Crypto News

What One Exec Calls The ‘Eye Of A Perfect Storm’ As Bitcoin Reaches $40,000

  • Bitcoin price has astonished the masses again, setting a new all-time high by surpassing $40,000 per coin across crypto exchanges worldwide. With well over $28 billion in global trade volume, Bitcoin’s overall market valuation is now $728 billion in value.
  • Bitcoin’s dominance index compared to the value of the rest of the crypto economy is 68.8% today and the price has spiked $20,000 higher than the prior ATH captured three years ago in 2017. Bitcoin touched a high of $40,382 at the time of publication.
  • The next Bitcoin halving is expected in 1,215 days or on or around May 7, 2024. At that time the bitcoin inflation rate per annum at the next block halving event will be 0.84%. 
  • Panxora CEO Gavin Smith says that Bitcoin’s price is “soaring as the after-effects of the COVID monetary stimulus continues to raise concerns about inflation,” and added that, “As a result of quantitative easing, market players are adopting bitcoin to hedge against instability. But while further growth is inevitable, investors should not expect this to move in a straight line.”
  • Bitfinex CTO Paolo Ardoino says “bitcoin is rising in the eye of a perfect storm.” Ardoino also noted that “The backdrop is one of continuing global macroeconomic uncertainty that has the potential to devalue fiat currencies. High finance’s embrace of the digital gold narrative may potentially be followed by retail as the market cap of all cryptocurrencies reaches $1 trillion for the first time.”
  • Read the full story here 

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Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

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