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Tag: bitcoin news

  • Bitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating

    Bitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating

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    The recent Bitcoin rally, propelling its price to the $52,000 level, has positively impacted the stock of US-based cryptocurrency exchange Coinbase (COIN). After experiencing a notable dip to $115 at the start of February, Coinbase’s stock rose to $172 on Thursday, following a significant upgrade by a JPMorgan analyst.

    Improved Prospects For Coinbase Amid Crypto Rally

    According to a Bloomberg report, JPMorgan analyst Kenneth Worthington abandoned his bearish view on Coinbase weeks after downgrading the stock. 

    As Bitcoin traded higher, Coinbase shares gained as much as 7.8% following the upgrade. Worthington believes the exchange will likely benefit from the recent rally in digital asset prices, prompting him to shift his rating back to neutral.

    This change in stance comes after Worthington’s January downgrade, where he predicted a potential deflation of enthusiasm for Bitcoin exchange-traded funds (ETFs). 

    However, contrary to his previous forecast, Bitcoin ETFs have been successful in terms of trading measures, and the price of Bitcoin has surged beyond $52,000, reaching its highest level since 2021. In a note to clients on Thursday, Worthington explained:

    Given the acceleration in recent days of flows into Bitcoin ETFs and the significant price appreciation of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we see the higher cryptocurrency prices not only sustaining but improving activity levels and Coinbase’s earnings power as we look to 1Q24.

    The daily chart shows COIN’s 4% uptrend in the past 24 hours. Source: COIN on TradingView.com

    Coinbase’s stock experienced an 8% dip at the beginning of the year, following an impressive 400% surge in 2023. Analyst opinions on the stock remain divided, with buy, hold, and sell recommendations being roughly evenly split. 

    Worthington maintained his $80 price target on the stock ahead of the company’s earnings report, which is scheduled to be released after the market closes on Thursday.

    Worthington emphasized that Coinbase’s business is closely tied to token prices, with its core revenue being transaction-based. As the value of tokens increases and trading activity gains momentum, fees based on the value traded are expected to drive higher trading volumes, ultimately contributing to improved revenue for Coinbase.

    Bitcoin ETFs Witness Significant Trading Volume 

    On February 14th, the trading volume of Bitcoin ETFs showcased notable figures, with Blackrock’s IBIT recording the lead with $721 million in volume. 

    Grayscale’s Bitcoin Trust (GBTC) followed closely with $619 million, while Fidelity’s FBTC secured the third spot with $456 million. On the other hand, Ark Invest accumulated a volume of $169 million.

    The nine ETFs’ total trading volume amounted to approximately $1.5 billion. Notably, the largest ETFs experienced higher trading volume than the previous day, with IBIT surpassing $700 million and GBTC exceeding $600 million.

    Coinbase
    Bitcoin ETF’s February 14 trading volumes with Blacrock’s IBIT leading the pack. Source: AlexOtta on X

    Intriguingly, before the trading session, GBTC sent less than half of the Bitcoin it sent to Coinbase the previous day. Despite this decrease, GBTC’s total trading volume was 50% higher.

    As the demand for Bitcoin continues to surge, ETFs play a crucial role in facilitating institutional and retail investors’ participation in the cryptocurrency market. The increased trading volume of Bitcoin ETFs highlights investors’ growing interest and confidence in digital assets.

    Coinbase
    BTC’s price rally on the 1-D chart. Source: BTCUSDT on TradingView.com

    Currently, Bitcoin is trading at $51,900 and encountering a critical resistance level at $52,000. 

    Featured image from Shutterstock, 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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    Ronaldo Marquez

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  • Crypto Analyst Says Bitcoin At $100,000 Not Far Off, Here’s When

    Crypto Analyst Says Bitcoin At $100,000 Not Far Off, Here’s When

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    Kevin Svenson, a crypto analyst on YouTube, recently provided an analysis of the future price trajectory of Bitcoin, predicting a strong surge to $100,000 this year. According to the analyst, BTC is poised to go parabolic after its halving in April as the crypto is looking very bullish on the weekly chart.

    The halving cuts the block reward for Bitcoin miners in half, reducing the supply of new Bitcoins in circulation. With demand remaining steady or increasing, the reduced supply has been historically known to drive up the price of BTC.

    Bitcoin Parabolic Surge Not Far Off

    Bitcoin is currently leading a crypto market surge after four weeks of lackluster action following the launch of spot Bitcoin ETFs in the US. Bitcoin recently broke above $47,000 for the first time this year, pushing the narrative of the return of a strong crypto market bull run.

    Svenson noted in his YouTube video that Bitcoin is yet to close above $44,000 on the weekly timeframe this year. However, recent price action indicates this is about to change, giving the highest weekly close so far in the current cycle. The analyst noted that if Bitcoin were to successfully clear trapped liquidity around the wicks, it could lead to the crypto reaching the first step of the $60,000 price level.

    On a larger timeline, Svenson looked at past Bitcoin halvings to note a recurring trend before and after each halving. History shows that the price of BTC has always trended up in the months leading to the halving and then going on a parabolic trend in the months after. 

    Of course, past performance does not necessarily guarantee future price action, but Svenson believes several factors are lining up that could send Bitcoin surging past its all-time high once again.

    “There’s no reason for me to not think that we’re just going to do what we’ve been doing in these past cycles,” he said.

    Now, looking forward, the analyst noted past halvings were set up by Satoshi to correlate with election years in the US, which have always led to a spike in the financial markets. 

    In addition, Svenson mentioned that the profitability of Bitcoin has always increased until 80 weeks following each halving, which marks the beginning of a new bear market. If history repeats itself, an 80-week timeline after the upcoming halving should be around October 2025, which is when a new bear market cycle is expected to begin.

    Institutional interest in Bitcoin is surging, contributing to a 9.57% surge in the past seven days. Bitcoin is trading at $47,211 at the time of writing. 

    BTC price recovers after brief dip | Source: BTCUSD on Tradingview.com

    Featured image from 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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    Scott Matherson

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  • Bitcoin Price Targets $55,000 Following Bull Pennant Breakout

    Bitcoin Price Targets $55,000 Following Bull Pennant Breakout

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    The Bitcoin price has experienced a notable increase of over 4% in the last 12 hours, marking a departure from the recent lull. This movement follows a bull pennant breakout, with the price of Bitcoin now aiming for the $55,000 mark.

    The 4-hour (BTC/USD) chart below shows Bitcoin trading at $44,609, having just breached the confines of a bullish pennant pattern—a bullish continuation signal frequently followed by an upward price trajectory.

    BTC price, 4-hour chart | Source: BTCUSD on TradingView.com

    What This Means For Bitcoin Price

    The pennant, which is characterized by converging trend lines following a substantial price move, signifies a pause in trading before the market resumes its prior uptrend. The breakout from the pennant suggests a continuation of the bullish trend with a potential target that is often extrapolated from the length of the prior move, known as the flagpole, which initiated the pennant formation.

    Looking at the moving averages, Bitcoin has displayed a golden cross pattern, with the 20-period EMA (currently at $43,389) ascending above the 50-period EMA (currently at $43,049) and the 100-period EMA (currently at $42,727). This cross underpins the bullish sentiment in the market.

    Volume, a key indicator of the strength behind price movements, has also shown an uptick as the breakout occurred, further validating the bullish scenario.

    The Fibonacci retracement tool, applied from the swing high at $49,092 to the swing low at $38,484, shows Bitcoin’s price breaking above the 0.5 ($43,788) retracement level. The next critical levels to watch are the 0.618 ($45,040) and the 0.786 ($46,822) Fibonacci levels, which may serve as resistances in the short term.

    Beyond that, the full 1.0 extension ($49,092) is on the horizon, with the 1.618 extension ($55,648) aligning closely with the target of $55,000, reinforcing its significance as a potential price objective.

    The RSI, at 73.47, indicates strong buying pressure but also suggests caution as the market approaches overbought conditions. However, it is important to note that Bitcoin price in its strongest moments tends to reach very high levels, exhibiting the massive momentum. Therefore, it is essential for traders to watch for any potential divergence that may signal a weakening of the current momentum.

    In conclusion, Bitcoin’s break above the bullish pennant pattern has set the stage for a possible rally towards the $55,000 mark. The intersection of the golden cross, increased volume, and the Fibonacci extension levels adds credence to the bullish outlook.

    However, traders should remain vigilant of the overbought conditions that could prompt a retest of key support levels. The most crucial support is found at the 0.5 Fibonacci level ($43,788), with further support levels at 0.382 ($42,536) and 0.236 ($40,988). A sustained move below these levels could challenge the bullish thesis and shift focus to the next significant support at $38,484.

    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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  • What Is Kaspa (KAS) Blockchain?

    What Is Kaspa (KAS) Blockchain?

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    The Kaspa (KAS) blockchain is a decentralized, open-source, and scalable Layer-1 solution often referred to as “Bitcoin 2.0” or “the next Bitcoin.” However, Kaspa is unique in its own way despite functioning very similarly to Bitcoin. Just like Bitcoin, Kaspa is a proof of work (PoW) cryptocurrency, but unlike other traditional blockchains, Kaspa implemented the GHOSTDAG protocol.

    This protocol is unique in the fact that it does not have orphan blocks created in parallel. Rather, it allows them to coexist and orders them in consensus. This makes Kaspa the first of its kind to do this, with the blockDAG (Block Directed Acyclic Graph) protocol being a generalization of Nakamoto’s consensus.

    The Founder And The Team Behind The Kaspa (KAS) Network

    The founder of Kaspa is Yonatan Sompolinsky, a Ph.D. in Computer Science at Havard University and a member of the Maximal extractable value (MEV) research team. He was also in Ethereum’s whitepaper and rumored to be in Ripple’s whitepaper as well.

    Sompolinsky had direct input in creating Ethereum’s technology design, having designed the GHOSTDAG protocol earlier. Interestingly, the founder’s 2013 paper on the GHOSTDAG protocol is cited in Ethereum’s whitepaper.

