Homepage / Technology / Bitcoin surges to fresh record above $3,500, beats gold amid the global market sell-off
US says joint South Korea war games not on the negotiating table Air Berlin aims for asset sales to at least two buyers by end-Sept – CEO Here's how bike-sharing can help Hong Kong: Gobee.bike CEO HBO social media accounts hacked in another cyber-attack after 'Game of Thrones' scripts stolen Australia's Hanson wears burqa to parliament in bid to ban them Apple's Tim Cook 'disagrees' with Donald Trump's take on neo-Nazi violence in Charlottesville Beijing to Chinese companies: Stop using weird names Beijing has a $12 billion plan to revamp a state firm. It might not matter Racist video from China's official press agency mocks Indians Asia has been the world's economic miracle. Three countries are threatening that Trump promised to seek Seoul's approval before acting against North Korea: South Korea president Forget North Korea — here's the Asia flashpoint that really has analysts worried Global trade has been booming — but that may be about to fall apart Steve Bannon reportedly says the US is already in an 'economic war' with China This is what Internet companies are doing to exile white supremacists Asian shares to digest Fed minutes as political turmoil weighs on the dollar Cramer Remix: These stocks are in the perfect sweet spot of the market Cramer finds 3 retailers that can win in this new Amazon-plagued environment Google buys a start-up whose apps change your hair color in selfies High-profile investors, including Laurene Powell Jobs, just put $80 million into Color Genomics Facebook shut down an internal pro-Trump discussion group because of harassment, says report Cramer: Here's why the market is still sky-high despite Trump's troubles Here's how the Fed's decisions will begin impacting the market How companies like Google and Facebook are standing up to neo-Nazis and other hate groups Facebook CEO Mark Zuckerberg: It should be obvious that neo-Nazis are wrong Why it's going to be tough to get a rally in retail this year Sell-off in generic drugmakers a buying opportunity for this one, Citi says An inside look at Ford’s $1 billion bet on Argo A.I. Cisco slides after revenue beat Traders are getting excited about Alibaba earnings Trump's attack on Amazon has some basis in truth Self-made millionaire Gary Vaynerchuk: Don't raise money—make money A new $702 Nokia high-end smartphone unveiled ahead of Apple, Samsung launches The judge in the Uber-Waymo case suggests Uber lawyers 'misled the court' Josh Brown: Here’s why the market is mostly ignoring the Trump chaos Why IBM sends its best employees abroad for four weeks Two hobbyists built an electric car from spare parts. Now they're going after a record set by Tesla Shipping company Maersk says a huge cyberattack could cost it up to $300 million A start-up is suggesting a fix to the health-care morass Bill Ackman is getting worried about geopolitical risk, buys protection against market drop This state is the robot capital of America Google Home one-ups Amazon Echo, now lets you call phones Top CEOs jump from Trump, disband strategic council of corporate giants The energy sector has tumbled 16 percent this year — is it time to buy? How Jeff Bezos' 'two pizza rule' can help you hold more productive meetings Here's who's in and out of Trump's economic advisory councils after Charlottesville violence Chinese takeovers of US companies plummet this year amid tough Trump talk The man helping companies like Wawa and McDonald's make winning decisions using big data Cash is dead and drones deliver groceries: This is the future, according to Blockchain CEO This market rally is on ‘borrowed time’: Strategist Cramer: The market is 'completely divorced' from Trump SunTrust predicts Snap will plunge more than 20% on Facebook competition The Essential phone — backed by Amazon — will reportedly start shipping next week Billionaire Richard Branson weighs in on the idea of free cash handouts Your first trade for Wednesday, August 16 Another ‘Game of Thrones’ episode has leaked online Goldman has a new favorite biotech because of potential Alzheimer's blockbuster Google’s spacecraft challenge offers finalists an extra $4.75m as it extends mission deadline The stock that’s surged 150 percent this year – and could rise even higher Tencent results blow past forecasts on strength in games, WeChat Apple is bringing a billion-dollar checkbook to Hollywood, and wants to buy 10 TV shows UK defends ‘frictionless’ post-Brexit Irish border as mutually beneficial Atlanta Fed president: Great Recession caused people to distrust long-term investments Russian ex-minister accuses Putin lieutenant of framing him Early movers: TGT, UNH, MYL, FB, AMZN, GOOGL, WFC, URBN & more Trump rips Amazon, says it causes 'great damage to tax paying retailers'; shares drop Superior dividends and great valuations: why investors should consider oil stocks Donald Trump's 'mafia connections' blocked his bid to open Sydney casino 30 years ago Fog lifting for Maersk as CEO gives upbeat shipping forecast UK unemployment falls again to lowest since 1975, wage growth still lacklustre ECB's Draghi will not deliver fresh policy steer at Jackson Hole: Sources Our top competitor is piracy, not TV, says Netflix competitor Uber investor Shervin Pishevar claims Benchmark wants to remove Arianna Huffington from the board First far-right party set to enter German parliament since 1945 claims Merkel’s days are numbered China has got to fix its debt problem, the IMF says India, China soldiers involved in border altercation: Indian sources Britain is now seeking a Brexit without borders for Northern Ireland Dollar climbs on stronger-than-expected US retail sales as Asia markets await earnings The DOJ is demanding IDs of people who visited anti-Trump site, but web host won't comply Cramer Remix: The one stock to buy into any real weakness Companies are buying bitcoin to pay off hackers, says top cybersecurity CEO Cramer: Why the Yelp-GrubHub partnership is a match made in heaven These slides from Google's diversity training program help explain why fired engineer felt silenced Cramer's charts uncover which wild moves in semiconductor stocks are telling the truth This was the alt-right’s favorite chat app. Then came Charlottesville. Cramer uses fantasy football to teach investors the cardinal rules of diversification Uber’s head of its developer platform, Chris Saad, is leaving the company Energy stocks may be a drag on the bull market this fall The market's fear gauge could quintuple by Halloween, strategist warns Airlines want tighter control of alcohol sales in British airports Apple has a surprising new growth engine Here’s why one technical trader is picking bitcoin over gold Obama's response to Charlottesville is about to be the most popular tweet of all time David Tepper, manager of $17 billion, loves tech stocks; here are his favorites A 20-year VC explains what really happens in the boardrooms of venture-backed companies Home Depot shares drop as Wall Street fears it may no longer be 'Amazon-proof' Amazon faces a tax fight in South Carolina that could change how online sellers do business Unsealed texts show Travis Kalanick was cocky about China before Uber got creamed there Here's why venture capitalists are so grumpy these days GoDaddy CEO: We booted the neo-Nazi Daily Stormer website for inciting violence


