- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- Hezbollah fires at Israel as wars rage on Yom Kippur
- Analysts warn more detail needed on new China economic measures
- China tees up fresh spending to boost ailing economy
- China says will issue special bonds to boost ailing economy
- China offers $325 bn in fiscal stimulus for ailing economy
- Dodgers drop Padres 2-0 to advance in MLB playoffs
- Alexei Navalny wrote he knew he would die in prison in new memoir
- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
- Israel observes Yom Kippur amid firestorm over Lebanon strikes
- Trump demonizes migrants in dark, misleading speech
- X says 'alert' to manipulation efforts after pro-Russia bots report
- US, European markets rise before Boeing unveils sweeping job cuts
- Small Quebec company dominates one part of NHL hockey: jerseys
- Comoros shock Tunisia, Salah, Mbeumo strike in AFCON qualifiers
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Germany win in Nations League as 10-man Dutch rescue point
- Undav brace sends Germany to victory against Bosnia
- Israel says fired at 'threat' near UN position in Lebanon
- Want to film in Paris? No sexism allowed
- Ecuador's last mountain iceman dies at 80
- Milton leaves at least 16 dead, millions without power in Florida
- Senegal set to announce breakaway development agenda: PM
- UN says 2 peacekeepers wounded in south Lebanon explosions
- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
- Little progress at key meet ahead of COP29 climate summit
- Fans immerse themselves in Marina Abramovic's first China exhibition
- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
Bitcoin's renewed euphoria as price keeps rising
Bitcoin is forecast to keep on rising after hitting fresh two-year highs above $50,000 on Thursday, leaving analysts to wonder whether investors have moved on from recent cryptocurrency setbacks, including scandals.
The world's biggest cryptocurrency reached $52,749, a high since December 2021. Its market capitalisation also went back above $1 trillion this week, according to cryptocurrency data platform CoinGecko.
Bitcoin's price has soared by more than 20 percent this month and more than tripled since January last year.
While it has yet to return to near its historic record of November 2021, at nearly $69,000, the cryptocurrency has largely recovered since a price collapse at the end of 2022.
Bankruptcies of several sector giants, especially the cryptocurrency exchange platform FTX, previously undermined investor confidence and caused bitcoin's price to collapse over a year ago.
Its recovery comes largely thanks to US regulators allowing the creation of exchange-traded funds (ETFs) that track bitcoin's price and let the public invest in the digital currency without directly purchasing it.
Once the greenlight was given, making investing in bitcoin more widely available, its value dropped on profit-taking.
But investment is pouring in again, helping bitcoin rally once more.
"Outflows having dried up... bitcoin is back to trading on (market) fundamentals" such as supply, said James Harte, analyst at brokers Tickmill.
Prior to this, and anxious to recover their stake when bitcoin's price dropped, some investors made massive withdrawals from the Grayscale Bitcoin Trust EFT, which had accumulated more than $28 billion in assets.
In order to meet redemption requests, Grayscale had to sell part of its bitcoin holdings.
- 'Fear of missing out' -
Charlie Morris, of crypto analyst group ByteTree, said the second main factor in bitcoin's rise is the runup to "halving" -- or the dividing in two of reward for the token's miners.
The event, which occurs about every four years, is next due in April.
It is expected to slow the speed at which new bitcoins enter the market, reducing the cryptocurrency's potential availability for purchase, which should boost its value.
The digital currency has a finite number of units. Bitcoin's creator Satoshi Nakamoto has limited the maximum number of bitcoins to 21 million.
Bitcoin is created -- or "mined" -- as a reward when powerful computers solve complex problems to validate transactions made on the blockchain.
"It is worth noting that in addition to the fundamental factors driving the cryptocurrency market, feelings of FOMO (Fear Of Missing Out) also appear to be at play," noted Walid Koudmani, analyst at XTB trading group.
"The fear of missing out on potential gains has historically driven retail and institutional investors to enter the cryptocurrency market during periods of significant price appreciation," he told AFP.
The attraction is reinforced by the prospects of rate cuts from major central banks, especially the US Federal Reserve, close to the second half of the year, which has increased appetite for riskier bets across markets.
Such risk can lead to big losses, however, as well as sizeable gains, especially when trading in bitcoin.
"While market sentiment remains extremely positive, it is essential to recognise the volatility and regulatory uncertainties that accompany the cryptocurrency industry," cautioned Koudmani, as governments and central banks themselves urge caution in bitcoin trading.
D.Sawyer--AMWN