You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Bitcoin eyes longest winning streak in 2021 amid crypto rebound

The virtual coin rose as much as 6.1% to top $40 000 and was trading at about $39 700 as of 8:15 a.m. in London on Wednesday.
Image: Andrey Rudakov/Bloomberg

A continuing recovery in Bitcoin has put the largest cryptocurrency on course for its longest winning streak this year.

The virtual coin rose as much as 6.1% to top $40 000 and was trading at about $39 700 as of 8:15 a.m. in London on Wednesday. It’s advanced for eight straight days. Other coins including second-ranked Ether climbed, boosting the Bloomberg Galaxy Crypto Index.

“The current momentum is strong” and $45,000 is in sight but a conclusive break above $50 000 “will take some doing,” Pankaj Balani, chief executive officer of crypto derivatives exchange Delta Exchange, wrote in a note Tuesday.

Bitcoin remains far below its mid-April high of almost $65 000. But bulls have taken heart from recent positive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood, as well as speculation over Amazon.com Inc.’s potential involvement in the cryptocurrency sector. The token soared Monday as some traders exited leveraged bets on declines.

Bitcoin has been rising even though a stock rout in China this week dented some investor appetite for risk, contributing to a drop in global stocks.

The crypto rally has taken the focus away — for now at least — from criticism of Bitcoin’s environmental impact due to energy consumed by the computers underpinning it. Regulators in China, the U.S. and Europe are also increasingly cracking down on cryptocurrencies or considering harsher rules.

© 2021 Bloomberg

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

I remember in 2017 Goldman Sachs, one of the biggest and most successful banks in America, threatening to fire its investment and trading employees if they ever involved themselves in cryptos, which the bank considered as the biggest scam in financial history. Oh no! what happened? Now they filing a crypto ETF in a big bet on DeFi.

What about Jamie Dimon, CEO of J P Morgan, biggest bank in America, mocking, ridiculing, scoffing at Bitcoin as a scam as well. Oh NO! now he’s bank have opened a trading desk offering crypto services and custody for their HNW clients.

You see with the powerful and the ultra wealthy, don’t do as they say, do as they do. It’s working so far for me.

LOL.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us: