Is there ever a dull moment in cryptocurrencies?
It seems like the answer is no. After cratering early this week to dip below $10,000 for the first time since November, bitcoin prices were rallying on Thursday, up as much as 15% on some exchanges. The bitcoin boost brought Ethereum, ripple and bitcoin cash with it, too.
As bulls rejoiced rising prices yet again, these are the headlines you can't miss for Thursday, Jan. 18.
Crypto Stocks in Rally Mode
Even as bitcoin and other top tokens have cratered from their December highs, there are still some crypto trades worth making. As TheStreet's Jonas Elmerraji points out, some stocks with crypto exposure could be ready to rally. Graphics cards manufacturer Nvidia Corp. (NVDA) is moving into breakout mode this month, according to the charts. Fellow GPU producer Advanced Micro Devices Inc. (AMD) could be ready to get back to outperforming this January as well. And for Interactive Brokers (IBKR) , which announced last month it will allow customers to short bitcoin, "schadenfreude is in full effect."
Fundstrat Still Bullish
Fundstrat's Thomas Lee, who was among the first and most notable bitcoin bulls, reiterated his optimism for the cryptocurrency in a 2018 outlook piece Thursday. According to Lee and his team, the market cap of all cryptocurrencies will rise to $1.2 trillion in 2018, roughly doubling the current valuation. One major factor pushing the market cap higher? Heavy inflows of institutional investors. And for those frightened by bitcoin's pounding so far this year, worry not. Lee says $9,000 is the major bottom for bitcoin.
Alibaba Not Creating a Coin
After initial reports from Chinese media suggested Alibaba Group Holding Ltd. (BABA) could be creating its own cryptocurrency, Bitcoinist.com found that the Chinese ecommerce giant is not, in fact, launching a crypto platform. Alibaba said on China's Weibo that the P2P nodes Bitcoinist and other outlets took for a crypto platform are actually just the company's content distribution network. So, at least for now, Alibaba founder Jack Ma isn't throwing his hat in the cryptocurrency ring.
Marathon Patent's Big Crypto Surge
Marathon Patent Group Inc. (MARA) shares rocketed as much as 20% in early trading Thursday after the company announced it had agreed to acquire four patents related to the transmission and exchange of cryptocurrencies between buyers and sellers.
"We believe that these patents afford us a unique and leverageable position, in addition to complementing our efforts as we enter into the digital asset and cryptocurrency business," the company said in a statement.
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