Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and all things Wall Street. Today, we take a closer look at the latest developments in the cryptocurrency world, specifically focusing on Bitcoin.
Bitcoin has been making headlines with its recent movements in the market. The 50-day moving average acted as a key support level, halting the sell-off and potentially signaling a rebound. If the decline continues, the next support level is around $60K. However, if risk appetite returns to the markets, we could see Bitcoin quickly surpass $70K and even reach new all-time highs.
Did you know that Bitcoin’s average annualized rate of return has exceeded an impressive 103%? This surpasses the annual growth rate of Warren Buffett’s portfolio, which stands at 10%. It’s clear that Bitcoin has been a lucrative investment for many.
In other crypto news, the record-breaking 19-day series of inflows into spot Bitcoin ETFs has come to an end, with a net outflow of $64.9 million on June 10th. Despite this, a total of $4 billion has flowed into these ETFs during the longest wave, amounting to $15.62 billion since their approval in January.
A recent observation by Lookonchain revealed that 8,000 BTC, which had been “dormant” for over five years, were moved to Binance. These coins were purchased at the bottom of a bear market in December 2018 for $3800, showcasing the potential for long-term returns in the crypto market.
Billionaire Mark Cuban highlighted the differing attitudes towards cryptocurrencies between US presidential candidates Donald Trump and Joe Biden. While both may not be well-versed in the issue, their stances on crypto could impact the market moving forward.
Stay tuned to Extreme Investor Network for more unique insights and analysis on the latest trends in the stock market, trading, and cryptocurrency world. Happy investing!