Tag: bitcoin news

Bitcoin Breaks Through Securities Barrier: Registered Funds Want Exposure To BTC
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An interesting trend looks to be developing among institutional players as their interest in the flagship cryptocurrency, Bitcoin, continues to rise. This interest has in no small way been thanks to the frenzy around the Spot Bitcoin ETFs, which could be approved sooner than later.

Other ETFs Considering Bitcoin As An Investment Option

Crypto commentator and music producer Marty Party recently drew the crypto community’s attention to an emerging trend among fund managers and their ETFs. He noted how these asset managers are amending the prospectus of funds they manage so they can gain exposure to Bitcoin.

These institutions are said to be looking to use 15% to 50% of assets under their management to gain exposure to BTC. One way they will be looking to achieve this is through the Spot Bitcoin ETFs that could potentially launch anytime soon.

Marty Party specifically highlighted the case of Advisors Preferred Trust, which is already looking to gain the SEC’s permission to invest up to 15% of its AuM in Bitcoin-related ETFs like Grayscale’s Bitcoin Trust (GBTC) and ProShares Bitcoin Strategy ETF.

MicroStrategy’s Executive Chairman and Co-founder, Michael Saylor, had previously hinted that something like this was going to happen soon enough. Then, he suggested that more institutional players were going to direct more of their capital to Bitcoin.

A rule that was implemented by the Financial Accounting Standards Board (FASB) has also paved the way for more companies like MicroStrategy to include BTC on their balance sheet.

The launch of Spot Bitcoin ETFs will also make it easier for these institutional investors to gain direct exposure to the flagship cryptocurrency.

For a long time now, those who had a prior interest in the crypto token have had to either invest in Bitcoin futures ETFs or other Bitcoin derivatives on exchanges like the Chicago Mercantile Exchange (CME). But this is changing with the potential approval of a Spot Bitcoin ETF.
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BTC price holds $45,000 | Source: BTCUSD on Tradingview.com
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Grayscale Leading In The “Cointucky Derby”

As highlighted recently by Bloomberg Analyst James Seyffart, Grayscale looks to set the lead the way, assuming all pending Spot Bitcoin ETFs were approved simultaneously. This is because the asset manager has already established itself with GBTC and would likely have more capital than other issuers upon launch.

Bloomberg Analyst Eric Balchunas highlighted this fact and hinted that the Securities and Exchange Commission (SEC) could decide not to let Grayscale launch on day one because of this. If that doesn’t happen and all funds launch simultaneously, then Grayscale is likely to have a sort of ‘first mover advantage.’

However, other asset managers will be looking to assert their dominance by adopting different strategies. One such strategy will be these issuers undercutting themselves in terms of the fees they will charge to manage their respective funds. Invesco already made it known that they will be waiving fees for the first six months and the first $5 billion in assets.

Featured image from Finra, 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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January 3, 2024
Bitcoin Spot ETF: Bitwise Closes Ranks With $200 Million Seed Fund
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The competition among the Spot Bitcoin ETF issuers is heating up as the period for potential approval of these funds draws nearer. Asset manager Bitwise is the issuer currently making waves as it could potentially outrank the world’s largest asset manager, BlackRock, in terms of seed funds for their respective ETFs.

Bitwise’s Bitcoin ETF Could See $200 Million Seed Fund

Bitwise’s latest amendment to its S-1 filing with the Securities and Exchange Commission (SEC) shows that the asset manager has gotten interest from an investor to have its ETF seeded with $200 million upon launch. Bloomberg analyst Eric Balchunas highlighted its significance as he stated that it “blows away” BlackRock’s initial seed fund of $10 million.

The analyst noted that Bitwise actually seeding its ETF with such an amount could be a “huge help” in the early days of the race. It is believed that the SEC is likely to approve the pending ETF applications simultaneously. As such, Bitwise being able to create $200 million of shares could give the asset manager an advantage in terms of meeting demands by clients.

Bitwise had previously shown its intention to lead the way from the get-go following the release of its Bitcoin ETF commercial. This move could help the asset manager gain much interest in its Bitcoin ETF even before launch. That way, the public sees it as the first choice upon launching.

Notably, Bitwise didn’t mention who the authorized participant (AP) for its ETF would be. The AP would act as the middleman between the ETF investor and issuer, as they are responsible for creating and redeeming the ETF shares. While Bitwise failed to name its AP, other issuers like BlackRock however included it in their latest S-1 filing with the SEC.
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BTC price above $42,000 once again | Source: BTCUSD On Tradingview.com
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BTC ETF Issuers Show Their Hands In Latest Wave Of Filings

Spot Bitcoin ETF issuers made some notable inclusions in their latest and final amendment to their S-1 filings. These inclusions also give an idea of what strategy these issuers may be looking to adopt in order to lure investors to their funds. In Fidelity’s case, the asset manager will be looking to entice investors with its relatively low fees.

Balchunas noted that Fidelity’s ‘sponsor fee’ of 0.39% happens to be the lowest so far among other issuers that have made theirs known. Interestingly, Invesco is adopting a more enticing strategy as they revealed in their latest amendment that they will be waiving fees for the first six months and the first $5 billion in assets.

The Bloomberg analyst mentioned that the fee war is going to continue being a thing in the Spot Bitcoin ETF terrain as issuers will be looking to outdo themselves.

Featured image from Crypto Briefing, 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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December 30, 2023
Coinbase Custody Head Departs As Crypto Giant Prepares For Bitcoin ETF Services

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According to Bloomberg, Coinbase Global has recently experienced a change in leadership within its custody division. The departure of Aaron Schnarch, former CEO of Coinbase Custody, has been confirmed by a spokesperson, who also revealed that Schnarch was replaced by Rick Schonberg in August.

Per the report, the transition aligns with Coinbase’s efforts to offer services to applicants of spot Bitcoin (BTC) exchange-traded funds (ETFs).

Coinbase Affirms Readiness For Bitcoin ETF Approval

Rick Schonberg, who joined Coinbase in 2021, aims to provide experience to his new role, having previously worked at reputable financial institutions such as Goldman Sachs, State Street, and Tagomi, according to Bloomberg.

Coinbase on the other hand, has emerged as the preferred choice for custodial services among Bitcoin ETF applicants, including industry giants like BlackRock, Franklin Templeton, and Grayscale Investments.

Custody services play a crucial role for potential managers of spot Bitcoin ETFs, as investors rely on these providers to securely safeguard their digital tokens.

Notably, a Coinbase spokesperson emphasized the company’s preparedness for ETF approval, stating to Bloomberg:

We have extensively prepared for ETF approval. Our systems have been designed and tested to handle added trading volume, increased liquidity, and general increases in demand on our systems.

Coinbase Custody, operating as a trust company, falls under the regulatory oversight of the New York Department of Financial Services and undergoes auditing by Deloitte & Touche.

