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Cryptocurrency

Bitcoin bounces back after losing $13,000 in a space of 2 days

Bitcoin at one point lost about $13,000 in value after dropping from its all-time high of $58,330.57 to $45,290.59 within the span of two days.

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Bitcoin suffers worst financial loss in minutes

The world’s flagship crypto recovered partly from its precarious fall on Wednesday, after U.S. Treasury Secretary Janet Yellen and Elon Musk weighed in on Bitcoin’s recent rally.

Bitcoin at one point lost about $13,000 in value after dropping from its all-time high of $58,330.57 to $45,290.59 within the span of two days.

Bitcoin’s deep sell-off appeared to decelerate as prices settled around $49,000 after the flagship crypto-asset logged its steepest two-day loss since March 2020.

READ: Bitcoin joins the trillion-dollar club with Apple, Saudi Aramco and Google

At the time of writing this report, Bitcoin traded at $49,486.36 with a daily trading volume of $108.5 billion.

Bitcoin is still by far the most valuable crypto asset, with a market value of $922.3 billion.

Bitcoin bulls exhaustion came into play over the weekend when Elon Musk, the world’s second-richest man, disclosed that the price of the leading two cryptos seemed to be in overbought territory.

The leader of the world’s most valuable electric car maker was replying to Peter Schiff — a highly revered gold hedge fund manager who is popularly known for his strong bias against crypto assets and has always believed that gold is much better than Bitcoin and fiat money.

READ: Square buys more Bitcoin worth $170 million

Compounding the woes of bitcoin bulls, the world’s most powerful financial leader, Janet Yellen, took sides with the Central Bank of Nigeria (CBN) some days ago, by warning investors and the public of the dangers of owning Bitcoin.

The U.S Treasury Secretary and custodian of the $20 trillion economic juggernauts, raised her concern that the world’s most popular crypto asset could be ideal for money laundering and illicit transactions.

“I don’t think that bitcoin … is widely used as a transaction mechanism,” she told CNBC’s Andrew Ross Sorkin at a DealBook conference. “To the extent, it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

READ: Jeff Bezos is world’s richest man, as Elon Musk loses $15 billion in a day

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Yellen raised concerns about its usual high price swings that often come to cost some investors their fortune.

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“It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer,” Yellen said.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Bitcoins dash up strongly amid high buying spree

Bitcoin traded at $48,715.70 with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.

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MicroStrategy, Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826, Pigs hit hard at BTC market, plunges 8%

The price of bitcoin and saw strong gains amid high buying pressures particularly from wealthy investors, as the entire market capitalization surged by 5.62% at the time this report was written.

Bitcoin traded at $48,715.70  with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.

This is coming on macros suggesting the daily Bitcoin Spent Output Profit Ratio has seen a full reset and turned negative for the first time in five months – investors were on average moving BTC at a slight loss, indicating profit-taking has abated.

In an exclusive interview with Nairametrics, Louis Schoeman, a Snr. Forex analyst at Forexsuggest.com, a Luxembourg-based currency analytic firm explained the rationality behind Bitcoin’s recent surge.

“A bitcoin market correction has definitely been made in the last 7 days. According to our analysis, the reason for the price rise again is that hedge funds are starting to invest more aggressively in bitcoin,” Schoeman said.

In addition a leading global bank, Citi had recently suggested the flagship crypto-asset could “become the currency of choice for international trade,” thanks to its “decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”

Crypto experts also argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.

Recent reports reveal that MicroStrategy Inc. recently bought more Bitcoin to raise the enterprise-software firm’s holdings to more than $4.3 billion.

It’s critical to note that just 21 million Bitcoins are ever going to be produced in total, and presently, there is about 18.9 million Bitcoin in circulation.

This shows a differential of about 2.1 million Bitcoin that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.

This also means that liquidity is drying up, with a growing demand for Bitcoin increasing, the price would most likely stay north.

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Cryptocurrency

$119 billion valued investment bank, Goldman Sachs starts Bitcoin trading

Goldman Sachs Group Inc has begun a crypto trading desk that would be handling bitcoin futures and non-deliverable forwards on behalf of its customers.

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Goldman Sachs

The world’s leading investment bank, Goldman Sachs Group Inc, has begun a crypto trading desk that will be handling bitcoin futures and non-deliverable forwards on behalf of its customers.

In a report credited to Reuters, it was revealed that the elite investment team will be positioned under the U.S. bank’s Global Markets division.

The desk is part of the investment bank’s fast-growing crypto-assets sector, which also includes projects involving central bank digital currencies and blockchain technology.

Goldman Sachs is also exploring the creation of a bitcoin exchange-traded fund and has issued a request for information to explore such a crypto service.

READ: Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot

What you should know: The $119 billion valued investment bank is one of the world’s most elite investment bank, headquartered in New York and known to offer a broad range of financial services across investment trading, banking, securities, and lately consumer banking to a large and diversified client base.

This comes as no surprise, as highly respected business leader, Michael Saylor had earlier revealed that top representatives from about 7,000 companies attended MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.

“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.

“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.

“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.

READ: The odds against Bitcoin- Goldman Sachs

However, a significant number of traditional finance experts are not buying into the flagship crypto’s bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.

At press time, Bitcoin traded at $49,026.27 with a daily trading volume of $54.6 Billion. Bitcoin is up 5.52% for the day.

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