Crypto Daily News from ZBG Exchange
1. Market Wrap: Bitcoin Hangs at $36.4K While Ether Flies to Over $1.4K
Trading action in the bitcoin market slowed Tuesday while ether’s price broke new ground.
Bitcoin (BTC) trading around $36,483 as of 21:00 UTC (4 p.m. ET). Climbing 0.85% over the previous 24 hours.
Bitcoin’s 24-hour range: $36,029-$37,876 (CoinDesk 20)
BTC below the 10-hour but above the 50-hour moving averages on the hourly chart, a sideways signal for market technicians.
2. Bitcoin Becomes Most-Crowded Trade After Passing ‘Long Tech’ : Bank of America Survey
“Long bitcoin” — a bullish bet on the top cryptocurrency — is now the most crowded trade in financial markets, according to Bank of America’s January survey of fund managers.
Published by Reuters on Tuesday, the research is evidence of the growing popularity of bitcoin (BTC, -2.14%) as an investment asset. Widely touted as a digital gold and an inflation hedge, the leading cryptocurrency by market value has rallied by over 230% in the past three months on the back of institutional demand. Prices clocked record highs above $41,900 earlier this month.
According to the survey, bitcoin has dethroned “long tech” (bullish bets on major technology companies) as the most crowded trade — that is, the one seeing the most capital inflow. The news marks the first time long tech has been pushed off the top position since October.
Meanwhile, betting against the U.S. dollar (“short USD”) is now the third most popular trade.
3. Ethereum’s Ether Cryptocurrency Sets New All-Time Price High Near $1,440
The price of ether (ETH), the native cryptocurrency of the Ethereum blockchain network, soared to record levels earlier on Tuesday.
Prices hit $1,439.33 around 12:00 UTC — that’s a little over the previous all-time high of $1,432.88 registered on CoinDesk’s price index on Jan. 13, 2018. The digital asset rallied nearly 12% Tuesday to reach the new peak.
Ether (ETH, +3.99%) first hinted at a coming rally to previously unseen levels earlier this month, but fell victim to a brief market correction triggered by bitcoin (BTC, -2.43%)’s pullback from $40,000 to $30,000 last week.
4. Hive Blockchain Buys 6,400 Mining Machines From Canaan to Reach 1,200 PH/s
Publicly traded cryptocurrency mining company Hive Blockchain (HIVE) announced its purchase of 6,400 bitcoin mining machines from Canaan (CAN), a move that will push the company’s total hash power past its year-end goal of 1,000 PH/s.
Once delivered and deployed, Hive will have an estimated operating hashrate of 1,229 petahash per second (PH/s), putting the company on track to top its 2021 goal of 1,000 PH/s.
The order is almost double the less than the 3,500 machines Hive bought all last year.
Delivery and deployment of the machines is set to start in May and June with an initial shipment of 500 machines. followed by monthly deliveries of 900 machines for the rest of the year.
Along with its plans for continued growth, the Vancouver-based company’s market value has soared, reaching $1 billion in early January.
Hive shares were largely unchanged, trading around $3.04 at last check, down less than 1% from Tuesday’s open.
5. Goldman Sachs Can No Longer Dismiss Bitcoin
Gary Gensler is officially Biden’s pick for SEC chairman
Investors are betting against the U.S. dollar
Grayscale has best day ever with $700 million in investment
Ethereum reaches new all-time high
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January 20, 2021