    The development team is made up of very talented individuals such as Cryptography Researcher Elichai Turkel, Doctoral student Shai Wyborski, Developer Ori Newman, Master of Computer Science Michael Sutton, and Developer Mike Zak. They have all contributed to the implementation and ongoing development of the Kaspa blockchain network.

    Differences And Similarities Between Kaspa (KAS) And Bitcoin (BTC)

    At the very base of its technology, Kaspa is very similar to the Bitcoin network in the way it’s structured. Some of these similarities are outlined below:

    • Utility: Bitcoin is a Layer 1 blockchain solution that functions as a store of value, often referred to as digital gold, functioning as a peer-to-peer cryptocurrency. Likewise, Kaspa is a Layer 1 solution purported to be a store of value and functioning as peer-to-peer cash.
    • Limited Total supply: Bitcoin has a maximum total supply of 21 million BTC to be ever mined, meaning new coins can never be created after all of these coins are mined. In a similar fashion, Kaspa has a maximum total supply of 28.7 billion coins, with a little over 22.5 billion in circulation. 
    • Halving Events: Both Kaspa and Bitcoin undergo halving, which slashes the block rewards for miners in half. However, while Bitcoin undergoes a halving event every four years, Kaspa uses a Chromatic Halving Schedule, “meaning that rewards smoothly decrease every month in a quantitative manner that results in a 50% emission reduction per annum,” according to its website. 
    • Decentralization/Proof of work: Both blockchains employ a decentralized proof of work mechanism, meaning that the network is secured by miners who solve complex mathematical equations to mine blocks and confirm transactions. Unfortunately, this also means that both networks are energy-intensive and require a lot of power to run. 

    One major difference between both networks is that Kaspa solves the issue of scalability that continues to plague Bitcoin. This means that while both networks use a proof of work mechanism, Kaspa is able to carry out transactions at a faster rate as well as cheaper fees.

    How Does Kaspa The Blockchain Solve Trilemma Issues?

    The Blockchain Trilemma refers to the three critical aspects of blockchain technology, which are security, scalability, and decentralization. This trilemma continues to plague leading blockchains such as Bitcoin and Ethereum, and they continue to battle these issues. This is because, in order to ensure security and decentralization, something had to give, and in both cases, it was scalability.

    However, Kaspa, on the other hand, is one of the few blockchains to solve the blockchain trilemma, as it is decentralized, scalable, and secured. It solves the blockchain trilemma issues through its integration of proof of work (PoW) and the blockDAG structure.

    Kaspa 2

    Image source

    How Does The Kaspa GhostDAG Protocol Work?

    Most blockchains that digitally process transactions do so in the form of blocks, hence the name blockchain. Kaspa, however, deviates from this because it does not store digital transactions in blocks. Instead, it does so using a complex mathematical structure called a DAG (Directed Acyclic Graph). 

    In a DAG (Directed Acyclic Graph), vertices are present instead of blocks. So, instead of referring to different units as forming blocks, each different vertice forms edges when connected to each other. The blockchain then relies on present transactions to validate and confirm transactions that come after it. 

    Kaspa does not discard previous blocks of information; therefore, it is more secure and scalable. Its mining relies on kHeavyHash, which is a form of optical mining algorithm that is energy efficient and works well with mining equipment such as FPGAs and GPUs.

    Prominent Features Of Kaspa (KAS)

    Efficient Proof of Wook: Kaspa is a one-of-a-kind blockchain that has managed to maintain its Proof of Work mechanism while also solving the blockchain trilemma. To put this in perspective, blockchains such as Ethereum have had to move from Proof of Work (PoW) to Proof of Stake (PoS) in an effort to solve their scalability issues and make them faster. 

    However, since Kaspa already solved the blockchain trilemma, this makes it highly scalable while maintaining a truly decentralized system. Its utilization of the optical-mining-ready kHeavyHash algorithm also helps to ensure the consensus and security of the network.

    Instant Transaction Confirmation: Kaspa was designed to be cheaper and faster than Bitcoin, where full confirmation of a transaction takes an average of 10 seconds, with each transaction visible to the network in one second. This is significant when compared to Bitcoin, which takes an average of 10 minutes to confirm a transaction.

    Security: When it comes to security, Kaspa did not just employ the same security principles and methodology as Bitcoin, it took it a step further as it replaced the SHA-256 PoW encryption with kHeavyHash, while inheriting all the security properties of SHA-256. Thus, its network is still secured by a robust network of decentralized volunteers (miners) who validate and sign transactions just like Bitcoin.

    Cheaper Fees: Not only does the Kaspa Blockchain network confirm transactions fast, but it is also significantly cheaper than Bitcoin. This is because the blockDAG network generates multiple blocks every second for posting transactions to the ledger, whereas Bitcoin generates one block every 10 minutes. Transaction fees on Kaspa cost less than a cent, while transaction fees on Bitcoin cost an average of $4 at the time of this publication.

    Scalability: Kaspa solves scalability issues with its blockDAG network’s ability to generate and confirm multiple blocks per second, as mentioned above. But perhaps the most interesting part of what Kaspa does is that it is able to confirm so many blocks (vertices) per second without altering or giving up its decentralized nature.

    What Is KAS Coin And What Are Its Uses?

    KAS coin is the native token of the Kaspa blockchain, whose main objective is to power the whole network. It is used to pay for transaction fees and other forms of developer’s fees, and it is also used as an incentive to reward miners. Its block rates are rapid and promise swift rewards, as well as offering profitable mining with lower hash rate requirements compared to Bitcoin.

    The Tokenomics of Kaspa (KAS)

    Kaspa’s native cryptocurrency, KAS, has a maximum or total supply of 28.7 billion coins that are not pre-mined. This means all of the tokens in circulation have been free-mined by miners on the blockchain. It has a circulating supply of 22.5 billion at the time of publication, and estimates are that with the current halving model, the last KAS coin will be mined in 2037. 

    The Kaspa network utilizes an open crowdfunding and voting governance model, which means that KAS holders can contribute to the network for development, marketing initiatives, education, etc. 

    This sense of shared responsibility and ownership motivates the community to come together and work toward collective goals. 

    KAS Price History And Progress

    Kaspa launched its mainnet along with its token two years ago, on November 7, 2021. Initially, the price of its native token, KAS, remained stagnant until July 2022, when it pumped from $0.0001840 to $0.0005890. It then traded sideways for months before going on another rally, triggering a 694% increase in price.

    Following this, the KAS price rose to almost $0.01 per coin in just a year after its launch in November 2022. The price dipped a bit and started off trading 2023 with $0.005278 per coin. KAS would then go on to hit a new all-time high of $0.154 in November 2023, exactly two years from the month it launched.

    Kaspa (KAS) is up 61,331% since its all-time low of $0.00017105 on May 26, 2022, according to Coingecko. This is significant because the surge to its new all-time highs took place during a bitter bear market, causing the coin to outperform the rest of the crypto market.

    This immense growth in such a short time has led to some of Kaspa’s investors referring to it as ‘Bitcoin 2.0’ or ‘The next Bitcoin.’ Its similarities with Bitcoin have also fueled the belief that it is the next Bitcoin. With a market cap of $2.38 billion, Kaspa is currently the 38th-largest cryptocurrency in the space and the 7th-largest Proof of Work (PoW) blockchain.

    Conclusion

    Kaspa (KAS) solving the blockchain trilemma with the ability to be scalable and still be decentralized gives it an edge over blockchains such as Bitcoin. Its native KAS coin also has important use cases like powering the entire Kaspa blockchain protocol and being used for transaction fees. This ensures that the coin is always in demand as the Kaspa network usage grows.

    Additionally, features like fast transactions, top-notch security due to its encryption with kHeavyHash, and a robust network of decentralized volunteers (miners) who validate and sign transactions make it an appealing choice for investors looking for an alternative to Bitcoin while enjoying the security and decentralization of Bitcoin.

    Featured image from IQ.wiki

    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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    Scott Matherson

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  • How To Buy And Trade BRC-20 Tokens On The Bitcoin Network

    How To Buy And Trade BRC-20 Tokens On The Bitcoin Network

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    What are BRC-20 Tokens?

    BRC-20 tokens are a novel standard on the Bitcoin blockchain, BRC-20 tokens were inspired by Ethereum’s ERC-20. Like Ethereum’s ERC-20 strands for Ethereum Request for Comment, BRC-20 also strands for Bitcoin Request for Comment.

    BRC-20 tokens allow the creation, minting, trading, and transfer of fungible tokens or assets on the Bitcoin blockchain through the Ordinals protocol. The Bitcoin Ordinals protocol is a numbering system that allows users to attach extra data to satoshis, the smallest unit of Bitcoin.

    The process of attaching extra data to satoshis is called inscription, BRC-20 tokens do not need smart contracts to execute transactions as ERC-20 tokens do, their transactions are done through JSON inscriptions on satoshis through Bitcoin Ordinals.

    Differences And Comparison Between BRC-20 And ERC-20

    Ethereum’s ERC-20 might have inspired the creation of BRC-20 on the Bitcoin blockchain, but make no mistake, they are not the same, and we are going to explore that in this section of this article.

    Operation: One of the key differences between BRC-20 and ERC-20 is that BRC-20 tokens find their home within the Bitcoin blockchain while ERC-20 operates on the Ethereum blockchain.

    Implementation: BRC-20 and ERC-20 are both implemented differently; however, BRC-20 is experimental, meaning it has not undergone the BIP process. It only implements changes in the Bitcoin protocol, while ERC-20 has undergone the EIP process, which was approved by the Ethereum community before implementation after being scrutinized.

    Security: They are both secure as they are both secure by the top two blockchains in the crypto space, but BRC-20 is secured by the Bitcoin blockchain and ERC-20 is secured by the Ethereum blockchain.

