Bitcoin

Bitcoin surges today with speculation Meme Mania is back

Published

8 months ago

14 May, 2024

Bitcoin surges today with speculation Meme Mania is back

The surge in meme stocks today has some investors taking a closer look at the digital asset space.

It’s been an incredible day for high-risk assets, with speculators clearly returning to various meme stocks and cryptocurrencies similar in style today. For Bitcoin (Bitcoin 1.97%), a 2.5% move in 24 hours may seem like small potatoes given what is happening in the market today. GameStop (GME 74.40%) shares rose more than 70% this afternoon, with Reddit (RDDT 8.71%) seeing its share price rise by around 10% as well, with the return of Keith Kill (“Roaring Kitty”) to social media. The meme craze we all thought was dead may have just gone on hiatus.

We’ll see. The post that is driving speculators back into the market shows a man leaning forward in his chair, with many anticipating that this could mean that Roaring Kitty is considering adding a position (or has already done so). Its previous timing of moves in GameStop, which has aligned with speculative rises in other high-risk assets such as cryptocurrencies, could mean that there are now the right catalysts present to create a surge in demand for these assets, driving prices higher in the short term. .

Let’s dive into what to make of this news and another important catalyst for Bitcoin that many are paying close attention to.

Mememania is big business for speculators

Bitcoin’s daily movement has been quite orderly and certainly much quieter than many thought would be the case given this news. The issue is that Bitcoin’s status as a store of value and hedge for big money managers means that these headlines don’t mean much to those with the kind of capital to move the price of this token.

Given Bitcoin’s size and current market capitalization, it is also true that greater amounts of capital are needed to flow into this token to see the kind of appreciation that many expect to see in the world’s largest cryptocurrency. However, calls for $1 million in Bitcoin are now proliferating, with Jack Dorsey among the top executives ringing the bell with that number. Your recent announcement what Block (SQUARE -2.20%) will employ about 10% of the company’s cash flow to acquire Bitcoin every month, providing another demand catalyst for Bitcoin that investors are clearly banking on.

Now, the question is whether this increased demand from retail investors and speculators, in combination with the already strong demand from corporate and institutional investors, could be enough to stimulate Bitcoin’s next rally into the six- or seven-figure range.

It’s a game of supply and demand

I certainly think Bitcoin has moved beyond the speculation stage. Those betting on a rise to a target price of, say, $1 million will likely consider it to be a long and arduous road to that level. Of course, historically speaking, this has not been the case. There are many reasons to believe that if history proves to be our guide once again (in terms of post-halving moves), Bitcoin could perform excellently in the near term. But I think it’s also becoming increasingly clear that seeing the market capitalization of any asset increase by trillions of dollars is going to require a very sharp increase in demand.

The new supply of Bitcoin has become increasingly limited and there are certainly retail, corporate and institutional investors who have reason to continue adding Bitcoin during this point in the cycle. However, I think it will be important for investors to take a balanced approach to growing this token over time. Dollar-cost averaging these assets over time, as Block executive Dorsey reportedly hopes to do, may be the best course of action.

Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions and recommends Bitcoin and Block. The motley fool has a disclosure policy.

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Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

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ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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Bitcoin

MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.

How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.

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Bitcoin

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

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CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Bitcoin

Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.

The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.

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