Bitcoin is on a rollercoaster ride this week. The price rose about $20,000 on some exchanges, but on others, it stayed around $16,000. Ryan Surber, Contributor for Seeking Alpha, and Daniel Roberts, Senior Writer at Yahoo Finance, take a look back at the week in cryptocurrency.
Amid this roller coaster, big finance is rushing in to get a piece of cryptocurrency. Groups are now racing for bitcoin derivatives. Roberts argues the price of Bitcoin rose so much this week because the Chicago Board Options Exchange announced they will launch Bitcoin futures on December 10. The question now becomes, will futures begin Sunday night with CBOE, and what that will do to the price, says Roberts.
Surber says his price target is $90,000 for Bitcoin over the mid-term. Roberts says he doesn't think this number is so crazy. When looking at the impact of small investors on this cryptocurrency, Surber says this market has just scraped the surface.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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