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Tag: bitcoin halving

  • Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters

    Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters

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    The Bitcoin network mining difficulty has surged nearly 4% to hit an all-time high just a few days before the highly anticipated Halving event. This adjustment, recorded at 86.4 trillion, marks a crucial milestone in the cryptocurrency’s history.

    Decrypting Bitcoin’s Mining Complexity

    Notably, Bitcoin mining difficulty measures miners’ complexity in solving mathematical puzzles to validate transactions and add new blocks to the blockchain.

    This latest surge reflects the increasing computational power dedicated to securing the network as miners brace themselves for the impending Halving event scheduled for April 20.

    As the mining difficulty continues to soar, miners ramp up their hash rate, representing the total computational power contributed to the network.

    This surge in hash rate underscores the growing interest and investment in Bitcoin mining infrastructure, highlighting miners’ commitment to secure the network and reap rewards amidst the evolving landscape of crypto mining.

    Bitcoin Hashrate and Difficulty Level. | Source: mempool

    Bitcoin Bullish Sentiment Amid Rising Mining Difficulty 

    The surge in mining difficulty and hash rate comes amidst a bullish sentiment surrounding Bitcoin’s price and its potential for further growth.

    The impending Halving event will see block subsidy rewards reduced from 6.25 BTC to 3.125 BTC, potentially impacting miner revenues and the overall network dynamics.

    Despite these uncertainties, as the halving event draws nearer, Bitcoin has demonstrated resilience, maintaining its upward trajectory. Over the past week, the cryptocurrency has surged approximately 2.5%, with a 1.5% increase in the last 24 hours alone.

    Bitcoin (BTC) BTC price chart on TradingView
    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    As of this writing, Bitcoin trades at $69,921, reflecting its bullish momentum. Amidst these slight positive price movements and the impending Halving, Bitcoin enthusiasts and analysts have continued to express optimism, instilling confidence in investors and traders awaiting a potential BTC price spike.

    Notably, prominent figures like Robert Kiyosaki, author of “Rich Dad, Poor Dad,” have recently echoed bullish sentiments, endorsing the price predictions put forth by Ark Invest founder Cathie Wood.

    Wood forecasted that Bitcoin’s price could skyrocket to $2.3 million, emphasizing the cryptocurrency’s potential amidst a global investment base valued at roughly $250 trillion. Kiyosaki expressed his confidence in Wood’s prediction, highlighting her intelligence and expertise.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • XRP Heading To $100-$500? Analyst Provides Speculated Timeframes

    XRP Heading To $100-$500? Analyst Provides Speculated Timeframes

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    Following an extended period of stasis, the price of XRP has suddenly begun to rise, fueling several bullish predictions regarding the altcoin’s direction from several cryptocurrency analysts. 

    Bullish Timelines For XRP

    The most current positive forecasts came from cryptocurrency expert and XRP enthusiast BarriC, who has established multiple timelines for the digital asset to rise to unprecedented heights in the long term. Taking to the X (formerly Twiter) platform, BarriC voiced his opinions, noting that as time goes on, crypto investors might have fewer chances to purchase cheap XRP. According to the analyst, inexpensive XRP today is defined as less than $0.80. 

    Furthermore, the expert underscored his prediction that XRP would trade between $1 and $3. BarriC specifically contended that by the time this bull market ends, a cheap XRP would be between the aforementioned price levels.

    Moving on, BarriC has regarded the crypto asset as undervalued between the $10 and $15 threshold in the next 4 to 5 years, particularly around the subsequent Bitcoin halving event and bull cycle between 2028 and 2029.

    If, toward the conclusion of the next bull run, XRP is cheap, trading between $10 and $15, then the analyst is expecting it to reach much higher prices at the peak of the bull cycle.

    BarriC envisions a significant surge from the anticipated $10 to a triple-digit landmark. Following the succeeding halving and bull cycle, which is expected to occur by 2032 and 2033, the analyst expects the token to also be undervalued at $100 and $500.

    Concluding his forecast, he affirms that market participants will always have access to affordable prices. However, it is up to those interested in the altcoin to decide how much funds they are willing to invest.

    $1,000 Is Possible In The Long Run

    It is worth noting that the analyst previously projected a $1,000 price mark for XRP. According to BarriC, XRP’s path over the coming several months and years promises to be exciting. He believes XRP’s price will rise as the cryptocurrency market expands and changes, and as a result, it will be poised for massive growth and more widespread adoption.

    Given his expectations for greater mass adoption and growth of the coin in the upcoming months and years, he foresees a peak of $1,000 in the long term. Other prices set aside by the expert to watch out for include $1, $5, $10, $50, $100, and $500.

    Whether in the short term or long term, BarriC is confident the token will change people’s lives.

    XRP trading at $0.6009 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s Why

    Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s Why

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    As the crypto space eagerly awaits the highly anticipated Bitcoin halving event, top crypto analyst Willy Woo has emerged with a bullish prediction that has stirred considerable excitement among enthusiasts.

    Woo particularly underscored the potential for Bitcoin’s price to surge dramatically, using the term “ballistic” to describe the expected trajectory post-Halving.

    Notably, Bitcoin’s Halving is an integral component of its protocol. It occurs approximately every four years and reduces miners’ reward for validating transactions on the blockchain.

    This event also effectively reduces the rate at which new BTC enters circulation, increasing the asset’s scarcity and potentially impacting its price dynamics.

    Bitcoin Would Go ‘Ballistic’ Based On This

    Woo’s analysis delves into the profound implications of the impending Halving, particularly regarding Bitcoin’s supply dynamics. The cryptocurrency experiences an annual supply growth rate of 1.7%, which will be halved to 0.85% following the upcoming event.

    This reduction favors Bitcoin’s supply growth rate compared to traditional assets like gold, which boasts an annual supply growth rate of approximately 1.6%.

    Moreover, Woo juxtaposes Bitcoin’s supply growth against the US dollar, characterized by a negative growth rate attributed to inflation.

    As the USD supply growth trends back to a standard range of 5% to 10%, Woo anticipates a momentous surge in Bitcoin’s price, driven by its inherent scarcity and growing recognition as a hedge against inflationary pressures.

    Diverging Perspectives On BTC Trajectory

    While Woo’s bullish forecast sets an optimistic tone for Bitcoin’s future, recent insights from a consumer survey conducted by Deutsche Bank present a more nuanced perspective.

