Bitcoin is on the rise. The cryptocurrency is trading around $18,400 after starting the month at $13,748 — its biggest gain since losing 65 percent of its value in a 2018 crash.
Whether another drop-off is on the horizon is up for debate, but champions of cryptocurrency maintain that in the long-term things are looking up for bitcoin.
"I would say, if anything, a small pullback is going to be bought quickly as we see the story and the narrative around a digital asset, like bitcoin, remaining really true and necessary, in the times ahead," Catherine Coley, CEO of Binance.US, told Cheddar.
Binance.US is a trading platform for bitcoin and more than 50 other digital assets. The San Francisco-based company launched in September 2019 and has since become one of the largest cryptocurrency exchanges in the world, giving it a clear stake in raising participation in cryptocurrency markets.
Coley said the company hit an all-time high in trading volume on Sunday, and that bitcoin, in particular, is seeing more engagement than ever.
The price jump, she added, is being driven by a combination of first-time buyers and stalwart bitcoin owners who are holding tight to their digital wallets.
"Well, the easy answer is more buyers than sellers, but the better way to look at this is really what's taking place here: you're still seeing the demand for bitcoin come in, while those that have been holding bitcoin remain HODLers, as we call it in the industry," she said.
HODL, an intentional misspelling of hold, is slang in the cryptocurrency community for a long-term strategy of holding onto coins rather than selling regardless of value appreciation.
As the access to bitcoin markets increases, Coley said there will be a "supply shock" but that bitcoin will continue to rise in the long-term.
"I do think 2019 and most of 2020 have stood true that digital assets aren't going anywhere," she said. "If anything they are getting more information involved. We see the regulators taking key steps and measures into opening up access for banks."
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