    High Gas Fee Or Transaction Fees: They both have high gas fees if you are trading on decentralized exchanges (DEXs).

    Wallets: Their wallets are different, you can store your BRC-20 token on wallets that support the Bitcoin Taproot upgrade like Unisat, Xverse, CoinW, and Alex. While ERC-20 tokens are stored on Ethereum-supported wallets like Metamask, Exodus, Trust wallet, Atomic, MyEtherWallet, and all EVM compactable wallets

    Smart Contract functionality: BRC-20 tokens do not rely on smart contracts to execute transactions, but ERC-20 tokens do.

    Token Value Drive: BRC-20 tokens are token values driven by inscriptions, and ERC-20 token values are driven by utilities and speculations.

    Fungibility: BRC-20 tokens are semi-fungible because they are only interchanged in set increments. For example, BRC-20 tokens are being sold in sets, so you can’t buy 1003 xBRC-20 tokens (x being the token) if the only people sell decide to sell in sets of 250, 500, 750, and 1000 depending on how many tokens they want to sell. Meanwhile, ERC-20 tokens are fully fungible because they can be exchanged in any quantity.

    Functions: The BRC-20 token standard is majorly to create meme tokens currently, while the ERC-20 token standard is used for a good number of fungible tokens on Ethereum, including stablecoins, governance tokens, wrapped tokens, and utility tokens.

    Pros of the BRC-20 Token Standard

    The fact that BRC-20 tokens are built on the most secure blockchain in the crypto space Bitcoin, should help you understand these tokens are going benefit from the security that the Bitcoin Blockchain provides.

    The interoperability with the Bitcoin network is one of the major advantages of the BRC-20 tokens, as they enjoy and leverage the widespread acceptance of Bitcoin as the most successful crypto, which has contributed to the BRC-20 token’s overall success. Also, this compatibility with Bitcoin gives the BRC-20 standard access to utilize the existing infrastructure the Bitcoin network already has, including its wallets and exchanges.

    BRC-20 standard is still in its early stages, so there is huge potential for growth in the future, and as more people keep adopting and investing in BRC-20 tokens 

    Cons of the BRC-20 Token Standard

    In the same way, as the BRC-20 token standard enjoys the benefits of the Bitcoin network, they are still going to be affected in the areas where Bitcoin lags behind. This is because Bitcoin is not as scalable as some other blockchains like Ethereum. As BRC-20 tokens keep gaining popularity and awareness there are concerns about congestion, which could lead to potential higher gas or transaction fee issues.

    Another consideration is that BRC-20 tokens run on ordinals protocol, a protocol that is still in its early phases of development, which means there is a possibility of it being vulnerable or having glitches as the technology evolves.

    The Bitcoin Request for Comment (BRC-20) token standard is still in its early stage of development, so it is safe to say it is still semi-fungible compared to the ERC-20 token standard. It has some limitations, like it being sold and bought in sets, you are limited to what is available in the DEX marketplace, and you can’t buy any amount you want, whether in large or small quantities.

    BRC-20 Tokens DEX Exchanges

    This article is going to cover how to trade Bitcoin Request for Comment (BRC-20) tokens on UniSat, the most used decentralized exchange (DEX) to trade BRC-20 tokens. You can also check out other DEX like Xverse and Alex.

    How To Install And Set up UniSat Wallet 

    To trade on a decentralized exchange (DEX) you need a wallet, go to your Chrome browser and search for the UniSat Wallet extension as shown below, click on “Add to Chrome” to download and add the UniSat Wallet extension to your Chrome browser.

    Click the “Create new wallet” button to create your UniSat Wallet.

    Bitcoin Unisat

    Create your password, use a password you can remember, as you would need your password to make transfers and click on the “Continue” button. The Secret Recover Phrase page will pop up. Write down your secret phrase and keep it in a safe place because anyone who has access to your secret phrase has access to your wallet. Then click on “Continue”.

    Bitcoin BTC-20

    Expect you are a crypto genius I would advise you to leave the Step 2 page the way it is, just click on “Continue”. The“Compatibility Tips” will pop up check the boxes and click on “Ok”

    BRC-20

    You have now successfully created your UniSat wallet, where you can receive, send, and buy crypto.

    Unisat

    When you click on “Receive” you will be given a QR code that you can scan on your phone and also an option to copy your wallet address manually. 

    Wallet

    When you click on “Send”, you will see where to fill in the Recipient address you want to send your Bitcoin to, and underneath it is where you will input the amount of Bitcoin you want to send. You can choose the transfer speed you want, but note that the faster the transfer, the higher your gas fee or transaction fee.

    Bitcoin

    I would not recommend that you use the “Buy” feature as it is too expensive, and it is better to buy your Bitcoin on a centralized exchange and send it to your UniSat wallet.

    How To Buy, Sell, and Trade on UniSat 

    To buy, sell, and trade BRC-20 tokens you need Bitcoin in your wallet for gas fees and Bitcoin to buy the BRC-20 token. So go to any centralized exchange of your choice like Binance, OKX, or ByBit to buy your Bitcoin, copy your UniSat wallet, paste it into the recipient address on the centralized exchange, and send the Bitcoin.

    Now that your wallet has been funded it is time to trade, go to the UniSat website, and click on “Connect”.

    BRC-20 DEX

    Click on “UniSat Wallet”, and connect your UniSat Wallet.

    Connect Unisat wallet

    Once your UniSat Wallet is connected, Click on “brc-20”, as shown below, to see the full list of BRC-20 tokens you can trade on UniSat. 

    Bitcoin wallet

    Click on any of the BRC-20 tokens you which to buy, for example, I clicked on the “meme” token below. There are buttons on the top right of the screenshot circled in red “View” and “Trade”.

    BRC-20

    If you click on View, it will take you to OKLINK where you can see the meme BRC-20 inscription with all its details, Total Supply, Limit per mint, Holders, Minted tokens, and Price.

    Trade tokens

    When you click on Trade, it will take you to the UniSat Marketplace, where you will see all the listed meme token inscriptions you can buy.

    Bitcoin BRC-20

    Click on any of the sellers that have the exact number of meme inscriptions you want to buy or any of the sellers that come close to how many meme inscriptions you want to buy. After selecting a seller, the buy page below with the “Buy Now” button will pop up.

    BTC network

    Click on “Buy Now” and the confirmation page to confirm your order will pop up, click on “Confirm” and you have bought the BRC-20 token.

    BRC-20 wallet

    After buying your BRC-20 and you want to sell, go to the marketplace, click on “my brc-20”,  click on the inscription you want to sell, and then click on the list.

    Bitcoin

    Click on the plus button, input the exact number you like to sell, and click on “Next”.

    BRC-20

    Click “Next again”.

    Bitcoin

    “Sign and pay”, and “Done”,  your inscriptions will be listed. When your order gets picked up, your inscription will be sold, and the money will be transferred to your wallet.

    Trading tokens

    Use CoinW To Track The Price Of Your BRC-20 Tokens

    CoinW is a centralized crypto exchange where you can track your BRC-20 and use the charts to make well-informed decisions on the token you want to buy.

    Coinw bitcoin

    To search for BRC-20 tokens, click on “Market”, click on “Hot”, and then click on “BRC-20”, as shown below.

    Charts

    For example, I clicked on ORDI, as you can see in the chart below.

    BRC-20 charts

    Here is another example with RATS, another BRC-20 token on the list.

    Bitcoin

    Conclusion

    In conclusion, BRC-20 tokens provide a novel avenue for tokenization within the Bitcoin blockchain, expanding its utility beyond traditional cryptocurrency transactions. They offer a seamless integration of additional data onto satoshis, enabling a broader range of use cases and applications. 

    With BRC-20 tokens, the Bitcoin ecosystem gains enhanced functionality and opens up possibilities for innovative decentralized finance (DeFi) solutions. By leveraging the Ordinals protocol, BRC-20 tokens contribute to the growing diversity and maturity of the blockchain industry as a whole.

    Featured image from IQ.wiki

    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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    Scott Matherson

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  • Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon

    Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon

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    Bitcoin (BTC), the largest cryptocurrency by market capitalization, closed January above the $40,000 threshold, signaling positive price action. However, market expert Justin Bennett suggests that Bitcoin’s bottom has yet to be reached. 

    Bennett’s analysis highlights the possibility of further price declines, with Tether’s stablecoin USDT dominance (USDT.D) chart indicating potential downward movements. 

    Tether Dominance Signals Concerns For BTC’s Price

    Bitcoin’s recent price recovery and ability to surpass the $40,000 level have provided optimism among investors. Nevertheless, Bennett believes further price declines could follow a retest of the mid $44,000 range. 

    Bennett highlights the inverse relationship between Tether dominance and Bitcoin. According to his analysis, the levels on the Tether dominance chart since October have been reliable indicators for Bitcoin’s price movements. 

    Tether’s USDT dominance growth. Source: Justin Bennett on X

    According to Bennett’s analysis, as depicted in the chart above, Tether’s dominance may experience a potential increase from its current level of 6%. This increase could bring it closer to the 8% mark. 

    In such a scenario, Bitcoin’s performance would likely move in the opposite direction, indicating potential price declines soon.

    On January 25, Bennett suggested that Bitcoin could drop another 20% from its current levels, which would place it around $30,000. If this scenario plays out, it would be crucial for Bitcoin bulls to defend the $30,000 level to maintain the current bullish structure.

    A drop below $29,000 would give bears a stronger position, with only three major support lines remaining at $28,400, $25,900, and $24,000 before a potential retest of the $20,000 mark. 

    The performance of these support levels and Bitcoin’s ability to withstand increased selling pressure will be key factors to monitor. The future market sentiment will also play a significant role in determining Bitcoin’s price trajectory.

    Bitcoin Witnesses Stellar Accumulation Trend

    Despite the possibility of further price drops, renowned crypto analyst Ali Martinez has shed light on a notable trend in BTC’s recent accumulation streak by investors.

