Bitcoin Break $3,000 Do Not Miss This

The price of bitcoin topped $3,000 for the first time in history today, according to the CoinDesk Bitcoin Price Index (BPI).

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After spending much of the last week seeking direction in the $2,700 to $2,900-range, the average price of bitcoin across major international exchanges edged up over this threshold finally at roughly 17:00 UTC.

The new record comes at a time when alternative digital assets are seeing robust inflows, with ethereum's ether token setting a new all-time high of more than $300 today as well.

Indeed, analysts spoke to the ongoing broadening of the cryptocurrency market as a tide that is benefitting bitcoin.

"The inflows into 'alts' are greater than those into bitcoin. In other words, bitcoin is growing at a very nice pace, but non-bitcoin cryptocurrencies are growing even faster," cryptocurrency hedge fund manager Tim Enneking told CoinDesk.

Jehan Chu, managing partner at cryptocurrency fund Jen Advisors, agreed, noting that bitcoin is likely benefitting from new investor interest and the surging interest of "cryptos like ether".

Still, Arthur Hayes, founder of Hong Kong-based digital currency exchange BitMEX, stated that bitcoin is still the "most talked-about cryptocurrency", even as returns become more substantial in other areas of the market.

Hayes told CoinDesk:

"As investors marvel at bitcoin's historical returns and the returns of altcoins, their natural first purchase is bitcoin. Bitcoin has under performed other coins this year, it is now playing catchup."

Investor Sean Walsh largely agreed, pointing to bitcoin's growing price as a sign of its place in the market as the first stop on a road to other assets.

"Bitcoin still seems like the dominant gateway to [alternative digital assets]. So, many first purchase bitcoin in order to then trade their bitcoin for altcoins," he noted.

The development coincides with signs that the cryptocurrency market is maturing to support new inflows and increasing interest.

As noted by CoinDesk research analyst Alex Sunnarborg today, the cryptocurrency exchange market has never been more globally diverse or buoyed by such an array of possible inflows.

Such tailwinds have combined in recent weeks to bring new investor attention to bitcoin, with expectations for bitcoin's growth becoming more and more exuberant. Danish investment firm Saxo Bank went so far as to publish a forecasting report in which it placed the possible value of bitcoin at $100,000 in the next 10 years.

Chris Corey 

CMO Markethive Inc

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America’s Cup 2017: Great Britain eliminated by New Zealand

Ben Ainslie's Great Britain are out of the America's Cup after New Zealand earned a 5-2 semi-final win.

americas cup 2017

Leading 3-1 overnight in the best-of-nine contest, New Zealand won the first of Thursday's three scheduled races to take them to the brink.

And although Britain won the next race, New Zealand took the third.

"Three and a half years ago a few of us were sitting around a table in London – what we have we have achieved is incredible," said Ainslie.

"I was really proud of the way the team sailed today. We will be back next time and we will be stronger."

It was a victory to savour for New Zealand after their catamaran capsized during racing in high winds on Tuesday.

After Wednesday's races were postponed because of high winds, New Zealand made a strong comeback to go 4-1 up on Thursday.

Great Britain had a 26-second lead at the first mark before their opponents came back to secure a 31-second victory.

Britain managed to hang on with a near-perfect win in the next race after getting off to a strong start and, this time, maintaining their lead and matching their opponents for speed.

However, New Zealand's class shone through as they put Tuesday's troubles behind them.

"We struggled coming into this with a lack of speed but everyone has dug so deep to get us more competitive," added Ainslie.

The Kiwis will take on Sweden or Japan in the play-off final. Sweden need just one more win after a dramatic comeback.

They trailed Japan 3-1 at the start of the day but won all three races on Thursday to take a 4-3 lead.

Analysis – 'Hugs, tears and cheers'

BBC Sport's Tony Husband in Bermuda:

There were hugs, tears and cheers as Great Britain sailed back into the dockyard for the final time. They were facing up to the realisation that this 21st British challenge for the 'Auld Mug' had gone the same way as the others.

Britain's wait to bring sport's oldest trophy home goes on for at least another two years. Amid the despondency, there was a positive message from Ben Ainslie.

The man on whom so much rested certainly isn't the type to hide. He strode up to BBC Sport to give his first interview, despite the obvious pain that this deeply personal challenge had failed only minutes before.

"We will be back," was the emphatic message. In reality, he had probably known this moment was coming for a while.

Since the high of winning the World Series pre-qualifying event, it's been evident that the British bid was behind its rivals. Boat speed and control was often cited as an issue; practice races hadn't been encouraging.

They were also inconsistent throughout this regatta. Ainslie had proved almost unbeatable in the starts, but too often their rivals would reel them in.

The Kiwis are the strongest challenger, and despite dropping one race to Great Britain on Thursday, they showed no outward scars after Tuesday's dramatic capsize.

The inquest will be thorough and probably painful for Britain, but Ainslie seems far from done with the America's Cup.

What happens next?

Holders Oracle Team USA await the winners of the challenger final in the America's Cup.

The first to seven points wins the America's Cup, or the Auld Mug as the trophy is known, with a possible 13 races to be sailed on 17-18 and 24-27 June.

The America's Cup, the oldest competition in international sport, was first raced in 1851 around the Isle of Wight and has only been won by four nations.

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Stephen Hodgkiss
Chief Engineer at MarketHive

markethive.com


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Cryptocurrency Investment Manager Seeks $400 Million for New Fund

Cryptocurrency investment manager Tim Enneking is seeking to raise as much as $400m for a new fund.

cryptocurrency new fund for investment

New filings from the US Securities and Exchange Commission reveal that Enneking is launching the "Crypto Asset Fund", registered in the state of Delaware. CNBC first reported the news. According to that filing, no equity sales in the fund have been made. The minimum amount required by outside investors to gain a stake is $5,000, the filing notes.

Enneking told CNBC that the fund will be aimed at investing in a broader subset of digital currencies and blockchain assets. He also said that, as it stands, he has been fielding interest from institutional investors looking to gain a stake in the market.

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Stephen Hodgkiss
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