Business Insider - Cryptocurrency News Sites

Dogecoin trading activity spiked on Tuesday as a new TikTok challenge urging viewers to buy the cryptocurrency went viral. TikTok user James Galante began urging followers to buy Dogecoin in late June, claiming they could "all get rich" by pushing its value to $1 per coin. The challenge has since garnered hundreds of thousands of views on the app and began trending on Twitter. The meme-based coin's 24-hour volume surged above $878 million by Wednesday afternoon, a 683% increase from its average daily volume over the past year. Dogecoin's price soared as much as 71% amid the trend-fueled buying spree. The official Dogecoin Twitter account called on followers to be wary of "the intentions people have when they direct you to buy things." Watch Dogecoin trade live here. Dogecoin volumes spiked over the past two days amid a new TikTok trend aiming to get the meme-based cryptocurrency's price to $1. TikTok user James Galante began urging his followers to buy Dogecoin in June, claiming they could "all get rich" if enough viewers invested $25 in the coin. Since then, one of his videos garnered more than 537,000 views, search interest skyrocketed, the challenge began trending on Twitter, and the coin briefly hit its highest level since October 2018. "Let's all get rich!" Galante said in a July 2 video. "Dogecoin is practically worthless. There are 800 million TikTok users. Once it hits $1, you'll have $10,000. Tell everyone you know!" Read more: Buy these 15 stocks that are shielded from COVID-19 fallout and primed to beat the market even as virus cases spike, Evercore says The coin's 24-hour trading volume soared above $878 million by 12:05 p.m. ET Wednesday, marking a 683% leap from the coin's average volume over the past year. Its price surged as much as 71% on Wednesday as the online trend gathered more attention. Dogecoin's market cap now sits just below $500 million. The trend was even addressed by the official Dogecoin Twitter account Wednesday morning. The account warned against impulsively joining the viral challenge and urged followers to "be smart." "Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising," the account tweeted. Read more: 174 units with no prior experience: Here's the creative real-estate investing strategy a former Marine is using to generate 'crazy' cash flow Dogecoin amassed a sizable following during 2018's crypto boom for its ties to the popular "doge" meme. Creator Jackson Palmer referred to the asset as a "joke cryptocurrency," yet it's enjoyed a cult following well before the TikTok trend emerged. Elon Musk said in 2019 the coin "might be my fav cryptocurrency" in response to a poll deeming him Dogecoin's mock CEO.  The coin's fans even raised $55,000 in 2014 to sponsor a car at NASCAR's famous Talladega Superspeedway race. Dogecoin traded at $0.0039 per coin as of 12:35 p.m. ET Wednesday. Now read more markets coverage from Markets Insider and Business Insider: UBS has compiled an investing playbook for all the possible election outcomes. Here are the 6 trades it recommends to profit from a Trump triumph — and 10 for a Biden blue wave. Market bear Crispin Odey sees hedge fund massively underperform with 17.9% plunge in first half of 2020 Gold leaps above $1,800 for the first time since 2011 as traders pile into the popular safe haven Join the conversation about this story » NOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quickly […]

Adam Jackson has more than a decade's worth of experience building and running online marketplaces. He thinks traditional marketplaces that are owned by for-profit companies have two big, related problems — they charge outrageous fees to users and they concentrate wealth by transferring most of the value of the marketplace to the companies' owners. Jackson's got an idea of how to solve such problems — a marketplace that's owned by its users via a cryptocurrency token and run by a non-profit foundation. That marketplace, dubbed Braintrust, launched on Wednesday. Visit Business Insider's homepage for more stories. Adam Jackson knows a thing or two about online marketplaces — and what's wrong with many of them. He's been working on marketplaces off an on for the last 16 years. During that time, he's founded four of them — in areas ranging from telemedicine to automobile parts and repair — and sold two to bigger companies. He's seen what works well and what doesn't. "Having been a marketplace builder my whole life, I kind of had a front-row seat to two of the big problems that happen when you build big marketplaces," Jackson, a serial entrepreneur, told Business Insider in an interview this week. Traditional marketplaces are operated by for-profit companies that are owned by their founders and investors. That structure tends to create a disconnect between the interests of those owners and the interest of those who actually use the marketplaces to buy and sell goods and services, Jackson said. The first big problem that arises from that structure is that the marketplace operators tend to charge high and sometimes outrageous fees to their users, he said. Essentially that allows them to skim off much of the value generated by the market. Jackson pointed to Amazon, which charges fees to sellers in its marketplaces that can add up to 50% or more of listing prices, as an "egregious example." "The fees end up creating misaligned incentives," Jackson said. Traditional marketplaces concentrate wealth The second big problem with the traditional ownership structure is that it tends to concentrate wealth, he said. For Uber drivers, most of the value of the app comes from all of the riders that use it. Likewise, consumers use Uber because they know they can generally find a driver quickly and easily through it. But when Uber went public, much of the value it realized from that event went to a handful of founders and investors in the company, Jackson said. Meanwhile, many Uber drivers are earning poverty wages and some