Countdown To Historic Decision

The race to obtain regulatory approval for the first ETF directly investing in the largest cryptocurrency, Bitcoin, is entering a critical phase.

The US Securities and Exchange Commission (SEC) faces a deadline of January 10 to decide whether to approve a spot Bitcoin ETF application submitted by ARK Investment Management, led by Cathie Wood, and 21Shares, along with potentially other similar filings.

Overall, the departure of Aaron Schnarch and the subsequent appointment of Rick Schonberg within Coinbase Custody highlight the company’s strategy to the growing demand for custodial services from Bitcoin ETF applicants.

With the potential approval of spot Bitcoin ETFs on the horizon, the industry eagerly awaits the SEC’s decision, which will have far-reaching implications for the adoption and mainstream acceptance of cryptocurrencies.

The 1-day chart shows BTC’s sideways price action over the past 24 hours. Source: BTCUSDT on TradingView.com

Bitcoin, the largest cryptocurrency in the market, is currently trading at $42,100, representing a 1.1% decline over the past 24 hours.

In recent weeks, BTC’s price has been consolidating above $40,000, exhibiting sideways movement since the beginning of December. However, it has achieved a notable gain of over 11% in the last 30 days.

It remains to be seen how the price of BTC will react to the potential approval of these index funds by the largest asset managers in the world, and what other impact it will have on the overall crypto market.

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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December 29, 2023
Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions

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The recovery of the overall crypto market this year has spurred a surge in the digital-asset derivatives market as institutional investors seek exposure to the crypto space.

According to a recent Bloomberg report, the deadline for US regulators to approve or reject Bitcoin (BTC) exchange-traded funds (ETFs) has prompted traditional investors to turn to crypto options and futures, leading to unprecedented trading volumes.

Crypto Options Trading Hits Record High

Before the options expiry on Friday morning, crypto options trading volume reached a new all-time high, with options worth a notional value of $11 billion, as highlighted by Bloomberg. Of this total, Bitcoin contracts accounted for $7.7 billion, while Ethereum (ETH) options represented $3.5 billion.

Despite the expiration of many options, the impact on the major cryptocurrencies has been limited. With its strong support floor at $42,000, Bitcoin has maintained its position for a potential uptrend once bullish momentum returns and buying pressure increases.

Over the past 24 hours, Bitcoin has traded within the same range as the previous day, at $42,200, experiencing only a 0.4% decline. Nevertheless, Bitcoin has yet to fully recover from its 3.4% drop over the past seven days.

In contrast, ETH was hit by the expiration of options contracts. Ethereum, the second-largest cryptocurrency on the market, fell more than 2%. EHT dropped to $2,316 after hitting an annual high of $2,445 on Thursday.

However, while heightened trading activity may accompany the expiration of options, it is unlikely to impact spot market prices, according to Luuk Strijers significantly, Deribit’s chief commercial officer.

Strijers notes that clients are rolling their positions to 2024 expiries, and additional activity is anticipated after the expiry. The focus of attention and trading activity will primarily be on the impending ETF decision, Bloomberg notes.

Surge From Traditional Asset Managers

The cryptocurrency market has undergone a strong rally this year, with Bitcoin surging nearly 160% following a turbulent 2022 marked by industry scandals and price declines.

The recovery has been fueled partly by the optimism surrounding the potential approval of spot Bitcoin ETFs, which would attract a broader range of investors to the asset class.

Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX, highlights the growing participation from crossover macro accounts, referring to large traditional asset managers allocating a small percentage of their portfolios to cryptocurrencies and crypto-focused hedge funds.

In addition, according to Bloomberg, perpetual futures, a favored tool for leveraging crypto trades, are trading at a significant premium compared to spot prices, indicating rising demand for such products.

Overall, the surge in the cryptocurrency derivatives market, driven by options expiry and the pending decision on Bitcoin ETFs, reflects the growing interest of institutional investors in the crypto space.

The record-breaking trading volumes and increased participation from traditional asset managers highlight the evolving landscape of digital assets.

As the market awaits the regulatory verdict on Bitcoin ETFs, it remains to be seen how these developments will shape the future trajectory of the crypto market and its integration with traditional financial systems.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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December 29, 2023
Major Acquisition: MicroStrategy Grows Bitcoin Reserves By 14K BTC Ahead Of ETF Approval

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MicroStrategy (MSTR), a prominent Bitcoin holding company, has once again expanded its BTC holdings with a substantial purchase of 14,620 Bitcoin, amounting to a staggering $615.7 million.

The former CEO of the American business intelligence (BI) firm announced the acquisition, highlighting the company’s continued confidence in Bitcoin’s long-term potential.

With the potential approval of Bitcoin spot exchange-traded funds (ETFs) on the horizon, MicroStrategy aims to capitalize on the positive impact on BTC’s price and the company’s profitability in the leading cryptocurrency market.

MicroStrategy Stock Skyrockets 337%

According to a CNBC report, MicroStrategy’s stock has experienced a remarkable 337% surge in 2023, making it one of the top gainers among US companies valued at $5 billion or more.

This success surpasses the rallies of industry giants like Nvidia and Meta. Unlike its tech peers, MicroStrategy’s appeal to investors stems primarily from its Bitcoin holdings.

The 1-day chart shows MSTR’s continuous uptrend. Source: MSTR on TradingView.com

MicroStrategy’s market capitalization currently stands at $8.5 billion, with a staggering 90% directly tied to its Bitcoin holdings. The company’s stock price closely mirrors the performance of Bitcoin, with significant fluctuations in response to the cryptocurrency’s price movements.

Per the report, in 2022, when Bitcoin experienced a 64% decline, MicroStrategy’s stock plummeted by 74%. Despite the substantial gains achieved this year, MicroStrategy shares are still below their peak levels in 2021, during the cryptocurrency’s peak.

Michael Saylor’s Vision

MicroStrategy’s decision to invest in Bitcoin dates back to July 2020, when the company recognized the potential of alternative assets, including digital currencies.

At that time, MicroStrategy had a market capitalization of around $1.1 billion, primarily driven by its software business, which has been shrinking since 2015. Co-founder Michael Saylor, who was CEO then, saw an opportunity to put the company’s idle cash reserves to work, considering low interest rates and the need for diversification.

Saylor’s conviction in Bitcoin as a digital form of gold led MicroStrategy to prioritize Bitcoin purchases over equities and precious metals. This strategic move exposed investors to Bitcoin indirectly through MicroStrategy’s stock.

Saylor, who transitioned to executive chairman, remains optimistic about Bitcoin’s future, expecting the bull market to continue into the next year. Despite its growing popularity, Saylor emphasized that Bitcoin still represents only a fraction of global capital allocation, with ample room for further growth.

As of December 27, 2023, MicroStrategy’s latest purchase adds to its already impressive Bitcoin portfolio, bringing the total holdings to 189,150 BTC.

