Bitcoin (BTC) has risen to rarely seen price highs, currently stalling between $17,000 and $18,500 before deciding on its next move. Gold recently broke all-time U.S.-dollar price highs, surpassing $2,000 per ounce before pulling back and consolidating in price. Bloomberg Intelligence strategist Mike McGlone thinks the same could happen with BTC. “Short term, $20,000 is pretty good resistance,” he said in a Bloomberg interview on Wednesday. “I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since.” Bitcoin rose to just shy of $18,500 on Tuesday before …

Binance founder and CEO Changpeng Zhao, or CZ, says he needs to do more to block “intelligent” US traders from illegally accessing his global exchange. In an interview with Bloomberg, CZ said his exchange needs to be “smarter about the way we block” US traders from gaining access to the platform. He said: “Basically, we do continually try to improve our blocking. There are sometimes a few guys who want to circumvent our blocking and still use the platform and we have to come up with a smarter way to protect that and when we do, we block them.” Binance, …

The latest Bloomberg crypto newsletter contends that the election of Joe Biden as president of the United States would bring greater mainstream adoption of Bitcoin (BTC), including a potential exchange-traded fund approval. Further, it referred to the policies of President Donald Trump's administration with regard to crypto as “hands-off”: “A potential Joe Biden presidency should shine favor on further appreciation in the price of Bitcoin, in our view. New leadership may change the hands-off policy of the Trump administration — to the detriment of the broader crypto market — and nudge the firstborn benchmark toward the mainstream, improving chances for …

In its latest crypto newsletter, Bloomberg observes that Bitcoin (BTC) "has had a tendency of adding zeroes to its price," noting that the asset previously went from $1,000 to $10,000 in less than four years. Maturation may have slowed this trend somewhat, but Bloomberg does not appear to believe it has reached a full stop. They noted that such a rise could occur again, though it may not be for some time: “If the crypto echoes its past gains, with some maturation, about double the time period it took to add a zero to $1,000 could get its price to …

According to the Bloomberg crypto newsletter, a key on-chain indicator suggests that Bitcoin (BTC) is currently greatly undervalued. Bitcoin active addresses, the 30-day average. Source: Glassnode. Bloomberg’s crypto analyst Mike McGlone believes that the recent all-time highs in Bitcoin’s hashrate and more importantly, the 30-day average of active Bitcoin addresses, suggests a $15,000 price level for the asset: “The Bitcoin hash rate continues to increase and recently reached new highs. Also advancing are addresses used. A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis …

Mike McGlone, Senior Commodity Strategist at Bloomberg, is convinced Bitcoin will continue to appreciate thanks to its fixed supply coupled with increasing demand. “I don't see what [could] make it stop doing what [it’s] been doing for the last 10 years. And that's going up”, he told Cointelegraph in a recent interview. McGlone sees Bitcoin’s capped supply as the main feature. He said that this potentially makes it a better store of value than gold, the total amount of which is unknown. Given the fixed supply, Bitcoin is going to appreciate as demand for it increases. McGlone points at the …

In its latest crypto newsletter, Bloomberg said that according to its records, the correlation between Bitcoin (BTC) and gold is at its highest level since 2010: Bitcoin and gold correlation. Source: Coin Metrics. If you look at the chart above or find other charts online that track correlations between the two assets, you will likely see something that will contradict Bloomberg’s assertion. Yet according to Bloomberg, it stands at 0.80. The caveat here, however, is that Bloomberg calculates this metric differently from many other data providers: “On a 12-month basis, the quasi-currencies are about 0.80 correlated, the highest in our …

In September’s crypto outlook newsletter, Bloomberg’s analyst Mike McGlone observed that the price of Bitcoin (BTC) could either be heading to the $500,000 mark, or it could fail. McGlone has continued to reiterate that in his view, Bitcoin is set to become digital gold. He emphasized once again how Bitcoin’s limited supply and increasing demand were key adoption indicators, and drew comparisons to the 2017 bull run: “Much of the broad crypto-asset market echoes 2017's excesses, but the foundation is firming due to expanding decentralized exchanges (DEXs) and finance (DeFi). Limited supply vs. increasing demand is the bottom-line for Bitcoin, …

Details of a week-long negotiation between the University of California and a NetWalker ransomware gang have been revealed by Bloomberg. The University’s School of Medicine was working on a vaccine for Covid-19 in June this year when seven of its servers were locked down by the hackers. Against the advice from FBI, the university took matters into its own hands and conducted private negotiations. The university negotiator used flattery, appealed to the hackers sense of sympathy and ethics, and managed to reduce the ransom amount from as much as $6M, down to just over $1 million in Bitcoin (BTC) and …

Bitcoin (BTC) will only stop gaining in value if “something unexpected” stops it, Bloomberg researchers believe. Tweeting a summary of the latest Bloomberg Intelligence Commodity Primer on Aug. 19, senior strategist Mike McGlone revealed a clear bullish stance on BTC. Bloomberg: BTC price will keep appreciating Bitcoin has reentered mainstream consciousness in recent weeks thanks to price rises which topped out at over one-year highs of $12,400. Despite a modest pullback, gains have broadly been retained, and analysts are confident that trajectory remains skewed to the upside beyond the immediate short term. “Something unexpected needs to happen for Bitcoin's price …

In its August crypto outlook, Bloomberg remained unimpressed with Ethereum, calling its rally “speculative”. The publication contends, however, that Bitcoin’s (BTC) rise is based on solid ground: “Ethereum has extended last year's highs and leaped to one of the top-performing major crypto assets in 2020, but we view its rally as more speculative vs. the favorable demand vs. supply conditions supporting Bitcoin.” Ethereum’s competition The report points out that Ethereum faces “plenty of competition from similar crypto platforms and about 6,000 tradable coins.” On the other hand, Bloomberg has remained consistently bullish about Bitcoin, noting its gold-like qualities and increased …

In its crypto outlook for August, Bloomberg contends that the price of Bitcoin (BTC) is stabilizing at six times the price of an ounce of gold. This speculation came shortly after the correlation between the two assets reached an all-time high. Bitcoin and Gold price chart. Source: Trading Economics. If the trend continues, Bitcoin may go to $18k Bloomberg has professed for some time now that Bitcoin is on the verge of becoming digital gold. This is due to the asset’s inherently similar qualities, such as a limited supply and a low growth rate. The company is now taking its …