have to sleep in their cars, because they're homeless, he said. Investor-owned marketplaces engender "this crazy wealth concentration," Jackson said. "This is not a socialistic argument. I just think this stuff is bad for business." Jackson has an answer to those problems. Instead of an investor owned marketplace, he's now created one that will be owned by its users via a cryptocurrency token and operated by a non-profit foundation. The new marketplace, a kind of job board for freelance tech workers dubbed Braintrust, officially launched out of stealth mode on Wednesday. He's hoping it will be just the first of many more to come. Read more about Braintrust and why Jackson thinks it will demonstrate a way of fixing the shortcomings of traditional marketplaces here. Got a tip about tech? Contact Troy Wolverton via email at twolverton@businessinsider.com, message him on Twitter @troywolv, or send him a secure message through Signal at 415.515.5594. You can also contact Business Insider securely via SecureDrop.SEE ALSO: This startup lets techies fleeing Silicon Valley work on remote engineering projects for big companies, and it's already being used by Nestle, TaskRabbit and NASA Join the conversation about this story » NOW WATCH: Tax Day is now July 15 — this is what it's like to do your own taxes for the very first tim […]

The Indian government is inching closer to banning cryptocurrencies after the Supreme Court junked a circular banning them that was issued by the Reserve Bank of India. However, cryptocurrency companies remain cautiously optimistic, saying India will likely follow developed countries in accepting crypto. In 2019, an inter-ministerial committee report recommended a ban and advocated fines and penalties on anyone trading in cryptocurrencies. Visit Business Insider's homepage for more stories. While the Indian government is inching closer to banning cryptocurrencies with a new law, crypto companies believe "thoughtful regulation" is needed instead of a ban. A little over two months after the Supreme Court quashed a circular issued by the Reserve Bank of India, banning banks from cryptocurrency trading, the ministry of finance has reportedly passed a draft cabinet note that seeks to set up a legal framework for banning cryptocurrencies in India. According to the report, the cabinet note has been shared with other ministries for their consideration. The Supreme Court quashed the March 4 RBI circular calling it 'unconstitutional'. This was welcomed by cryptocurrency companies: industry body NASSCOM welcomed the decision, saying a framework is needed to monitor cryptocurrencies. Companies are cautiously optimistic While news of the likely ban could disappoint cryptocurrency fans, companies remain cautiously optimistic. "Encouraging a fast-growing industry is in India's best interests. Banning is not a solution, and I don't believe India will go for a sub-optimal solution here," said Nischal Shetty, chief executive officer of WazirX. "India has been progressing in the right direction when it comes to technology. I'm optimistic that we'll follow the footsteps of developed countries that have accepted crypto and introduced positive regulations," he further added. "We are open to an opportunity to talk to the regulators and help showcase the various benefits that cryptocurrencies can provide," said Ray Youssef, CEO, and co-founder of Paxful. India is at the regulatory crossroads Navin Gupta, managing director, South Asia & MENA at Ripple, believes India is at a regulatory crossroads right now. India is currently at the regulatory crossroads — where one path leads to responsible innovation leveraging blockchain technologies with digital assets, and another where players hesitate to adopt game-changing technology," he said. Stating that a 'thoughtful regulatory approach' will help India, he said, "We are confident that after careful deliberation and consultation with industry participants, Indian policymakers will choose the former path." Why do governments want a ban on cryptocurrencies? Cryptocurrencies like Bitcoin are either banned or restricted in several countries around the world. While India's stance has been unclear so far, the RBI circular banning cryptocurrencies, and this new inter-ministerial note suggests that the government is inclined towards a ban. In 2019, an inter-ministerial committee report recommended banning cryptocurrencies. The report even suggested fines and penalties on anyone carrying on crypto activities in the country. The committee's reasoning was that cryptocurrencies are volatile and allowing them could lead to the rise of an alternative currency within the country.SEE ALSO: As many as 36% of large investors own crypto assets, and bitcoin is the most popular, Fidelity says Join the conversation about this story » NOW WATCH: Why thoroughbred horse semen is the world's most expensive liquid […]

GlobalData compiled a list of top 10 blockchain influencers after analyzing Twitter conversations from more than 200 experts. After the analytics firm noted that the most searched trend among influencers was "bitcoin," they commissioned the study. Most searched trends among companies were: Coinbase, Blockstream, and Microsoft. The top 10 blockchain influencers were ranked based on GlobalData's assigned scores that measured specific metrics, including follower count and connections network on Twitter. Visit Business Insider's homepage for more stories. Ryan Selkis, the founder and CEO at Messari, claimed the top influencer spot on blockchain topics in the first quarter of 2020, according to analytics firm GlobalData. The firm analyzed its Blockchain Influencer Network Platform, which follows more than 200 experts in the field and their discussions on Twitter.  These influencers were ranked based on GlobalData's assigned scores that measure metrics such as follower count, number of tweets with topical keywords, number of engagements their content receives, and their connections network.  