collectors around the world with $3.5 million in sales generated over a single weekend in December…
Strategists at Wall Street banking giant JPMorgan have suggested that a one percent portfolio allocation to Bitcoin would serve as a hedge against fluctuations in traditional asset classes such as stocks, bonds, and commodities.
A small percentage allocation was advised to mitigate the risk of any large downturns in the digital asset’s value. Bitcoin has declined 20% since its all-time high of over $58,000 on Feb. 21 but it is up 60% since the beginning of this year.
According to Bloomberg, JPM strategists Joyce Chang and Amy Ho stated in a note to clients:
“In a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio,�?
The endorsement comes on the back of major investments in Bitcoin by Paul Tudor Jones, Stan Druckenmiller, Tesla, and MicroStrategy. The…
