ReportWire

Tag: Bitcoin

  • Cboe BZX Withdraws Application for Global X Bitcoin ETF Listing

    Cboe BZX Withdraws Application for Global X Bitcoin ETF Listing

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    As stated in an SEC filing on Tuesday, the ETF provider Global X has withdrawn its application for a spot in Bitcoin ETF.

    The CBOE BZX Exchange submitted a notice of withdrawal for the Global X Bitcoin Trust on January 26, roughly two weeks after the SEC approved 11 other spot Bitcoin ETFs.

    Global X Withdraws Application

    The Global X Bitcoin Trust’s initial application was submitted in August 2023, and despite two extensions for consideration in September and November, the exchange officially withdrew its proposal on January 26. As of December 2023, Global X had approximately $51 billion in assets under management in its ETFs worldwide.

    Bloomberg Intelligence ETF analyst James Seyffart commented on the withdrawal, stating that it was not surprising, given prior indications. Seyffart mentioned in a post on X that the official withdrawal request for Global X ETFs’ Bitcoin ETF was expected, as it was known they were no longer in contention since at least early December.

    The decision to withdraw the application for a spot Bitcoin ETF comes amid a complex regulatory backdrop, notably characterized by the SEC’s landmark approval of spot Bitcoin ETFs on U.S. exchanges on January 10. While this marked a significant step forward, the overall regulatory environment remains uncertain.

    Spot Bitcoin Approvals in the Spotlight

    Earlier this month, the SEC approved 11 spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT.O) and Grayscale Bitcoin Trust (GBTC.P), among others, concluding a decade-long struggle with the digital asset industry.

    The move has sparked speculation about the SEC potentially approving spot Ethereum exchange-traded products in the near future. The commission has extended deadlines for proposals from asset managers BlackRock and Grayscale, with final decisions anticipated in May.

    Despite approximately $5 billion in outflows from the Grayscale Bitcoin Trust following its conversion to an ETF as of January 26, there were $759 million in net inflows across all spot Bitcoin ETFs approved by the SEC on January 10.

    Attention is now focused on the possibility of a spot Ethereum ETF, with notable firms such as Fidelity and BlackRock recently submitting applications for such products. Meanwhile, industry experts remain cautiously optimistic, awaiting the SEC’s final decisions on pending spot Ethereum applications.

    While some, like Bloomberg ETF analyst Eric Balchunas, predict a high likelihood of approval by May, others, including Morgan Creek Capital’s CEO Mark Yusko, express more conservative estimates, highlighting the ongoing uncertainty in this evolving sector.

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    Wayne Jones

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  • Bitfinex Securities launches El Salvador’s first licensed digital asset service provider

    Bitfinex Securities launches El Salvador’s first licensed digital asset service provider

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    Bitfinex Securities debuts as El Salvador’s first licensed digital asset service provider, aligning with the country’s pioneering Bitcoin-focused financial initiatives.

    The securities token platform, gearing up for a dynamic phase, is now open to customer applications. This development is accompanied by the anticipation of numerous tokenized financial asset issuances, expected to hit the market in the first half of this year.

    Bitfinex Securities CTO Paolo Ardoino expressed enthusiasm about the launch in El Salvador, highlighting the country’s unique position due to its adoption of Bitcoin as legal tender and efforts to nurture a Bitcoin-centric economy.

    Ardoino believes the move will benefit Bitfinex and enable El Salvador to attract global investment through competitively priced securities offerings.

    The company’s optimism is partly fueled by the success of U.S. spot Bitcoin ETF, with Bitfinex anticipating strong demand for similar regulated digital asset investment vehicles. Jesse Knutson, Head of Operations at Bitfinex Securities, pointed out the recent surge of institutional investor interest in Bitcoin-focused financial products as a positive sign for their venture.

    El Salvador has been in the cryptocurrency spotlight since 2021, following its decision to grant Bitcoin legal tender status. The country also introduced the “Adopting El Salvador Freedom Visa” program in December with collaboration from stablecoin issuer Tether.

    The program allows investors to apply for the Freedom Visa by investing $1 million in Bitcoin or USDT. El Salvador recently established a digital asset regulatory framework, laying the groundwork for fully operational Bitcoin-based financial markets, further solidifying its position in the digital currency landscape.