    The survey findings reveal a palpable division among respondents regarding Bitcoin’s trajectory, with approximately one-third expressing negativity about its price prospects.

    These individuals anticipate Bitcoin’s value to plummet below $20,000 by year-end, representing a stark deviation from the prevailing bullish sentiment.

    Adding to the discourse, Authur Hayes, co-founder of BitMEX, offers a dissenting view characterized by a bearish outlook on Bitcoin’s post-halving performance. In a comprehensive analysis shared via a blog post, Hayes outlines his concerns regarding the potential for a significant price decline after the halving.

    While many analysts anticipate a bullish rally during the halving period, Hayes posits a scenario in which Bitcoin experiences a more subdued trajectory, emphasizing the need for careful consideration amid heightened market volatility.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst

    Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst

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    Global investor Dan Tapiero recently shared his optimistic outlook for Bitcoin (BTC), suggesting that the leading cryptocurrency soars above the $200,000 mark might be on the horizon.

    Tapiero, known for his investment insights and co-founding roles in Gold Bullion International and 10T Holdings, took to X to express this bullish sentiment.

    Catalyst That Could Drive Bitcoin To $200,000

    According to Tapiero, a significant macroeconomic factor is expected to drive Bitcoin’s price to new heights, offering investors an opportunity for substantial gains. Tapiero’s bullish stance on Bitcoin’s future price trajectory revolves around a unique correlation he observed in the market.

    Particularly, the expert highlighted concerns about “monetary debasement” driven by a notable 60% increase in the Treasury market over the past five years.

    This factor leads Tapiero to anticipate a surge beyond $200,000 for the digital gold, Bitcoin. While acknowledging the potential for gold to perform well in such a scenario, Tapiero remains particularly bullish on Bitcoin’s prospects.

    Bitcoin’s Recent Performance And Analyst Insights

    In the past 24 hours, Bitcoin has exhibited bullish momentum, surpassing and reclaiming the $71,000 price level. With a 2.6% increase over the week and a 3.1% surge in the last 24 hours, Bitcoin’s upward trajectory continues to attract attention from investors and analysts alike.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Notably, the current price performance of the asset coincides with a notable event: over 600 BTC of $100,000 strike call options have recently been traded in a Block trade. This significant development, as illuminated by Greek Live, carries a notional value of up to $45 million, with $8.5 million worth of premiums alone.

    Greeks Live further reported that this occurrence has propelled the entire market into a prolonged bullish momentum. In addition, with the halving event on the horizon, the prospect of reaching new all-time highs, including the milestone of $100,000, appears to be within reach.

    Echoing Tapiero’s optimism, analyst Michael Van De Poppe has also recently emphasized Bitcoin’s potential for unprecedented growth.

    According to Van De Poppe, despite encountering resistance, Bitcoin’s ability to break through key levels could pave the way for a surge towards new all-time highs, with projections reaching as high as $300,000 in the current bull run.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Will Bitcoin (BTC) Break its $73.8K ATH Following This Record USDC Transfer?

    Will Bitcoin (BTC) Break its $73.8K ATH Following This Record USDC Transfer?

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    Bitcoin has been trading around $70,000 after a major retracement that dragged the leading crypto asset below $63,000 briefly. Despite a few flat trading sessions, data reveals that a pump could be in the offing that could further trigger a new wave of buying pressure.

    CryptoQuant’s latest analysis reveals a remarkable surge in USDC deposits, surpassing $1.4 billion on Coinbase.

    $1.4 Billion USDC Inflow

    Stablecoins serve as a bridge between traditional finance and the digital assets market, facilitating seamless transactions. An influx of USDC into the market can signify an increased willingness to purchase because it is pegged to the US dollar, providing stability and liquidity within the crypto ecosystem.

    When there’s a surge in USDC entering the market, it typically means that investors or traders are converting their fiat currency (such as US dollars) into USDC to participate in trading. This influx of USDC can indicate confidence in the market and a readiness to deploy capital into various assets, including Bitcoin.

    It is also important to note that a similar deposit occurred only once before, on January 9th, 2023, which preceded a notable price surge from a cycle low of $16,800, representing a crucial bottom.

    Such a significant deposit could signal a similar turning point, potentially impacting the current market cycle positively, according to the CryptoQuant analyst ‘maartunn’ in his latest update.

    “Several hours ago, the largest influx of USDC ever recorded occurred, with over $1.4 billion of USDC deposited on Coinbase. This sizable deposit signals potentially significant buying pressure, as these stablecoins can be utilized to purchase bitcoin.”

    Increased Demand for Exposure to Bitcoin

    Further validating the bullish momentum is the continued inflows into spot Bitcoin ETFs after flipping positive from five consecutive days of outflows earlier this month.

    Additionally, the foray of new participants, such as Hashdex, into the already crowded space to offer such funds to investors, both big and small, depicts a continued demand.

    Earlier CryptoQuant report also revealed the sharp rise in monthly demand for Bitcoin from 40,000 to over 213,000 BTC in 2024. As demand surged, the supply of the crypto asset, on the other hand, decreased to 2.7 million, marking the lowest liquidity levels.

    Besides the increase in ETF holdings, large-scale investors, known as whales, also greatly influenced this trend.

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    Chayanika Deka

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  • Macro Factors to Shape Bitcoin Prices: Coinbase’s Insights Post-Halving

    Macro Factors to Shape Bitcoin Prices: Coinbase’s Insights Post-Halving

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    All eyes are on the upcoming Bitcoin halving scheduled for mid-April 2024, which will reduce the rewards granted to miners for validating transactions by half. This will mark the fourth occurrence of a halving event in Bitcoin’s history.

    Although the market is currently experiencing a downturn, Bitcoin has seen significant growth of more than 150% since mid-October last year. According to the latest “handbook” by Coinbase, this strong performance will continue up to and after the upcoming halving.

    Coinbase Warns of Limited Historical Evidence

    Even though there’s a chance the halving could positively influence Bitcoin’s performance, Coinbase pointed out that the historical evidence supporting this connection is limited, making it somewhat speculative. Additionally, Bitcoin’s price is influenced by factors beyond crypto-specific events like halvings, indicating that it doesn’t operate in isolation.

    It is evident that a significant portion of Bitcoin’s recent surge was propelled more by optimism regarding spot Bitcoin ETFs rather than excitement surrounding the halving. Looking forward, Coinbase said that there are several macroeconomic factors that are poised to influence Bitcoin prices significantly.