The company has invested approximately $5.9 billion, with an average purchase price of $31,168 per Bitcoin. These strategic acquisitions position MicroStrategy as a major player in the crypto space, aligning its interests with the anticipated growth and adoption of Bitcoin.

The daily chart shows BTC’s sideways price action over the past 24 hours. Source: BTCUSTD on TradingView.com

The current market data shows that Bitcoin is trading at $42,900, reflecting a marginal 0.5% increase over the past 24 hours. The cryptocurrency briefly dipped below its critical support level of $42,000 but has since regained its position.

The market is anticipating the potential approval of the Bitcoin Spot ETF applications between January 5 and 10, 2024.

This development holds significant promise for Bitcoin, as it could drive the cryptocurrency’s price well beyond $50,000, establishing a new yearly high and edging closer to its historical peak.

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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December 27, 2023
Crypto Trading Firm Expects Bitcoin To Crash To $36,000, Here’s Why
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A recent market update by the trading firm QCP Capital has provided insights into how Bitcoin’s price would react if a Spot Bitcoin ETF gets approved in January. The firm predicts that there could be a major retracement before any move to the upside.

Bitcoin Could Retrace To $36,000

QCP Capital predicts that Bitcoin could retrace to around $36,000 before an uptrend resumes. At the same time, they expect Bitcoin to face a topside resistance between the $45,000 and $48,500 region. These projections are based on what they expect to happen if the Securities and Exchange Commission (SEC) approves Spot Bitcoin ETFs in January.

QCP Capital is of the opinion that the actual demand for these investment funds might fall short of market expectations at the beginning. If so, it set things up for the classic ‘sell the news’ scenario, which would cause Bitcoin’s price to dump.

The trading firm had previously opined that Bitcoin could hit its all-time high of $69,000 if these Spot Bitcoin ETFs saw enough capital upon launching. Then, they also warned that approval could end up being a sell-the-news event if inflows into these funds were below par. Now, they seem to be suggesting that the latter is likely to happen.

However, they don’t expect that Bitcoin will stay down for too long as they are confident that Bitcoin’s recent resurgence will continue at some point. They estimate that this will likely happen after a few weeks, especially as traders position for a strong rally ahead of the next big thing – the Bitcoin Halving. This event is projected as what will spark the next bull run.
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BTC price at $43,278 | Source: BTCUSD on Tradingview.com
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All Attention Will Turn To Ethereum

Ethereum might be the next big play once the pending Spot Bitcoin ETFs are approved. QCP Capital foresees the market’s anticipation, quickly turning to the Ethereum Spot ETFs. Just like with the Spot Bitcoin ETFs, a number of asset managers have also filed to launch a fund that offers direct exposure to Ethereum.

In anticipation of a potential approval of the Ethereum Spot ETFs, some crypto investors could move their capital from BTC to ETH ahead of an expected rally in Ethereum’s price. The trading firm stated that they are “leaning against very strong support in the ETHBTC cross at the 0.051 level.”

QCP Capital, however, believes that any approval of an Ethereum Spot ETF is still “many months away.” In the meantime, they expect that Ethereum’s price will notable rallies based on such speculations. This could be something similar to what happened with Bitcoin, as the flagship cryptocurrency enjoyed significant rallies on the back of the Spot BTC approval rumors.

Featured image from Freepik, 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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December 27, 2023
The Crypto Bulls Are Back: Digital Asset Inflows Cross $103 Million In One Week
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Inflows into crypto investment funds have resumed after a brief hiatus two weeks ago, as evidenced by CoinShares’s latest analysis. According to James Butterfill, Head of Research at CoinShares, digital assets saw a net inflow of $103 million last week, as the wider crypto industry went through a few days of bullish sentiment. This is particularly exciting, as it signaled a change from the net outflows in digital asset investment funds witnessed two weeks ago.

Crypto Fund Inflows Surge To $103 Million

Crypto asset investment funds witnessed a minor net outflow of $16 million two weeks ago, bringing an end to 11 consecutive weeks of inflows since September. However, according to a social media post by Butterfill, these investment funds attracted a $103 million net inflow last week. As expected, Bitcoin, again, led the charge, attracting 85% of the total inflow. Bitcoin saw an inflow of $87 million last week, bringing its total net inflow this year to $1.758 billion.

Ethereum led the altcoin market with a net inflow of $7.9 million, bringing its total net inflow this year to $23 million. Solana followed suit with a $6 million net inflow. At the time of writing, Solana’s total inflow this year stands at $162 million, reflecting the better sentiment Solana has seen with institutional investors this year.

On the other hand, Litecoin and Avalanche investment products were the only ones registering a net outflow during the week, with $0.4 million and $2.6 million respectively.

In terms of geographical location, Germany had the most inflows with $41.6 million, Canada with $25.8 million, USA with $20.4 million, and Switzerland with $15 million. On the other hand, Sweden had a net outflow of $8.7 million.

Total assets under management now stand at $52 billion, representing 31% of the entire crypto market cap of $1.65 trillion. Most of this is traded in the United States, with US-based investment funds holding $37.8 billion worth of assets under management.

US$103m inflows in digital assets last week, no report on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ

— James Butterfill (@jbutterfill) December 23, 2023
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Total market cap rises above $1.6 trillion | Source: Crypto Total Market Cap on Tradingview.com
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State Of The Market

Investment in digital asset funds is largely tied to the sentiment among the spot market prices. As a result, the net inflows last week were a mirror of the price surge led by Bitcoin, with the crypto crossing over $44,000 multiple times during the week. Bitcoin has since corrected and is now trading at $42,390.

Ethereum’s lead in the altcoin market has been overshadowed by Solana since October. The crypto is up by 53% in a 7-day timeframe, hitting a yearly high of $124.92 on Christmas day. At the time of writing, Solana is trading at $114.

Featured image from Business Insider, 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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December 26, 2023
Bitcoin Millionaires Rise By 246% In 2023, Here's How Many There Are
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Bitcoin’s resurgence in 2023 has created wealth for many crypto investors, as there has been a significant rise in the number of Bitcoin millionaires. These Bitcoin millionaires happen to be wallet addresses whose BTC holdings equal $1 million or above.

Number Of Bitcoin Millionaires

According to data from BitInfoCharts, there are currently 97,497 Bitcoin millionaires. This represents a significant increase from the beginning of the year when the number of wallet addresses equal to $1 million and above stood at 23,795, according to data from Glassnode.

This development is attributed to the resurgence in Bitcoin’s price this year, with the crypto token seeing over 158% gain year-to-date. At the beginning of the year, Bitcoin’s price stood at just over $16,000. However, as the flagship cryptocurrency’s price began to rise, so did its number of millionaires.

Further data from BitInfoCharts breaks down these Bitcoin millionaires into two categories. The number of addresses that are greater than $1 million stands at 90,040, while 7,457 wallet addresses hold $10 million or more.

