|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||10.82 - 11.12|
|52-week range||2.77 - 38.71|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||8.35|
Usually when the Securities and Exchange Commission weighs in on cryptocurrencies—to charge coin inventors with fraud or to investigate price manipulation—prices go down. SEC Director of Corporate Finance William Hinman said at a Yahoo Finance conference that ether—the token associated with digital coin network Ethereum—is not a security. Ethereum is a particularly promising software that can automatically execute sophisticated contracts, and ether's value has climbed as more companies start to use it.
The price of bitcoin and several other major cryptocurrencies has dropped sharply in the past 24 hours after South Korean exchange Coinrail said it was hacked over the weekend.
In a financial crisis, one theory goes, Bitcoin and other cryptocurrencies will be worth owning because they aren't tied into the stock, bond or real estate markets. What would support a cryptocurrency like Bitcoin in the event of a meltdown in financial markets? Would they be supported by a lender like the Federal Reserve, which has no obligation to do so?
Fidelity Investments, which manages $2.4 trillion in assets, is looking for new employees who can develop products for cryptocurrencies, a sign that it could get more serious about digital currency. For a large conservative financial firm, Fidelity was early to realize the potentially transformative impact of cryptocurrencies and blockchain technology in general. Chief Executive Abby Johnson has pushed the firm to experiment with cryptocurrencies, and she even spoke at the Consensus conference, the largest annual gathering of crypto-fans in the world, in 2017.
Remember back in December, where it seemed any company could incorporate blockchain into its strategy or even into its name to and have its stock price soar? My personal favorite was Long Island Iced Corp. changed its name to Long Blockchain Corp. and its ticker symbol to LBCC. The stock, which had been slumping from almost $5 in June 2017 to $2 in December. Then, after changing the name the stock soared to close at almost $7 and I believe traded above $10. That stock is at $0.38 as I type this note. Eastman Kodak Company has done better than those stocks. It was down to almost $3 when they announced something about some sort of blockchain thingamajig and the stock popped to $10 reach a high, a week later, of almost $12. It is at $5.48 right now, so at least still above its pre-blockchain price.
VanEck and SolidX, which attempted to launch their own individual bitcoin ETFs, have teamed up to launch a physically-backed bitcoin ETF. The SolidX Bitcoin Trust will fly under the ticker XBTC if it gets approved, according to filings. VanEck will be in charge of marketing and SolidX will be the sponsor, though, it will use VanEck's MVIS OTC Bitcoin Index to value the assets.
Digital coins may well change how people buy and sell goods one day, but for the moment they’re mostly an investment, and a remarkably tough one to use and secure. The Securities and Exchange Commission has so far squashed these hopes, citing the volatility of cryptocurrencies, among other reasons. Now there are two publicly traded U.S. securities made up entirely of cryptocurrencies that are available to investors in their brokerage accounts.
According the FT and Bloomberg, the Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies. Well, duh? Of course they are. There are allegedly several very large holders of Bitcoin (and other cryptocurrencies). The concentration of wealth gives them the incentive to push prices higher. In the stock market, anyone holding a large proportion of the outstanding security is subject to additional rules and scrutiny. No such protections exist for cryptocurrency. The person telling you about how great it is, may be very incentivized to see the price go higher. Whether or not this falls under the definition of manipulation that is being investigated, assume it occurs and assume it distorts price. Miners, some of which may have large positions, are also motivated to see prices rise as it should mean more money for them. They earn bitcoins for mining, so it is logical for them to want higher prices at any given time for the same amount of computing work. That is particularly true if mining activity is at all linked to price action. Is there a correlation between activity, which should award miners with more bitcoins, and price?
There seems to be a marginal rebound in the price of the top cryptocurrencies, although the markets were choppy on Thursday. The price of Bitcoin was $7,480 as of 6:00 AM EST on Friday, May 25. The market cap for Bitcoin is $27 billion, and the overall market cap of all cryptocurrencies combined is $334 billion.
Bitcoin tumbled overnight after the Justice Department reportedly launched a price manipulation probe after a "crypto-crackdown" earlier this week.
Bitcoin may be the new frontier of money, but it's still vulnerable to the kinds of scams that have plagued financial markets for decades. The Justice Department has begun a criminal investigation into whether traders have manipulated the price of bitcoin and other digital coins, Bloomberg reported on Thursday, citing four unnamed sources. Bitcoin traders clearly viewed the news as a negative, with the price falling to $7,400 from $7,558 within an hour of the report's publication.
Breaking the cycle of alternate days of gains and losses, the cryptocurrency markets seem to have experienced an extreme downturn. Bitcoin, the largest cryptocurrency, was down 6.4% as of 8:00 AM EST today and was trading at $7,379.7 after reaching a low of $7,300. Bitcoin Cash and Litecoin also tumbled about 6.6% and 6.1%, respectively.