    Coinbase anticipates the US Federal Reserve to start rate cuts as early as May and initiate a reduction in its quantitative tightening program shortly thereafter.

    The handbook also drew attention to the possibility of heightened selling pressure from miners, who may sell a larger portion of their rewards, as well as from companies emerging from bankruptcy, such as former crypto lenders Celsius Network and Genesis Global.

    Bitcoin’s On-Chain Analytics

    Upon assessing on-chain analytics, Coinbase observed that the current cycle closely mirrors the period from 2018 to 2022, during which the leading crypto asset saw a 500% increase from its lowest point.

    Its handbook also shared an interesting observation about the total supply of Bitcoin held by long-term investors – individuals who retain their crypto holdings for a minimum of 155 days. Historically, this timeframe indicates a notable decline in the likelihood of these assets being sold off.

    Assuming all other factors remain constant, Coinbase said that the long-term holders are expected to be less inclined than short-term holders to see halvings as a chance to capitalize on market strength by selling.

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    Chayanika Deka

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  • Marathon Digital CEO predicts $43k Bitcoin break-even post-halving

    Marathon Digital CEO predicts $43k Bitcoin break-even post-halving

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    Marathon Digital Holdings CEO Fred Thiel predicts that the break-even point for Bitcoin mining will climb to about $43,000 following the upcoming halving event. 

    This significant increase from the current industry average of $23,000 underscores the potential impact on miners’ profitability. Thiel shared these insights during a Bloomberg Television interview, highlighting the challenges and adjustments miners will face.

    Marathon Digital, a top U.S. Bitcoin mining company, is aggressively expanding its power infrastructure and deploying new equipment to mitigate the anticipated revenue drop from the halving. Thiel emphasized the company’s immediate need for greater capacity as it approaches its current limits.

    In line with its strategy to bolster operations, Marathon Digital recently announced the acquisition of a 200-megawatt data center in Garden City, Texas, for over $87 million. The purchase follows a significant investment earlier in the year, where Marathon secured multiple sites for $179 million. Through these acquisitions, Marathon has substantially increased its stake in its mining operations from about 3% to 53%.

    As Bitcoin reached its all-time high at $73,000 earlier this month, several Bitcoin mining companies experienced a notable surge in their stock prices. Marathon Digital has particularly benefited from Bitcoin’s recent rally, as the company’s stock price is currently at $19.22, over a 170% increase from last year.

    The mining industry braces for the halving event, which is expected to significantly slash miners’ earnings. Companies like Marathon are thus racing to scale up their operations, aiming for wider margins to offset the looming plunge in revenue.


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    Mohammad Shahidullah

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  • Bitcoin miners ramp up investment ahead of halving, set new energy consumption record

    Bitcoin miners ramp up investment ahead of halving, set new energy consumption record

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    Bitcoin (BTC) miners are investing billions in equipment and consuming energy at unprecedented rates to maximize profits before the upcoming halving event in April.

    According to Bloomberg, the resurgence in Bitcoin mining activity is primarily driven by the cryptocurrency’s recovery. The world’s largest digital asset by market cap recently broke its all-time high record after losing 64% of its value in 2022 due to industry turmoil.

    This revival has been further buoyed by the introduction of spot Bitcoin exchange-traded funds (ETFs) and growing anticipation of the halving, an event occurring every four years that reduces the reward for mined blocks, thereby constricting the supply of new Bitcoins. 

    In response, leading mining corporations, including CleanSpark and Riot Platforms, have spearheaded the charge, collectively investing over $1 billion in advanced mining rigs, as per Bloomberg, quoting figures from an analysis by TheMinerMag.

    These companies employ powerful computers to validate transaction records on the blockchain, a process that is both energy-intensive and competitive. In the past month alone, the report stated that Bitcoin mining operations drew a staggering 19.6 gigawatts of power, setting a new record for energy consumption.

    Despite the lucrative prospects of rising Bitcoin prices — which reached an all-time high of over $70,000 on March 8 — the upcoming halving poses significant challenges.

    The anticipated reduction in mining rewards is expected to slim profit margins, potentially pushing some miners into unprofitability. 

    However, industry leaders remain optimistic, devising innovative strategies to sustain profitability amid these changes. The prevailing sentiment is that the most efficient miners will continue to thrive by adapting to the evolving landscape.

    The sector’s exponential growth has its risks, as history has demonstrated. The last crypto bull run saw a surge in public listings and fundraising efforts by mining companies, followed by a market downturn that culminated in notable bankruptcies and liquidity crises. 

    The forthcoming halving event and its aftermath will undoubtedly test the resilience of Bitcoin miners, compelling them to balance scale with sustainability to avoid repeating past mistakes.

    The Bitcoin mining sector’s energy consumption has been the subject of heated debate. The U.S. Energy Information Administration (EIA) recently decided to discard data gathered from its emergency Bitcoin mining survey following a court agreement with the Texas Blockchain Council.

    The decision ended a temporary restraining order that had previously halted the EIA’s data collection amidst ongoing legal battles. The agency is now initiating a 60-day public feedback period before issuing a new data collection notification, demonstrating a commitment to public participation in its regulatory process. 

    The events followed a lawsuit in February by the Texas Blockchain Council and Riot Platforms against the EIA, accusing it of unauthorized data collection from the crypto industry in violation of the Paperwork Reduction Act, highlighting the crypto sector’s concerns over regulatory scrutiny, particularly regarding energy usage.

    In a separate development, Hut 8, a prominent crypto-mining firm, also recently announced the closure of its Bitcoin mining operations in Drumheller, Alberta, due to challenges related to power outages and escalating costs. 

    The Drumheller site, responsible for mining approximately 1.4% of global Bitcoin and utilizing about 11% of its hash rate, paused operations with the possibility of reopening if market conditions become favorable. Despite this halt, Hut 8 plans to maintain its lease on the property, keeping options open for future revival. 

    Hut 8’s announcement came in the wake of the company experiencing a drop in Bitcoin production in February, mining 292 BTC, a decrease from January’s 339 BTC, with the company holding 9,110 BTC by month’s end.

    This downtrend is mirrored among other leading mining operations, such as Marathon Digital, Riot Platforms, and Bitfarms, with reductions in BTC production ranging between 16% and 23% over the past month.


