Tag Archives: Bitcoin

Bloomberg Kevin Ulrich Scored a $2 Billion MGM Win. It Only Took a Decade (Bloomberg) — Hedge funds often measure their investments in minutes, not decades; but for Anchorage Capital Group, its long-held stake in Metro-Goldwyn-Mayer Studios Inc. is proving that patience can also be profitable.The New York-based money manager stands to make roughly $2 billion on its investment in the film and TV producer, one that began almost 11 years ago with MGM in bankruptcy court. Amazon.com Inc. agreed… Source link

China’s nationwide crackdown on crypto mining could create a competitive environment  in which only the biggest miners can survive, said a co-founder and managing partner of Waterdrip Capital, a major investor in the Chinese crypto mining industry. “Finding suitable sites outside the mining hubs requires a lot of resources such as capital and network,” Yusan Zheng said during a Chinese-language Clubhouse discussion hosted by CoinDesk. “Only the most experienced and deep-pocketed… Source link

‘Bitcoin prices continue to recover from their recent hangover,’ said one expert. Photo: Getty Images Cryptocurrencies are continuing to recover from the weekend sell-off, with bitcoin crossing the $40,000 (£28,258) mark. It still remains far from its record-high of $63,000 though, which it hit earlier this year. Bitcoin (BTC-USD) was up 4.2% to trade at $40,500 on Wednesday morning. Ethereum (ETH-USD), the second-biggest cryptocurrency by market cap, was up roughly 9.4%, trading at $2,896…. Source link

NEW YORK (Reuters) – Bitcoin climbed back above $40,000 on Wednesday for the first time this week, before edging off its highs, as recent volatility in the cryptocurrency market showed few signs of dampening down.    Bitcoin jumped as much as 6.5% to $40,904, before easing back to around $38,797 at 11:45 a.m. Eastern time. Smaller coins, which tend to rise and fall with the largest cryptocurrency, also gained, with ether climbing more than 7.5% to above $2,915 earlier in the… Source link

Stocks rose Monday to recover some of last week’s losses, with investors’ concerns over inflation at least temporarily receding.  The S&P 500 rose by about 0.5% after ending last week lower. The Dow and Nasdaq also opened higher. Technology stocks outperformed as Treasury yields retreated. Bitcoin (BTC-USD) prices steadied to rise by more than 11%, after the largest cryptocurrency by market cap endured an extended streak of selling over the weekend. At their worst point during the past week’s… Source link

It’s time to take bitcoin way more seriously as an investable asset, says Goldman Sachs.  “Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase,” said Mathew McDermott, Goldman Sachs’ global head of digital assets, in a new piece of research. “And it doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold; to date, it’s tended to be… Source link

Bloomberg Secretive Hedge Fund Ends Long Silence to Take On Japan Icon (Bloomberg) — It was the rarest of public appearances. At Toshiba Corp.’s extraordinary general meeting in March, a lawyer, who didn’t give his name, talked for four minutes about why shareholders’ rights should never be infringed.He was speaking on behalf of Effissimo Capital Management Pte, a secretive hedge fund that had avoided the spotlight for almost 15 years. Now it was coming out into the open, if only… Source link

Bloomberg Inside the Race to Avert Disaster at China’s Biggest ‘Bad Bank’ (Bloomberg) — It was past 9 p.m. on Financial Street in Beijing by the time the figure inside Huarong Tower there picked up an inkbrush and, with practiced strokes, began to set characters to paper.Another trying workday was ending for Wang Zhanfeng, corporate chairman, Chinese Communist Party functionary—and, less happily, replacement for a man who very recently had been executed.On this April night, Wang was… Source link

Bloomberg Frontier Debt Shines as Unlikely Haven in World of Rising Rates (Bloomberg) — As the hunt for investments that can withstand rising interest rates gathers pace, frontier assets are gaining popularity over their larger emerging-market peers.The bonds of the world’s least-developed economies have returned 2.6% this year, keeping pace with their 2020 performance, while higher-ranked emerging-market debt has lost almost 2%, reversing some of last year’s 5.3% advance, according to… Source link

During his most recent YouTube interview, the highly revered crypto expert highlighted on the flagship crypto strong fundamentals noting many indicators point toward price positivity for Bitcoin. “There’s an immense amount of activity on the network between investors compared to the valuation,” Woo said, referring to data from Bitcoin’s NVT ratio, which shows blockchain network activity in relation to market capitalization. “We haven’t seen any kind of mania,” Woo continued…. Source link