Bitcoin price hits $46,794 as altcoins, stocks rally to new highs

On Feb. 8 Bitcoin (BTC) price broke out to a new all-time high at $46,794 after documents from Tesla revealed that the company had allocated 7.7% of its gross cash position to BTC. The purchase gives Tesla a sizable $1.5 billion position in the top-ranked digital asset.  Data from Cointelegraph Markets and TradingView shows Bitcoin is currently up by 18.5% and trading near $46,000. Meanwhile, the majority of altcoins and DeFi tokens have also surged to notch double-digit gains for the day. Daily cryptocurrency market performance. Source: Coin360 While some…

Rising Bitcoin futures funding rate signals traders expect $50,000 BTC

Today Bitcoin (BTC) price rallied to a new all-time high at $44,900 shortly after Tesla announced a $1.5 billion investment. This event triggered $555 million worth of shorts to be liquidated in two hours and it happened as Bitcoin futures open interest reached $13.7 billion, which is just 3% below its historical high. These price moves drastically increased the cost of carrying long positions, mainly for those using perpetual futures. This indicator raised a yellow flag on how leveraged those investors are and their potential price impact. BTC futures open…

Bitwise files intent with SEC to launch ‘Crypto Innovators ETF’

Bitwise, one of the world’s largest cryptocurrency fund managers, has filed a new prospectus with the United States Securities and Exchange Commission, or SEC, to launch an exchange-traded fund for so-called “crypto innovators.”  The fund manager filed Form N-1A with the securities regulator on Feb. 5, where it outlined its intent to offer the Bitwise Crypto Innovators ETF. The proposed ETF will track the performance of the Bitwise Crypto Innovators Index. The proposed Index will be comprised primarily of companies that derive more than 75% of their revenue from the…

DOGE is ‘not a bad look’ for crypto users, says Mark Cuban as price surges another 8%

Amid recent endorsements from celebrities and people in tech, the price of the meme-based cryptocurrency Dogecoin has surged more than 700% in the last month. Now even billionaire Mark Cuban says he understands the appeal. In a tweet today from the Shark Tank star and Dallas Mavericks owner, Cuban said Dogecoin (DOGE) is the “best entertainment bang for your buck available” on the crypto market and doesn’t think it’s a “bad look” for investors to consider the token. “[DOGE] gives you a better chance of winning than a lottery ticket…

Cardano (ADA) price rallies 139% following smart contract implementation

Cardano’s (ADA) price has increased 100% since Feb. 1 as social media engagement and excitement about the addition of smart contract functionality is propelling ADA to its highest price level since the bull market of January 2018.  Data from Cointelegraph Markets and TradingView shows that ADA rose from $0.35 on Feb. 1 to its current price of $0.71, a move which has elevated Cardano to the 4th ranked cryptocurrency by total market cap. ADA/USDT 4-hour chart. Source: TradingView The first surge started after the team upgraded its delegation interface on…

Will Apple be the next company to adopt Bitcoin after Tesla?

Earlier today, Tesla Motors announced it had made a major Bitcoin purchase and planned to introduce crypto payments in the future. Some in the industry are now speculating that Apple will be the next institutional player to adopt the crypto asset. In a market report from Royal Bank of Canada Dominion Securities analyst Paul Steves, the introduction of the tech company into crypto could create more than $40 billion in annual revenue and make waves across the industry. He based this prediction on the history of Bitcoin (BTC) revenue at…

China releases final anti-monopoly rules targeting major tech and payments firms

China has finalized new guidelines to aid in antitrust battle against tech giants.  On Feb. 7, the State Administration for Market Regulation released finalized rules for its anti-monopoly push against e-commerce and payments giants like Alibaba, Ant Group and Tencent. The guidance specifically addresses “operators that provide business premises, transaction matching, information exchange and other Internet platform services.” It builds on a host of recent efforts by both the SAMR and the People’s Bank of China to rein in the broader tech industry, specifically targeting payments platforms as the country continues…

Chinese GPU miners reportedly bulk buying Nvidia laptops to mine Ether

Chinese cryptocurrency miners are reportedly buying Nvidia’s new laptops to mine Ether (ETH) amid the altcoin hitting new all-time highs. Nvidia’s latest GeForce RTX 30 laptops have become increasingly popular in China as a tool for mining cryptocurrency, according to several sources. On Feb. 6, a Weibo user known as BTCer posted a bunch of images showing off GeForce RTX 30 series gaming laptops making up a solid crypto mining farm. “A laptop mine is up​,” BTCer noted in the post depicting dozens of laptops stacked up on shelves. Source: Weibo…

Gauging the impact of ETH shortages on exchanges

Many researchers and influencers have pointed this out as a bullish sign that illustrates increasing demand for the native token that powers many popular DeFi apps. Others look at this as more of a critical flaw that could make the asset harder to acquire and trade as it becomes progressively more embedded in locked smart contracts and applications. Last spring, the percent of Ether (ETH) supply on exchanges peaked at around 26%, but since then, there has been a steady decline that puts the same statistic closer to 20.5%, according…