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    Julius Mutunkei

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  • Galaxy analysts: 20% drop in Bitcoin’s hash rate coming following halving

    Galaxy analysts: 20% drop in Bitcoin’s hash rate coming following halving

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    Galaxy Digital analysts forecast a potential reduction of 20% in network hash rate due to the impending Bitcoin halving in April.

    The analysts predict that the halving will affect eight specific mining machine models, dropping the network’s hash rate.

    The halving will decrease per-block mining rewards from 6.25 to 3.125 bitcoin, prompting miners to seek increased efficiency and cost reduction to mitigate the impact of lower rewards. The current hash rate is approximately 515 exahashes per second (EH/s).

    The affected models were identified in a report released on Wednesday.

    This projection is based on an analysis considering the new block subsidy, transaction fees constituting 15% of rewards, and a Bitcoin (BTC) price of $45,000, with the current price of around $52,000.

    The analysis also considered future power prices and costs from public miners. The variance in hash rate is attributed to the sensitivity of breakeven points for these ASIC models to fluctuations in bitcoin price and transaction fee proportions.

    The report suggests miners with older, less efficient machines may use custom firmware to enhance ASIC efficiency or sell their equipment to miners with lower power costs.

    Compass Point Research & Trading, through senior analyst Chase White, anticipates a slightly smaller decline in hash rate to an average of 500 EH/s in May from a projected 565 EH/s in April, factoring in a $55,000 average bitcoin price before the halving and an expected rise to $57,500 afterward.

    The anticipation of the halving and a market rebound in the second half of 2023 has driven significant investments in mining infrastructure, with companies like Riot Platforms and Bitfarms expanding their mining capabilities through substantial purchases of mining equipment.

    “We think miners who have low or no debt, bottom quartile power costs and efficient mining fleets will be fine,” White said. “Though we certainly expect there to be pain for everyone, especially early on, as miners on the margin of profitability try to wait each other out before shutting down.”


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    Bralon Hill

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  • BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil

    BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil

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    Arthur Hayes, co-founder of BitMEX and a well-known figure in the crypto community, has made headlines with a bold prediction for Bitcoin (BTC).

    Hayes, recognized for his unique views of the crypto space, shared his thoughts on Bitcoin’s potential trajectory in light of the current financial challenges the New York Community Bank (NYCB) faces.

    NYCB, grappling with significant financial troubles, was reported by Bloomberg as having its credit rating downgraded to “junk” by Moody’s.

    Hayes interprets the bank’s struggle and the broader banking sector’s difficulties as indicators of systemic issues in traditional banking. He posits that these challenges could lead to greater reliance on cryptocurrencies like Bitcoin.

    The Road To $1 Million: A Bitcoin Rally Postulated

    Hayes’s perspective is shaped by the view that the conventional banking model is facing sustainability issues. He argues that to address these challenges, the US Federal Reserve could print more money, leading to a deeper financial crisis.

    In such a scenario, Hayes believes Bitcoin is a viable alternative, offering a degree of insulation from traditional banking sector problems. This outlook is not new to Hayes, who has consistently advocated for Bitcoin as a hedge against the instability of traditional financial systems.

    Delving deeper into his prediction, Arthur Hayes envisions a scenario where Bitcoin could soar to $1 million. This prediction is not unique to Hayes, as other prominent crypto figures, including Samson Mow, CEO of Jan3, share similar views.

    Mow has even recently expressed confidence that Bitcoin could rapidly ascend to $1 million, potentially within days or weeks. However, he acknowledges that the exact starting point for this surge is yet to be determined.

    Hayes’s recent commentary aligns with his previous analyses. In a Medium post, the BitMEX Co-Founder drew parallels between Bitcoin’s performance during the March 2023 banking crisis and its potential future trajectory.

    Hayes suggested that similar to the 40% increase experienced during the previous banking crisis, Bitcoin could witness a significant rally following the current challenges.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Halving Events: Catalysts For Bitcoin’s Value Surge

    The conversation around Bitcoin’s potential price surge is linked to its halving events. Occurring approximately every four years, these events halve the reward for mining new Bitcoin blocks, reducing the rate at which new BTCs are created.

    The next Bitcoin halving, scheduled for April this year, will decrease the daily production of Bitcoin from 900 to 450 coins. Historically, these supply reductions have led to significant price movements in Bitcoin’s value, lending credence to predictions of substantial future price increases.

    While enthusiasts like Hayes and Mow are bullish about Bitcoin’s prospects of $1 million, there are voices of caution in the crypto community. Tuur Demeester, another Bitcoin evangelist, has recently expressed skepticism regarding Bitcoin’s ability to reach the $1 million mark by 2028, the next Bitcoin halving after this year.

    In response to a graph shared by investor Fred Krueger, which projected Bitcoin to reach $1 million by 2028, Demeester acknowledged the unpredictable nature of markets and their potential to defy even well-constructed models.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Samuel Edyme

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  • Bitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts

    Bitcoin Set For Positive Performance In Q2 2024: Coinbase Analysts

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    Analysts at cryptocurrency exchange Coinbase are backing Bitcoin and the entire crypto market to put up a significantly positive performance in Q2 2024. This development comes as BTC continues its market recovery, gaining by 3.31% in the last week to trade above $43,000. 

    Downward Pressure On Bitcoin Subsides, Macro Factors To Come Into Play: Analysts

    In the Coinbase weekly report on Friday, the American exchange’s analysts noted that the market factors that induced downward pressure on Bitcoin were being phased out. This claim is backed by the completion of the GBTC’s liquidations by defunct exchange FTX as well as the recovery of certain crypto entities from bankruptcy, indicating a change in the dynamics of the BTC market. 

    Furthermore, the analysts also highlighted the stable performance of the Bitcoin spot ETF market in the last week, marked by average daily net inflows of $200 million and a daily trading volume of $1.35 billion in the last week. However, in the coming weeks, Coinbase market experts have predicted the macroeconomic factors to gain more influence in the crypto market. 

    In particular, the analysts made reference to the US Federal Reserve’s decision to postpone the deliberation on scaling back its quantitative tightening (QT) to the next Federal Open Market Committee (FOMC) meeting in March. Based on this development, they predict the easing cycle will begin on May 1, which typically involves measures such as lowering interest rates to make loans cheaper and stimulate economic activity. In addition, they anticipate the Fed to start halting its balance sheet reductions by June to further support the US economy. 

