Gold
Bitcoin rebounds over $41K after painting a ‘bullish hammer’ — Can BTC hit $64K next?
Bitcoin (BTC) rallied above $41,000 on Feb. 28 in a new sign of buying sentiment returning after last week’s brutal selloff across the risk-on markets, including the S&P 500. BTC’s price jumped by over 9% to reach $41,300, in part, as traders reacted to the ongoing development in the Russia-Ukraine crisis. In doing so, the cryptocurrency briefly broke its correlation with the U.S. stock market indexes to perform more like safe-haven gold, whose price also went higher in early trading on Feb. 28. BTC/USD versus XAUUSD and S&P 500 daily price chart. Source: TradingView Bitcoin downtrend exhausting — analyst Johal Miles, an independent market analyst, spotted “significant buying pressure” in the market, adding that its downtrend might be heading towards exhaust...
Can Bitcoin break out vs. tech stocks again? Nasdaq decoupling paints $100K target
A potential decoupling scenario between Bitcoin (BTC) and the Nasdaq Composite can push BTC price to reach $100,000 within 24 months, according to Tuur Demeester, founder of Adamant Capital. Bitcoin outperforms tech stocks Demeester depicted Bitcoin’s growing market valuation against the tech-heavy U.S. stock market index, highlighting its ability to break out every time after a period of strong consolidation. “It may do so again within the coming 24 months,” he wrote, citing the attached chart below. BTC/USD vs. Nasdaq Composite weekly price chart. Source: Tuur Demeester, StockCharts.com BTC’s price has grown from a mere $0.06 to as high as $69,000 more than a decade after its introduction to the market, as per data tracked by the BraveNewCoin Liquid Index fo...
Fundamentals and correlation models show that Bitcoin is undervalued
Chamber of Digital Commerce chief executive Perianne Boring told CNBC yesterday that correlation models suggest Bitcoin’s actual value is between $50k and $100k Founder and president of the Chamber of Digital Commerce, Perianne Boring, is the latest figure to assert that Bitcoin is currently undervalued, despite the volatility in crypto markets. During a CNBC Squawk Box Monday interview, Perianne advised investors to focus on Bitcoin’s underlying value rather than its price position. Several factors back her postulation Perianne said that the fundamentals of Bitcoin are showing real strength, and this is evidence that the asset is inaccurately valued. She pointed out that Bitcoin is currently growing at a higher rate than other technology elements – the internet during the late...
Billionaire investor Bill Miller puts 50% of net worth in Bitcoin
Investor Bill Miller is bullish on Bitcoin (BTC) despite the cryptocurrency touching multi-month lows below $40,000 in early January 2022. Miller no longer considers himself just a “Bitcoin observer” but rather a real Bitcoin bull, as he said in a WealthTrack interview last Friday. The billionaire investor now holds 50% of his net worth in Bitcoin and related investments in major industry firms like Michael Saylor’s MicroStrategy and BTC mining firm Stronghold Digital Mining. An early Amazon investor, Miller owns almost 100% of the rest of his portfolio in Amazon, he noted. Miller bought his first Bitcoin back in 2014 when BTC was trading around $200 and then purchased a “little bit more overtime” when it became $500. The investor did not buy it for years until BTC plummeted to $30,000 aft...
Bitcoin is new gold for millennials, Wharton finance professor says
Bitcoin (BTC), the world’s most-valued cryptocurrency, has replaced gold as an inflation hedge for young investors, according to Wharton’s finance professor. Gold’s performance was “disappointing” in 2021, Wharton School finance professor Jeremy Siegel said in a CNBC Squawk Box interview on Friday. On the other hand, BTC has been increasingly emerging as an inflation hedge among younger investors, Siegel argued: “Let’s face the fact, I think Bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold. Digital coins are the new gold for the Millennials. I think that the story of gold is a fact that the young generation is regarding Bitcoin as the substitute.” Siegel also reminded that older generations witnessed how gold had soared during the inflation...
