Bitcoin price soars after Elon Musk confirms crypto holdings – follow live

Pseudonymous Dutch analyst PlanB has shared the latest update to its Stock-to-Flow price prediction model for bitcoin.

The latest all-time high means that the chart has returned to the red zone, which can usually mean months of new all-time highs.

"When bitcoin is in all-time high mode (the color turns red), it generally stays in ATH mode (red) for a couple of months," he previously tweeted.

According to PlanB's analysis, bitcoin is on track to hit six figures before Christmas and could eventually have a market capitalization of $ 100 trillion.

Dogecoin has soared more than 15 percent after Musk's comments about his cryptocurrency holdings, which he followed with a succession of tweets specifically about meme-inspired crypto.

He described it as "the crypto of the people," revealing that "a lot of people" on the Tesla and SpaceX production lines own Doge. He also offered advice on how to improve dogecoin and make it more suitable for use as a conventional form of payment.

"What matters in my opinion is lowering rates, lowering block time and increasing block size," he said. "A single-layer network with exchanges like Layer 2 de facto seems like the simplest solution for a medium of exchange."

Musk's exact Dogecoin holdings are unknown, though he previously said his crypto stash was the only thing of "significant value" he owns, beyond the shares of SpaceX and Tesla. He is currently the richest person on the planet, with a net worth of more than $ 250 billion. Jeff Bezos, his closest rival, is worth less than $ 200 billion, according to the Bloomberg Billionaires Index.

You can read the full story on how Elon Musk became fascinated with dogecoin. right here.

Elon Musk has confirmed that his personal crypto portfolio includes bitcoin, Ethereum (ether), and dogecoin, but not Shiba Inu or Floki Inu.

“Out of curiosity, I acquired some ascii hash chains called 'Bitcoin, Ethereum and Doge'. That's it, ”he tweeted. “Like I said before, don't bet the farm on cryptocurrencies! The true value is creating products and providing services to other human beings, not money in any form. "

As CEO of Tesla, Musk became the highest-profile executive to invest the company's cash reserves in BTC earlier this year, buying $ 1.5 billion worth of cryptocurrencies. The electric car maker has benefited greatly from the price spike, and its investment has nearly doubled in recent months.

As cryptocurrencies go down, stocks go up. Here's the latest from AP:

Stocks were mostly up in Europe on Friday after a mixed session in Asia.

The benchmark indices rose in Paris, London, Tokyo and Hong Kong. Shares fell in Shanghai and Seoul.

An official newspaper, the Securities Times, and other state media said China Evergrande Group made a bond payment due on Friday.

Evergrande drafted $ 83.5 million to account for a bond payment that is due Sept. 23, according to reports. The company's Hong Kong-listed shares rose 4.3%.

The real estate developer's struggle to reduce its 2 trillion yuan ($ 310 billion) of debt to comply with the strictest official restrictions on loans has raised fears that a default could trigger a financial crisis.

News of the payment followed Evergrande's announcement a day before that it was struggling to sell assets to ease its cash crunch and that a plan to sell its real estate services arm had failed.

Germany's DAX gained 0.4% to 15,535.16. In Paris, the CAC 40 rose 1.1% to 6,759.46, while Britain's FTSE 100 added 0.4% to 7,220.57. The S&P 500 future was largely unchanged, while the Dow industrials future gained less than 0.1%.

On Thursday, the S&P 500 rose 0.3% to 4,549.78, its seventh consecutive gain. That eclipsed the record he set on September 2. He is on his way to his third consecutive weekly profit.

The Dow Jones fell less than 0.1%, to 35,603.08. It is just below its all-time high set on August 16. The Nasdaq gained 0.6% to 15,215.70, while the Russell 2000 was up 0.3% to 2,296.18.

It is a red day in the cryptocurrency market, something rare in recent weeks. Bitcoin is down 1.9 percent, and the other currencies that had benefited from the bitcoin rally, such as Cardano and Ethereum, are down as well.

Solana is the standout. It is up more than 10 percent today, taking up nearly 30 percent this week.

But in general it is negative. The market is down 4.4 percent over the past day, according to CoinMarketCap, and the amount being traded has dropped nearly 17 percent.

After the staggering price gains that bitcoin has seen in recent weeks, the question is whether it can sustain this momentum.

We've reached out to several crypto experts to hear their thoughts on where the market is heading from here, with some speculating that the latest all-time high could be eclipsed before the end of the year. Comparisons were even made to the first gold ETF in 2004, when the precious metal's market capitalization was roughly the same as bitcoin today. Since then it has multiplied by 11.

You can read the full story here.

The bitcoin price has slid below $ 63,000, having peaked today at close to $ 67,000.

The sudden drop comes amid warnings that the market was overbought during the launch of the first exchange-traded bitcoin futures fund earlier this week.

Cryptanalyst and author Glen Goodman said there could be a short-term dip as over-leveraged traders buy bitcoins with funds borrowed at high interest rates.

PayPal co-founder Peter Thiel has revealed that he regrets not putting more money into bitcoin after its latest price record.

The billionaire venture capitalist, who was an early investor in Facebook, told Bloomberg that he should follow the lead of PayPal founder Elon Musk, buying a significant amount of the cryptocurrency and holding it for the long term.

"You are only supposed to buy bitcoins," he said. "I feel like I haven't invested enough in it ... I think the answers are yet to come."

He also warned that bitcoin's latest rally is a major concern for the traditional financial system, saying that BTC's gains "surely tell us that we are in a time of complete bankruptcy for central banks."

Bitcoin's record price rally has pushed its market cap ahead of the Swiss franc, making it the 13th most valuable currency in the world.

CoinMarketCap data also ranks Ethereum (ether) among the top 25 fiat currencies, just below the Swedish krona.

With a market capitalization of more than $ 1.2 trillion, bitcoin is also worth more than some of the world's most valuable companies, including Facebook and Tesla. The overall cryptocurrency market is now worth more than Apple, the world's most valuable company, at over $ 2.5 trillion.

Read the full story here.