Meanwhile, other addresses below $1 million have also seen enormous profits. Market intelligence platform Santiment recently reported that 89% of the total Bitcoin supply is in profits. 2024 could be a better year for these addresses, considering that the Bull market is expected to kickstart next year.

In the meantime, some of these Bitcoin millionaires and persons with significant holdings seem to be taking profits. NewsBTC recently reported how Bitcoin whales had sold around 50,000 BTC which equals to about $2.2 billion.
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BTC price retraces to $42,600 | Source: BTCUSD on Tradingview.com
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About Two Weeks To Go For Spot ETFs

One of the biggest moments for Bitcoin and the crypto industry could come as early as January 10. This is around the period when experts are predicting that the Securities and Exchange Commission (SEC) will approve the pending Spot Bitcoin ETFs, and there is optimism in the air as many actions point to an approval happening.

Crypto stakeholders have had their eyes fixed on developments revolving around these Spot Bitcoin ETFs. The reason isn’t farfetched, as these funds could unlock fresh liquidity into the Bitcoin ecosystem. Trading firm QCP Capital had highlighted this as the catalyst to Bitcoin hitting its all-time high (ATH) and possibly new ATHs.

At the same time, people like the former CEO of crypto exchange BitMEX, Arthur Hayes, will be hoping that these ETFs don’t achieve much success as he says they could lead to Bitcoin’s downfall.

At the time of writing, Bitcoin is trading at around $42,678.76, down over 1% in the last 24 hours according to data from CoinMarketCap.

Featured image from Crypto 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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December 26, 2023
Bitcoin Downfall: Arthur Hayes Reveals What Will Make The Pioneer Crypto Fail
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The former CEO and co-founder of crypto exchange BitMEX, Arthur Hayes, has shared his thoughts on what could lead to Bitcoin’s downfall. His recent comment also echoes the reservation that the crypto founder has about the potential launch of Spot Bitcoin ETFs.

TradFi Could Lead To Bitcoin’s Downfall

In his last article for the year, Hayes stated that TradFi asset managers would “completely destroy Bitcoin” if the ETFs managed by them were a huge success. He made this assertion as he alluded to Bitcoin’s uniqueness. Hayes mentioned that the foremost crypto token is different from “every other monetary instrument humanity has ever used.”

Due to Bitcoin’s uniqueness, Hayes believes that it wasn’t created to be in the hands of these asset managers. As such, they could end up destroying the crypto token, especially in a world where the world’s largest asset managers end up holding all the Bitcoin in circulation. If that were to happen, these firms would end up storing these crypto tokens, which shouldn’t be so in Hayes’ opinion.

The BitMEX co-founder noted that Bitcoin “only exists if it moves” and that it will “die” if it isn’t used. His stance stems from the fact that he sees Bitcoin more as an asset that is meant to be actively traded rather than just being a store of value. He also highlighted the fact that the Bitcoin network would also die if this were to happen.

Miners are known to earn transaction fees from the network being utilized. However, if these tokens were no longer traded but all stored up, these miners would have no choice but to wind up their operations. Without these miners, “the network dies, and Bitcoin vanishes,” Hayes asserted.
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BTC maintains $43,000 level | Source: BTCUSD on Tradingview.com
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Hayes’ Reservations About A Spot Bitcoin ETF

Arthur Hayes’ latest comment comes ahead of a potential approval of the pending Spot Bitcoin ETF applications. The former BitMEX CEO has previously made his reservations known about these funds and their issuers. Then, he mentioned that these TradFi institutions weren’t bullish on Bitcoin but were simply making this move to become “crypto gatekeepers.”

Hayes also went as far as to discuss how these firms’ interest in Bitcoin goes against Satoshi’s vision of a decentralized system. However, unlike Hayes, some are looking to look at the bright side and how institutional interest in the foremost cryptocurrency can help with mainstream adoption.

Bloomberg Analyst Eric Balchunas had once touched on the importance of these Spot Bitcoin ETFs, especially considering that many could just choose to hold Bitcoin instead. In his opinion, these ETFs are important because of the convenience they provide investors. Meanwhile, others are excited about the amount of capital that could flow in when these ETFs get approved.

Featured image from Forkast 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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December 23, 2023
MicroStrategy's Michael Saylor Calls Bitcoin An Institutional-Grade Asset Destined For $1 Million
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Microstrategy’s Executive Chairman and Co-founder, Michael Saylor, is one who always uses every opportunity to heap praises on the flagship cryptocurrency Bitcoin. Once again, he didn’t disappoint, as BTC was the center of discussion in his latest media appearance.

Bitcoin Going To $1 Million

In an interview with CNBC, Michael Saylor stated that Bitcoin is going to $1 million if it isn’t going to “zero.” He noted that the “big question” in relation to BTC’s potential was whether or not the digital asset was legitimate. According to him, if Bitcoin is a “legitimate institutional asset,” then everybody is “under-allocated” to it.

His comment about Bitcoin possibly hitting $1 million seems to stem from his belief that Bitcoin as an asset is still untapped, as he expects many institutional players to get in on the crypto token. He noted how 99.9% of the world’s capital is currently tied to other global assets like bonds, real estate, stocks, and precious metals. However, expects that to change soon enough.

That change, he believes, will stem from education about digital assets. From that, Saylor says more and more people will realize that they ought to be allocating more and more of their capital to digital assets. Interestingly, he labeled BTC as a “digital transformation of capital,” alluding to its disruptive nature.

These institutional players could well be allocating more of their capital to BTC as early as 2024. The new rule by the Financial Accounting Standards Board (FASB) recently opened the door for firms to include cryptocurrencies like Bitcoin on their balance sheet. As such, we could see other tech firms adopt Microstrategy’s “Bitcoin Strategy.”
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BTC price reclaims $43,000 | Source: BTCUSD on Tradingview.com
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BTC Is Going Foward In 2024

Saylor also discussed several macro factors that he considers bullish for Bitcoin going into the new year. These factors include the potential approval of a Spot Bitcoin ETF, the loosening of monetary policies, and wider BTC adoption in countries suffering from inflation.

He also alluded to the BTC Halving event, which he believes is also bullish for the Bitcoin ecosystem. All these factors form a “confluence of very bullish milestones,” which Saylor projects are going to happen over the next six months.

Saylor will undoubtedly be fulfilled when his company’s Bitcoin strategy has panned out as Microstarategy is currently in profit with its Bitcoin acquisitions. The company’s stocks are also flying high as it recently hit a 2-year high, thanks in part to its BTC exposure.

At the time of writing, BTC is currently trading at around $43,000, up over 4% in the last 24 hours according to data from CoinMarketCap.

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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Scott Matherson

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December 19, 2023
Crypto Analyst Who Predicted Bitcoin 2023 Bull Run Releases New Target
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A crypto analyst who correctly predicted that Bitcoin would hit the heights it is currently enjoying has once again given projections as to Bitcoin’s future trajectory. As part of his predictions, he highlighted the best and worst-case scenarios for the flagship cryptocurrency going forward.