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    Bralon Hill

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  • Why “Overbought” Bitcoin Could Trigger A 107% Rally

    Why “Overbought” Bitcoin Could Trigger A 107% Rally

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    Bitcoin price had previously been showing extreme strength leading up until the debut of the first spot ETFs. That strength has since subsided, leading to a 20% correction in BTCUSD.

    A popular technical indicator that measures momentum, however, could point to powerful continuation to the upside, but only if a certain level is breached. Keep reading to learn more about the Relative Strength Index and how the top cryptocurrency behaves once the market reaches an “overbought” level.

    Bitcoin Approaches “Overbought” And Why This Isn’t A Bad Thing

    The Relative Strength Index is a momentum-measuring tool that signals when a market is “overbought” or “oversold”. When a financial asset reaches such conditions, it often means the trend is about to change.

    In Bitcoin and other cryptocurrencies, the weekly RSI is often a signal that the asset is moving into its most powerful phase. For example, Bitcoin made it above a reading of 70 in October 2023, and only weeks later saw an over 60% rally to local 2024 highs.

    Now 1W BTCUSD charts are showing an RSI reading of just below 70, pointing to a possible close back above the overbought level. If bulls can keep the top cryptocurrency by market cap above $43,650, the weekly RSI should close above the threshold.

    The average move is 107% | BTCUSD on TradingView.com

    BTCUSD Historical 1W Relative Strength Data

    Historical data could possibly shed some light on what might happen if the weekly Relative Strength Index gets the close above 70 as anticipated.

    Over the last ten years, Bitcoin saw a 1W RSI close above 70 a total of 13 times. This happened 8 times in 2016 and 2017, twice in 2019, and once each in 2020 and 2021. One additional instance occurred in 2023.

    Of the 13 times, the average gain after the RSI closed above 70 to the peak of the movement was 107%. The largest rally was in 2020, bringing over 400% returns. The smallest rally was in 2016 and saw only a 20% gain.

    After removing the largest and smallest outliers, the average drops down to around 61%. This could mean that Bitcoin could produce on average a move between 61 and 107%.

    A 61% gain takes BTCUSD back to just under $68,000 and shy of a new all-time high, while a 107% move sets a new record closer to $90,000 per coin. The cryptocurrency is also potentially working on a bull flag pattern, with a target of around $77,000.

    Bitcoin bull flag rsi

    The 75% target is within historical averages | BTCUSD on 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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    Tony "The Bull" Severino

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

    Bitcoin Price Could Hit New All-Time High Before Halving

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

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

    Bitcoin ETF Flow – Day 12 | Source: @BitMEXResearch

    New All-Time High Until Bitcoin Halving?

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

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

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

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

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

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

    Spot BTC ETFs Remain The Focus

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

    Bitcoin holdings
    Bitcoin holdings | Source: X @thomas_fahrer

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

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

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

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

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



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    Jake Simmons

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  • Bitcoin Shoots Up to $44K, Solana and Cardano Lead the Altcoin Revival (Market Watch)

    Bitcoin Shoots Up to $44K, Solana and Cardano Lead the Altcoin Revival (Market Watch)

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    Bitcoin’s consolidation at around $42,000 has finally ended, with the asset’s price jumping to almost $44,000. 

    Most alternative coins, such as Solana and Cardano, have followed suit, charting even more impressive gains than the primary cryptocurrency.

    BTC Eyes the $44K Mark

    The past weekend and the first day of the new week have been relatively quiet for Bitcoin, the price of which was hovering between $41,000 and $42,500. 

    However, the consolidation ended several hours ago when BTC pushed as high as $43,600 (per CoinGecko’s data). Shortly after, the asset’s value dropped a bit, standing at around $43,400 as of the moment of writing these lines.

    BTC Price, Source: CoinGecko

    As CryptoPotato reported, the latest push resulted in over $110 million in liquidations, with BTC trades comprising almost 40% of the total share.

    Bitcoin’s market capitalization briefly surged to almost $860 billion before retracing to its current level of $850 billion. Its dominance over the altcoins is 52.6% (a 3% increase on a weekly scale). 

    SOL and ADA Take the Main Stage

    Most leading alternative coins have also impressed today (January 30). Solana (SOL) is up 6%, reclaiming the $100 target, while Cardano’s ADA eyes $0.53 with an 8% price spike.