    According to Ali Martinez’s analysis, Bitcoin is experiencing a significant accumulation streak, rivaling some of the most notable periods observed over the past few years. 

    The Accumulation Trend Score, a metric that gauges the buying activity of larger entities, has remained consistently high, hovering near 1 for the past four months.

    Bitcoin
    BTC’s Accumulation Trend Score is trending to the upside. Source: Ali Martinez on X

    This suggests that influential market participants are actively accumulating Bitcoin, signaling their confidence in the long-term potential of the cryptocurrency. 

    Martinez’s observations further indicate that Bitcoin’s price range around $42,560 has emerged as a highly significant interest zone. 

    Within this range, an impressive total of 912,626 BTC has been transacted. This is expected to be a significant support level, potentially preventing further downside movements and fostering increased buying interest.

    These trends collectively contribute to a positive market outlook, suggesting that despite potential price drops, Bitcoin remains an attractive asset for long-term investment.

    Bitcoin
    The daily chart shows BTC’s sideways price action between $42,900 and $43,000 over the past 24 hours. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, 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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    Ronaldo Marquez

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  • Here Are The Largest Institutional Buyers Of Bitcoin This Week

    Here Are The Largest Institutional Buyers Of Bitcoin This Week

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    The Spot Bitcoin ETFs have lived up to the hype, as these funds have ramped up institutional adoption of the flagship cryptocurrency, Bitcoin. This is further evident in a recent analysis that captured how much Bitcoin BlackRock and other issuers amassed in this week alone. 

    Spot Bitcoin ETF Issuers Purchased Over 19,908 BTC This Week

    Data from the on-chain analytics platform Lookonchain shows that the Spot Bitcoin ETF issuers combined to purchase over 19,908 BTC ($860 million) this week. Meanwhile, it is worth mentioning that Lookonchain’s data didn’t capture WisdomTree’s BTC purchases in its analysis, suggesting that the figure could be way higher when the asset manager’s purchases are also factored in. 

    Further data obtained from Arkham Intelligence provided insights into how much Bitcoin Wisdom Tree obtained for its Bitcoin fund this week. 74 BTC is shown to have gone into the asset manager’s wallet address for its Spot Bitcoin ETF. The addition of these crypto tokens means that all Spot Bitcoin ETF issuers combined to purchase almost 20,000 BTC this week alone. 

    Interestingly, Bitcoin ETFs were recently reported to hold 3.3% of Bitcoin’s circulating supply, underscoring their success since launching. Data from Lookonchain shows that these ETFs currently hold over 657,000 BTC (excluding WisdomTree). 

    Matt Hougan, Bitwise’s Chief Investment Officer (CIO), also revealed how these funds have seen flows of $1.7 billion after their first 14 trading days. This is more impressive as he made a comparison to Gold ETFs, which saw $1.3 billion in a similar time frame. In another X post, he mentioned how these Spot Bitcoin ETFs have taken $700 million in net inflows this week alone.

    BTC price recovers above $43,000 | Source: BTCUSD on Tradingview.com

    BlackRock Finally Trumps Grayscale

    Bloomberg analyst James Seyffart mentioned in an X post that BlackRock’s IBIT looks to have become the first ETF to trade more than Grayscale’s GBTC in a single day. Before now, Grayscale had continued to record the most daily trading volume, although IBIT had come close on a couple of occasions. 

    From the data that Seyffart shared, IBIT looks to have recorded $301 million in trading volume on February 1, while GBTC saw $290 in trading volume. However, he further stated that the total trading on the day “was kind of a dud,” with all Spot Bitcoin ETFs combined recording $924 million in trading volume.

    Institutional Bitcoin buyers

    Interestingly, that happened to be the first day that the daily volume for Spot Bitcoin ETFs was under $1 billion. The Bloomberg analyst didn’t, however, give any opinion as to what could have caused this relatively sub-par performance. 

    Featured image from U.S. Global Investors, 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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    Scott Matherson

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  • Bitcoin To $5 Million? S2F Model Predicts When This Will Happen

    Bitcoin To $5 Million? S2F Model Predicts When This Will Happen

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    Using historical and future Bitcoin halving events, the Bitcoin Stock to Flow (S2F) live data chart model has pointed toward a BTC surge to unprecedented highs during the 2028 to 2032 halvings. 

    Bitcoin To Hit $5 Million After 2028 Halving

    Crypto analyst Bit Harington recently shared insights in a post on X (formerly Twitter) about the potential surges in the price of Bitcoin during the next halving stages. Using data from the Bitcoin S2F chart, Harington predicted the price of Bitcoin would reach $500,000 by the fourth halving, which is taking place in April. 

    His predictions were based on the distinctive trend observed in BTC’s price, where the first to third halving phases exhibited a consistent 10x price increase for each successive halving. 

    Responding to the post, the creator of the S2F model, Plan B, made a bold prediction, suggesting that the average price of Bitcoin during the 2028 and 2032 halving events could potentially reach an impressive $5 million. 

    The cryptocurrency has consistently experienced bullish rallies following each halving event, from the first Bitcoin halving in November 2012 to the third in May 2020. Due to this, many investors and crypto analysts foresee a similar surge in BTC’s price during 2024 halving. 

    These expectations could be attributed to the events that typically occur during a Bitcoin halving event. In each halving phase, BTC mining rewards are cut in half, and the supply of the token is reduced, thereby inducing scarcity and increasing the token’s value. 

    While these price projections about Bitcoin are made to keep investors alert, it’s important to note that they remain speculations, and models like S2F can be subject to wide margins of error. 

    BTC price struggles to hold $42,000 | Source: BTCUSD on Tradingview.com

    Analyst Reveals Key Factors To Consider In 2024 Halving

    Another crypto analyst, Ali Martinez, has disclosed four crucial factors to keep in mind as the 2024 April Bitcoin halving approaches. Martinez highlighted the significance of the post-halving price corrections in the 2016 and 2020 Bitcoin halving, emphasizing that BTC declined by 30% to 70% within a month after the halving phases. 

    He also mentioned BTC’s post-halving rallies, where the cryptocurrency experienced significant surges to 700%, 2,850%, and 11,000%, respectively, during the 2012, 2016, and 2020 halving events. The crypto analyst delved into bull market durations after each halving, which lasted about a year or more.

    He concluded his analysis by predicting that the next Bitcoin market top would occur around April or October 2025. At the time of writing, the price of BTC was $42,110, according to CoinMarketCap. 

    Featured image from 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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    Best Owie

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  • Bitcoin Set For Weekend Rally Amid New Banking Crisis: Hayes

    Bitcoin Set For Weekend Rally Amid New Banking Crisis: Hayes

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    Arthur Hayes, the founder of BitMEX, has offered an in-depth analysis of the current financial landscape and its potential impact on Bitcoin, especially in light of the recent challenges faced by New York Community Bancorp (NYCB) and the broader banking sector.

    Hayes’s analysis draws on the complex interplay between macroeconomic policies, banking sector health, and the cryptocurrency market. His comments are particularly insightful given the recent developments with NYCB. The bank’s stock plummeted by 46% due to an unexpected loss and a substantial dividend cut, which was primarily attributed to a tenfold increase in loan loss reserves, far exceeding estimates.

    This incident raised red flags about the stability and exposure of US regional banks, particularly in the real estate sector, which is known to be cyclically sensitive and vulnerable to economic downturns. The stock market reacted negatively to these developments, with regional US bank stocks also declining due to NYCB’s performance.

    Weekend Rally Ahead For Bitcoin?

    Hayes explicitly stated, “Jaypow [Jerome Powell] and Bad Burl Yellen [Janet Yellen] will be printing money very soon. NYCB annc a ‘surprise’ loss driven by loan loss reserves rising 10x vs. estimates. Guess the banks ain’t fixed.” This comment underscores the persisting fragility of the banking sector, still reeling from the shocks of the 2023 banking crisis. He added, “10-yr and 2-yr yields plunged, signaling the market expects some sort of renewed bankster bailout to fix the rot.”

    Furthermore, Hayes highlighted the impending conclusion of the Federal Reserve’s Bank Term Funding Program (BTFP), which was introduced in response to the 2023 banking crisis. The BTFP was a critical instrument in providing liquidity to banks, allowing them to use a wider range of collateral for borrowing.

    Hayes anticipates market turbulence leading to the Fed possibly reinstating the BTFP or introducing similar measures. In a recent statement, he noted, “If my forecast is correct, the market will bankrupt a few banks within that period, forcing the Fed into cutting rates and announcing the resumption of the BTFP.” This scenario, he argues, would create a liquidity injection that could buoy cryptocurrencies like Bitcoin​​.

    In his latest post on X, Hayes drew parallels to the cryptocurrency’s performance during the March 2023 banking crisis. He predicts a similar trajectory, suggesting a brief dip followed by a significant rally:

    Expect BTC to swoon a bit, but if NYCB and a few others dump into the weekend, expect a new bailout right quick. Then BTC off to the races just like March ’23 price action. […] I think it might be time to get back on the train fam. Maybe after a few US banks bite the dust this weekend.

    During the March crisis, Bitcoin’s value jumped over 40%, a reaction attributed to its perceived role as a digital gold or a safe-haven asset amid financial instability​​. On a longer time horizon and with the Great Financial Crisis from 2008 in mind, he further argued, “What did the Fed and Treasury do last time US property prices plunged and bankrupted banks globally? Money Printer Go Brrrr. BTC = $1 million. Yachtzee.”

    At press time, BTC traded at $42,232.

    BTC price got rejected at the 0.236 Fib, 1-day 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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  • Here Are The Major Drivers Behind The Bitcoin Price Recovery Above $42,000

    Here Are The Major Drivers Behind The Bitcoin Price Recovery Above $42,000

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    Bitcoin recently surged above $42,000, having traded below $40,000 for several days. This market recovery is believed to be a result of different factors, including recent revelations about the US economy. 