Bitcoin Could Ride To $60,000

In a live stream on his TechnicalRoundup YouTube channel, crypto analyst DonAlt noted that Bitcoin could rise to the resistance level of $60,000 based on historical patterns. The analyst had highlighted a bullish setup on the quarter timeframe, which had occurred both in 2018 and 2021. He also mentioned that the current quarterly is strikingly similar to those periods.

The analyst believes that the road to $60,000 would be fuelled by the Spot Bitcoin ETF rumors (as has been the case so far) before an approval possibly comes in January. However, it is not all good news from the $60,000 price level, as DonAlt believes that the approval will be a ‘sell-the-news’ event.

If that were to be the case, he predicts that Bitcoin will drop to $35,000 before it trends upward afterward. He also provided a bearish side to the quarterly timeframe setup as he suggested that this is more likely to happen as it is more “accurate.” For the bearish setup, he projects a close below the resistance level of $35,000.

He stated that this would suggest a bearish restest and that investors could expect lower prices as a result of this.
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BTC price looks to retest $43,000 | Source: BTCUSD On Tradingview.com
```
Why An ETF Approval Will Be A ‘Sell-The-News’ Event

DonAlt further elaborated on his stance of a possible Spot Bitcoin ETF approval in January being a ‘sell-the-news’ event. He explained that the reason for this belief is because Bitcoin has ridden high (up about 3x from the bottom) on the back of these rumors. As such, this would naturally suggest that it is already priced in.

He further noted that he would have had a different opinion if Bitcoin had, for example, traded at around $25,000 and then an approval came. He believes that would have been an easy trade as the flagship cryptocurrency will undoubtedly fly high on the back of such development.

Renowned Economist Peter Schiff shares similar sentiments as he once noted how Bitcoin has rallied significantly on the back of the ETF rumor. According to him, there will be no more “good news” to spark a Bitcoin rally once the pending Spot Bitcoin ETFs are approved.

However, trading firm QCP Capital recently highlighted what could prevent this from happening. The firm stated that a significant amount of inflows into these ETFs in the first few weeks of trading could prevent the classic sell-the-news event from happening. If these funds see enough liquidity, they project that Bitcoin could hit its all-time high (ATH) of $69,000 instead.

Featured image from The Block, 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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December 15, 2023
Bitcoin Price Surges On Positive News: FASB's Fair Value Recognition Reignites $42,000 Support Recovery

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The Bitcoin price experienced a notable downturn as selling pressure intensified, resulting in a decline of over 4% from its annual peak of $44,500. This downturn was further exacerbated by the loss of the crucial $42,000 support level.

However, the largest cryptocurrency in the market received a substantial uplift from the US Financial Accounting Standards Board (FASB), which has spurred a rapid 1.8% surge in BTC’s value within the past two hours. As a result, Bitcoin has successfully recovered the $42,000 support level.

FASB’s Fair Value Recognition Brings Clarity To BTC?

In a significant development for the cryptocurrency industry, the FASB has announced new accounting rules that require companies, including prominent entities like MicroStrategy, Tesla, and Block, to measure their cryptocurrency holdings at fair value.

These rules, set to go into effect in 2025, allow businesses to capture the real-time highs and lows of their Bitcoin and Ethereum (ETH) assets, providing a more accurate representation of their holdings.

Under the previous accounting practices, companies were only allowed to record the lows, resulting in a one-sided accounting treatment that often led to reduced valuations and diminished earnings for businesses holding cryptocurrencies. The highly volatile nature of crypto values further exacerbated the issue.

The FASB’s new rules address these concerns by mandating the recording of cryptocurrencies at fair value, a measurement technique aimed at reflecting the most up-to-date value of these assets.

Changes in fair value will now be recorded in net income, allowing companies to account for fluctuations in the value of their crypto holdings more comprehensively.

The positive news for BTC lies in the fact that the new FASB rules provide greater transparency and accuracy in assessing the true value of cryptocurrency assets. By capturing fluctuations in fair value, companies will have a more realistic representation of their holdings, enabling better decision-making and financial reporting.

Bitcoin, being the most widely recognized and valuable cryptocurrency, stands to benefit significantly from these changes. The recognition of its fair value allows companies to showcase the true worth of their BTC holdings, potentially boosting investor confidence and attracting further institutional interest.

Turbulent Times Ahead For Bitcoin Price

Following these recent developments, the Bitcoin price has successfully rebounded to previously lost levels, demonstrating heightened volatility after a brief consolidation phase just below $42,000.

However, according to CoinGlass’ liquidation heatmap, Bitcoin’s price may be facing further volatility that could lead to a significant amount of liquidation of both long and short positions.

BTC’s 3-day liquidation heatmap. Source: CoinGlass on X.

The liquidation heatmap from CoinGlass highlights substantial indications of liquidation leverage exceeding $200 million both above and below the current Bitcoin price.

Of particular concern is the thick liquidation leverage below $41,000, as seen in the chart above, which, combined with the prevailing trend, could become a probable target for the Bitcoin price in the coming days.

Conversely, following BTC’s correction, additional liquidation leverage has emerged in CoinGlass’s heatmap, particularly in the $42,000 and $43,000 range of short positions. This added selling pressure has contributed to the retracement of the Bitcoin price.

This potential scenario suggests a potential price swing up and down before a stable continuation of either the downward or upward momentum. The outcome remains uncertain as to which side will give way first and what prevailing trend will shape the latter part of the year.

The daily chart shows BTC’s $42,000 support recovery. 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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December 13, 2023
Crypto Pundit Reveals Why Bitcoin Is Worth As Much As $17 Million
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A crypto pundit and Bitcoin maximalist, Mark Harvey, has explained why he believes the foremost cryptocurrency Bitcoin, is far off from its true potential. According to him, the crypto token could be worth close to $17 million in the future.

Why One Bitcoin Could Worth $17 Million

In a post shared on his X (formerly Twitter) platform, Harvey made a strong case for Bitcoin on why it could on why a price even greater than $17 million is likely. He referred to Bitcoin’s use case as a store of value and how it could further chop into the market share of other asset classes. He noted Bitcoin’s “tremendous upside” despite being a relative newcomer.

Bitcoin is said to have 0.1% of the $871 trillion which are invested in global assets. Other global assets that hold a substantial market share include gold and silver, bonds, equities, real estate, and fiat money. Harvey believes that Bitcoin’s price could rally significantly as the foremost cryptocurrency becomes the most preferred option for people to preserve their money.
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Source: X
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Harvey stated that the monetary premium of those global assets highlights how much they are used as a store of value. The crypto pundit asserts that Bitcoin has the potential to capture the monetary premiums of other asset classes, which would see its price rise to $17 million with a market cap of $356.7 trillion.
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Source: X