    Meanwhile, Sui (SUI) reached an all-time high of $1.64 following a partnership between Banxa and SUI Wallet. Its market cap soared to $1.8 billion, making it the 48th largest digital asset.

    Other major alts, including Ethereum (ETH), Ripple (XRP), Avalanche (AVAX), Dogecoin (DOGE), Polkadot (DOT), and Polygon (MATIC) are also in the green, albeit in a more modest fashion.

    The total cryptocurrency market capitalization has added approximately $50 billion in the past 24 hours, currently equaling $1.75 trillion.

    Cryptocurrency Market Overview
    Cryptocurrency Market Overview, Source: Quantify Crypto
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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.

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    Dimitar Dzhondzhorov

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  • dYdX Foundation partners with Stride to launch liquid staking

    dYdX Foundation partners with Stride to launch liquid staking

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    The dYdX Foundation introduces liquid staking on its blockchain in partnership with Stride, enhancing staking options in the Cosmos Ecosystem.

    Stride is recognized as the leading liquid staking provider in the Cosmos Ecosystem, bringing substantial expertise to this initiative.

    In addition, the dYdX chain plans to expand its liquid staking options by partnering with other providers like Persistence and Quicksilver, which indicates a growing trend in the cryptocurrency industry, where liquid staking is gaining in popularity.

    Liquid staking allows participants to lock up tokens in return for a token receipt. This receipt can then be actively used or traded in decentralized finance (defi) applications. The current Total Value Locked (TVL) in liquid staking derivatives is over $31.1 billion, according to DeFiLlama, highlighting its significant role in the defi sector.

    With this new feature on dYdX, token holders can now acquire staked denominations of dYdX v4’s native token (DYDX). An attractive aspect of staking here is that stakers will receive trading and transaction fees in USDC. This not only contributes to securing the dYdX v4 chain but also provides an opportunity for additional yield.

    Stride co-founder Riley Edmunds emphasized the stability and potential of stDYDX as a collateral source in the defi ecosystem within Cosmos. He pointed out that this initiative could encourage DYDX holders, especially those currently inactive or engaged in Ethereum defi, to shift their liquidity to the Cosmos ecosystem.

    Moreover, Stride plans to incentivize participation by executing one of its largest STRD token airdrops. They will distribute up to 100,000 STRD tokens to users who liquid stake their DYDX with Stride for stDYDX in the first 120 days of the launch.

    Edmunds also highlighted the strategic significance of this integration. He mentioned that dYdX, being the largest decentralized exchange by volume, attracts a vast audience. This collaboration not only introduces these users to the Cosmos ecosystem but also potentially increases overall interest and engagement within this space.


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    Bralon Hill

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  • Bitcoin Price Regains Strength As The Bulls Aim For Retest of $45K

    Bitcoin Price Regains Strength As The Bulls Aim For Retest of $45K

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    Bitcoin price is gaining pace above the $42,500 resistance. BTC is showing positive signs and might extend its increase toward the $45,000 resistance.

    • Bitcoin price is moving higher above the $42,500 resistance zone.
    • The price is trading above $43,000 and the 100 hourly Simple moving average.
    • There is a major bullish trend line forming with support near $42,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could continue to rise if it clears the $43,800 and $44,200 resistance levels.

    Bitcoin Price Climbs Higher

    Bitcoin price started a decent increase above the $41,200 resistance zone. BTC was able to clear the $42,500 and $42,800 resistance levels to move further into a positive zone.

    The bulls pushed the price above the $43,000 resistance and the price pumped toward $43,800. A new weekly high is formed near $43,779 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $41,651 swing low to the $43,779 high.

    Bitcoin is now trading above $43,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $42,150 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the upward move from the $41,651 swing low to the $43,779 high.

    Immediate resistance is near the $43,800 level. The next key resistance could be $44,200, above which the price could rise and test $44,500. A clear move above the $44,500 resistance could send the price toward the $45,000 resistance.

    Source: BTCUSD on TradingView.com

    The next resistance is now forming near the $45,500 level. A close above the $45,500 level could push the price further higher. The next major resistance sits at $46,500.

    Are Dips Limited In BTC?

    If Bitcoin fails to rise above the $43,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $43,200 level.

    The next major support is $42,500. The main support could be $42,200 and the trend line. If there is a close below $42,200, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,650 support.