    Interestingly, they believe the Fed could consider implementing the end of the balance sheet reduction at the same time with rate cuts. Based on the “anodyne” policies policymakers implement in an election year, Coinbase analysts predict the US apex bank will cut interest rates by 100 basis points (bps) – 25bps more than the Fed’s expectation for future rates – which is equivalent to lowering rates by 1%. 

    Generally, a reduction in interest rates is a positive omen for the digital asset ecosystem as it allows investors to pay low borrowing fees, accumulating more funds to invest in risk assets such as crypto tokens. Based on the multiple factors listed above combined with “idiosyncratic” factors, such as the Bitcoin halving, the analysts at Coinbae predict BTC, alongside other tokens, will serve as favorable portfolio additions in Q2 2024. 

    Bitcoin Price Overview

    At the time of writing, Bitcoin trades at $43,077.76 with a 0.20% gain in the last day. Meanwhile, the asset’s daily trading volume is down by 15.45% and is valued at $16.78 billion. With a market cap of $844.85 billion, BTC continues to rank as the largest cryptocurrency in the world.

    BTC trading at $43,048 on the daily chart | Source: BTCUSD chart on Tradingview.com

    Featured image from CNBC, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Semilore Faleti

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  • Bitcoin (BTC) Miner Capitulation Minimal: Hash Ribbon Analysis Offers Hope Amid Dip

    Bitcoin (BTC) Miner Capitulation Minimal: Hash Ribbon Analysis Offers Hope Amid Dip

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    Before the green light for spot Bitcoin exchange-traded funds (ETFs), the crypto sphere anticipated a bullish surge. Even with the leading asset surpassing the $49,000 mark after the US Securities and Exchange Commission’s (SEC) green signal for 11 spot BTC ETFs, prices took a downturn following the trading debut of eight of them.

    Hovering below $43,000, Bitcoin appears to have been trapped within a tight trading range for more than two weeks now. As such, miners resorted to offloading a significant amount of their BTC holdings. Despite this, data suggest that concerns regarding capitulation appear to be minimal.

    No Death Cross Detected

    Mining rewards represent the main income stream for miners, making up over 80% of their earnings. If the price of Bitcoin drops or the hash rate goes up, leading to higher mining expenses such as electricity and time, miners could encounter significant difficulties. As a result, they are generally more responsive to market changes than investors, yet they also exhibit stronger resilience.

    CryptoQuant’s Hash Ribbon, which analyzes the Hashrate 30DMA and 60DMA to detect miner capitulation and market rebound, hasn’t shown a death cross despite the recent downward adjustment.

    By examining previous bear market lows and bottoms where miner capitulation selling occurred at an MPI index level of 4.0, the on-chain intelligence platform concluded that the current adjustment doesn’t indicate miner capitulation.

    BTC Miners Hash Ribbons. Source: CryptoQuant

    However, the MPI experienced a notable uptick in 2023, largely due to mining industry efforts to sell the leading asset to ease financial strain during the bear market. Alongside the Bitcoin ETF rally, miners offloaded significant amounts of BTC in January 2024, possibly as a proactive measure ahead of future halving events.

    Based on the Hash Ribbon analysis, CryptoQuant found that worries about capitulation seem insignificant. Moreover, it appears that miners have already raked in sufficient profits and bolstered their financial standing. This implies that miners are equipped to endure possible further corrections in the Bitcoin market down the line.

    Offloading Bitcoin Stash

    Bitcoin miners witnessed substantial profits in 2023 due to a surge in transaction fees, which have reached their highest levels since April 2021, primarily driven by increased demand for Ordinals inscriptions.

    The positive market momentum throughout this year has provided a significant recovery for miners, offsetting the challenges faced during the unfavorable conditions of 2022. With the market recovery in the latter part of 2023, miners offloaded a significant amount of their stash.

    Leading up to the much-anticipated introduction of spot Bitcoin ETFs, the sell-off by Bitcoin miners continued. This increased selling activity was expected to have notable effects on the market. Even short-term Bitcoin investors joined in the selling. However, unlike miners who were capitalizing on profits, these short-term holders were selling at a loss.

    However, Bitcoin whales likely viewed this as an advantageous buying opportunity, leading them to acquire the asset being sold by short-term investors. As a result, the market remained relatively stable despite the ongoing selling activity.

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    Chayanika Deka

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  • Bitcoin Price Could Hit New All-Time High Before Halving

    Bitcoin Price Could Hit New All-Time High Before Halving

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    The Bitcoin market is currently experiencing a turning point, largely driven by recent trends in Bitcoin exchange-traded funds (ETFs). Yesterday, Bitcoin’s price rose above $43,000, a movement closely tied to changing dynamics in ETF inflows and outflows, particularly involving the Grayscale Bitcoin Trust (GBTC).

    On January 29, (Bitcoin ETF Day 12), a notable shift occurred. The Bitcoin spot ETFs witnessed a substantial net inflow of US$255 million, while Grayscale’s GBTC experienced a significant net outflow of $191 million. The other nine ETFs, led by Fidelity and BlackRock, saw a combined net inflow of $446 million, making it the third-highest inflow day for Bitcoin ETFs.

    Bitcoin ETF Flow – Day 12 | Source: @BitMEXResearch

    New All-Time High Until Bitcoin Halving?

    This scenario of high inflows and reduced outflows from Grayscale’s GBTC presents an intriguing change from previous days, where GBTC outflows dominated and weighed heavily on the market sentiment.

    Crypto analyst @WhalePanda, who’s part of the “Magical Crypto Friends” YouTube channels (along with Samson Mow, Charlie Lee, and Riccardo Spagni), commented on this development, stating, “Net inflow of $250 million in a day is crazy. That’s 5800 Bitcoin being removed from the market in just one day.”

    He highlighted the significance of this volume, especially when compared to the daily Bitcoin mining rate of 900 BTC. MicroStrategy bought $615 million BTC between November 30 and December 26.

    While WhalePanda acknowledged that inflows will slow down one day, he expects this to happen later on. “The increased price is driving more exposure, leading to more inflows, which in turn pushes the price even higher. This is a classic example of the bull cycle flywheel mechanics at play, even before the halving,” he remarked.

    The renowned crypto expert further elaborated that “the amount of Bitcoin float will significantly drop over the next couple of days and once the price starts moving with limited supply left… Things can go crazy. No, not $1 million crazy. Crazy for me is breaking ATH before halving.”