    Macroeconomic Factors That Contributed To The Recent Bitcoin Surge

    The personal income expenditures (PCE) price index, a leading inflation indicator, was released on January 26 and reported to have been lower than expectations. This suggests that inflation in the United States is cooling off, and experts predict that the Federal Reserve will likely reduce their aggressive monetary policies. 

    The Fed’s hawkish stance is known to have a negative effect on Bitcoin’s price and the broader crypto market. As such, this recent development is a positive one and is something that could have influenced investors to double down on their investments in the flagship cryptocurrency, thereby sparking a price surge. 

    Meanwhile, data from the US Treasury recently showed that the country has hit an all-time debt of $34,1 trillion. While this has raised concerns about the looming crash of the US dollar, it has also presented Bitcoin and other cryptocurrencies as a haven to hedge against the potential devaluation of the nation’s currency. 

    Interestingly, different financial analysts, including renowned economist Peter Schiff, have continued to predict the imminent crash of the US dollar. In light of this, finance author Robert Kiyosaki has urged everyone to invest in Bitcoin to avoid becoming poorer due to the government’s actions. 

    Another factor believed to have contributed to Bitcoin’s recent surge is the expiration of monthly BTC options contracts on Deribit. The expiry outcome more than likely played a crucial role in Bitcoin’s rally, considering that CryptoQuant CEO Ki Young Ju had pinpointed the derivatives market as responsible for Bitcoin’s recent decline.  

    BTC price jumps after downtrend | Source: BTCUSD on Tradingview.com

    GBTC’s Outflow Slows For The Fourth Consecutive Day

    Grayscale’s GBTC saw an outflow of just $255.1 million on January 26, continuing a recent trend of reduced outflows from the fund. NewsBTC reported how the Bitcoin ETF had seen outflows of $515 million, $429 million, and $394 million on January 23, 24, and 25, respectively.

    As noted by Bloomberg analyst James Seyffart, January 26 also happened to be the lowest outflow day for GBTC since converting to a Spot Bitcoin ETF. This development suggests that the fund’s investors may be cooling off on taking profits. It is also significant because Grayscale has contributed to the selling pressure that has plagued Bitcoin of late. 

    At the time of writing, Bitcoin is trading at around $41,700, up over 4% in the last 24 hours according to data from CoinMarketCap.

    Featured image from U.Today, 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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    Scott Matherson

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  • Bitcoin Spot ETFs Approved After 14 Years- The Journey So Far

    Bitcoin Spot ETFs Approved After 14 Years- The Journey So Far

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    The year 2024 marks the dawn of a new era, not just for technology but for finance, as a major victory was achieved for Bitcoin Spot ETFs (Exchang-Traded Funds). It’s now the era where the past will be appreciated for its foresight and doggedness. 

    When the pioneer cryptocurrency and digital currency, Bitcoin launched in January 2009, it was nothing like a real-world asset or of an ‘agreed’ digital value, but an almost neglected bag of gold as it faced enough rejection from all phases. Even with Satoshi’s Whitepaper, Bitcoin wasn’t given a cordial welcome in the world of finance.

    However, for all its promise, BTC remained shrouded in an air of mystery and skepticism. It took several years for Bitcoin to cement its value in the world of technology, finance, and the digital economy, assuming a giant role amidst many other cryptocurrencies. 

    However, On January 10, 2024, the SEC, in its official filing, approves all 11 Bitcoin Spot ETFs. This long-awaited green light from the US SEC marked a watershed moment, not just for Bitcoin, but for the entire cryptocurrency industry. 

    The 14-year journey to this point was arduous and paved with skepticism; regulatory hurdles loomed large, with the SEC citing concerns about market manipulation and investor protection as justification for repeated rejections. Attempts like Bitcoin futures ETFs offered limited exposure, failing to capture the true essence of a spot ETF’s direct price tracking. 

    Bitcoin Spot ETF Explained

    The recent approval of Bitcoin spot ETFs has stirred excitement across the financial landscape. But what exactly are these instruments, and what impact will they have on the future of BTC and, more broadly, on the investment landscape?

    Bitcoin “Spot” ETFs (exchange-traded funds), unlike their futures-based counterparts, don’t track the price of Bitcoin futures contracts. Instead, they take a more direct approach, holding the underlying asset – Bitcoin itself – in secure digital custodians. 

    This eliminates the potential for “basis risk,” a phenomenon where futures prices deviate from the actual cash price of Bitcoin. Simply put, Spot ETFs offer a more straightforward and transparent way to gain exposure to BTC’s price movements, akin to traditional gold-backed ETFs.

    Bitcoin Spot ETFs function similarly to their traditional counterparts, such as those tracking stock market indices. They pool investor capital, purchasing Bitcoin and holding it securely. Each share of the ETF represents a fractional ownership of the pooled Bitcoin, allowing investors to participate in the market without directly holding or managing the cryptocurrency themselves. This eliminates technical complexities and potential security risks, particularly for those with limited crypto experience, potentially broadening the base of Bitcoin investors. 

    The Genesis Of Bitcoin ETFs (Early Days and Conceptualization – 2013-2017)

    The earliest sparks of a Bitcoin ETF concept date back to 2013, when the Winklevoss twins first proposed their Gemini ETF. Winklevoss twins, Cameron and Tyler, both tech entrepreneurs with a vision in 2013, submitted the first application for a Bitcoin ETF, the Gemini ETF, sparking the decade-long journey to regulatory approval. 

    This audacious proposal was outrightly rejected by the SEC during the tenure of its former chairman, Jay Clayton, who later resigned in 2020 and became a supporter of cryptocurrency. Interestingly, Clayton is now actively involved in crypto regulations when he joined the advisory board of Fireblocks, a crypto custody platform.

    The following years were a crucible of innovation and uncertainty. While Bitcoin’s market capitalization surged, attracting both fervent supporters and cautious observers, the SEC remained hesitant. The regulator’s concerns about market manipulation, price volatility, and the nascent state of blockchain technology were cited as justifications for repeated rejections of subsequent ETF proposals, including Grayscale’s attempt to convert its Bitcoin Investment Trust into a spot ETF.

    Yet, amidst the rejections, there were flickers of progress. Technological advancements improved blockchain security and custody solutions, addressing initial concerns about vulnerability and potential wash trading. The global adoption of Bitcoin, particularly in Canada with its approval of Spot ETFs in 2021, served as a compelling case study for increased accessibility and market stability.

    This period also saw the SEC’s stance slowly evolve. The appointment of Gary Gensler as SEC Chair in 2021 brought a newfound openness to dialogue and exploration of potential regulatory frameworks for cryptocurrencies. The approval of the first US-listed futures-based bitcoin ETF in October 2021, despite its limitations, offered a glimpse of what could be.

    The Turning Point: A Decade Of Persistence Pays Off (2018-2023)

    While the 2017-2018 crypto boom and subsequent crash sent shockwaves through the industry, it also served as a crucible, forging resilience and fueling a renewed focus on compliance and innovation. Industry figures like Grayscale, undeterred by previous rejections, continued to refine their proposals, incorporating crucial safeguards and addressing regulatory concerns.

    This relentless pursuit of approval finally yielded results in 2023. In May, Cathie Wood’s ARK Investments filed for a spot bitcoin ETF, setting a definitive deadline for the SEC’s decision. 

    Then, in June, BlackRock’s entry into the arena with its own Spot Bitcoin ETF application sent ripples of excitement through the financial world. This move by a traditional financial giant signalled a crucial shift in sentiment, demonstrating growing institutional confidence in BTC’s potential.

    The months that followed were a whirlwind of activity. A flurry of applications from firms like Fidelity and Invesco poured in, fueled by the momentum of BlackRock’s move and the prospect of imminent approval. In August, a pivotal legal victory for Grayscale in the D.C. Circuit Court further strengthened the case for spot ETFs, forcing the SEC to re-examine its previous rejections.

    Finally, the SEC, in a historic decision, greenlighted 11 spot bitcoin ETF proposals, including those from BlackRock, Fidelity, and VanEck. This moment marked the culmination of a decade-long struggle, signifying the mainstream acceptance of investor participation in the cryptocurrency space.

    Ripples Across The Crypto Landscape: Implications Of Bitcoin Spot ETFs (2024)

    The arrival of spot ETFs has cast a wide net, sending ripples across various spheres of the financial world. There are a lot of potentials and challenges presented by spot ETFs, vital impact on market stability, institutional adoption, and regulatory oversight. There are positive predictions that the Bitcoin market cap could rise above $1 Trillion after the launch of Bitcoin Spot ETFs.

    Let’s contemplate the broader significance of this pivotal moment, what it means for the future of finance, and its relationship between technology and traditional financial systems here.

    Investor Crossroads

    For retail investors, Spot ETFs offer a convenient and familiar way to participate in the Bitcoin market without directly holding the cryptocurrency. This opens the door to broader adoption and increased liquidity, potentially leading to smoother price discovery and reduced volatility. The influential American magazine, Forbes predicted the BTC price will trade as high as $80,000 as a result of Bitcoin Spot ETFs’ approval. 

    The year 2024 is also shaping up to be a good one, if not one of the best seasons for cryptocurrency, especially Bitcoin, as it’s the season for Bitcoin halving, which will have another mega impact on the crypto industry. 

    However, the inherent risks of Bitcoin, including price fluctuations and potential exposure to fraud, must not be underplayed. Investors should approach spot ETFs with cautious optimism, ensuring a proper understanding of the technology, market dynamics, and associated risks before venturing in.

    Institutional Embrace Bitcoin

    The arrival of spot ETFs marks a significant step towards institutional acceptance of Bitcoin. The involvement of established financial institutions like BlackRock and Fidelity lends credibility to the cryptocurrency and paves the way for further integration with traditional financial products and services.

    Concerns remain about the impact of institutional involvement on market manipulation and potential conflicts of interest. However, regulatory oversight and robust compliance frameworks will be crucial in ensuring a fair and transparent market for all participants.