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In his opinion, this is very likely because Bitcoin is a “superior form of property.” If it does happen, the crypto token could also end up capturing 41% of the $871 trillion in global assets. Harvey also provided a more probable scenario as to Bitcoin’s future price. He noted that the crypto token could still rise to as high as $415,000 per token if it captures 1% of global assets.
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Source: X
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Is BTC Superior To Other Asset Classes?

Harvey labeled Bitcoin as a “superior form of property,” and there is evidence to back up this assertion. As highlighted by the Director of Global Macro at Fidelity Investments, Jurrien Timmer, Bitcoin stands out in comparison to other asset classes.
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Source: Fidelity Investments


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According to data from Fidelity, the flagship cryptocurrency provided the best risk-reward with a 58% return from 2020 to this year. In terms of drawdowns and rallies, Bitcoin also stood out with an 84% gain from its 2-year low.

Meanwhile, a recent report by Glassnode noted that Bitcoin continues to lead as one of the best-performing global assets, with a gain of over 140% year to date (YTD). Specifically, Bitcoin has more than doubled in relation to Gold.
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BTC price remains above $43,000 | Source: BTCUSD on Tradingview.com
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Featured image from Coin Culture, chart from Tradingview.com
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Scott Matherson

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December 7, 2023
Bitcoin Shakeout Drives $190 Million In Losses For Over 81,000 Traders
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Bitcoin has seen a pullback but not to the extent that bears have been expecting. Nevertheless, as a result of this, a lot of traders have incurred massive losses due to Bitcoin staging another unexpected recovery. The loss volumes have quickly risen to $190 million in one day as uncertainty remains the order of the day.

Crypto Liquidations Reach $190 Million

According to data from Coinglass, the 24-hour crypto liquidation volumes quickly rose above $190 million as Bitcoin completed a shakeout. This began with the price pullback to the $43,600 territory. And then a rapid rise back toward $44,000 completed the move.

Following this, traders on both sides quickly found themselves holding loss positions, and the liquidations pilled up. In total, over 81,000 traders were caught in the red, leading to more than $190 million in losses. Interestingly, the majority of these were from long trades who were betting on the price to continue to rise.
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Source: Coinglass
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Coinglass puts 73.74% of the total liquidations in the past day to be from long traders, meaning that around 45,000 traders were long this time around. The single largest liquidation event was recorded on the OKX crypto exchange across the ETH-USDT-SWAP pair which was valued at $2.12 million at the time of the liquidation.

There was also a new entrant into the top 3 in terms of liquidation volumes. Naturally, Bitcoin and Ethereum led the pack with liquidation volumes of $47.12 million and $29.16 million. However, ORDI came in third position with $21.64 million in liquidations in 24 hours.

Long Traders In Trouble As Bitcoin Tanks

Long traders have continued to suffer the brunt of the liquidations in the last day, and the tides are still yet to turn against the bears. As Bitcoin’s price has briefly plunged below $43,000 and recovered back up toward $43,400 once more, the long liquidations are still piling up.

At the time of this writing, short liquidations made up 91.05% of the approximately $47.83 million in liquidations that have been recorded in the last four hours. This 4-hour liquidation trend is also being led by the same top three including Bitcoin, Ethereum, and ORDI, all of which have seen a lot of volatility in the last week. If Bitcoin’s recovery continues to show high volatility, these liquidation volumes will continue to rise.

The majority of the liquidations have taken place on both the Binance and OKX exchanges with $82.56 million and $60.51 million, respectively. ByBit exchange snags third position with $27.05 million in liquidations in the last day.

Bitcoin is currently struggling to maintain support above $43,000, which explains why there has been an uptick in the liquidation trend in the last few hours. However, bulls are still ahead and continue to dominate as sentiment remains firmly in greed.
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BTC exhibits high volatility | Source: BTCUSD on Tradingview.com
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Featured image from Coin Culture, chart from Tradingview.com
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Scott Matherson

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December 7, 2023
SEC Insider: Bitcoin ETF Approval Probability Surges Beyond 99% As BTC Hits Fresh Yearly High

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In the countdown to the deadline for the long-awaited Bitcoin ETF applications by major asset managers worldwide, predictions regarding the rate of approval have significantly improved.

Inside sources from the US Securities and Exchange Commission (SEC) indicate that Bloomberg’s initial 90% chance prediction of approval has now surged beyond 99%.

This development has heightened the excitement surrounding this investment vehicle, which has the potential to bring substantial inflows of capital into the Bitcoin market and further amplify its year-to-date gains of over 153%.

Market Sentiment Soars As Bitcoin ETF Approval Probability Surpasses 99%

Andrew, an SEC insider, shared an update on X (formerly Twitter), stating that the 99% probability of a Spot Bitcoin ETF being approved is no longer deemed high enough.

While acknowledging that nothing is ever certain, the source emphasized that the current likelihood of approval surpasses the 99% estimate from the previous week.

The sentiment in the market is clearly reflected in the price movement of Bitcoin, as it continues to establish new yearly highs and display unwavering bullish momentum.

Currently trading at $42,900, Bitcoin recently reached a fresh annual peak of $43,400 on Tuesday. Over the past 24 hours, the largest cryptocurrency has surged by 4%, and it has witnessed a remarkable increase of over 14% in the past seven days.

BTC’s uptrend on the daily chart. Source: BTCUSDT on TradingView.com

It is worth noting that the prospect of a Bitcoin ETF being approved has captured the attention of investors and industry participants alike. If approved, the ETF would provide a regulated and accessible investment vehicle for institutional and retail investors, potentially bringing significant liquidity to the cryptocurrency market.

The spike in approval forecasts to over 99% has further fueled optimism that this milestone decision is imminent. While nothing can be guaranteed, the growing confidence in Bitcoin ETF approval and the cryptocurrency’s impressive price performance underscores the potential for a significant positive impact on the market.

As the final deadline approaches, market participants eagerly await the SEC’s decision, anticipating a potential game-changer for the Bitcoin ecosystem and its ongoing growth.

BTC Faces Crucial Range High Resistance

Renowned crypto analyst Rekt Capital has shed light on Bitcoin’s recent price action, emphasizing the significance of key support and resistance levels within a specific price range.

In late November, Rekt Capital identified a range between $36,120 and $43,200, highlighting the importance of the lower boundary for a potential upward move.

Bitcoin successfully tested and held the range’s lower boundary as support, resulting in a substantial rally in recent days. The primary objective now, according to Rekt, is to revisit the upper boundary, known as the black $43,900 range high resistance, as seen in the chart below.

BTC’s next target at $43,900. Source: Rekt Capital Newsletter.

Rekt Capital underscores the importance of the black Range High resistance as a crucial reference point for Bitcoin’s price. During the parabolic phase of the 2021 Bull Market, Bitcoin managed to break above this level relatively easily.

On two occasions, the cryptocurrency surged beyond the black level, with the first instance followed by a retest of the level as a new support, leading to further upward momentum.

