Bitcoin

The rise of Bitcoin and cryptocurrencies in the past decade has revolutionized the finance sector. However, key regulators continue to doubt the long-lasting effects of cryptocurrencies in mainstream finance. This opinion is reiterated by the Bank of England Governor Andrew Bailey. Cryptocurrency Models Cannot Stand the Test of Time Bailey made these statements at the Davos Agenda, a summit for top financial stakeholders sponsored by the World Economic Forum. The bank chief stated that he does not believe that cryptocurrencies'…

Bullish news for the cryptocurrency industry as yet another publicly-traded company has joined the Bitcoin bandwagon with a hefty $150 million investment.  According to a Monday press release, Marathon Patent Group, a Nasdaq-listed company, has purchased 4,812.66 BTC as part of its treasury reserve.  The company said it purchased the cryptocurrency through the New York Digital Investment Group (NYDIG) at an average price of $31,168 per bitcoin, amounting to a total of $150 million.   According to Marathon's chairman and CEO,…

No one can argue that Bitcoin has come a long way in terms of buying power. In its early days, Bitcoin transactions involved thousands of coins and were often made for items that today would seem ridiculous. However, it’s important to consider that no one was sure how successful Bitcoin would become in its early years.  Bitcoin wasn't the first digital currency. It was the culmination of many different attempts to create a reliable digital currency. Specifically, Bitcoin was the…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $950 billion. Bitcoin lost nearly 7% over the week to trade at around $32,000. Ethereum gained almost 10% in value to trade above $1,300. XRP and Polkadot settle on their previous gains while trading in the green. The DeFi sector adds more than $2 billion to the total value of locked protocols. Crypto Trends…

PayPal Holdings Inc shares were advancing recently after a sell-side analyst took a bullish stance on the payments stock. Mark Palmer, the BTIG analyst, said that the rising shift toward digital payments due to the pandemic has possibly hastened PayPal's long-term growth trajectory. In October, the company announced that its 333 million active users would buy, sell and hold Bitcoin and other cryptos with their digital wallets. Palmer elevated PayPal from Neutral to Buy with a $300 price target calling…

The world’s largest independent business intelligence firm, Microstrategy, has completed 314 bitcoins for approximately $10 million. This purchase continues the accumulation of crypto assets by the intelligence firm, which began in 2020. 70,714 BTC in Microstrategy Portfolio Microstrategy CEO Michael Saylor revealed the purchase by his firm on Twitter. According to the tweet, the bitcoins were bought using cash per its treasury reserve policy.  In total, this latest round of bitcoin purchases totaled $10 million, including fees and expenses. The…

A new report shows that crypto investors are, on average older than they were a few years ago. Could this be a sign of the growing adoption of cryptocurrencies globally? Older investors take to cryptocurrency There is a conception that cryptocurrency has more adoption among young people who are likely to be aware of the technology. This trend appears to be changing in recent years as Bitcoins gain mainstream popularity. A recent report on the adoption of cryptocurrencies published by…

Bitcoin addresses holding figures above 1,000 BTC hit a new all-time high this year, adding another 164 new whales, representing $6 billion worth of the flagship cryptocurrency. According to Glassnode, a blockchain data and intelligence provider,  there are almost 2,440 bitcoin whales with above 1,000 BTC in their wallets by press time. In November, the figure was slightly below 2,000. Because of the network’s pseudonymity, it’s simple for a whale to create multiple addresses to spread its holdings. It is…

Despite Bitcoin's remarkable performance over the last ten months, JPMorgan Chase & Co. cross-asset strategists believe that the leading cryptocurrency is not a good hedge during severe market conditions.  In a Thursday report, the bank's strategists - John Normand and Federico Manicardi - wrote that Bitcoin has proven to be weak at withstanding "short-term drawdowns" during terrible market crashes.  Investing in Bitcoin can be the best way to protect against the loss of faith in fiat or traditional payment system.…