GlobalData found that "bitcoin" was the most discussed trend among influencers in the first quarter of the year, ahead of "cryptocurrency" and "fintech." The conversations largely grew out of news that India's supreme court lifted a ban on cryptocurrency trading and legalized crypto exchanges in the country. This drew attention from global companies and investors eyeing the potential of Indian cryptocurrency start-ups, GlobalData said. Apart from the influencer space, companies were found to be discussing "coinbase" the most, followed by "Blockstream" and "Microsoft." GlobalData found that conversations on Coinbase emerged from news that the coinbase card is now compatible with Google Play, making it the first company to enable crypto mobile payments.   Here's GlobalData's list of top 10 blockchain influencers on Twitter: Ryan Selkis is the founder of cryptoasset data provider Messari. He has helped establish teams at Digital Currency Group and Coindesk, and has been investing in and writing about crypto since 2013.  Adam Back is the chief executive at blockchain-tech firm Blockstream. He was cited in Satoshi Nakamoto's 2008 bitcoin whitepaper and highlighted in a Financial Times' report as a potential Satoshi candidate. Steven D. Mckie, a 7-year "crypto veteran," is the chief executive and founding partner of crypto investment firm Amentum. He also hosts and edits a bitcoin-and-ethereum focused podcast called @BlockChannel. Joshuwa Roomsburg is the founder of blockchain news site ChainLeak. He also builds digital marketing campaigns for athletes, celebrities, and blockchain companies. Pierre Rochard has been a bitcoin investor and researcher since 2013. He is one of two co-founders of the Satoshi Nakamoto Institute established in November 2013. The institute aims to share the best past, present, and future ideas in cryptography. Changpeng Zhao, who goes by CZ, is the chief executive of Binance, a crypto-exchange platform that ended up becoming the largest in under 180 days. Previously, he was part of the team that developed Blockchain.info.  Ari Paul is the co-founder and chief investment officer at blockchain-investment firm BlockTower Capital. He is a well-known investor in cryptocurrencies and authors a blog called The Cryptocurrency Investor.  Bruce Fenton is the chief investment officer at wealth management firm Atlantic Financial and a board member at The Bitcoin Foundation. He calls himself an "active crypto builder and investor." Erik Voorhees is the founder of a Bitcoin and altcoin exchange creator ShapeShift.io, and also advocates for the use of smart contracts.  Andreas M. Antonopoulos is a Bitcoin and open blockchain advocate, speaker, and author of books "Mastering Bitcoin," "The Internet of Money" & "Mastering Ethereum." SEE ALSO: Billions of dollars of unsold diamonds are piling up around the world because no one wants to buy jewels in the middle of a pandemic Join the conversation about this story » NOW WATCH: How waste is dealt with on the world's largest cruise s […]

As many as 36% of institutional investors in the US and Europe own crypto assets, according to a Fidelity survey released Tuesday.  Bitcoin is the most popular crypto asset to own — more that 25% of firms surveyed said they hold the digital currency. "These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class," Tom Jessop, president of Fidelity Digital Assets, said in a statement. Watch Bitcoin trade live on Markets Insider. Read more on Business Insider. More than one-third of large institutional investors hold crypto assets, and the most popular one is bitcoin, a recent survey showed.  As many as 36% of institutional investors in the US and Europe own crypto assets, according to a survey of 774 firms released Tuesday by Fidelity Investments. Institutional investors include pension funds, family offices, financial advisers, and hedge funds.  In the US, 27% of investors said they hold crypto assets, up from 22% a year ago when Fidelity surveyed 441 American firms. In Europe, 45% of firms surveyed said they hold crypto assets.  Of the digital assets held, bitcoin is by and far the most popular, according to the survey — more than 25% of respondents said they hold bitcoin, and 11% hold ethereum.  "These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class," Tom Jessop, president of Fidelity Digital Assets, said in a statement. "This is evident in the evolving composition of our client pipeline, which spans from crypto native funds to pensions." Read more: MORGAN STANLEY: The stock market is entering a new phase of a playbook that's thrived in past recessions. Here's how to tweak your portfolio to take advantage. Bitcoin has been on a tear this year as markets whipsawed amid the coronavirus pandemic and reopening efforts. The digital currency has gained 36% for the year after tumbling in early March and swiftly recovering.  Fidelity's survey found that the biggest obstacles cited by firms still hesitant to dive into crypto were price volatility and concerns about market manipulation.  The survey was executed by Greenwich Associates between November and March, right before the crypto market sank and recovered.  Join the conversation about this story » NOW WATCH: Why electric planes haven't taken off yet […]

