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Bitcoin surpasses $71,000, hits all-time high
Galaxy Digital’s Novogratz on cryptocurrency’s trajectory following Tuesday’s record on ‘The Claman Countdown.’
Bitcoin continued climbing, reaching a new all-time high on Friday, as investors ride the wave following the Securities and Exchange Commission’s approval of the first spot bitcoin ETF earlier this year, making the digital asset more accessible to investors.
Britain’s financial watchdog on Monday became the latest regulator to pave the way for digital asset trading products after saying on Monday it will now permit recognized investment exchanges to launch crypto-backed exchange-traded notes.
The largest cryptocurrency by market value traded above $71,000, surpassing the previous record set last week. Bitcoin is up about 70% this year, outpacing the S&P 500’s 7.4% rise.
“For the first time ever, anyone who wanted to buy bitcoin could buy it,” said Galaxy Digital’s Michael Novogratz during an interview on “The Claman Countdown,” while forecasting further gains for the crypto. “I’d like to say $100,000 because it’s a round number but when you’re in price discovery you don’t know where the buying stops” he explained.
Sentiment for the cryptocurrency reignited after the SEC approved the first spot bitcoin ETF on Jan. 10.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 836.12 | +4.42 | +0.53% |
Eleven funds hit the market shortly thereafter, including BlackRock’s iShares Bitcoin Trust. The fund’s assets topped $10 billion through Monday. The firm itself is the world’s largest money manager with over $9 trillion in assets.
These ETFs allow investors to efficiently track the price of bitcoin, in which volatility and swings are not uncommon. It gives registered financial advisers the option to offer the asset to customers. Additionally, Main Street investors can buy it more easily through a traditional brokerage account.
LIVE CRYPTO PRICES: FOXBUSINESS.COM
Other bitcoin ETFs are offered by Ark Investments, WisdomTree, Fidelity, Van Eck and Grayscale.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ARKB | ARK 21SHARES BITCOIN ETF SHS BEN INT | 69.39 | +1.61 | +2.38% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN FD SHARES OF BENEFICIAL INTERE | 60.73 | +1.48 | +2.50% |
| GBTC | GRAYSCALE BITCOIN TRUST BTC COM NPV | 61.90 | +1.45 | +2.40% |
| HODL | VANECK BITCOIN TR NPV | 78.58 | +1.86 | +2.42% |
Reuters contributed to this report
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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