    Market Redefined

    Spot ETFs could potentially lead to greater market stability by introducing institutional investors and their risk management expertise. This could mitigate some of the inherent volatility of the cryptocurrency market, attracting a wider range of investors and fostering sustainable growth.

    The SEC’s approval represents a cautious acceptance, not a blank check. Further regulatory clarity and potential adaptation of existing frameworks might be required to effectively address the unique challenges posed by the integration of cryptocurrencies into mainstream financial systems.

    Beyond Bitcoin

    Spot ETFs could act as a gateway for investors to explore the broader crypto landscape. Their familiarity and ease of access might encourage exploration of other promising blockchain-based projects, accelerating the overall growth and development of the cryptocurrency ecosystem.

    The success of spot ETFs will hinge on the continued evolution of blockchain technology and associated infrastructure. Scalability, security, and user experience will remain key areas of focus for ensuring the smooth functioning and widespread adoption of crypto-based financial products.

    The 11 Spot Bitcoin ETFs products (with their ticker symbols) approved  on January 10, 2024, are:

    • Blackrock’s iShares Bitcoin Trust (IBIT)
    • ARK 21Shares Bitcoin ETF (ARKB)
    • WisdomTree Bitcoin Fund (BTCW)
    • Invesco Galaxy Bitcoin ETF (BTCO)
    • Bitwise Bitcoin ETF (BITB)
    • VanEck Bitcoin Trust (HODL)
    • Franklin Bitcoin ETF (EZBC)
    • Fidelity Wise Origin Bitcoin Trust (FBTC)
    • Valkyrie Bitcoin Fund (BRRR)
    • Grayscale Bitcoin Trust (GBTC)
    • Hashdex Bitcoin ETF (DEFI)

    Conclusion

    The approval of Bitcoin spot ETFs is a watershed moment, not just for the cryptocurrency itself, but for the entire financial landscape. It marks a new chapter in the saga of Bitcoin, one where its disruptive potential can be harnessed within the framework of established financial systems.

    Also, this path forward is paved with both opportunities and challenges. Navigating regulations and addressing investor risk concerns are important to ensure seamless integration with traditional financial systems and regulatory bodies, which will be crucial in determining the ultimate success of this technological leap.

    Final Thoughts

    The approval of Bitcoin spot ETFs is not merely a regulatory green light; it’s a resounding declaration of Bitcoin’s arrival on the main stage of finance.

    Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops

    However, the journey is far from over. This approval is a milestone, not a destination. As we stand at this turning point, it’s important to remember the spirit of defiance that birthed BTC. It was born from a desire for autonomy, for freedom from centralised control, and for a more equitable financial system. 

    While ETFs offer a bridge between this decentralized world and the established financial order, it’s crucial not to lose sight of these core principles.

    BTC price struggles post-Bitcoin Spot ETF approval | Source: BTCUSD on Tradingview.com

    Featured image from Cryptopolitan, 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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    Scott Matherson

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  • Bitcoin Accumulation: USDT Issuer Tether Goes On Massive 8,888 BTC Buying Spree

    Bitcoin Accumulation: USDT Issuer Tether Goes On Massive 8,888 BTC Buying Spree

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    In an encouraging development for the crypto space, Tether, the issuer of the world’s largest stablecoin USDT, has doubled down on its Bitcoin investment momentum by acquiring a staggering 8,888 BTC, further diversifying its portfolio. 

    Tether Increases Its Bitcoin Holdings

    Tether has recently made its third largest Bitcoin purchase, as the stablecoin issuer added a total of 8,888 BTC valued at $380 million at the time of purchase. This brings its total BTC holdings to 66,465 BTC, valued at $2.81 billion with an average buy price of $42,353. 

    This transaction was captured by BitInfoCharts data, which also showed the previous amounts of BTC accumulated by the blockchain-enabled platform. This recent purchase follows Tether’s Bitcoin investment strategy, in line with its vision to continuously strengthen its reserves by accumulating Bitcoin.

    Earlier in May 2023, the stablecoin issuer announced in a blog post that it would regularly allocate 15% of its net realized operating profits toward increasing its BTC reserves. As of the end of March 2023, Tether held approximately $1.5 billion worth of cryptocurrency, a $1.3 billion difference from its total BTC holdings presently. 

    According to reports from Dune Analytics, Tether has become the 11th largest Bitcoin holder, with Microstrategy, an American business intelligence service, surpassing Tether’s holdings with over 189,00 BTC accumulated. The other addresses in the top 10 rankings are owned by major crypto exchanges and governments, including Binance, Bitfinex and the US government. 

    Tether’s decision to double down on its Bitcoin investments signals its confidence in the cryptocurrency’s future trajectory. It also underscores the blockchain platform’s belief in the long-term potential of BTC as it aims to capitalize on Bitcoin’s potential growth by bolstering and diversifying its digital asset reserve.  

    BTC price sitting at $41,354 | Source: BTCUSD on Tradingview.com

    BTC Accumulation Race Amidst ETF Hype

    Tether’s strategic Bitcoin purchase comes at a time when the crypto market is buzzing with excitement over Spot Bitcoin ETFs. Before the approval of Spot Bitcoin ETFs, Tether had steadily increased its BTC portfolio, purchasing substantial quantities of BTC consistently. In March 2023, the stablecoin issuer bought 15,915 BTC and another 4,083 BTC between the months of May and September.

    The timing of Tether’s BTC purchase suggests a proactive stance towards potentially seizing the opportunities brought forth by the Spot Bitcoin ETF market and the upcoming Bitcoin halving in April.

    In addition to Tether’s large-scale BTC acquisition, Microstrategy is also another major player which has been continually increasing its BTC holdings. The business intelligence software company added a whopping 14,620 BTC to its portfolio in December 2023. At the time, the value of the purchase was about $615.7 million. 

    Other companies with large BTC holdings include Galaxy Digital and Elon Musk’s Tesla, as well as space exploration company SpaceX.

    Featured image from Investopedia, 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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    Scott Matherson

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  • Why Did The Bitcoin Price Fall Below $41,000?

    Why Did The Bitcoin Price Fall Below $41,000?

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    Bitcoin dropped below $41,000 in the last 24 hours before making a recovery to rise above that level once again. This has become the current reality of the flagship crypto token’s price, which has continued to decline since the Spot Bitcoin ETFs were approved. This is surprising considering that these funds were projected to help boost Bitcoin’s price upon launch. 

    Why Bitcoin’s Price Could Be Dipping

    Bloomberg analyst James Seyffart provided insight into what could be the reason for Bitcoin’s declining price as he revealed that Grayscale’s GBTC has experienced an outflow of $2.2 billion since its conversion to a Spot Bitcoin ETF. Crypto analytics platform Arkham Intelligence also revealed that Grayscale had moved 9000 BTC from their wallets to Coinbase, suggesting an imminent sale. 

    A sell pressure of such magnitude would no doubt affect Bitcoin’s price, and that seems to be a plausible explanation for why Bitcoin’s price has declined as of late. The CEO of Jan3 and Bitcoiner, Samson Mow, also echoed similar sentiments as he mentioned that the GBTC sell pressure was pushing prices down. 

    However, Mow believes that this trend “won’t be a long drawn out process,” as he predicts that many of GBTC’s investors won’t be able to offload their stocks because the “tax hit is too big.” JP Morgan will, however, beg to differ as a research report by the bank estimates that up to $3 billion could exit from the GBTC fund with many investors looking to take profit. 

    Crypto analyst Ash Crypto also recently elaborated on how profit-taking is one of the reasons that GBTC is seeing this significant amount of outflows. He explained that a lot of GBTC investors bought shares in the fund when it was trading at a 40% discount from Bitcoin, and now they are exiting their positions since that discount is now at 0%. 

    BTC bulls make a play for control | Source: BTCUSD on Tradingview.com

    Spot Bitcoin ETFs Are Actually Living Up To Hype

    While Grayscale’s GBTC continues to bleed, other Spot ETFs look to be living up to the hype, with there being an impressive demand for these funds. Nate Geraci, the President of the ETF Store, revealed that two (IBIT and FBTC) out of the nine Spot ETFs (excluding GBTC) already hit $1 billion in assets under management (AUM) just after five trading days. 

    Specifically, BlackRock’s IBIT (iShares Bitcoin Trust) was the first to achieve this milestone in just four trading days. Commenting on how impressive this was, Bloomberg analyst Eric Balchunas noted that only two other ETFs ($GLD and $BITO) had done this before now, and none of those funds faced such competition as IBIT did on launch day.  

    The demand for Spot ETFs is evidently there, seeing that two spot Bitcoin ETFs have already achieved a record that was held by only two other ETFs before now.

    Featured image from Yahoo Finance, 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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    Best Owie

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  • Why Is Bitcoin Price Trading Sideways? 3 Key Factors

    Why Is Bitcoin Price Trading Sideways? 3 Key Factors

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    The Bitcoin price has been experiencing a phase of stagnation over the past days, leaving investors and analysts searching for the underlying causes. Three key factors can be seen as central to explaining Bitcoin’s current sideways trading trend:

    #1 ETF Inflows Are Offset By GBTC Selling, But For How Much Longer?

    The spot Bitcoin ETFs continue to be the dominant theme on the market, and Grayscale in particular, with its GBTC, remains the focus of analysts. While the ETF inflows continue to be record-breaking, the Bitcoin price remains flat. One of the main reasons for this is presumably the outflows on GBTC, which is viewed as overpriced with its fee of 1.5% per year (compared to 0.25%) by other issuers.

    Thomas Fahrer of Apollo pointed out the significant flow discrepancies in the market: “In three days of trading. IBIT +16K BTC, FBTC +12K BTC, BITB +6.7K BTC, ARKB +5.3K BTC, GBTC -27K BTC. GBTC BTC is flowing but not enough to sustain the other ETFs. Supply shock inbound imo.”