    In a separate post on X, @WhalePanda expressed his outlook for the week, “This is going to be a big week for #Bitcoin. With GBTC outflows decreasing and a strong inflow day last Friday, we might be seeing the beginning of a new trend.” He emphasized the potential of this momentum to become a self-fulfilling prophecy, driving Bitcoin’s price higher.

    Spot BTC ETFs Remain The Focus

    Thomas Fahrer, co-founder of Apollo Sats, added context to these massive spot BTC figures, noting, “The 9 New ETFs hold more BTC than Tether, Tesla, Block, and all of the Public Miners combined. Soon they will surpass MSTR, and later even GBTC.”

    Bitcoin holdings
    Bitcoin holdings | Source: X @thomas_fahrer

    Alex Thorn, head of research at Galaxy, commented on the potential implications for BTC’s price trajectory, especially in relation to ETH: “With Grayscale outflows appearing to slow down and other Bitcoin ETF flows remaining positive, I’m curious about the future direction of the ETHBTC cross. A lower trajectory seems like the path of least resistance in the near term.”

    This confluence of ETF inflows, decreasing outflows from Grayscale, and the anticipation of the upcoming Bitcoin halving are creating a unique bullish market environment. However, at press time, BTC is trading below a key resistance at $43,444.

    Bitcoin price
    BTC price hovers below key resistance, 4-hour chart | Source: BTCUSD on TradingView.com

    Featured image created with DALL·E, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Jake Simmons

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  • Anticipation Peaks As Bitcoin Halving Countdown Drops Below 100 Days: Will Prices Skyrocket?

    Anticipation Peaks As Bitcoin Halving Countdown Drops Below 100 Days: Will Prices Skyrocket?

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    With the Bitcoin halving event drawing near, Data from crypto industry research and analytics platform, CryptoRank.io, has recently revealed that a significant majority of its users – 79% – are bullish about the upcoming halving, while 21% have bearish skepticism.

    This sentiment echoes the historical trend where previous halvings have catalyzed bullish rallies in Bitcoin’s price.

    Bitcoin Halving Countdown And Price Trajectory

    The Bitcoin halving, less than 100 days away, is a pivotal event in the crypto world. This process happens approximately every four years, and the reward for mining Bitcoin blocks will be halved.

    This reduction in supply has historically led to price increases, with the previous halving in 2020 resulting in a 401.1% rise in Bitcoin’s price, according to CryptoRank.io. The anticipation of a similar price boom is palpable as the crypto community closely watches the countdown to this significant event.

    Despite the optimistic sentiment towards the halving, Bitcoin’s recent price action tells a different story. Following the initial excitement around the launch of spot Bitcoin ETFs, Bitcoin has been experiencing bearish price action.

    In the past week alone, the cryptocurrency has seen a nearly 10% decline, eroding its gains after spot ETF approvals. This price behavior suggests a cooling off of the spot ETF hype and a period of consolidation in the absence of significant news or developments.

    However, Bitcoin is currently hovering above the $43,000 mark, showing a minor recovery in the last 24 hours with a 1.8% increase.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    BTC Price Prediction

    This current price movement has not dampened the long-term bullish outlook of many analysts. Figures like Ash Crypto, a notable voice in the crypto trading community, advise a long-term perspective.

    Ash Crypto’s has recently shared an analysis drawing parallels between Bitcoin and gold, suggesting that if Bitcoin emulates gold’s post-ETF market cap surge, it could potentially reach or even surpass half of gold’s market cap. Such a scenario could propel Bitcoin’s price to an estimated $500,000 in the coming years.

    Moreover, Ash Crypto highlights Bitcoin’s potential impact on traditional financial markets, pointing out the immense global stock and bond market caps.

    As BTC continues to gain legitimacy as a financial asset, it could capture a substantial share of these traditional market caps. This shift aligns with a new generation of investors who view Bitcoin as a novel investment opportunity.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Bitcoin and Ethereum Echo Previous Bull Market Patterns with 500%-1,000% Surges

    Bitcoin and Ethereum Echo Previous Bull Market Patterns with 500%-1,000% Surges

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    Bitcoin (BTC) and Ethereum (ETH) are currently following a pattern similar to previous years, during which their prices surged by 500% and 1,000%, respectively, according to the latest research report by Coinbase Research and Glassnode.

    The observation draws parallels between the ongoing crypto market cycle and the period from 2018 to 2022, characterized by substantial price increases in both cryptocurrencies.

    Bitcoin Halving’s Potential Impact on Crypto Markets

    Analysts highlight various cyclicality metrics, such as net unrealized profit/loss and supply in profit, which mirror past trends. These metrics indicate that the present state of the crypto markets doesn’t mirror the euphoric conditions seen during the peak of 2023. It suggests there might still be potential for the market to experience further surges.

    Despite acknowledging the potential positive impact of the forthcoming Bitcoin halving, Coinbase Research is cautious.

    The paper noted a lack of robust supporting evidence and characterized the relationship between the halving and market performance as somewhat speculative.

    The research points out that, with only three halving events historically, there isn’t a fully established pattern, especially considering previous events were influenced by factors like global liquidity measures.

    The upcoming Bitcoin halving, projected to occur in April 2024 based on current mining rates, will reduce the block reward from 6.25 to 3.125 BTC.

    Analyzing Ethereum’s Market and Upcoming Upgrade

    In 2023, the Ethereum (ETH) price surged by over 90%, driven by several factors, such as the success of the Shapella upgrade and the increasing likelihood of approval for spot crypto ETFs. Market participants were encouraged by these developments, contributing to the increase in the ETH value.

    Looking ahead, analysts are focusing on the upcoming Ethereum upgrade named Cancun. It is expected to enhance scalability and security to make layer-2 transactions as cost-effective as possible.

    The successful implementation of Cancun could potentially lead to a significant increase in the number of processed transactions on the Ethereum network.

    Coinbase’s analysis notes that Bitcoin and Ethereum have undergone two cycles, encompassing both bull and bear markets. The ongoing cycle, initiated in 2022, closely mirrors the patterns observed in the preceding ones.

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    Wayne Jones

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  • 2024 Bitcoin Preview: Crypto Analyst Weighs In On BTC Price Action

    2024 Bitcoin Preview: Crypto Analyst Weighs In On BTC Price Action

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    Amid the excitement surrounding the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), Polish crypto analyst Adrian Zduńczyk has shed his insights on the price action of BTC in 2024 and beyond.