Bloomberg expects bitcoin to revisit its record high reached in 2017 and double to $20,000 this year, an analyst note published Tuesday said. The firm sees bitcoin breaking away from other cryptocurrencies and says the digital currency has increasingly favorable fundamentals and technicals. Bloomberg says that the same forces pushing gold higher also support bitcoin and that the coronavirus is accelerating bitcoin's maturity relative to the stock market. Visit Business Insider's homepage for more stories. Bloomberg is taking the opposite side of Goldman Sachs, saying in a note published on Tuesday that bitcoin could double to $20,000 this year. Last week, Goldman listed five reasons investors should avoid bitcoin. The most popular cryptocurrency has so many favorable fundamental and technical factors that "something needs to go really wrong for bitcoin to not appreciate," Bloomberg said. The company said history indicated that bitcoin should return to $20,000 in 2020, representing roughly double its current levels. "Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016's trend," Bloomberg said. Bitcoin's maturation, fueled by the growing acceptance of digital currencies, the ability to trade bitcoin futures, and a steady decline in volatility, should keep it tilted toward price appreciation, the research note said. Read more: The head of BlackRock's $1 trillion ETF-investing business told us the 3 biggest growth opportunities on his radar - and explained how to start taking advantage of them now Additionally, Bloomberg said it expected bitcoin to appreciate if the stock market rolls over. Technically, bitcoin has solidified the $8,000 level as support and could move higher if it decisively breaks above the $10,000 level — that echoes recent comments from the technical analyst Katie Stockton. Bloomberg said it thinks bitcoin is benefiting from the coronavirus pandemic, for several reasons. First, historic declines in equity markets because of the virus didn't spill over to bitcoin, as a brief dip in the cryptocurrency was "promptly rejected," Bloomberg said. Second, the virus is accelerating the shift away from paper currency toward digital. And third, new quantitative-easing policies from central banks around the globe are "helping independent stores-of-value such as gold and bitcoin," Bloomberg said. Read more: 'I'm buying the property with 100% of other people's money': Here's the creative real-estate investing strategy Josiah Smelser used to complete almost $4 million in deals over the past 12 months But Bloomberg's bullish view on bitcoin doesn't translate to other cryptocurrencies like ether. "We see little upside in the ETH price absent a rising tide from bitcoin," Bloomberg said, adding that bitcoin "is breaking away from the pack in terms of adoption and is supported by almost-ideal macroeconomic conditions for stores-of-value amid quantitative easing." Bloomberg joins other influential investors in being bullish on bitcoin, including the hedge-fund manager Paul Tudor Jones and the billionaire investor Chamath Palihapitiya. Bitcoin traded up 1%, to $9,762, on Wednesday. Read more: Mitch Rubin's fund has used a unique approach to reap 26% returns and double client assets this year. He breaks down his 3-part process for deciding which stocks to buy — and what to bet against.Join the conversation about this story » NOW WATCH: Pathologists debunk 13 coronavirus myths […]

Goldman Sachs gave five reasons why it thinks bitcoin is "not an asset class" nor "a suitable investment" in a presentation Wednesday morning. Goldman observed that the cryptocurrency infrastructure is still young and susceptible to hacking or inadvertent loss, and that it is primarily used as a conduit for illicit activity. The bank said that it believes a security "whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment." Goldman noted that the crypto bubble dwarfs all other bubbles, including historic manias like the tulip and dot-com bubbles. Visit Business Insider's homepage for more stories. Goldman Sachs, led by Jason Furman and Jan Hatzius, said in a presentation on Wednesday that bitcoin "is not an asset class," nor is it "a suitable investment." The bank gave five reasons why investors should shy away from the cryptocurrency: 1. Bitcoin does not generate cash flow like bonds. 2. Bitcoin does not generate any earnings through exposure to global economic growth. 3. Bitcoin does not provide consistent diversification benefits given its unstable correlations. 4. Bitcoin does not dampen volatility given historical volatility of 76%. Goldman points to March 12 when bitcoin fell 37% in a single day as evidence that bitcoin's volatility is through the roof. 5. Bitcoin does not show evidence of hedging against inflation.  Goldman said that "a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment..." Additionally, although hedge funds may find trading cryptocurrencies appealing because of their high volatility, that alone does not constitute a viable investment rationale, the bank said. Read more: David Herro was the world's best international stock-picker for a decade straight. He breaks down 8 stocks he bet on after the coronavirus decimated markets — and 3 he sold. Paul Tudor Jones is the latest hedge fund manager to add bitcoin to his portfolio. Bitcoin bulls often point to the fact that bitcoin is scarce, as in, like gold, there is a limited supply of it (21 million coins once all of them are mined). But Goldman countered the scarcity argument by pointing out that cryptocurrencies as a whole are not a scarce resource.  There are several thousand cryptocurrencies, with a combined market cap of around $250 billion. And three of the largest six cryptocurrencies are forks, or nearly identical clones — bitcoin, bitcoin cash, and bitcoin SV according to Goldman. Other issues with bitcoin include that it's primarily used as a conduit for illicit activity. It's been used in ransomware attacks, money laundering, Ponzi schemes, and dark net market places for illicit goods. On top of that, the infrastructure of cryptocurrency is still relatively young and is susceptible to hacking or inadvertent losses, Goldman said. Read more: A part-time real-estate investor quit his traditional job 5 years after snagging his first deal. He shares his no-hassle strategy that's allowed him to travel the world with his 6 kids. Lastly, Goldman said that cryptocurrency was the biggest bubble or mania ever. The meteoric rise of bitcoin and ether, another cryptocurrency, in late 2017 dwarfs that of the tulip bubble in the 1630s and the dot-com tech bubble of 2000. Whereas tulip prices rocketed 485% in the year before reaching its peak, bitcoin jumped 2,292% and ether jumped 14,193% in the years running up to their respective peaks. Technically, bitcoin is struggling with the $10,000 resistance level, and what it does at this make-or-break level could determine where bitcoin goes next.  Read more: Bank of America says a new bubble may be forming in the stock market — and shares a cheap strategy for protection that is 'significantly' more profitable than during the past 10 yearsJoin the conversation about this story » NOW WATCH: Here's what it's like to travel during the coronavirus outbreak […]

