ATH after ATH after ATH. What a week for Bitcoin!
According to QCP Capital, as Bitcoin surpassed $90,000, it has solidified its status as an institutional treasury asset. Post-election, Bitcoin's popularity surged among institutions, though miners and leveraged traders triggered profit-taking. Technical indicators remain strong, but resistance levels suggest cautious optimism.
Cryptocurrencies made a strong recovery after a significant drop, with Bitcoin and Ethereum leading the surge. Factors like institutional investments, PayPal's crypto integration, and global economic uncertainty have fuelled optimism. However, analysts are cautious, suggesting that market volatility could continue and that these gains may not be fully sustainable.
MicroStrategy’s stock recently surged 30%, reaching a new all-time high of over $351 as the company’s significant Bitcoin acquisition and rising Bitcoin prices bolster investor confidence. The company now holds a $70.26 billion market cap and a 30-day average trading volume of 20.47 million shares. MicroStrategy recently purchased a further 27,200 Bitcoins for approximately $2 billion, bringing its total Bitcoin holdings to 279,420 BTC, valued at $24.3 billion.
US inflation data for October matched economist estimates, sending Bitcoin back towards the $90,000 level. The Consumer Price Index (CPI) rose 0.2% in October versus forecasts for 0.2% and a 0.2% rise in September, according to a government report on Wednesday morning. Core CPI – which excludes more volatile food and energy costs – rose 0.3% in October versus estimates for 0.3% and 0.3% in August. The price of bitcoin (BTC) gained following the numbers to $89,500. It remains higher by nearly 30% over the past week.
Recent Bitcoin events and timelines were accurately predicted by PlanB, a popular crypto analyst. According to a social media post in September, these predictions were merely the beginning of a more extensive roadmap that could ultimately lead to Bitcoin reaching $1 million in 2025.
Europe's largest telecommunications provider is launching a Bitcoin mining pilot called 'Digital Monetary Photosynthesis'. Deutsche Telekom’s subsidiary MMS developed the project in collaboration with Bankhaus Metzler. The project aims to provide data for stabilising Germany's energy grids.
The US Department of Justice (DOJ) has filed a civil forfeiture complaint to seize approximately $16 million in cryptocurrency held in a Binance account. The action follows a year-long investigation into funds allegedly linked to bribes authorized by Sam Bankman-Fried, former CEO of the defunct crypto exchange FTX. Court documents detail that the funds in question include tokens such as Internet Computer ICP/USD, Avalanche (AVAX), Ripple XRP/USD, Cardano ADA/USD and Solana SOL/USD, all believed to stem from illicit transactions.
Robert Kiyosaki, author of the financial classic Rich Dad Poor Dad, has shared his guidance on investing in Bitcoin, including advice on when to stop accumulating the crypto. Rich Dad Poor Dad, a 1997 book co-authored by Kiyosaki and Sharon Lechter, has earned global acclaim, spending over six years on the New York Times Best Seller list. “I will keep buying more bitcoin till it passes $100,000. Then I will stop. Not a time to get greedy.”, he said in a recent post.
Following Donald Trump's win in the 2024 U.S. election and the ‘Trump Pump’, we follow the highlights of Bitcoin’s turbulent journey, including the mystery around its creator, its historic pizza purchase, adoption in El Salvador, mining booms and busts, notorious fraud cases, and new investment interest from major banks.