Volatile bitcoin rocketed from just over $5,000 at the start of the pandemic to nearly $68,000 in November 2021, according to FactSet, a period marked by a surge in demand for technology products. Prices fell back to earth during an aggressive series of Federal Reserve rate hikes aimed at taming inflation and then the collapse of FTX, one of the biggest companies in crypto.
When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Investors, however, began returning in large numbers as inflation started to cool. And the collapse of prominent tech-focused banks actually led more investors to turn to crypto as they bailed out of positions in Silicon Valley start-ups and other risky bets.
But fueling this latest rally are prospects for the possible approval of spot bitcoin exchange traded funds — a pooled investment security that can be bought and sold like stocks.
This story is from the December 09, 2023 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 09, 2023 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
INSTACART PARTNERS WITH UBER EATS TO OFFER RESTAURANT DELIVERIES
Grocery delivery company Instacart is partnering with Uber Eats to offer a new perk to its customers: restaurant delivery.
VISION PRO UNVEILS MARVEL'S NEW INTERACTIVE EXPERIENCE: 'WHAT IF...?
Walt Disney Company revealed an innovative addition to its Disney+ lineup, exclusive to Apple Vision Pro users.
SLOW TO EXPAND INTERNET CASINO GAMBLING IS THE FUTURE OF US BETTING, INDUSTRY EXECS SAY
Internet casino gambling is legal in only a handful of states, but the industry is convinced it is the future of betting, even as some worry about cannibalizing physical casinos.
US LOOSENS SOME ELECTRIC VEHICLE BATTERY RULES, POTENTIALLY MAKING MORE EVS ELIGIBLE FOR TAX CREDITS
The U.S.government loosened some rules governing electric vehicle tax credits, potentially making more EVs eligible for credits of up to $7,500 but leading critics to accuse the Biden administration of helping China.
APPLE'S QUARTERLY IPHONE SALES PLUNGE 10%, BUT STOCK PRICE SURGES ON DIVIDEND, STOCK BUYBACK NEWS
Apple last week disclosed its steepest quarterly decline in iPhone sales since the pandemic’s outset, deepening a slump that’s increasing the pressure on the trendsetting company to spruce up its products with more artificial intelligence.
ASTEROIDS MYST, RESIDENT EVIL, SIMCITY AND ULTIMA INDUCTED INTO WORLD VIDEO GAME HALL OF FAME
The World Video Game Hall of Fame inducted its 10th class of honorees Thursday, recognizing Asteroids, Myst, Resident Evil, SimCity and Ultima for their impacts on the video game industry and popular culture.
NEW YORK CITY'S WATCHDOG AGENCY LAUNCHES PROBE AFTER COMPLAINTS ABOUT THE NYPD'S SOCIAL MEDIA USE
New York City’s watchdog agency has launched an investigation into allegations that the city’s police department improperly used its official social media accounts to target public officials and private citizens.
Apple Set to Unveil New iPads at
Apple Inc. has officially announced its upcoming “Let Loose” event scheduled for May 7, signaling a significant showcase of new hardware, specifically focusing on the iPad line.
SAMSUNG REPORTS A 10-FOLD INCREASE IN PROFIT AS AI DRIVES REBOUND IN MEMORY CHIP MARKETS
Samsung Electronics reported this week a 10fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips.
AMAZON REPORTS STRONG 1Q RESULTS DRIVEN BY ITS CLOUD-COMPUTING UNIT AND PRIME VIDEO AD DOLLARS
Amazon reported this week strong results for the first quarter, driven by growth in its cloud computing unit and new advertising dollars from its Prime Video streaming service.