The second instance occurred later in the year when Bitcoin successfully retested the black level as short-term support before continuing its ascent.

However, late in 2021, Bitcoin lost the black level as support (first red circle from the left) and experienced a fake breakout above it, subsequently entering a multi-week downtrend.

Rekt Capital highlights that Bitcoin’s historical performance suggests the cryptocurrency needs to successfully retest the black $43,900 level as support to pave the way for further upward movement.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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December 5, 2023
The Bulls Are Back: Crypto Institutional Inflows Balloon To 2021 Levels
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Crypto investment products have experienced another week of inflows, bringing the run to 10 consecutive weeks. According to CoinShares’ latest report on digital asset investment funds, inflows into crypto products totaled $176 million last week, bringing the total inflow in 10 weeks to $1.76 billion. The timing is not a coincidence, as most cryptocurrencies turned green again last week in terms of price action.

Total Crypto Inflows Hit $1.76 Billion In 10 Weeks

After a lackluster action for most of the year and some weeks of net outflows, the most recent data shows smart money investors are betting big on crypto again. Investments in digital asset funds have been on the rise for the past two months, ignited by the crypto market bull run which started in the middle of October. As a result, the inflows have ballooned every week, breaking levels not seen since 2021’s crypto market bull run.

Digital asset investment funds ended November with an inflow of $176 million, although down from the $346 million registered in the week before. Most of the money last week went into Bitcoin, with the cryptocurrency seeing $133 million in inflows.

Bitcoin remains the most popular digital asset for institutions, and interest has really piqued with the applications of spot Bitcoin ETFs in the US waiting for approval from regulators. As a result, the crypto has strengthened since October, breaking various price levels and resistances, the latest being the $42,000 price level.

The sentiment has also flowed into the altcoin market. Ethereum saw inflows of $31 million last week, bringing its 5-week inflow run to a total of $134 million. Multi-asset investment products that provide exposure to a basket of crypto assets saw $2.3 million in new investment.
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Total market cap at $1.5 trillion | Source: Crypto Total Market Cap on Tradingview.com
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Solana and XRP saw inflows of $4.3 million and $0.5 million respectively. On the other hand, Litecoin saw outflows of $0.2 million, and Short Bitcoin products saw $3.6 million inflows after three consecutive weeks of outflows.

Most of the inflows came in from Canada, Germany, and the US, which saw inflows of $79 million, $57 million, and $54 million respectively. Australia and Sweden also saw outflows of $0.5 million and $0.2 million respectively. However, the overall trend shows institutions are still bullish on crypto in the long run.

It’s exciting to see such numbers again, as they are reminiscent of past bullish sentiment in the crypto industry. According to CoinShares, this run of inflows is now the largest since October 2021, which saw the launch of the futures-based ETF in the US.

Assets under management have also risen by 107% this year and are now at $46.2 billion, but still below the $86.6 billion seen in 2021. However, this record is ready to be overtaken in the coming year, as the latest data provides further evidence that institutional interest in the crypto market will continue for a while.

Featured image from CNBC, chart from Tradingview.com
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Scott Matherson

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December 5, 2023
Mystery Bitcoin Whale Who Bought 10,000 BTC Has Been Exposed
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The attention of the crypto community has been drawn to a particular whale that has been accumulating Bitcoin for some time now. The magnitude of the whale’s holdings has left many wondering who it might be and the reason for the accumulation.

Bitcoin Whale Accumulates Over 10,000 BTC In November

In a post on his X (formerly Twitter) platform, popular Bitcoin investor Lark Davis revealed details about the “mystery whale” who had been accumulating Bitcoin. Interestingly, the wallet (bc1qch) had accumulated over 10,000 BTC in November. On-chain data also showed that the wallet currently holds over 12,000 BTC ($460 million).

Following this revelation, many began to speculate on who the owner of the wallet was and the reason for such accumulation. Lark suggested that it could be institutional investors looking to “front-run the Spot Bitcoin ETF approval.” Some were of the opinion that it could be one of the Spot Bitcoin ETF filers who were preparing ahead of a possible approval.

Irrespective of who the owner was, many felt it was a good sign of things to come for the crypto market. That is because the accumulation showed that there was still a huge demand for the flagship cryptocurrency. One could have also inferred that the whale was possibly loading up their bags ahead of the bull run which some project is around the corner.

The bullish sentiment was also ignited by the fact that the wallet had not sent out any BTC since it began accumulation at the end of October. That instantly suggests that the whale was in it for the long term rather than looking to make quick profits.
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BTC price crosses $38,500 | Source: BTCUSD on Tradingview.com
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BitMEX The Mystery Whale

The mystery around who the whale might be seems to have been resolved. The wallet is reported to belong to the crypto exchange BitMEX. The exchange is also said to have been simply moving its Bitcoin holdings to this new wallet, which forms part of the exchange’s cold wallet.

This is a real possibility, considering that some of the inflows into the wallet came from a particular BitMEX wallet (bc1qm). ZachXBT, a prominent blockchain investigator, also stated that the wallet belongs to the crypto exchange. He referred to an X post, which noted that the wallet address in question was included in BitMEX’s proof-of-reserves.

If so, then there isn’t so much meaning to read into the accumulation. It has become standard procedure for these exchanges to have proof of reserves as evidence of enough liquidity on their platform. These reserves are usually proportional to the users’ assets on the exchange.

Featured image from ACS Information Age, chart from Tradingview.com
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Scott Matherson

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December 1, 2023
3 Bitcoin-Like Proof Of Work Altcoins That Could Make You A Millionaire In 2024
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Bitcoin is still the leading proof of work blockchain and has already made massive moves over the years, with countless millionaires at the same time. However, with the price of Bitcoin having moved so much already, the upside is fairly limited, especially for crypto investors who do not have ample buying power to make a Bitcoin investment worth their while.

In this vein, altcoins offer the best opportunity for smaller and retail investors to make the most money. But not just any altcoins; these coins also employ the proof of work mechanism, just like Bitcoin, making them a good choice, especially when they are newly launched.

QUBIC: A Proof Of Work Coin Like Bitcoin

The Qubic (QUBIC) coin is already making the rounds on social media platforms such as X (formerly Twitter) and with good reason. The blockchain uses a proof of work mechanism like Bitcoin. Led by IOTA co-founder Dominik Schiener, it has already garnered a reasonable following based on Schiener’s reputation.

The coin is still trading well below $0.1 which could make it a good buy in the long run. With a current circulating supply of 71.425 trillion, its current market cap is currently sitting at around $200 million. 16% of the total supply has reportedly been burned already.

Nexa (NEXA) Leads POW Altcoins