    Alessandro Ottaviani provided further insights, stating, “Bitcoin inflow in the ETFs: +47k, Bitcoin outflow from Grayscale: -27k, net inflow: 20k. […] Soon or later I expect Grayscale outflow stopping or reducing significantly. Those who have Grayscale GBTC were already into Bitcoin and therefore I think they already made the decision to sell, the execution of which should happen not so much later than the launch of the ETF.

    Bloomberg analysts James Seyffart and Eric Balchunas expect a portion of GBTC outflows to migrate to other Bitcoin exposures, highlighting the complexities of fund accounting and settlement delays in tracking these movements. They noted, “GBTC has crossed $1.1 billion in outflows…We expect a meaningful percentage of those assets to find their way back into Bitcoin exposure, mostly other ETFs.”

    #2 Bitcoin Miners Sell

    Ali Martinez has spotlighted the intensified selling activity by Bitcoin miners as another factor influencing the current price stagnation. Recent on-chain data indicates that miners have significantly increased their Bitcoin sales.

    Martinez commented on X (formerly Twitter), “Bitcoin Miners in Selling Mode: Recent on-chain data from Cryptoquant indicates a substantial increase in selling activity by BTC miners.”

    Bitcoin miners in selling mode | Source: X @ali_charts

    Notably, the shift in miner behavior is consistent with historical trends, where miners sell their holdings to manage cash flow or capitalize on price increases during market rallies.

    #3 Consolidation Phase Following ETF Mania

    The market is currently undergoing a consolidation phase after the euphoria surrounding Bitcoin ETFs, which led to an 82% rally. Such a phase is considered natural and mirrors historical patterns seen in other markets, like the first gold ETF.

    Although gold initially recorded an increase of around 6%, it then took a full nine months to start the actual rally, which almost quintupled the price. The same goes for the Bitcoin ETFs. It will take some time before the marketing machine of the asset managers starts up and new institutional investors can be convinced of the new asset class.

    Analyst Skew provided a technical perspective, stating, “BTC 4H: Remaining flexible till trend confirmations, however not looking good for the bulls without 4H 200EMA reclaim & RSI below 50. Yearly open [is] still very important for overall risk-reward. Above is good with bullish confirmations. Below is bad for risk & with bearish confirmations leads to downtrend (hedge mode). Pivotal area for 1H – 4H trend ~ $42.5K”

    At press time, BTC traded at $42,684.

    Bitcoin price
    BTC price, 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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  • Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts

    Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts

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    In a significant development that could potentially impact the Bitcoin price, Arkham Intelligence data reveals that Grayscale, the manager and owner of the Grayscale Bitcoin Trust (GBTC), has been sending a significant amount of Bitcoin to Coinbase since the launch of Bitcoin spot exchange-traded funds (ETFs) on January 12.

    Grayscale Bitcoin Trust Initiates Substantial BTC Outflow

    According to the data, four days ago, Grayscale initiated the first batch of BTC outflows from their holdings to the US-based exchange in four separate batches, totaling 4,000 BTC, which amounted to approximately $183 million. However, the asset manager resumed outflows from the Trust to the exchange on Tuesday.

    A portion of Grayscale’s transfers to Coinbase. Source: Arkham

    In a recent update, approximately three hours ago, the asset manager sent an additional 11,700 BTC to Coinbase, amounting to $491.4 million. This additional selling pressure could push the Bitcoin price to test lower support levels.

    Furthermore, Bloomberg reports that investors have withdrawn over half a billion dollars from the Grayscale Bitcoin Trust during the initial days of trading as an ETF. 

    According to Bloomberg’s data, outflows from the Grayscale Bitcoin Trust reached approximately $579 million, while the other nine spot Bitcoin ETFs witnessed inflows totaling nearly $819 million.

    Investors Shift Capital To ‘Lower-Cost’ Spot Bitcoin ETFs

    James Seyffart, an ETF analyst at Bloomberg Intelligence, noted that investors may be profit-taking following the ETF conversion. The flow data provides valuable insights into the ETF’s performance following SEC approval. 

    Although over $2.3 billion of GBTC shares were traded on its first day, the outflows indicate that a portion of that volume was due to selling. Seyffart anticipates that a significant amount of capital will enter other Bitcoin exposures.

    The outflows from Grayscale’s ETF were somewhat expected. Bloomberg Intelligence had previously projected that the fund would experience outflows of over $1 billion in the coming weeks. 

    Some of this outflow can be attributed to investors shifting towards more cost-effective spot Bitcoin ETFs. With an expense ratio of 1.5%, GBTC is the most expensive US ETF directly investing in Bitcoin. In contrast, the VanEck Bitcoin Trust, the second-most expensive fund, charges 0.25%.

    On the other hand, other spot Bitcoin ETFs have witnessed net inflows. BlackRock’s IBIT attracted nearly $500 million in the first two days of trading, while Fidelity’s FBTC received approximately $421 million. 

    According to Bloomberg, these inflows suggest strong demand for Bitcoin exposure in physically backed ETFs, even beyond potential seed funding from the fund issuers.

    Bitcoin Price Finds Support At $42,000

    Currently, the Bitcoin price remains unaffected by the news of Grayscale’s transfers to Coinbase. The leading cryptocurrency is trading at $43,100, showing a slight increase of 0.8% over the past 24 hours.

    However, since the commencement of ETF trading, it is important to note that the Bitcoin price has experienced a significant retracement, declining by 8%. This decline can be attributed to profit-taking and selling pressure, with Grayscale’s involvement being noteworthy.

    In the event of a further drop in the Bitcoin price, a significant support level has been established at $42,000. If this level is breached, the next key level for Bitcoin bulls to watch is $41,350, followed by a potential dip below $40,000.

    The market is eagerly observing whether Grayscale and its BTC selloff will continue and how this will impact the Bitcoin price leading up to the scheduled halving event in April, which many consider to be the main catalyst for the year.

    Bitcoin price
    The daily chart shows BTC’s valuation at $43,100. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, 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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    Ronaldo Marquez

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  • Bitcoin To Reach $1 Million In Days To Weeks, Crypto Analyst

    Bitcoin To Reach $1 Million In Days To Weeks, Crypto Analyst

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    The CEO of Jan3 and Bitcoiner, Samson Mow, has once again reiterated his ultra-bullish prediction for Bitcoin. The Bitcoin advocate noted that the ‘Max Pain Theory’ was still in play, and this is one of the reasons why he isn’t backing down from his assertion that Bitcoin will hit this price level sooner rather than later. 

    Bitcoin’s Rise To $1 Million To Happen “In Days To Weeks”

    Samson Mow stated in an X (formerly Twitter) post that his “main prediction” is that Bitcoin’s run to $1 million will happen in “days to weeks.” However, he further claimed that the starting point for this meteoric rise has yet to be decided. 

    The analyst’s bullish prediction for Bitcoin stems from his belief in the max pain theory, which relates to a Bitcoin price that could cause most options traders to experience maximum loss. In Mow’s opinion, Bitcoin bulls have experienced this loss following the approval of the Spot Bitcoin ETFs, and the bears could experience “some pain soon.”

    Right before the approval order came in, Mow had predicted that Bitcoin was going to surge to $1 million in “days to weeks” and that most people were going to experience “max pain.” These ETFs also form part of the basis for why he believes that Bitcoin will hit this price level soon enough, as Mow foresees a huge demand for btc following this.

    Mow says that the Bitcoin market is getting to a point where the existing supply will not meet current demand. He also alluded to the upcoming Bitcoin Halving, hinting that it could be one of the catalysts that will spark this parabolic rise in Bitcoin’s price. Interestingly, he had before now mentioned that Bitcoin will hit a new all-time high (ATH) before the Halving event takes place. 

    BTC bulls struggle to reclaim control | Source: BTCUSD on Tradingview.com

    A Market Adjustment Is Currently Ongoing

    Mow also gave his opinion on the reason for Bitcoin’s recent decline as he noted that the market was simply adjusting. He further explained that GBTC holders were currently rotating out, which was pushing Bitcoin’s price down. He also alluded to how MicroStrategy’s stock was “trading below BTC par value.”

    Therefore, the crypto community needs to be patient as “time is needed for everything to recalibrate,” Mow says. It shouldn’t be long for that to happen, though, as the crypto analyst claimed that the GBTC sell pressure “won’t be a long drawn out process.” 

    He believes that many of GBTC’s investors won’t be able to offload their stocks because the “tax hit is too big” and that Grayscale will eventually capitulate on its fees. The asset manager currently has the largest fee among all Spot Bitcoin ETF issuers, and this is believed to be the reason why its investors are offloading their shares and rotating to other funds. 

    Featured image from Bitcoin News, 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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    Scott Matherson

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  • Bitcoin Price Suffers Post-Spot ETF Blues, Drops 7% To $43,200

    Bitcoin Price Suffers Post-Spot ETF Blues, Drops 7% To $43,200

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    The introduction of Bitcoin (BTC) exchange-traded funds (ETFs) has triggered a significant sell-off, leading to a sharp decline in the Bitcoin price.

    After gaining approval and commencing trading on Thursday, the ETFs have prompted a “sell the news” event, causing Bitcoin’s value to plummet from its initial trading price of $46,500 at the time of approval to a low of $43,200 within a matter of hours on Friday.

    Over the past 24 hours, Bitcoin, the largest cryptocurrency by market capitalization, has experienced a 7% drop. Its gains over the past 30 days have been limited to a mere 4%, erasing much of the progress made during that period. 

    Additionally, as selling pressure continues to mount following the approval, there are indications that the Bitcoin price may face further downward pressure.

    Bitcoin Price Under Pressure

    CryptoQuant analyst J.A. Maartunn observed significant sell orders in Bitcoin’s two-week chart on Wednesday. Notably, three clusters of sell orders were positioned between $46,100 and $48,000, comprising stacks of 755, 1,031, and 794 BTC, respectively.

