The cryptocurrency market has continued a solid bullish trend in early August, with the total market capitalization nearing $2 trillion. According to data from crypto data aggregator CoinGecko, the total crypto market cap broke the $1.9-trillion mark on Monday, retouching this level for the first time since May 18. Starting July 19, cryptocurrency markets recorded a notable rise, with market value surging nearly $700 billion. The market is still down roughly $700 billion from the all-time high of $2.5 trillion recorded on May 11. In line with the strong recovery trend, major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) …
Ark Invest founder and CEO Cathie Wood did not invest in the ProShares Bitcoin Strategy exchange-traded fund (ETF) on opening day, according to Business Insider. Wood said about the ETF’s debut: “No, we did not [invest]. We’re looking at this very carefully […] there are some tax ramifications we’d like to understand more having to do with contango versus more normal backwardation.” The contango of the ETF refers to when the future price of the commodity is higher than the spot price. Backwardation is when the forward price of the futures contract is lower than the spot price in a …
This is Part Three of a multipart series that aims to answer the following question: What is the “fundamental value” of Bitcoin? Part One is about the value of scarcity, Part Two — the market moves in bubbles, Part Three — the rate of adoption, and Part Four — the hash rate and the estimated price of Bitcoin. The rate of adoption If more and more people desire a certain good, and the same amount of units are in circulation, the price will obviously have a tendency to rise. It’s the supply-and-demand rule that governs any market in the world. …
Without any doubt, the year 2020 was unlike any other year in the 21st century: The ongoing COVID-19 pandemic, global governments unstoppably printing money, “lockdowns” and “social distancing” becoming the new normal, protests against racial discrimination and police brutality, and so on and so forth. It even made some claim it to be “the worst year ever.” But as they say: In every storm, each cloud has a silver lining. The most important thing is to learn from what we’ve been through and to improve our world and our future, as there are some problems that we have to solve …
Ether (ETH), the second most-valued cryptocurrency after Bitcoin (BTC), has hit a major milestone amid the ongoing price rally. On Wednesday, Ether’s price set another historic record, surging to as high as $4,346, according to data from CoinMarketCap. Ethers market capitalization briefly surpassed $500 billion, reaching nearly $505 billion on Wednesday. The new milestone marks Ether’s ongoing massive surge after it surpassed the $4,000 price mark for the first time in its history on Monday. At the time of writing, ETH is trading at $4,317, up more than 6.4% over the past 24 hours and seeing massive gains of about …