Just under five months later, that prediction has already hit with ethereum up roughly 400% on the year to cross the $3,500 mark as of Friday afternoon.
Unlike bitcoin’s so-called proof of work, which rewards miners who are competing against each other to use computers and energy to record and confirm transactions on its blockchain, ethereum plans to adopt the more efficient proof of stake model, which chooses a block validator at random based on how much ether it controls.
Decentralized finance applications, which allow users to earn yield on their crypto assets similar to the way they would at a traditional bank, have seen usage on the network explode from $10 billion in September 2020 to more than $65 billion as of April.
Miners in China account for well over half of all the mining power on the network and investors like Kevin O’Leary of “Shark Tank” have increasingly taken issue with that connection.
Pantera Capital CEO Dan Morehead expressed a similar level of confidence for bitcoin’s upside with his $115,000 price target by August, citing his model that tracks bitcoin like a commodity.
As he explained to Yahoo Finance earlier this week, “stock-to-flow” models measure existing supplies, usually of commodities, against the flow at which new inventory is produced.
I’ve been doing this for 10 years, it’s actually very predictable,” he said.
Zack Guzman is an anchor for Yahoo Finance Live as well as a senior writer covering entrepreneurship, crypto, cannabis, startups, and breaking news at Yahoo Finance.
With the price of dogecoin surging, investors are looking ahead to Elon Musk’s guest-host spot on this weekend’s “Saturday Night Live” comedy sketch TV show after the billionaire’s tweets this year turned the once-obscure digital currency into a speculator’s dream.
With a jump of more than 350% in its price this year, ethereum has the second-largest market capitalization after bitcoin, but not as much cache and perhaps more operational challenges that could prevent it from eclipsing its major rival.
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Nobody saw this coming a year ago, when coronavirus shutdowns caused an abrupt recession: A shortage of workers and goods is now holding back the economy.Economists expected employers to create around 1 million new jobs in April, and the unemployment rate to drop.
sparked brief surges in the shares of Zoom Technologies Inc., after traders confused its ticker symbol ZOOM with that of the video-conferencing company.New York-based 5G Edge Acquisition Corp., a special purpose acquisition company, filed last month to go public under the symbol ARK, strikingly similar to the tickers for Cathie Wood’s line-up of popular ETFs.Assets in the Piton Intermediate Fixed Income ETF have almost doubled to $62 million since the BTC switch, with all of the new inflow coming in a single day shortly after the symbol change.Spokespersons for Grayscale and ClearShares didn’t immediately respond to requests for comment.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The key question for policymakers at the Federal Reserve — and traders on Wall Street — is whether the broad spike in commodities prices will be temporary.Could the rally fizzle out?In the case of copper, there are some signs that spot demand is starting to cool, particularly in China, and some analysts and traders say the record prices aren’t justified by today’s fundamentals.The view among policymakers is that the rise in commodities prices will prove short-lived, as consumers will focus their spending on services and experiences as economies open up, easing the strain on demand for commodities-intensive items such as second homes, electronics and appliances seen during lockdown.For copper though, it’s not just about strong demand today.
stock funds now are riding a river of new cash from investors — and that is not a bullish sign.