A 4-year-old girl has reportedly earned over 6,500% profit on a one Bitcoin (BTC) gift she received on the day of her birth. João Canhada, the founder of a Brazilian crypto exchange Foxbit, gifted 1 BTC to his newborn daughter, roughly worth $915.80. Sharing details on the event, Canhada said:
“As soon as my daughter was born, in 2017, I bought 1 Bitcoin for her, not just as a gift, but as a way of investing in this new economy. At the time, BTC cost 5,000 Brazilian Real.”
Four years later, the one BTC investment has returned profits of over 6,500% for the child as the price of Bitcoin surges back to the $60,000 mark. The year 2017 was the last chance for investors to purchase Bitcoin under $1000, a fact Canhada was unaware of at the time.
Just last month, a 12-year-old boy from London reportedly made nearly $400,000 during the school holidays by selling a series of nonfungible tokens (NFT). According to a Cointelegraph report on this matter, London-based Benyamin Ahmed created and tokenized Weird Whales, a collection of digital pictures of whale emojis that were then sold in NFT form.
While Ahmed was not eligible to open a bank account due to age restrictions, his father clarified that the reported earnings made through NFT sales have been converted to Ether (ETH).
Bitcoin (BTC) faces a pivotal weekly close on Oct. 17 with bulls scrambling to squash final resistance before all-time highs.
Bitcoin on the cusp of clearing final resistance
This week's close was already tipped to be a deal-breaker, potentially being its highest ever — only once before has Bitcoin ended a weekly candle above the $60,000 mark.
With hours left to go, analysts were bracing for a potentially pivotal moment, one that could open up the path to uncharted territory for bulls.
"Another BTC Daily Close above the red area later today and Bitcoin will have confirmed a break beyond its final major resistance on the Weekly timeframe," Rekt Capital commented.
Fellow trader Pentoshi added that Bitcoin has now retouched its all-time high market cap on the daily timeframe, further reinforcing the "importance" of the current trading range.
Bitcoin (BTC) market's tendency to crash by over 80% after logging strong bull runs might come to an end.
That is according to a new report published by California-based hedge fund Pantera Capital. In detail, the report notes that the recent periods of BTC price drops have been less severe than in the past.
For instance, in 2013-15 and 2017-18, Bitcoin crashed by as much as 83% after topping out near $1,111 and $20,089, respectively. Similarly, the cryptocurrency's bull run in 2019-20 and 2020-2021 led to massive price corrections. Nevertheless, the scales of their retracements afterward were -61% and -54%, respectively.
Dan Morehead, the chief executive at Pantera Capital, highlighted the consistent drop in selling sentiment after the 2013-15 and 2017-18 bearish cycles, noting that future bear markets would be "shallower." He explained:
"I long advocated that as the market becomes broader, more valuable, and more institutional the amplitude of prices swings will moderate."
The statements appeared as Bitcoin renewed its bullish strength to retest its current record high near $65,000.
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