Mark Yusko, the CEO and chief investment officer at Morgan Creek Capital Management, shared several reasons he thinks bitcoin's price will hit $100,000 by the end of 2021. Yusko said it would be "perfectly logical" for bitcoin to hit $400,000 to $500,000 if its market capitalization moves toward that of gold. The call comes after the legendary investor Paul Tudor Jones' recent disclosure that he's built a stake of bitcoin futures, making him the latest investment mogul to buy the cryptocurrency. Click here for more BI Prime stories. With the legendary investor Paul Tudor Jones disclosing purchases of bitcoin futures for the first time, it's become increasingly clear that market denizens who were once skeptical about the cryptocurrency are revisiting their stance. But Mark Yusko, the CEO and chief investment officer at Morgan Creek Capital Management, where he oversees $2 billion, has been a bitcoin proponent for years now. In addition to being bullish on bitcoin, Yusko is bearish on the real estate market, stocks, and the US Dollar. What's more, he calls bonds "pretty overvalued," so he's not keen on that space either. "Really what it comes down to is ... I realized that this was technology — an innovation in technology, an innovation in computing power," he said on the "Altcoin Buzz" podcast. "I actually believe that this transition will be the biggest wealth-creation opportunity I'll probably see in my lifetime." The transition that Yusko speaks of is what he calls the move to "Web 3.0." The way he sees it, Web 1.0 consisted of the initial internet moguls — Cisco, Microsoft, and Intel — and created tons of wealth. Web 2.0 companies grew even faster and bigger — firms like Alibaba and Facebook — because they were building on viable infrastructure already put in place. Today, Yusko says Web 3.0 — blockchain — will be "even bigger." And it's this network that is the key to making bitcoin valuable. And he has some extremely bullish forecasts for the cryptocurrency. He sees the fair value of bitcoin skyrocketing to $100,000 by the end of 2021. That would mark an about 900% increase from current levels. Outlined below are five of the main reasons Yusko gives for his unabashed bitcoin bullishness.  1. It's a noncorrelated safe-haven asset  "It acted exactly as all other safe-haven assets did," Yusko said in reference to bitcoin's behavior during the latest coronavirus-induced market swoon. "What people seem to miss is that uncorrelated doesn't mean that you're uncorrelated every day, every hour, every minute. It means you're uncorrelated over the long term. And the correlation of bitcoin to other assets is very low — still about 0.15." 2. Fundamental growth "People take these short-term moves and try to extrapolate them into long-term trends — and they're just not," Yusko said. "They're really unrelated events to the long-term fundamental part of bitcoin that is so attractive, which is more uses, more adoption, more widespread ownership, more wallets, more people with 0.1 or more bitcoin in their wallet." He added: "So all those things fundamentally are really, really strong." 3. The word is spreading and education is ramping up "But what you've got is this increasing knowledge base that's being disseminated — groups like yours going on the air, people writing about it, people bringing it front and center," he said. When Yusko first found out about bitcoin, he was skeptical. But as he learned more and became more educated in the space, he realized the opportunity at hand. He expects others to follow a similar path. 4. An endorsement from a younger generation "Bitcoin growth is determined differently. It's a network, and networks grow based on usage, based on regulation, based on — in this case —millennial adoption because there's really a difference between how older investors view the world, right? They think of gold as their safe haven. Younger investors think of bitcoin as their safe haven," Yusko said. 5. Fair value and scarcity "There will only be 21,000,000 ever mined, but some do get lost forever," he said. "Fair value of this network — if you follow the stock-to-flow model or the original parabolic growth model — comes out to about $10,000 in 2017. Magically, we hit that about six days after we were supposed to."  He added: "By 2021, about the mid to end of 2021, the fair value will be around $100,000." With all of that established, it's also worth noting that Yusko has an even more bullish forecast in a more far-flung scenario in which the total market value of bitcoin rivals that of gold. If that happens, he thinks bitcoin could hit $400,000 to $500,000. It's a scenario he believes to be "perfectly logical."SEE ALSO: Chad Glauser has dominated his benchmark for 28 months straight using just 3 ETFs. Here's what they are, and how they've combined to beat the market. Join the conversation about this story » NOW WATCH: Tax Day is now July 15 — this is what it's like to do your own taxes for the very first tim […]

