Bitcoin & Ethereum, the big winner this month in all financial markets, BTC  60%+, ETH 80%+

MSNBC is reporting that, Bitcoin is closing out the month near $8,500— a more than 60% rally from where it was trading May 1. The world’s largest cryptocurrency is recovering from a dismal 2018 where it fell more than 73 percent. Analysts say the May rally was partially driven by bitcoin’s use-case as a hedge against trade tensions and a falling Yuan.

New Bitmain ASIC for EThash / Ethereum, Is It The End Of Expensive GPUs

New Bitmain ASIC for EThash / Ethereum, Is It The End Of Expensive GPUs

Bitcoin rallied more than 60% in May, hitting a high of $9,084 on Thursday. That’s up from about $5,200 one month ago, and more than double its value to start the year. The S&P 500 is down about 5% in the same time period. Bart Smith, head of digital assets at Susquehanna, said the crypto rally was driven by a few different factors — including simmering trade tensions.

“The first is the net effect of the trade war with china and the U.S. is that the yuan is hitting a six-month low,” Smith told CNBC’s Squawk Box Thursday, adding that much of the interest came from China. “Bitcoin was either a hedge or just an outright way to get capital outside of that country.”

 

Brian Kelly, founder and CEO of BKCM, also pointed out that Asia “was quiet for a long time, but it appears there is appetite for bitcoin again.“Investors are also anticipating demand from Fidelity and TD Ameritrade, he said in an interview with MSNBC.

Fidelity’s cryptocurrency platform Fidelity Digital Assets will reportedly offer trading for institutional customers a matter of weeks, according to Bloomberg. Fidelity told CNBC in March that it has quietly rolled out its cryptocurrency custody and trade execution operations. In the past few months it has been up and running with institutional investors like hedge funds and family offices, according to its top executive Tom Jessop. Robinhood, Square and E-Trade Financial are also offering crypto buying to retail investors.

 

 

 

 

 

 

 

 

 

Mohsen Daemi
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