..

Cathie Wood Backing Sends Bitcoin Back Above $50K

Written by:
Aaron Goldstein
Published on:
Feb/24/2021

Ark Investment boss Cathie Wood told Bloomberg Tuesday evening she remains "very positive on bitcoin," and is "very happy to see a healthy correction here."  This may have helped push the cryptocurrency price above the $51,000 mark overnight.  But there are other factors perhaps.

Big Bitcoin News

 

  • MicroStrategy gained almost 9% early Wednesday, after closing down 21% Tuesday.
  • Wednesday morning the business intelligence firm run by bitcoin bull Michael Saylor said it had purchased $1 billion worth of bitcoin, with holdings now around $4.78 billion.
  • Saylor has become a leading advocate for bitcoin in recent months, calling on other companies to buy the digital token as an investment. On Tuesday, he told CNBC he believes bitcoin will one day have a market value of $100 trillion. As of Wednesday, bitcoin has a total market cap of roughly $920.85 billion, according to Coindesk.
  • There was also more buying from Square.  Jack Dorsey’s Square said Tuesday that it had bought $170 million worth of the cryptocurrency.
  • Bitcoin mining companies Riot Blockchain and Bit Digital gained 12% and 8%, respectively. Marathon Patent rose 15%, and Ault Global rose 5%.

Wild Volatility

  • Bitcoin’s price roared back Wednesday after a sharp sell-off Tuesday.
  • On Wednesday morning, it was reported that Dr. Craig Wright plans to file suit against the developers of bitcoin.  Wright claims to be one of the digital coin's inventors.
  • The action will, for the first time, examine the nature and extent of legal duties conferred upon and owed by developers resulting from the control they exercise over their respective blockchains.

- Aaron Goldstein, Gambling911.com

Business/Financial News

Many Coins Will Not Recover This Crypto Winter

Many Coins Will Not Recover This Crypto Winter

Whether it's the Doug Polk-promoted CoinFlex or the nearly worthless MiamiCoin, the Crypto Winter will have its casualties.  But there is room for optimism as well, especially as it pertains to blockchain technology. 

Stock Market Worst Since 1970: Latest Odds

Stock Market Worst Since 1970: Latest Odds

The S&P 500 is on track for the worst first half of a year in decades as BetOnline has released its July 31 closing number (30850.5 Points), which is pretty much the June 30 closing.

Bitcoin Set for Worst Quarter in Over a Decade

Bitcoin Set for Worst Quarter in Over a Decade

We also look at ensuring transparency and authenticity on chain, even as it pertains to the world's third most faked food: Honey.  Plus gambling and the blockchain as it pertains to payment solutions.

Crypto Hedge Fund in Default

Crypto Hedge Fund in Default

Plus BitOasis exchange lays off employees amid downturn, Dr. Craig Wright calls Hashgraph useless and more funds betting against Tether.

Things to Consider When Choosing a Reliable Bitcoin-Winning Site

Things to Consider When Choosing a Reliable Bitcoin-Winning Site

Crypto casino industries are known to be very profitable industries, as well as one of the increasingly popular gaming industries. There are various Bitcoin casino sites that result in making it difficult in regard to making a good casino choice.

Syndicate