Bitcoin crossed the $8,000 mark for the first time on Wednesday since March ahead of "bitcoin halving" that will take place on May 12.  Some analysts expect the bitcoin halving to increase prices. "After the two previous halvings, we've seen the price reach an all-time high within 3-9 months — which would be $20,000 in this case," one analyst said. Track the price of bitcoin live here. Bitcoin surged 11% on Wednesday and crossed $8,000 the first time since early March as analysts said a key deadline that will reduce the amount of units is helping boost prices.  Bitcoin is currently trading around $8,625 as of 12.55 p.m ET.  The last time it was anywhere near this level was in March, before stock markets crashed and when the impact of coronavirus began to spread.  Analysts attributed the rise to "bitcoin halving" that takes place on 12 May. Danny Scott, co-founder and chief executive of CoinCorner told Markets Insider: "Coming up in 12 days is the bitcoin halving — which in short cuts the supply of bitcoins coming into circulation in half and taking it from 12.5 bitcoins every 10 minutes to 6.25 bitcoins every 10 minutes." "People are looking at bitcoin's history and seeing how the supply and demand vector has played out for bitcoin in the past, with the price steadily rising after a halving to new all-time highs within 18 months," he added.  What is bitcoin halving? Bitcoin miners are rewarded a specific amount of bitcoins whenever a block is produced.  Initially when bitcoin was first launched, miners could get 50 bitcoins per block.  After 210,000 blocks are mined, the block reduces by 50% and the process continues until a block becomes worth 0 bitcoins.  The current block reward is 12.5 coins per block, which will fall to 6.25 on May 12.  Dr Garrick Hileman, head of research at Blockchain.com, said: "Bitcoin's price has been climbing of late alongside other traditional hard assets like gold in part due to concerns over the size of the monetary and fiscal response to COVID-19." Read more: The manager of the best small-cap fund of the past 20 years explains why he's betting big on a consumer recovery — and shares his top 4 stock picks in the struggling sector He added: "Anticipation of the 12 May bitcoin mining reward 'halving,' which will cut the supply of newly mined bitcoins in half, is also likely fuelling demand. Over time, if current bitcoin demand levels are maintained then this reduction in new supply may help boost bitcoin." Pavel Perelomov, chief executive officer and founder of blockchain platform Twigse, said he expects bitcoin prices to reach $10,000. "Market factors include the beginning of the removal of quarantine in the EU and the most powerful emission of the Central Bank of the EU and the Fed. I think that if the price fixes more than $ 8,000, the next barrier will be $10,000 taking this peak will open the road to long-term growth of Bitcoin. Scott said: "After the two previous halvings, we've seen the price reach an all-time high within 3-9 months — which would be $20,000 in this case." He added: "Looking at the stock-to-flow (S2F) model which assumes scarcity drives value (supply and demand), we can hope for the $100,000 region to hit within the next 12-18 months.  Deflationary? Bitcoin surged in January when the world's biggest cryptocurrency has taken on the role of an unconventional safe-haven investment as fears amounted about how traditional assets would fare when coronavirus was beginning to spread.  Some analysts expect bitcoin to rise because of its "deflationary" appeal during a time where monetary and fiscal policies are difficult to predict.  Alex Mashinsky, chief executive of Celsius Network, said:  "With the halvening just two weeks away, we're seeing a return to bullish sentiment among Bitcoin traders, and recent data suggest there's been an uptick in new retail investors. Plus, the unprecedented combination of fiscal and monetary stimulus is reinforcing Bitcoin's appeal as a deflationary asset."   Read more: Goldman Sachs recommends investors buy 'quality at a reasonable price.' Here are the firm's top 10 stock picks that fit the bill. But not all analysts are bullish on bitcoin.   Jon Walsh, senior vice-president of strategy, Europe at EMX Digital struck a more cautious note and said bitcoin has never been tested in a tough environment until date.  Walsh said: "The general outlook for Bitcoin is strong, but despite having been in existence now for 11 years, bitcoin is yet to be tested in a recession environment." "This is however, the perfect environment that bitcoin was essentially built for. Over the next 18 months, we will surely see whether the daddy of all crypto can live up to its promises of hard money with a disinflationary economic schedule," he added.Join the conversation about this story » NOW WATCH: Pathologists debunk 13 coronavirus myths […]

Periods of widespread selling and cash-hoarding shifted the sands of the investing landscape to reveal new opportunities. Several of Wall Street's biggest firms are raising billions of dollars to pile into distressed debt, viewing the Federal Reserve's relief measures as a backstop for ailing corporations. Significant spending on coronavirus relief measures will drag on global currencies, Bank of America projected, setting gold up to skyrocket through the economic downturn. Even bitcoin is breaching key thresholds, and some investors are turning to the volatile asset for the first time "as a hedge against currency wars," Ed Moya, senior market analyst at OANDA, wrote Thursday. Visit the Business Insider homepage for more stories. Weeks of indiscriminate selling and rotation to cash has left some corners of the market attractive to major institutions and retail investors alike. Distressed debt, gold, and even bitcoin are currying new favor as popular sectors grow tepid. Trillions of dollars worth of relief measures from the Federal Reserve and the government have stabilized once-turbulent markets and signaled to buyers they can rely on a policy backstop. Firms tracking investor positioning are trying to get ahead of the curve, advising clients to enter underweight areas before a wave of capital follows. Uncertainty clouding the US's economic future has spoiled some more traditional investment strategies. The stock market's rebound from late-March lows has slowed its pace, leaving economists forecasting everything from a sharp uptick to a bear-market resurgence. Monday's plunge into negative oil