The benchmark S&P 500 slipped 0.1% lower, as did the tech-heavy Nasdaq Composite. Stocks on the Dow Jones Industrial Average edged 0.1% higher. In cryptocurrency news, Bitcoin continued to reach record highs on Monday, exceeding $72,000 for the first time. The cryptocurrency managed to reach $72,500 during early trading bringing its gains for the year to 65%.

With the CPI report due on Tuesday, it is expected to give the Federal Reserve a better idea of whether it is in a position to introduce interest rate cuts and the timeline for such action. February’s jobs report, released last week, provided little indication of monetary policy trajectory after the labor market remained stronger than expected.

The post Stocks Stagnate as Bitcoin Extends Record Rally appeared first on theprimarymarket.com.

The recent crypto rise follows a wave of interest in digital currencies from traditional banking and investment institutions. This includes the recent unveiling of the digital-asset exchange, EDX Markets, which has received backing from the likes of Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.

“The rally is backed by institutional demand,” Hayden Hughes, co-founder of social-trading platform Alpha Impact observed. “The BlackRock announcement on a Bitcoin ETF, plus EDX Markets, gave Bitcoin a boost on hopes that traditional institutions will add depth to the crypto market.” BlackRock Inc. and WisdomTree Inc. both applied to launch their own US Bitcoin exchange-traded funds.

Recent interest in cryptocurrencies from traditional banking firms is unexpected given a recent crackdown from the US Securities and Exchange Commission. This included lawsuits against exchange operators  Binance Holdings Ltd. and Coinbase Global Inc.

WisdomTree’s most recent effort to launch a Bitcoin ETF comes after the company had its previous bid rejected. The company’s second filing comes after BlackRock submitted its own filing on June 15.

The post Bitcoin Rises for Sixth Straight Week as Financial Giants Back Crypto appeared first on theprimarymarket.com.

According to Geoff Kendrick, head of digital assets research at Standard Chartered, Bitcoin will reach a price of $100,000 by the end of 2024.

“While sources of uncertainty remain, we think the pathway to the $100,000 level is becoming clearer,” Kendrick wrote in this week’s note via Reuters.

Kendrick based his prediction on crypto mining’s increase in profitability, the recent banking crisis in the United States, and the fact that the Federal Reserve will likely end its aggressive policy of hiking interest rates in the near future. He also points out that European Union’s steps toward regulating the cryptocurrency market will also benefit Bitcoin.

Of course, this isn’t the first time that a huge rise has been predicted for Bitcoin. After a crypto boom during the pandemic, a number of analysts believed Bitcoin would easily surpass the $100,000 mark in 2022, but the cryptocurrency actually took a huge hit.

 Bitcoin reached $30,000 at one point last week for the first time in more than 10 months. It has since come down and is currently trading at around $27,000.

The post Standard Chartered Predicts Bitcoin Will Be Worth $100,000 By the End of 2024 appeared first on theprimarymarket.com.

Bitcoin reached $30,382.10 early on Tuesday, and everything points out that the surge isn’t over. This is the first time since June 2022 that Bitcoin was worth more than $30K. Its price increased more than 80 percent year-to-date. 

Other cryptocurrencies benefited from Bitcoin’s surge as well. For example, Ethereum jumped more than 2 percent and is heading toward the $2K mark for the first time since May, while Ripple, Cardano, and Dogecoin are also trending.

According to analysts, the reason why investors are jumping on the cryptocurrency train again has a lot to do with expectations that the Federal Reserve is ready to walk back on its aggressive interest rate hikes. With the recent banking crisis that resulted in the collapse of several banks, many believe that the Fed will not want to put added pressure on the banking sector.

“The reason behind the broad-based rally in crypto is traders’ optimism toward central banks’ monetary policy,” Tina Teng, markets analyst at CMC Markets, told Reuters.

The post Bitcoin Surges Past $30K for The First Time in 10 Months appeared first on theprimarymarket.com.

Fed recently issued a statement confirming that both insured and uninsured depositors of SVB will be provided help that would ensure “full protect” of their deposits. The decision has since been extended to the Signature depositors.

Bitcoin traded below $21,000 until Sunday before starting to surge following the Fed’s statement. It moved past $22,000 until Monday morning and briefly topped $26,000 at one point on Tuesday. It is currently hovering around $24,787.10, its highest price since mid-February. The world’s largest cryptocurrency is almost 50 percent up year to date.

Ethereum, which is the second-largest cryptocurrency by market capitalization, also experienced a surge in value. It traded at around $1,705 per coin at one point, marking its highest price in 2023. Just like Bitcoin, Ethereum also recovered after a huge drop in value in late 2022 and is currently 41.85 percent up year-to-date.

The rise of Bitcoin, Ethereum, and other cryptocurrencies saw the crypto market hitting $1 trillion in value. However, this is still almost 40 percent less than it had one year ago.

The post Bitcoin Surging After Fed Decides to Protect SVB and Signature Depositors appeared first on theprimarymarket.com.

This is super encouraging for the stock market when you consider how cut throat the industry has been lately. But to make matters even more interesting, it looks like Bitcoin has been bouncing back as well. Not only has the stock market impressed many in recent days, but Bitcoin is kind of leading the way.

Since Wednesday morning, Bitcoin prices have soared over a whopping 12%. To sweeten the excitement, Ethereum received a bump that was over twice that amount.

When you consider the fact that Bitcoin has experienced somewhat of a dip in 2022, this is an incredibly encouraging thought for shareowners. The nature of the stock market game has always been understanding the market, but there’s definitely plenty of room for blind faith in that regard as well. And let’s just say that those who have been weathering the storm are now finding reasons to smile again.

The post Bitcoin Leading the Stock Market as of Late appeared first on theprimarymarket.com.

