Bitcoin on Course for Longest Streak of Monthly Gains Since 2021

Bitcoin on Course for Longest Streak of Monthly Gains Since 2021

(Bloomberg) -- Bitcoin is set to climb for the fourth month in a row after eking out an April gain, the longest such stretch since a six-month advance through March 2021.

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The token added as much as 2.5% on Sunday and was trading at about $29,700 as of 1:55 p.m. in New York. Smaller digital assets such as Ether, Binance Coin and Cardano also advanced.

In the past decade, four-month winning runs in Bitcoin foreshadowed an average surge of 260% over the subsequent year, data compiled by Bloomberg show. A jump of that magnitude would take the largest digital asset to a record $105,000 from the $30,000-zone where its 80% rebound in 2023 from last year’s punishing crypto rout has stalled somewhat.

Bitcoin has changed narrative garb like a chameleon during the revival, drawing succor from bets on a Federal Reserve pivot to looser monetary policy, the perceived blow to fiat currency from the US banking crisis and a planned reduction in the supply of new tokens — a so-called halving — due next year.

Read more: What Is Bitcoin ‘Halving’? Does It Push Up the Price?: QuickTake

“The biggest thing for crypto is that it’s a lightning rod for liquidity,” Christopher Forbes, head of CMC Invest Singapore, said on Bloomberg Television. “And as liquidity returns to the market, and it is and we’re seeing that, I think crypto will continue to trade well.”

In recent days, Standard Chartered Bank, BCA Research and Bloomberg Intelligence have all flagged possible paths to at least $100,000 for Bitcoin.

‘Scarce’ Asset

“The recent banking-sector crisis has helped to re-establish Bitcoin’s core use case as a decentralized, trustless and scarce digital asset,” Geoff Kendrick, head of crypto and EM FX West research at Standard Chartered, wrote in a note.

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BCA’s Associate Vice President Juan Correa-Ossa said it’s possible for Bitcoin in the long-term to partially usurp gold as a store of value in a digitalizing world. If the token approached 25% of the market capitalization of the yellow metal, that would put Bitcoin’s price at $160,000, Correa-Ossa wrote in a note.

Bloomberg Intelligence’s Jamie Douglas Coutts said if 1% of global bond-market value moved toward Bitcoin, that would take the price to $185,000.

US Crackdown

None of the analysts are saying such trajectories are inevitable but the fact they are being evaluated shows the changed mood compared with 2022, when digital assets crashed and the FTX exchange headlined a spate of blowups.

Bitcoin and the wider crypto world remain exposed to a variety of risks, not least the crackdown on the sector in the US. A shorter term threat is if traders pare back expectations of friendlier Fed policy, according to BCA’s Correa-Ossa.

The various crosscurrents, amid a period of pronounced economic uncertainty, make the outlooks for real and virtual assets hard to parse. Bitcoin remains about $40,000 below its 2021 all-time high of almost $69,000.

“Crypto markets have cycles, too, only these in the past have been driven mainly by crypto-specific factors,” wrote Noelle Acheson, author of the “Crypto Is Macro Now” newsletter. “Not any more – now the crypto market has multiple drivers, making the narratives more complex while opening up the market to new investing cohorts.”

--With assistance from Sidhartha Shukla.

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01 June 2023
Nobody should suggest using a Raspberry Pi for running a Bitcoin node in 2023!!! \ stacker news ~bitcoin
rPi 4 are Weak, NOT cheap, Old (2019), and NOT power efficient (compared to a modern low voltage CPU) I've been testing almost every Node in a box on rPi, and all the bad experiences below did happen to me at least once. rPi were designed in and sold as cheap toys to learn and experiment on DIY project using GPIO pins. They need assembly, heatsinks, screwing fans, plugging cables to the right PIN, ect ect. Come with cheap unpredictable fans that often don't last. The 5v3A power supply that comes with it most of the time is cheap and breaks. rPi only takes in 5 volts over that USB-C, some high quality power supply delivers ~4.9v and will trigger under voltage instability and throttling. Most newer, high quality power supply WILL NOT WORK, as they will try to jump up the voltage to 9, 12 or 20v instead of staying on 5v 5 volts mean that a high quality USB cable of relatively short length is required to make sure there are no voltage drop on that low voltage line. It's near impossible to find a charger that is above 2 AMP while the rPi needs 3A depending on the attached storage. Installing the OS on an SD card will lead to more corruption if the power is lost to the rPI The SD card has low and unpredictable write count. The SD card will become read only after a while. There is no way to attach HDD storage without a extra active USB to SATA adapter. This USB adapter is unpredictable and unreliable, might break on you, Might only work at USB 2.0 Speed No way to install the hard drive in a clean way, Most of the time the drive is left dangling on it's cable or is being taped to the bottom of the the rPi casing. The USB to SATA interface is slower than direct NVME or SATA connection. Being digitally sovereign is not ONLY about running a Bitcoin node to verify your transactions. Doing ANYTHING more than running a Bitcoin Core and a light electrum server (electrs) to verify only a small personal wallet will tax your rPi beyond it's limit. For about 100$ There are used, field test, computers that are about the same size, made of metal, 10 times more powerful, 2+ times the ram, Have ports for direct attachment of SATA and NVME drive. Wifi, Bluetooth, Have a very reliable power supply. All you might want to do it swap the HDD for a bigger 1 or 2tb one and boot from a USB stick to install a new Linux OS. The Electricity savings are ridiculously not worth it give the hassle. Each savings of 5 watts is equal to (0.005kwh) * 0.07 * 24 * 365 = $3.00 Link to Optiplex Micro search : [25 comments]