prices pushed the commodity market into uncharted territory and added another phenomenon to an already unprecedented year for the financial sector. With corporate earnings fueling even more volatility to the virus-slammed landscape, investors are targeting gains elsewhere. Read more: GOLDMAN SACHS: These are the top 11 companies to watch as we enter the best stock-picking environment in over a decade Sweet and soured debt The Fed's policy salvo indirectly gave stocks much-sought-after support following precipitous drops, yet credit markets are where the brunt of the aid will be felt. Distressed debt in the US quadrupled to nearly $1 trillion in less than a week as loan health tanked through March. The central bank addressed the credit squeeze with an alphabet soup of relief programs aimed at keeping firms afloat through the economic freeze. Where corporations brought fresh supply to the debt market, the Fed's lending facilities are poised to drive outsized demand. "We say 'distressed' has to trade higher before rally ends," Bank of America analysts led by Michael Hartnett said in a Thursday note, adding clients should "buy what the Fed buys." The policy backstop hasn't gone unnoticed by Wall Street's biggest offices. Howard Marks' Oaktree Capital plans to raise $15 billion for the biggest ever distressed-debt fund, eyeing risky loans as a golden opportunity. The massive debt piles accumulating around the world stand to drive more defaults than during the 2008 recession, Oaktree said in a presentation seen by Bloomberg. Read more: The stock market is rebounding without the most important ingredient it needs for long-term gains — and one quant chief warns it's a setup for another crash Blackstone soon followed suit, with Bloomberg recently reporting the firm is looking to raise $7 billion for its own soured-debt fund. PIMCO is raising a $3 billion fund for a similar strategy. KKR is taking a less conventional path, converting one of its failed funds into a new, $600 million vehicle for buying up corporate loans. All told, billions of investor dollars are following the Fed into distressed debt. Chase the shiny objects Gold initially soared as volatility connected to the coronavirus pandemic picked up, but its gains quickly gave way to a mass sprint for cash. With government aid in place and relatively little cash sitting in gold investments, Bank of America said Monday the precious metal is positioned to nearly double to an all-time high by October 2021. The bank lifted its 18-month price target to $3,000 from $2,000, saying significant easing policies around the world will serve as rocket fuel for the precious metal's value. Such measures place downward pressure on currencies and historically spike interest in gold. Positioning in "the ultimate store of value" is also "surprisingly weak," leaving plenty of room for investors to get in early, the team led by Michael Hartnett wrote in a note titled "The Fed can't print gold." Read more: 'I've gone to cash': Mark Cuban outlines his coronavirus investing strategy ahead of another 'leg down' in markets — and says now is the time to buy real estate The note helped push gold above $1,700 for the first time since 2012 and bringing its year-to-date gains to 14%. As recession relief measures ramp up in the second quarter, the precious metal's streak may even accelerate, Ed Moya, senior market analyst at OANDA, said. "The stimulus trade is not going away anytime soon and that should mean record highs for gold (in dollar terms) by the summer," Moya wrote in a Thursday note. Retracing the crypto crash One play gaining new attention looks to detach from stimulus measures entirely. The recent resurgence in risk appetite is pushing bitcoin to its highest levels since early March, with investors cheering the asset's disconnectedness from the financial sector. The digital currency surged as much as 9% in Thursday trading to break through the key $7,500 threshold, and its value has stayed above the level as of Friday afternoon.  Read more: Meet the 20-year-old day-trading phenom who's turned $20,000 into more than $1 million. He details his precise strategy — and shares how he made $11,400 in 2 minutes. Where the stock market closed slightly lower through the week, bitcoin shrugged off the oil market crisis and bleak economic data to notch a 5% gain over the same period. Crypto investors now find themselves at a technical junction. The coin is showing enough momentum to clear the $8,000 mark and break through its recent trading range, Moya said in a note. If enough investors outside the usual group of crypto enthusiasts see promise in the asset, it could emerge as a new favorite for those on the lookout for gains. "Bitcoin is starting to attract retail interest again. With worldwide stimulus efforts showing no signs of easing, some traders are jumping into cryptos as a hedge against currency wars," he added. Now read more markets coverage from Markets Insider and Business Insider: DraftKings soars as much as 18% in trading debut amid sports lockdown and intense market volatility The Fed will keep interest rates near zero for at least 3 more years, economist survey says The best small-company stock picker of the past 5 years tells us what he added to his portfolio after the market crashed — and shares his 3 favorite investments for the next decadeJoin the conversation about this story » NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America […]

