Good news on Bitcoin price! Cryptocurrency stops slide, logs biggest 1-day jump since Nov

Bitcoin price rose the most in more than a month, briefly climbing back above $49,000 for the first time in five days, amid a general rebound in risk sentiment. The largest cryptocurrency by market value gained as much as 5% to $49,331 in New York trading before paring the increase. Bitcoin had slumped about 30% over the past five weeks after setting a record high of almost $69,000 in early November. 

Bitcoin may have put in a bottom in the midst of an enduring bull market, mirroring the recent crude oil peak, according to Mike McGlone, a commodities strategist for Bloomberg Intelligence. Showing divergent strength, the crypto was the standout and most significant major macroeconomic asset that advanced on Dec. 20, he wrote.  

“The (earlier) 2% Bitcoin future gain on the day the S&P 500 dropped 1% solidifies the recent crypto low around $45,000 as pivotal support,” McGlone wrote in a research note. 

Markets have whipsawed investors in recent weeks as traders assess economic risks from the coronavirus and a hawkish Federal Reserve pivot. 

Bitcoin Miner TeraWulf Buys 15,000 Computers for Upstate N.Y. Facility

(Bloomberg) Bitcoin mining company TeraWulf Inc. will buy 15,000 computers from Bitmain Technologies Ltd. for about $169 million and install the machines at a facility it’s building in upstate New York.

The facility will plug into an electrical grid that relies on hydropower and is 90% carbon-free, according to the company’s website. TeraWulf says it chooses zero-carbon energy sources to power its mining, an important point in an industry that’s faced criticism for its power consumption.

The company’s plans come amid concerns of falling profitability for miners. Bitcoin mining stocks have been pummeled since the price of Bitcoin peaked, and TeraWulf has plunged more than 40% since its post-merger trading debut last week, based on a listing price of $25.