Next (NEXA) is another proof of work blockchain, but unlike Bitcoin, it uses the UTXO Layer. This means that Nexa is a proof of work blockchain that is also able to support native tokens and smart contracts. To mitigate the problem of scalability often encountered by the likes of Bitcoin and Ethereum, Nexa employs Signatures and UTXO lookups.
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NEXA price at $0.000013 | Source: NEXAUSDT on Tradingview.com
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The Nexa token is currently trending below one cent with an around $35 million market cap at the time of writing. Given the kind of run that Kaspa (KAS) had even through a bear market, it puts in perspective the opportunity that lies with this token.

Firo (FIRO)

Firo (FIRO) is another proof of work coin that also holds a lot of promise among the altcoins that fall into this category. It rebranded from ZCoin and is a privacy-first coin, meaning it mixes two of the most sought-after attributes right now in the crypto market.

Its price is $1.87 with a fully diluted market cap of under $40 million. This makes it the coin on this list with the lowest fully diluted market cap. Its price has been relatively stable for the last week, which could suggest that accumulation is happening ahead of a possible breakout.
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Best Owie

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November 30, 2023
Empty Accounts Discovered As Celsius Allows Crypto Withdrawals For Eligible Users

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In a recent announcement, bankrupt crypto lender Celsius has initiated additional withdrawals for certain eligible custody users. However, it’s important to note that only specific custody assets are currently available for withdrawal, while other cryptocurrencies such as Bitcoin (BTC) remain inaccessible.

Starting November 29th, two groups, namely Class 6A General Custody Claims and Class 6B withdrawable custody claims, are eligible for withdrawals. Users within these groups have until February 28th to make their withdrawals.

Qualifying users can withdraw 72.5% of their crypto, minus transaction fees, provided they did not participate in a previous custody settlement.

Withdrawal Woes For Celsius Users

In the November 29 announcement, Celsius urged users to withdraw these assets from the Celsius app immediately and to keep personal records of relevant information, as the app will only be accessible for a limited time.

However, despite the withdrawal option, some Celsius users have experienced difficulties, according to reports on the X platform. This development comes as some 58,300 users hold approximately $210 million worth of assets that have been deemed “custodial assets” by the court.

According to user responses to the Celsius announcement, there have been reports of login failures on the platform. Users claim to be experiencing errors even after attempting to reinstall the Celsius app.

Additionally, some users have expressed concern that their Earn accounts are empty, further exacerbating the issues faced by former users of the crypto lending platform. One user specifically stated:

While my frozen portfolio balance is visible, my custody balance shows 0.

Transition To ‘Creditor-Owned’ Bitcoin Mining Company

As reported by our sister website, Bitcoinist Celsius recently obtained approval from the bankruptcy court for its proposal to transition into a creditor-owned Bitcoin mining company.

This plan involves repaying customers through a combination of crypto assets and stock in the newly established Bitcoin mining firm, which will be publicly listed.

The distribution of assets is expected to commence in early 2024, pending endorsement from the US Securities and Exchange Commission (SEC). However, Celsius acknowledges the possibility of liquidation if the crypto-mining proposal fails to materialize.

Celsius and its founder and CEO, Alex Mashinsky, have faced legal action from various entities, including the SEC, Federal Trade Commission (FTC), and the Commodity Futures Trading Commission (CFTC), for alleged misleading practices.

Celsius promptly settled with the FTC, agreeing to pay $4.7 billion once the bankruptcy proceedings concluded. Mashinsky has been charged with fraud; his criminal trial is scheduled this year.

Overall, the resolution of the reported issues faced by Celsius users remains uncertain, including the login difficulties and accounts displaying zero balances.

It is yet to be determined whether these occurrences are temporary or persistent and how the platform intends to address them. The future actions and measures Celsius took to rectify these concerns are still to be clarified.

The 1-day chart shows CEL’s price surge over the past 24 hours. Source: CELUSDT on TradingView.com

The lender’s native token, CEL, is trading at $0.2533, up 5% in the past 24 hours. However, it is important to note that the token has yet to recover from its 2022 decline and remains down more than 50% year-to-date.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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November 29, 2023
Crypto Market Cap Soars: $1.5 Trillion Milestone Achieved, Bitcoin Sets New Record

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Bitcoin (BTC) and the cryptocurrency market have seen a significant uptrend, hitting a new annual high and surpassing $1.45 trillion, paving the way for potential gains in the final days of November.

Notably, BTC, the largest cryptocurrency in the market, has achieved a remarkable milestone, approaching the $40,000 level with a price surge to $38,400.

The catalysts behind this recent surge include the anticipated acceptance of the BlackRock Bitcoin Spot exchange-traded fund (ETF) within the next 45 days and speculation that BlackRock itself may influence Bitcoin’s price through significant buying pressure on Coinbase.

BlackRock Driving BTC’s Recent Price Surge?

According to CoinGecko, the global cryptocurrency market cap currently stands at $1.5 trillion, reflecting a 2.05% change in the last 24 hours and an impressive 72.26% change compared to the same period last year.

This surge in market capitalization has not only boosted Bitcoin but has also contributed to gains in other major cryptocurrencies within the Top 100, such as Blur (BLUR), which soared a staggering 27%, Mina Protocol (MINA), which gained 9%, and Bittensor (TAO), which has seen a 14% surge in the last 24 hours, to name a few.

Regarding the recent surge of BTC to a new yearly high, crypto expert known by the pseudonym “Crypto Rover” has shed light on potential catalysts driving the recent surge. According to Rover, the BlackRock Bitcoin Spot ETF launch is expected to occur within the next 45 days.

In this regard, Rover’s analysis suggests that BlackRock, the world’s largest asset manager, may play a role in Bitcoin’s recent surge. The speculation is based on the observation that a significant amount of Bitcoin buying pressure appears to be coming from Coinbase, the largest cryptocurrency exchange in the United States, with the platform serving as BlackRock’s custodial partner.

Promising Bitcoin Price Targets For Late 2025

Renowned crypto analyst Crypto Con has unveiled what he claims to be the most accurate Log Regression Curves for Bitcoin to date. These curves have provided insights into the future cycle top, an elusive aspect of Bitcoin analysis.

According to projections derived from the curve matching technique, late 2025 could witness two potential price targets for Bitcoin: $130,000, referred to as Layer 6, and Layer 7, with a target price of $180,000.

BTC’s price targets for late 2025. Source: CryptoCon on X.

The analyst says several models and projections support the $130,000 target, adding to its credibility. According to Crypto Con, even the most conservative estimate, known as Layer 5 at $94,000, seems less likely.

Based on historical trends, it is improbable that the entire red band, representing potential price ranges, would fail during this cycle. Therefore, one of the projected targets is expected to be accurate.

Based on the available information, Crypto Con favors layer 6 at $130,000 as the more likely target for Bitcoin’s late 2025 price surge. This projection aligns with the Halving Cycles Theory, suggesting a timeframe of approximately 21 days from November 28th, 2025.

BTC is reaching a new yearly high on the daily chart. Source: BTCUSDT on TradingView.com

Bitcoin has undergone a recent pullback within the last hour following its attainment of a new yearly high. As of now, it is trading at $37,800.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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November 24, 2023