The former hedge-fund titan Mike Novogratz said in a Monday interview with Bloomberg TV that "this is the time for bitcoin." "It's only in the last year where it really has become a macro weapon, you know, an investment choice," he said, adding that in the past month he'd seen "hedge funds and high-net-worth individuals who had never bought it before who are buying it." Still, cryptocurrencies have whiplashed during the coronavirus pandemic. In the past two months, bitcoin has dropped more than 30%, bringing its total year-to-date losses to about 6%. Watch bitcoin trade live on Markets Insider. Read more on Business Insider. Mike Novogratz, the famed investor and CEO of Galaxy Digital Holdings, said on Monday that now is the time for bitcoin, even though the cryptocurrency has slumped in recent months during the coronavirus pandemic. "I'm long gold, I'm long bitcoin — we are seeing a monetization of debt like we have never seen in our lifetimes," Novogratz said in an interview with Bloomberg TV, adding, "To me, in the long run, that has to make hard assets look better." Novogratz also said that "this is the time for bitcoin" because it has become a more popular and widely adopted investment in the US and Europe. "It's only in the last year where it really has become a macro weapon, you know, an investment choice," he said, adding that in the past month he'd seen "hedge funds and high-net-worth individuals who had never bought it before who are buying it." Read more: Billionaire Chamath Palihapitiya has reaped a 997% return since 2011. He shares his 3-part strategy for today's coronavirus-hit market — and outlines how he's mining real estate for opportunities. Still, bitcoin and other cryptocurrencies have been roiled this year along with global markets as the coronavirus pandemic has sent investors out of risk assets and into havens. In the past two months, bitcoin has slumped more than 30%, bringing its total year-to-date losses to about 6%. Bitcoin was down about 3% on Monday, trading at $6,720. The cryptocurrencies ether and Ripple have also fallen more than 5%. Novogratz also spoke about how the rest of his portfolio was positioned in the coronavirus outbreak. He said that on Friday he went short "for the first time in a while," betting against stocks and credit, after the Federal Reserve announced more emergency measures. Read more: Morningstar pinpoints 32 undervalued stocks to buy right now and provides its analysts' best ideas for each sectorJoin the conversation about this story » NOW WATCH: Tax Day is now July 15 — this is what it's like to do your own taxes for the very first tim […]

Stocks, oil, bitcoin, and Treasury yields plunged Thursday, the morning after the World Health Organization declared the novel coronavirus a pandemic. President Donald Trump gave a televised address in which he announced travel restrictions from Europe and pledged to help affected Americans and support small businesses. One analyst said, however, that Trump's address "fell short of what investors were hoping for." "Can we panic now?" another analyst asked. Visit Business Insider's homepage for more stories. Stocks, oil, bitcoin, and Treasury yields plunged Thursday, the morning after the World Health Organization declared the novel coronavirus a pandemic and President Donald Trump gave a nationally televised address from the Oval Office. Trump announced travel restrictions from most of Europe to the US for 30 days starting Friday. He also pledged to provide financial aid to affected Americans and promised capital and liquidity for small businesses, but he offered few details. Travel and leisure stocks were among the hardest hit. In the US, Boeing slumped 18%, Royal Caribbean Cruises and Expedia dropped 14%, and American Airlines, United Airlines, and MGM Resorts all slumped 13%. In Europe, travel group Tui and cruise-operator Carnival both slumped 17%, and Airbus dropped 14%. "The biggest source of disappointment on Wall Street was the lack of specific ways to support people and small- and medium-sized enterprises," Jasper Lawler, the head of research at London Capital Group, said in a morning note. "Paid sick leave, free testing, and a solution for uninsured Americans were all missing," he added. Other analysts expressed similar sentiments. "Donald Trump's public address fell short of what investors were hoping for," Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said in a morning note. They were expecting more, she added, saying the coronavirus threatens "one of the severest economic meltdowns we have experienced over the past decades." Read more: Buy these 12 cheap stocks to reap big dividend payments as the market recovers from coronavirus, BTIG says Moreover, a flood of government funding may do little to alleviate the crisis, Ozkardeskaya argued. "Proposed financial measures aim at boosting activity at a time when companies slow down operations to prevent further contagion," she said. "Massive rate cuts have the effect of a sword cutting through the water." The new coronavirus — which causes a disease called COVID-19 — has infected more than 126,000 people, killed at least 4,600, and spread to upward of 100 countries. Italy has locked down its entire 60 million population, and the US has more than 1,000 confirmed cases. The pandemic has prompted New York City to postpone its St. Patrick's Day celebrations for the first time since 1762 and the NBA to suspend the rest of this season's games. Read more: Coronavirus shock is pushing highly indebted 'zombie' companies towards financial ruin — and a risky $1 trillion market is already showing the damage a recession would do "Can we panic now?" Michael Every, a senior Asia-Pacific strategist at RaboResearch, asked in a morning note. Here's the market roundup as of 9:42 a.m. ET: US stocks opened sharply lower. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq tumbled more than 7%. European equities plunged, with Germany's DAX down 10.7%, Britain's FTSE 100 down 9.4%, and the Euro Stoxx 50 down 11.2%. Asian indexes closed lower. China's Shanghai Composite fell 1.5%, South Korea's KOSPI slumped 3.9%, Japan's Nikkei dropped 4.4%, and Hong Kong's Hang Seng fell 3.7%. Oil prices fell, with West Texas Intermediate down 9% at about $30 a barrel and Brent crude down 9% at $32.60. The benchmark 10-year Treasury yield slid to about 0.66%. Bitcoin nosedived more than 25% to below $5,900. Join the conversation about this story » NOW WATCH: Here's what it's like to travel during the coronavirus outbreak […]