    Bitcoin Price Action In 2024 And Beyond

    Zduńczyk, who is the Chief Executive Officer (CEO) of Birb Nest shared his insights in a recent interview with Thinking Crypto founder Tony Edward. In the interview, Zduńczyk revealed his short-term expectations for Bitcoin, the impact of ETF approval, and post-halving expectations for price.

    Zduńczyk began by drawing attention to the recent surge in Bitcoin prices while also noting a minor decline. He emphasized the significance of differentiating between speculations, expectations, and actual trading.

    He further talked about the use of technical indicators to spot possible market reversals. These include the rate of change and the Relative Strength Index (RSI).

    Zduńczyk noted how the market trend has persisted, pointing out crucial metrics such as the 200-day moving average. According to him, the 200-day moving average has been indicating favorable trends since the year started. The price of Bitcoin has increased by a notable 190% year to date, despite a slight correction. This indicates the strength of the bull market that has been present since January.

    When asked about the impact of Bitcoin spot ETF on the asset’s price, he highlighted seasonal trends in Bitcoin’s performance by establishing a correlation with historical data. He explained that he would rather go with the facts than opinions. This is because “it is difficult to comment on opinions,” which by definition is “different from the facts.”

    Due to this, Zduńczyk has suggested that the community should focus on the facts this time rather than opinions. This is because facts rely on seasonal studies and prices do the same.

    Observing the upward tendency in January over time, he provided an explanation of the seasonal pattern in the January barometer. As a result, he proposed an 80% chance of a favorable year if January ends well.

    All-Time High Price Target Post BTC Halving

    Zduńczyk provided insights into the possibility of Bitcoin reaching a new all-time high in 2025. He made this claim after analyzing its past four-year cycles and their relationship to the presidential stock market cycle.

    The CEO stated that Bitcoin has always experienced “powerful rallies” after each halving. He further backed up his claims with a chart demonstrating BTC price rallies since the halving began.

    BTC price performances in previous halving cycles | Source: Thinking Crypto on YouTube

    Furthermore, Zduńczyk highlighted that it would not be shocking to see a three-to-five-fold increase following the halving price. However, he has expressed caution as no one knows exactly how high Bitcoin will go.

    So far, Zduńczyk predicts an all-time high price for BTC between $150,000 to $200,000 post-halving. In addition, he stated that the trends are unprecedented as the price could go higher than that or even lower.

    Bitcoin
    BTC trading at $47,105 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • ETF or Halving: Analyst Doubles Down On Bullish Year For Bitcoin

    ETF or Halving: Analyst Doubles Down On Bullish Year For Bitcoin

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    Bitcoin (BTC) began 2024 on a positive note gaining by 3.18% in the first week of the year, according to data from CoinMarketCap. The premier cryptocurrency is expected to herald in a bull crypto season, with many investors expecting immediate approval of Bitcoin spot ETF proposals by various asset managers. 

    However, regardless of the decision of the US Securities and Exchange Commission (SEC) in the next few days, crypto analyst Ali Martinez believes Bitcoin is still poised for massive gains in 2024 as there is another bullish factor in play. 

    Bullish 2024 For Bitcoin With Or Without ETF Approval – Analyst

    In an X post on January 6, Martinez expressed much optimism about Bitcoin’s potential price performance in 2024. He stated that irrespective of developments in the Bitcoin spot ETF saga, BTC is still set for major price surges due to another bullish narrative – namely, the Bitcoin Halving. 

    To explain, the Bitcoin Halving is an event in which the block rewards for miners are reduced by 50%. It happens every four years, with the first occurrence being in 2012. The halving event causes a reduction in BTC supply in comparison to demand, causing scarcity which leads to a price increase. 

    Martinez highlighted this fact stating that historically, there has been a significant increase in Bitcoin’s price following past halvings. When the first halving occurred on November 28, 2012, BTC was trading at around $12. In the next year, the token had attained a new price of $1,000. 

    A similar phenomenon was noted after the second halving on July 9, 2016, at which Bitcoin was valued at $670. However, By December 2017, BTC had surged to an all-time high of $19,700. The third halving event took place in May 2020, with Bitcoin being traded at $8,821. By November 2021, BTC had surged by 700%, attaining its current all-time high of $68,783.

    Based on this price history, Martinez believes that BTC investors are well placed to reap large profits in the coming months as the next Bitcoin halving is set for April 2024. He postulates that these cyclical gains should remain constant, notwithstanding the SEC’s approval for Bitcoin spot ETF or not.

    BTC Price Overview

    At the time of writing, Bitcoin trades at $43,665, experiencing a slight decline of – 0.30% in the last 24 hours. On a larger scale, the leading cryptocurrency has demonstrated resilience over the past seven days, posting a noteworthy gain of 4.07%. 

    Over the last year, BTC’s performance has been remarkable, witnessing a substantial surge of 159.94%. However, amidst market fluctuations, there is a noticeable dip in daily trading volume, down by 22.25%, which is currently valued at $26.8 billion.

    BTC trading at $43, 691.10 on the hourly chart | Source: BTCUSDT chart on Tradingview.com

    Featured image from Mint, chart from Tradingview

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Semilore Faleti

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  • This is How Bitcoin Can Reach $1 Million in a Year

    This is How Bitcoin Can Reach $1 Million in a Year

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    In a recent post on social media platform X, cryptocurrency analyst Bit Paine presented a compelling forecast for the value of Bitcoin (BTC) reaching $1 million by January 3, 2025.

    Paine provides an in-depth analysis, highlighting key factors that could drive this significant value increase.

    Analyst Predicts Potential Supply Shock in Bitcoin Market

    Paine’s analysis lies in the forthcoming five years, during which approximately 750,000 new Bitcoins are expected to be mined. Drawing from historical patterns, the analyst estimates that 20-30% of the existing Bitcoin supply will likely become available for sale during the upcoming bull market.

    However, Paine diverges from conventional expectations, positing a more conservative estimate of 10-15% due to several compelling reasons.

    These include the recent emergence from a prolonged bear market, the ascendance of Bitcoin maximalists (“maxi hodlers”), the diminishing significance of “crypto” as a generic asset class (with a reduced inclination to rotate funds into alternative cryptocurrencies or “alts”), and the increasing recognition of Bitcoin as a treasury-class asset.

