On Thursday, Bitcoin broke through the $48,000 per coin barrier, extending its gains to more than 7%.
During the day, tesla CEO Elon Musk took to social media to say that Frodo is the underdog and all thought he would fail, most importantly himself. Musk attached a picture to the tweet saying: One Coin To Rule Them All, with the One Coin logo in the picture being Bitcoin.
Other big institutions are also entering the bitcoin market, as Golden 10 reported today that Twitter CFO Ned Segal said Twitter is considering whether to add bitcoin to its balance sheet.
On Thursday, Bank of New York Mellon will hold and transfer bitcoin and issue other cryptocurrencies on behalf of its asset management clients, according to the Wall Street Journal. BNY Mellon, which was created by the merger of Bank of New York and Mellon Financial in July 2007, is one of the world’s largest asset managers, providing financial goods and services to institutions, corporations and individuals with high net worth wealth.
However, many official bodies still have not officially recognized Bitcoin’s cryptocurrency status. On Thursday, U.S. Treasury Secretary Yellen discussed the challenges of fighting fraud and money laundering, among other issues. Yellen said that the misuse of cryptocurrencies is a growing problem and that the “risk explosion” associated with digital markets is a growing problem, including the misuse of cryptocurrencies.
However, Yellen also said that new financial technology can help fight crime and reduce inequality. Yellen said cryptocurrencies have been used by online drug dealers to launder money and finance terrorism, but that innovations in the industry could help solve these problems and reduce the digital divide between countries.
Bitcoin’s recent price rise is the result of steadily rising demand for the currency and its increasing scarcity, according to a new study by London-based cryptocurrency custodian Copper.co. The cryptocurrency is expected to reach its maximum supply of 21 million pieces by 2140.
The researchers also found that the greatest interest in newly mined bitcoins has been among investors in North America, particularly in the United States.
The number of bitcoins that have been mined worldwide to date is about 18.625 million, but a significant portion of those have been lost.
Copper estimates that 56 percent of bitcoins are currently held by investors, 18 percent have been lost, 15 percent are held by so-called traders, and the rest have yet to be mined.
Copper says that since most bitcoin holders (80%) are long-term investors and won’t easily sell their holdings, and interest in the digital asset is rising, this could have a huge impact on its price.
Copper also found it interesting that nearly a third of bitcoin trading volume occurs during the opening of the New York Stock Exchange, when investors should be watching the Dow Jones Industrial Average and the S&P 500.
The fact that so much bitcoin trading occurs during the U.S. stock trading session, between 9:30 a.m. and 4 p.m., may explain why the movement of the S&P 500 is sometimes seen as correlated with the price of bitcoin.
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