Bitcoin slumped on May 23 and was trading at $7,873 as of 6:00 AM EST, below the psychological support level of $8,000. It has fallen about 5% over the last 24 hours, and its market cap is also down to $134 billion. Ethereum, ripple, bitcoin cash, EOS, and litecoin, other top cryptocurrencies, have also dropped 10.2%, 8.1%, 11.1%, 11.6%, and 6.7%, respectively, in the last 24 hours.
Cryptocurrencies have continued their fluctuation, alternating between gains and losses. As of 7:30 AM Eastern Time on May 22, bitcoin had fallen ~2.5% over the last 24 hours and was trading at $8,273. Top cryptos Ethereum and Ripple also fell, declining 3% and 2.7%, respectively.
Genesis Mining, which is the largest blockchain mining company based out of Iceland, put up billboards outside Warren Buffett’s office last week. The billboards said, “Warren: you said you were wrong about Google and Amazon. The billboards were put up soon after Buffett discussed bitcoin during his annual Berkshire Hathaway (BRK.A) meeting.
Cryptocurrencies seem to be moving towards gains slowly but surely as of Monday, May 21, at 6:00 AM EST. Bitcoin has risen about 2.0% over the last 24 hours and was trading at $8,497. Bitcoin has witnessed a fall of almost 1% after seeing a $1,000 drop in the previous week.
Bitcoin has plunged 58% from its December highs, Warren Buffett has compared it to rat poison, and few people use it for everyday purchases. Other digital coins are stuck in legal limbo. In any other industry, ...
Maybe I shouldn't have bought Bitcoin with my credit card? CoinDesk's Consensus 2018 conference is over and it failed to pump up cryptocurrencies. Since Rule #2 of my 3 Rules of Bitcoin is there are no rules when it comes to hyping crypto, this was an ideal opportunity for the crypto community to hype demand and drive prices higher. Tom Lee, or @fundstrat on twitter, was one of those regularly calling for ever higher prices, who predicted #Consensus2018 to deliver higher prices. Of course, according on CNBC, he doubled down after the conference (I guess if you first don't succeed, try and try again?).
The cycle of alternating days of gains and losses continues to stir the cryptocurrency markets. Bitcoin and other top-ten cryptos fell once again. Bitcoin was down about 2.3% over the last 24 hours and trading at $8,130. Its market capitalization was at $138 billion. The overall market cap for all the cryptos was at $369 billion. Bitcoin’s (GBTC) dominance relative to other cryptos was at 37.5%. Often, a slump in cryptos raises the bitcoin’s dominance. The cryptocurrency market has fallen about $42 billion over the last three days.
It all started last Monday when Bill Gates was quoted as saying he would short bitcoin if he could on CNBC. Tyler Winklevoss responded with this tweet that pointed out that @BillGates could short bitcoin using the CBOE futures contract. The CBOE's contract specifications clearly state that you could be net short or long up to 5,000 contracts. There don't seem to be any restrictions on who can be short (I have to check my notes, I thought at one time there were limitations on who could short - though that may have been at the clearing level - or before bitcoin dropped from almost $20,000 to under $9,000 and hasn't had a parabolic increase since late November and early December (not coincidentally, in my opinion, right as futures launched).
The nuance, the feverish buzz, and the controversy over the assets themselves echo the early beginnings of exchange-traded products. So it should surprise no one that John Hyland, who was on the team that launched the first crude oil ETF, the first natural gas ETF, and the first copper ETF, joined Bitwise Asset Management as its new global head of ETFs. Hyland joins two other ETF whisperers—Matt Hougan, former CEO of Inside ETFs, and Teddy Fusaro, who helped build Direxion and IndexIQ—at the firm. Meanwhile Bitcoin Investment Trust (GBTC) is up more than 3% so far Monday.
A woman dressed in a t-shirt with cryptocurrency logos shows a visual representation of the cryptocurrency Bitcoin and other cryptocurrencies. Bitcoin had been on an uptrend since April 12 when it hit a recent low of $6,850. Tom Lee, Head of Research at Fundstrat, had postulated that at least part of the weakness in Bitcoin and other cryptocurrencies in March and the first two weeks of April had been due to investors selling them to raise cash to pay for 2017 gains.
Bitcoin plunged to a three-week low after South Korean prosecutors raided the country's largest cryptocurrency exchange over fraud concerns, just before the start of Blockchain Week New York.
Warren Buffett is no fan of cryptocurrencies. This weekend at the Berkshire Hathaway (BRK.B) annual shareholder meeting, the billionaire said that bitcoin was "probably rat poison squared," a sentiment echoed by long-time partner Charlie Munger, who said that that cryptocurrency trading is "just dementia." Nor is Buffett backing down today, as he reiterated his dismissive stance on CNBC. "The asset itself is creating nothing," he said. "When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along." Bitcoin and other cryptocurrencies have seen quite a bit of volatility in recent months, and while some think that the worst may be over, others warn that there may be more headwinds for investors.