What BTC price slump? Bitcoin outperforms stocks and gold for 3rd year in a row
Bitcoin (BTC) may be down over 30% from its record high of $69,000, but it has emerged as one of the best-performing financial assets in 2021. BTC has bested the United States benchmark index the S&P 500 and gold. Arcane Research noted in its new report that Bitcoin’s year-to-date performance came out to be nearly 73%. In comparison, the S&P 500 index surged 28%, and gold dropped by 7% in the same period, which marks the third consecutive year that Bitcoin has outperformed the two. Bitcoin vs. S&P 500 vs. gold in 2021. Source: Arcane Research, TradingView At the core of Bitcoin’s extremely bullish performance was higher inflation. The U.S. consumer price index (CPI) logged its largest 12-month increase in four decades this November. “Most economists didn’t see the hig...
PIB: Ijaw leaders reject ‘disgusting, provocative’ bill
The leadership of the Ijaw nation has rejected the Petroleum Industry Bill (PIB) just passed into law by the National Assembly describing it as disgusting and provocative. The leaders also called on the Minister of State for Petroluem Resources, Chief Timipre Sylva, to use this opportunity to write his name in gold, and on the side of prosperity by standing firm with the Ijaw people against their oppressors. President of the Ijaw National Congress (INC), the umbrella body of the Ijaw people, Prof Benjamin Okaba in a packed press conference, he addressed at the Ijaw House, headquarters of INC in Yenagoa, Bayelsa State, declared that the Ijaw nation rejects in its entirety the 3% and 5% provisions as compensation, the redefinition of host communities and other provisions including the alloca...
Ekiti APC chieftain: 2022, 2023 elections‘ll be based on personality, not party affiliation
An All Progressives Congress (APC) Chieftain in Ekiti, Mr Demola Popoola, says that the 2022 and 2023 elections will be about personality rather political party affiliation. Popoola stated this in Oye-Ekiti while declaring his intention to contest the governorship primaries of the party in the state. “The next general elections will be based on who the candidate is and not his political party. “Contributions and capacity of aspirants will play a critical role in the polls, but I am determined to bring my wealth of experience to bear in governance of the state, if given the opportunity in 2022. “I will work through my plans to banish poverty from Ekiti through my deliberate and concerted efforts in creating jobs through industrialisation of the state,’’ he said. Popoola, who hails from Oye-...
Myanmar junta leader says Aung San Suu Kyi will soon appear
Myanmar’s junta leader Min Aung Hlaing said deposed leader Aung San Suu Kyi was healthy at home and would appear in court in a few days, in his first interview since overthrowing her in a Feb. 1 coup. The coup has plunged the Southeast Asian country into chaos and one of several ethnic armed groups opposed to the ruling junta advanced to attack a military post in a northwestern jade mining town on Saturday, local media said. Suu Kyi, a Nobel Peace Prize laureate for her long struggle against previous military rulers, is among more than 4,000 people detained since the coup. She faces charges that range from illegally possessing walkie-talkie radios to violating a state secrets law. “Daw Aung San Suu Kyi is in good health. She is at her home and healthy. She is going to face trial at the cou...
CSOs threaten to occupy National Assembly over Electoral Act amendment
A coalition of Civil Society Organisations has threatened to occupy the National Assembly after Ramadan fasting, if the lawmakers fail to pass the Bill for an amendment of the Electoral Act. The CSOs which include Center For Liberty, Concerned Nigeria, The Electoral Hub, and Raising New Voices Initiative, issued the threat at a joint news conference on Thursday in Abuja. The Co-convener, Centre for Liberty, Mr Dare Ariyo-Atoye, who read the joint speech of the CSOs, said they were worried that the 9th National Assembly was yet to pass the bill. According to him the passage of the bill could have given them lasting legacies and written their names in gold. Ariyo-Atoye said that in the last 15 months, CSOs had consistently engaged lawmakers and appealed to the NASS to make the passage of a n...
Tokyo Olympics: Minister confident Nigeria will return to track and field podium
Youth and Sports Development Minister Sunday Dare is confident Nigeria’s 13 year wait for a track and field medal at the Olympics will end this year at the Tokyo Games. Nigeria last won a track and field medal at the Beijing Olympics in 2008 when the women’s 4x100m relay team and Blessing Okagbare (long jump) won silver medals and the Sports Minister is confident track and field will start delivering the medals like it did in 1996 in Atlanta. Track and Field has accounted for 13 of the 25 medals Team Nigeria have won at the Games. The sport has also delivered two of the three gold medals won with a first ever individual gold by Chioma Ajunwa in the women’s long jump. ”The performances of our athletes so far this year have given us renewed hopes that Nigerian track and field athletes can be...