    According to the CryptoQuant analyst, such patterns are typically associated with market tops, unless these orders are later withdrawn or executed.

    This influx of sell orders may help explain the lackluster response to the ETF approvals until now, as it appears that selling pressure has been building up. However, the situation has intensified even further. 

    According to Maartunn, additional sell orders were detected on Friday, indicating that the seller is not yet finished. Two substantial sell orders have been placed just above the current Bitcoin price: one for 894 BTC at $44,000 and another for 1,071 BTC at $45,100.

    Sell orders placed in BTC’s 2-week chart since Wednesday. Source: Maartunn on X

    These developments suggest that market participants are taking advantage of the ETF news to offload their Bitcoin holdings, leading to increased selling pressure and a subsequent price decline. 

    The market’s stabilization following this period of heightened selling pressure remains uncertain. The introduction of ETFs was believed to bring about heightened institutional interest and potentially drive up the Bitcoin price. 

    However, it is important to note that the impact of these ETFs is expected to unfold over the long term, rather than being evident within days, weeks, or even months. It will likely take years to fully gauge the effects and consequences of ETF integration on the Bitcoin market.

    Bitcoin’s Bullish Structure Remains Intact

    Amidst the ongoing selling pressure, several support lines may potentially halt the downtrend and bring positive news for the Bitcoin price and BTC bulls.

    Although Bitcoin has already lost its $44,000 support level, there is another crucial threshold at $42,700 that could prevent further decline. If this level holds, there is a chance for Bitcoin to regain the $43,000 mark and reverse the downward momentum.

    Bitcoin price
    The daily chart shows BTC’s price drop. Source: BTCUSDT on TradingView.com

    If the $42,700 support is breached, additional support lines come into play. These include $42,300, $41,700, and $41,200, which act as the last barriers before a potential test of the $40,000 support level. The $40,000 mark holds significance as it represents the final support before a potential dip towards $38,000.

    However, there is a positive aspect for Bitcoin bulls to consider. The current bullish structure of the cryptocurrency remains intact as long as the dip does not breach the $29,900 mark.

    This level marked the beginning of the current bullish uptrend, and its preservation would ensure the maintenance of the overall positive market structure.

    Featured image from Shutterstock, 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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    Ronaldo Marquez

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  • BREAKING: SEC Approves All 11 Spot Bitcoin ETFs, BTC Price Holds Steady At $46,000

    BREAKING: SEC Approves All 11 Spot Bitcoin ETFs, BTC Price Holds Steady At $46,000

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    In a groundbreaking development for the cryptocurrency and Bitcoin market, the United States Securities and Exchange Commission (SEC) has approved all 11 spot Bitcoin ETFs submitted by the world’s largest asset managers. 

    Bitcoin ETFs Align With Exchange Act Standards

    In its official filing, the SEC stated that each proposal sought to list and trade shares of a trust that would hold spot Bitcoin, either wholly or partially. 

    Importantly, the commission found that the proposals were consistent with the provisions of the Exchange Act and the applicable rules and regulations governing national securities exchanges. 

    Specifically, the SEC determined that the proposals adhere to the requirements outlined in Section 6(b)(5) of the Exchange Act, which includes preventing fraudulent and manipulative acts and practices to protect investors and the public interest.

    SEC’s approval announcement on January 10. Source: SEC’s official filing

    The approval of these Bitcoin ETFs marks an important milestone in the maturation of the cryptocurrency market. 

    However, despite the significant news, the Bitcoin price has remained stable at the $46,200 level, defying some expectations of immediate price surges following the SEC’s decision. 

    Nevertheless, it is important to note that the true impact of these index funds is anticipated to unfold over the coming years, once institutions and retail investors fully enter the market.

    New Era For Bitcoin

    According to the official filing, trading for the approved Bitcoin ETFs is scheduled to commence tomorrow, enabling market participants to gain exposure to Bitcoin through regulated and traditional investment vehicles. 

    The introduction of these Bitcoin ETFs is expected to attract a broader range of investors, including institutional players, and contribute to increased liquidity and market efficiency.

    Ultimately, as institutional and retail investor participation grows, the Bitcoin market is poised for significant developments and further mainstream adoption. 

    The approval of these ETFs represents a pivotal moment in the ongoing integration of cryptocurrencies into the traditional financial system. It sets the stage for future growth, innovation, and the potential for broader acceptance of digital assets in the investment landscape.

    Bitcoin ETFs
    The daily chart shows BTC’s price has remained stable despite the SEC’s ETF approvals. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, 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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    Ronaldo Marquez

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  • BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner

    BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner

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    The world’s largest asset manager, BlackRock, is set to make a significant Bitcoin purchase on January 5. This comes as Bloomberg analyst James Seyffart hinted that the Securities and Exchange Commission (SEC) has no choice but to approve the pending Spot Bitcoin ETFs finally. 

    BlackRock To Purchase $10 Million Worth Of Bitcoin

    As part of efforts to seed its Spot Bitcoin ETF, BlackRock will purchase $10 million worth of BTC on January 5. The asset manager had earlier scheduled this Bitcoin purchase for January 3. However, it was eventually postponed to this later date, possibly in a bid to ensure they gain all regulatory approvals and be fully compliant. 

    BlackRock had revealed how the sum of $10 million had come about in the latest amendment to its S-1 filing. The world’s largest asset manager had noted that the said sum was proceeds from the sale of its “Seed Creation Baskets.” The firm initially seeded its ETF back in October, with the fund’s Seed Capital Investor purchasing $100,000 in shares. 

    Bloomberg analyst James Seyffart had previously warned that Blackrock’s plans to seed their ETF with this amount doesn’t mean they are launching just yet. However, he remarked that there was a possibility that the asset manager was doing so in anticipation of an imminent launch.

    Meanwhile, it is also worth mentioning that BlackRock’s initial seed fund could eventually be outranked. Fellow issuer Bitwise revealed in their latest amendment to their Spot Bitcoin ETF that they could potentially seed their fund with up to $200 million if they eventually get approval from the SEC. 

    BTC bulls fail to hold $44,000 | Source: BTCUSD on Tradingview.com

    The SEC Is Backed Into A Corner

    Bloomberg analyst James Seyffart recently shared his thoughts on whether or not an approval order was going to come from the SEC soon enough. According to Cointelegraph, Seyffart stated that there was no way the Commission could get issuers to withdraw their application as they are already backed into a corner. 

    The analyst made this comment following his assertion that the regulator has run out of reasons to deny these Spot Bitcoin ETFs. He alluded to the Grayscale case, where the court ruled that the SEC’s reasons for denying the asset manager’s application were insufficient. With this in mind, Seyffart said that the SEC is likely to approve these funds soon enough. 

    These approvals could come as soon as next week, going by the analyst’s projection. Seyffart stated that he expects an official approval order to come between January 8 and 10. This is despite the recent rumors that the SEC could approve these funds before this week runs out. 

    Featured image from Finextra Research, 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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    Scott Matherson

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  • Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target

    Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target

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    As anticipation builds around the potential approval or rejection of spot Bitcoin (BTC) exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) on January 5, the Bitcoin price has witnessed a notable 2.7% recovery in the past 24 hours. 

    This development comes amidst growing speculation about the patterns that could drive the Bitcoin price to reclaim the highs lost during the bear market in 2022. 

    Notably, crypto analyst Ali Martinez has identified an ascending parallel channel as the governing pattern behind the Bitcoin price action since September 2023.

    Bitcoin Price Faces Crucial Test At $48,000

    According to Ali Martinez’s analysis, Bitcoin prices have exhibited a consistent pattern known as an ascending parallel channel. 

    This technical formation suggests that the BTC’s price has been trading within the confines of a channel characterized by an upper and lower boundary, as seen in the chart below.

    BTC’s ascending parallel channel pattern targets. Source: Ali Martinez on X

    BTC could experience further price movement within the defined boundaries if the ascending parallel channel pattern holds. 

    The price is expected to advance toward the upper boundary, which currently resides around $48,000. However, the Bitcoin price is anticipated to face resistance at this level and retrace towards the lower boundary at approximately $34,000. 

    Following the retracement, a rebound toward the upper boundary, potentially reaching around $57,000, could be expected.

    The upcoming decision by the SEC regarding spot Bitcoin ETF applications adds a layer of significance to Bitcoin’s price movement. The approval of Bitcoin ETFs has been a subject of great interest within the cryptocurrency community, as it can enhance liquidity and provide greater legitimacy to the cryptocurrency market. 

    While the outcome of the SEC decision remains uncertain, the ascending parallel channel pattern reveals a compelling technical perspective that could impact Bitcoin’s price trajectory.

    Critical Moment For BTC? 

    Supporting the upside potential of the Bitcoin price in Martinez’s analysis, crypto analyst Rekt Capital highlights the importance of BTC’s ability to establish a strong support level at $43,900.

    According to Rekt Capital’s analysis, Bitcoin is exhibiting promising signs as it strives to reclaim the top of the pattern at $43,900 as a support level. 

    Bitcoin
    Bitcoin’s price currently surpassing its nearest $43,900 resistance. Source: Rekt Capital on X

    This level holds importance in determining the cryptocurrency’s ability to sustain upward momentum. Rekt Capital suggests that a daily candle close above this resistance is essential for Bitcoin to make another attempt at moving higher.

    The successful establishment of $43,900 as a support level and a daily candle close above this resistance would signify a positive development for Bitcoin’s upside potential. 

    It would indicate a renewed bullish sentiment and potentially pave the way for further price appreciation. However, failure to overcome this resistance level and ending up as an upside wick could hinder Bitcoin’s ability to sustain upward momentum in the short term.

    Bitcoin price
    The daily chart shows BTC’s price recovery. Source: BTCUSDT on TradingView.com

    On Wednesday, Bitcoin trades at $44,000, followed by a news-driven dip toward the $40,800 level.

    Featured image from Shutterstock, 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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    Ronaldo Marquez

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