The benchmark S&P 500 slipped 0.1% lower, as did the tech-heavy Nasdaq Composite. Stocks on the Dow Jones Industrial Average edged 0.1% higher. In cryptocurrency news, Bitcoin continued to reach record highs on Monday, exceeding $72,000 for the first time. The cryptocurrency managed to reach $72,500 during early trading bringing its gains for the year to 65%.

With the CPI report due on Tuesday, it is expected to give the Federal Reserve a better idea of whether it is in a position to introduce interest rate cuts and the timeline for such action. February’s jobs report, released last week, provided little indication of monetary policy trajectory after the labor market remained stronger than expected.

The post Stocks Stagnate as Bitcoin Extends Record Rally appeared first on theprimarymarket.com.

The recent crypto rise follows a wave of interest in digital currencies from traditional banking and investment institutions. This includes the recent unveiling of the digital-asset exchange, EDX Markets, which has received backing from the likes of Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.

“The rally is backed by institutional demand,” Hayden Hughes, co-founder of social-trading platform Alpha Impact observed. “The BlackRock announcement on a Bitcoin ETF, plus EDX Markets, gave Bitcoin a boost on hopes that traditional institutions will add depth to the crypto market.” BlackRock Inc. and WisdomTree Inc. both applied to launch their own US Bitcoin exchange-traded funds.

Recent interest in cryptocurrencies from traditional banking firms is unexpected given a recent crackdown from the US Securities and Exchange Commission. This included lawsuits against exchange operators  Binance Holdings Ltd. and Coinbase Global Inc.

WisdomTree’s most recent effort to launch a Bitcoin ETF comes after the company had its previous bid rejected. The company’s second filing comes after BlackRock submitted its own filing on June 15.

The post Bitcoin Rises for Sixth Straight Week as Financial Giants Back Crypto appeared first on theprimarymarket.com.

According to Geoff Kendrick, head of digital assets research at Standard Chartered, Bitcoin will reach a price of $100,000 by the end of 2024.

“While sources of uncertainty remain, we think the pathway to the $100,000 level is becoming clearer,” Kendrick wrote in this week’s note via Reuters.

Kendrick based his prediction on crypto mining’s increase in profitability, the recent banking crisis in the United States, and the fact that the Federal Reserve will likely end its aggressive policy of hiking interest rates in the near future. He also points out that European Union’s steps toward regulating the cryptocurrency market will also benefit Bitcoin.

Of course, this isn’t the first time that a huge rise has been predicted for Bitcoin. After a crypto boom during the pandemic, a number of analysts believed Bitcoin would easily surpass the $100,000 mark in 2022, but the cryptocurrency actually took a huge hit.

 Bitcoin reached $30,000 at one point last week for the first time in more than 10 months. It has since come down and is currently trading at around $27,000.

The post Standard Chartered Predicts Bitcoin Will Be Worth $100,000 By the End of 2024 appeared first on theprimarymarket.com.

Bitcoin reached $30,382.10 early on Tuesday, and everything points out that the surge isn’t over. This is the first time since June 2022 that Bitcoin was worth more than $30K. Its price increased more than 80 percent year-to-date. 

Other cryptocurrencies benefited from Bitcoin’s surge as well. For example, Ethereum jumped more than 2 percent and is heading toward the $2K mark for the first time since May, while Ripple, Cardano, and Dogecoin are also trending.

According to analysts, the reason why investors are jumping on the cryptocurrency train again has a lot to do with expectations that the Federal Reserve is ready to walk back on its aggressive interest rate hikes. With the recent banking crisis that resulted in the collapse of several banks, many believe that the Fed will not want to put added pressure on the banking sector.

“The reason behind the broad-based rally in crypto is traders’ optimism toward central banks’ monetary policy,” Tina Teng, markets analyst at CMC Markets, told Reuters.

The post Bitcoin Surges Past $30K for The First Time in 10 Months appeared first on theprimarymarket.com.

Fed recently issued a statement confirming that both insured and uninsured depositors of SVB will be provided help that would ensure “full protect” of their deposits. The decision has since been extended to the Signature depositors.

Bitcoin traded below $21,000 until Sunday before starting to surge following the Fed’s statement. It moved past $22,000 until Monday morning and briefly topped $26,000 at one point on Tuesday. It is currently hovering around $24,787.10, its highest price since mid-February. The world’s largest cryptocurrency is almost 50 percent up year to date.

Ethereum, which is the second-largest cryptocurrency by market capitalization, also experienced a surge in value. It traded at around $1,705 per coin at one point, marking its highest price in 2023. Just like Bitcoin, Ethereum also recovered after a huge drop in value in late 2022 and is currently 41.85 percent up year-to-date.

The rise of Bitcoin, Ethereum, and other cryptocurrencies saw the crypto market hitting $1 trillion in value. However, this is still almost 40 percent less than it had one year ago.

The post Bitcoin Surging After Fed Decides to Protect SVB and Signature Depositors appeared first on theprimarymarket.com.

This is super encouraging for the stock market when you consider how cut throat the industry has been lately. But to make matters even more interesting, it looks like Bitcoin has been bouncing back as well. Not only has the stock market impressed many in recent days, but Bitcoin is kind of leading the way.

Since Wednesday morning, Bitcoin prices have soared over a whopping 12%. To sweeten the excitement, Ethereum received a bump that was over twice that amount.

When you consider the fact that Bitcoin has experienced somewhat of a dip in 2022, this is an incredibly encouraging thought for shareowners. The nature of the stock market game has always been understanding the market, but there’s definitely plenty of room for blind faith in that regard as well. And let’s just say that those who have been weathering the storm are now finding reasons to smile again.

The post Bitcoin Leading the Stock Market as of Late appeared first on theprimarymarket.com.