{"id":422530,"date":"2020-05-02T04:00:51","date_gmt":"2020-05-02T04:00:51","guid":{"rendered":"https:\/\/uniquehot.com\/?p=422530"},"modified":"2020-05-02T03:58:44","modified_gmt":"2020-05-02T03:58:44","slug":"crypto-tidbits-bitcoin-hits-9ks-a16z-raises-500m-crypto-fund-ethereum-2-0-nears","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-tidbits-bitcoin-hits-9ks-a16z-raises-500m-crypto-fund-ethereum-2-0-nears\/","title":{"rendered":"Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 Nears"},"content":{"rendered":"

Another week, another round of\u00a0Crypto Tidbits.<\/a> Bitcoin has been one of the best-performing assets in financial markets over the past week, managing to rally as high as $9,500 \u2014 over 25% higher where it started this week. Altcoins, interestingly, have underperformed the market leader, with Ethereum and XRP both gaining around 10% over the past seven days.<\/p>\n

Crypto\u2019s strength this week comes as the stock market has\u00a0started to stagnate<\/a> in the 2,800-2,900 point range, seemingly playing with the idea of a reversal as the economic outlook remains dismal, with a total of 30 million Americans filing for unemployment over the past month.<\/p>\n

Jerome Powell, Chairman of the Federal Reserve, went as far as to say<\/a> that the U.S. economy is currently in its worst rut in history due to the outbreak of COVID-19. The recovery will not be V-shaped, Powell added, asserting that it may take a while for life to return to pre-virus levels due to the long-lasting effects of the shutdown of the world\u2019s biggest economic powerhouse.<\/p>\n

Whatever the case, analysts are still bullish on Bitcoin.<\/p>\n

Roch Rosenblum, the co-head of trading at GSR, remarked to Bloomberg<\/a> that the ongoing BTC rally is predicated on the macroeconomic environment:<\/p>\n

\u201cThis latest run past\u00a0$8,000<\/span>\u00a0is as much about positive macro sentiment as it is about the upcoming halving. We\u2019re starting to have a lot more certainty, as more countries begin to share their plans to reopen the economy in May.\u201d<\/p><\/blockquote>\n

\"crypto
Chart from Coin360.io<\/figcaption><\/figure>\n

This optimism was echoed by Zac Prince, a co-founder of crypto startup BlockFi, who said that the \u201ccurrent market dynamics are driving a bolstered interest [for] digital currency.\u201d These dynamics he was referencing was the Federal Reserve\u2019s commitment to money printing and the growth in stablecoins.<\/p>\n

Related Reading: Crypto Tidbits: Bitcoin Surges to $7,800, More U.S. Stimulus, Tether Erupts<\/a><\/h6>\n

Bitcoin & Crypto Tidbits<\/strong><\/h2>\n
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  • Elon Musk ‘Talks’ About Bitcoin Again<\/a>:\u00a0<\/strong>Elon Musk created quite the stir in global financial markets on May 1st, when he tweeted “[The] Tesla stock price is too high imo,\u201d resulting in the asset collapsing by approximately 10% during the day\u2019s trading session. Although many holders of TSLA saw Musk\u2019s statement as controversial because of the seeming effect it had on their investment, the operator of the @Bitcoin account on Twitter, which has over one million followers, decided to leverage the situation to tweet that the \u201cBitcoin price is too low imo.\u201d The Tesla chief executive surprisingly responded, first with the tweet below that has Musk laughing at the comment. Musk followed this<\/a> up ten minutes later by asking @Bitcoin how much it would cost for \u201csome anime Bitcoin.\u201d While he made these comments in jest, Musk has previously mentioned crypto in interviews in a positive manner.<\/li>\n<\/ul>\n
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    Bitcoin price is too low imo<\/p>\n

    — Bitcoin (@Bitcoin) May 1, 2020<\/a><\/p><\/blockquote>\n