Bitcoin surges to fresh record above $3,500, beats gold amid the global market sell-off

At least this week, bitcoin earned some points towards being a safe haven trade.

The digital currency jumped more than 20 percent to a record high this week, while global stocks fell amid escalating tensions around the North Korea nuclear threat. Prices of the traditional safety asset, gold, rose just 2 percent to a two-month high.

Bitcoin climbed more than 3.5 percent Friday to an all-time high of $3,586.23, according to CoinDesk. At that price, bitcoin has gained 24 percent since last Friday and more than tripled in value for the year.

Bitcoin’s gains followed an uneventful split last week into bitcoin and bitcoin cash, an upgrade proposal supported by a minority of developers. This week, an overwhelming majority of developers signaled their support for a more popular upgrade called Segregated Witness, or SegWit.

“With SegWit locked in, and an effective split between two camps with differing visions for the asset (BTC and BCH), it is now experiencing a relief rally,” said Chris Burniske, author of the upcoming book, “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond.”

“A greater number of entities, including institutions, are waking up to bitcoin’s merits as a currency that is uncorrelated to the traditional capital markets,” he said.

Many digital currency enthusiasts believe bitcoin will one day become “digital gold” amid the rise of other cryptocurrencies. The supply of bitcoin is limited to 21 million, but demand for the digital currency remains high as it’s typically the way for new investors to participate in the growing, larger world of cryptocurrencies.

Bitcoin already trades at nearly three times the price of gold.

Some Wall Street analysts have also published research in the last several weeks noting how bitcoin could rise several thousand dollars if even a small percentage of holdings in gold, stocks and bonds flowed into the digital currency.

U.S. stocks remain close to their all-time highs, and many strategists expect a deeper pullback soon due to seasonal factors and overextended prices. The S&P 500 closed below its 50-day moving average Thursday for the first time since July 6, led by declines in technology stocks.

Stocks traded slightly higher Friday, but the Technology Select Sector SPDR ETF (XLK) remained 0.8 percent lower for the week, tracking for its worst week since the end of June. The S&P 500 was on pace for a decline of about 1.3 percent for the week, its worst in at least four months.

That said, there’s no guarantee the digital currency can keep climbing even if it’s survived this summer’s controversy over the best way to upgrade the bitcoin network. The second phase of Segregated Witness is set to take place in November and could result in yet another split in the digital currency.

“Every day sees new buyers entering the market, and as the price rises, owners of Bitcoin only become more bullish,” Ari Paul, CIO of cryptocurrency investment firm BlockTower Capital, told CNBC in an email. “This trend may continue until there’s an exogenous shock to entice new sellers.”

Another digital currency, ethereum, traded little changed around $300 Friday, according to CoinDesk.

The bitcoin offshoot, bitcoin cash, traded 13 percent higher near $330, according to CoinMarketCap.

Source: Tech CNBC
Bitcoin surges to fresh record above ,500, beats gold amid the global market sell-off

Comments are closed.