    Factoring in these considerations, Paine anticipates an additional 2-6 million Bitcoins entering the market, bringing the total supply in circulation to approximately 2.75-6.75 million.

    The catalyst for the projected surge is the anticipated influx of capital into the Bitcoin market. Paine estimates $1-5 trillion of capital is poised to enter the market over the next five years, driven by the increasing accessibility of this asset to institutional and retail investors alike.

    Paine’s analysis aligns with the notion that most gains in the Bitcoin market typically occur within the first year following a halving event characterized by speculative fervor. Subsequently, a more gradual distribution of gains is expected.

    Bitcoin Surges Above $45,000 and Dumps Later

    Bitcoin surged past $45,000 on Tuesday, reaching its highest level since April 2022, as optimism surrounding the potential approval of exchange-traded spot Bitcoin funds fueled the market. The cryptocurrency reached a 21-month peak of $45,922, marking a strong start to the new year.

    Investor attention has been focused on the potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Such approval is anticipated to open the market to a broader investor base and attract significant investments.

    However, the landscape changed later during the day, as BTC slumped by $3,000. This came amid reports that the US securities regulator might actually reject all spot ETF applications in January, just like it has done countless times in the past.

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    Wayne Jones

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  • Happy 15th Birthday, Bitcoin: Here’s The Journey So Far

    Happy 15th Birthday, Bitcoin: Here’s The Journey So Far

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    On this day, 15 years ago, Satoshi Nakamoto mined the genesis block of the Bitcoin network, laying the foundation for the cryptocurrency industry.

    Since 2009, the community has celebrated Bitcoin’s birthday every January 3, reminiscing about one of the most significant moments in crypto history.

    Bitcoin’s 15th Anniversary

    The genesis block contains the first 50 BTC earned as a reward for the transaction, which was released on Sourceforge, a web-based service offering developers a centralized online location to control and manage free and open-source software projects. Sourceforge was the original repository for Bitcoin’s open-source code base before it was moved to GitHub.

    Due to the absence of a previous block to be referenced, the first 50 Bitcoins are unspendable and have remained in the transaction address.

    The block contains a message from Nakamoto quoting a headline from the UK’s Times newspaper: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

    The mysterious Bitcoin creator released the project’s whitepaper the year before in the aftermath of the 2008 financial crisis, considered the most severe economic fallout since the Great Depression in 1929. The Bitcoin concept introduced a pseudonymous, decentralized, and trustless financial system far from the reach of banks and intermediaries, which Nakamoto did not like.

    How Far Has BTC Come?

    Fifteen years down the line, BTC has altered the landscape of digital assets and the financial market as a whole. Bitcoin has evolved into a network with a market capitalization of more than $888 billion, leading an ecosystem worth $1.8 trillion while maintaining 52% dominance in the cryptoverse.

    Although BTC is currently worth around $43,000, its value once rose above $68,000. The asset has garnered the interest of governments, banks, traditional finance giants, corporations, and high-networth individuals, leading to the creation of several derivatives, including exchange-traded funds (ETFs).

    The crypto community anticipates the launch of the first spot Bitcoin ETF in the US, a feat that more than a dozen asset management firms are vying for. There is also the upcoming Bitcoin fourth halving set to reduce the production rate of BTC.

    Meanwhile, BTC finished 2023 as the best-performing asset with an increase of 160%, ahead of stock indexes, bonds, equities, and gold.

    The post Happy 15th Birthday, Bitcoin: Here’s The Journey So Far appeared first on CryptoPotato.

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    Mandy Williams

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  • Bitcoin Road To Record Heights: Analysts Forecast Post-Halving Surge

    Bitcoin Road To Record Heights: Analysts Forecast Post-Halving Surge

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    Analysts have recently focused on Bitcoin’s potential trajectory after its anticipated halving event. Adrian Zduńczyk, a prominent crypto trader, has shared a bullish outlook, suggesting that Bitcoin could soar to new all-time highs post-halving.

    Zduńczyk’s projections shared on X, hinge on favorable market conditions and pivotal financial events.

    Bitcoin’s Bright Outlook

    The beginning of 2024 has already seen a positive trend for Bitcoin, reflecting a growing confidence among investors. Zduńczyk links this optimism to a parallel movement in traditional markets, particularly the S&P 500, expected to deliver a 12.8% return in January.

    This positive trend in the stock market is seen as a potential catalyst by analysts for increased capital inflows into Bitcoin, reinforcing the correlation between the cryptocurrency and US stock markets.

    The upcoming halving event in April, a significant occurrence in the Bitcoin ecosystem, is another factor fueling Zduńczyk’s bullish predictions. This event, which halves the reward for Bitcoin mining, historically triggers a surge in Bitcoin’s price by limiting the new supply entering circulation.

    Analysts like Zduńczyk view this as a key moment that could propel Bitcoin to unprecedented heights. Adding to this optimistic scenario is the mounting speculation surrounding the approval of a spot Bitcoin ETF in the United States.

    According to Zduńczyk, this approval could channel trillions of dollars into the crypto market, marking a significant milestone in institutional adoption.

    Experts anticipate that the US Securities and Exchange Commission (SEC) may greenlight such an ETF soon, which could have profound implications for Bitcoin’s valuation and market dynamics.

    Bitcoin 2024 Trajectory: Analysts Project Sky-High Valuations

    Forecasts for Bitcoin’s price in the wake of the upcoming halving and spot Bitcoin ETF approval in the US vary, with some analysts setting ambitious targets. James Butterfill of CoinShares predicts a potential increase to $80,000, while Antoni Trenchev of Nexo foresees a rise to $100,000.

    Venture capital firm CoinFund, through managing partner Seth Ginns, sets an even loftier expectation, projecting Bitcoin’s value to range between $250,000 and $500,000 in 2024.

    Ginns attributes this to a combination of factors, including the anticipated spot ETF approval in the US and a diminishing correlation with traditional economic indicators like the dollar and real yields.

    Bitcoin is experiencing a bullish trend, surpassing a significant threshold by trading above $45,000 for the first time since April 2022. The asset has seen a 6% increase in the past 24 hours and a 6.1% rise over the past week.

    Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Notably, BTC trading volume has witnessed a substantial spike, escalating from $13 billion on Monday to over $33 billion today.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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