    Technical indicators:

    Hourly MACD – The MACD is now gaining pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

    Major Support Levels – $43,200, followed by $42,500.

    Major Resistance Levels – $43,800, $44,500, and $45,000.

    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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    Aayush Jindal

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  • Bitcoin Will Hit $170,000 After The Halving: Anthony Scaramucci

    Bitcoin Will Hit $170,000 After The Halving: Anthony Scaramucci

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    Anthony Scaramucci – founder of SkyBridge Capital – predicts that the next Bitcoin (BTC) halving will catapult the asset’s price to $170,000 per coin.

    His latest estimate is based on Bitcoin’s consistent track record of tapping new all-time highs following the “halving” – a roughly one-in-four-year event that cuts the rate at which new BTC is produced in half.

    Scaramucci’s “Conservative” Estimate

    Scaramucci has long credited Bitcoin as being a superior store of value to gold, and compared its potential for outsized return to that of Amazon (AMZN) stock.

    “Go back and look at Bitcoin halving cycles,” Scaramucci said on the Scott Melker podcast last week. “The day that Bitcoin halves, multiply it by four [and] 18 months later and it’s been uncanny that that’s been the price of Bitcoin.”

    Bitcoin’s last halving was on May 11, 2020, on which day the asset closed at $9,670, according to Yahoo Finance. Almost exactly 18 months later, the asset tapped its current all-time high of $69,000.

    The halving before that, BTC closed at $656 on July 16 2016, before surging to a high of $19,783 in December 2017.

    This time around, the financier says his $170,000 price target is “conservative,” and is based on Bitcoin’s price being $35,000 at the time the halving occurs in April 2024. As of Monday, Bitcoin trades for $43,000.

    Let’s say we’re at $50,000 in April, then it’s a $200,000 handle. Let’s say we’re at $60,000, we’re at $240,000,” he said.

    Digital Gold

    Long term, Scaramucci maintains that Bitcoin will “easily” reach half the market capitalization of gold, which currently rests at $13.6 trillion. That would imply a Bitcoin price of at least $323,000 per coin.

    Scaramucci previously revealed that his fund was the very first external investor to buy shares of BlackRock’s Bitcoin spot ETF before it was approved on January 11.

    Much like Scaramucci, BlackRock CEO Larry Fink has repeatedly referred to Bitcoin as “digital gold,” and a “flight to quality” during times of uncertainty.

    Scaramucci said he personally met Larry Fink in 2021, and that the latter thought Bitcoin was “stupid” at the time. Scaramucci gave Fink credit for being willing to change his mind on the asset.

    “It takes a very smart leader to pridefully say that Bitcoin sucks and then 24 months later say ‘you know what I got this wrong, BlackRock needs to be a part of this.’”

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    Andrew Throuvalas

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  • Expert Reveals Key Macro Indicators For Bitcoin: A Roadmap To Next Rally?

    Expert Reveals Key Macro Indicators For Bitcoin: A Roadmap To Next Rally?

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    Bitcoin advocate and CEO of Jan3, Samson Mow, has pinpointed a range of macroeconomic indicators that could signal an impending rally for Bitcoin. Mow focuses on exchange-traded inflows (ETF), Bitcoin’s Hashrate, and whale activity on prominent exchanges like Bitfinex.

    The Jan3 CEO also mentioned the 200-week moving average (WMA) in forecasting Bitcoin’s trajectory. The recent data shared by Cypherpunk on X highlighting significant whale accumulation on Bitfinex further supports Mow’s Bitfinex whale indicator, suggesting an increased interest from large-scale investors in the flagship crypto.

    Broader Economic Indicators

    Mow also looks beyond the crypto-specific data, considering global economic factors like Tether’s USDT Assets Under Management, government debt payments, and Debt-to-GDP ratios. The Bitcoin advocate believes these factors, along with nation-state adoption of Bitcoin, real inflation rates, and M3 money supply, could profoundly impact Bitcoin’s performance.

    Notably, Samson Mow has remained steadfast in his ambitious prediction for BTC, maintaining a $1 million price target for the crypto. Mow recently cautioned about the potential ‘max pain‘ accompanying a rapid ascent of Bitcoin to this monumental valuation.

    Furthermore, Mow has recently suggested that this significant price milestone could materialize relatively quickly, possibly within days or weeks. However, according to the Jan3 CEO, the starting point for this potential surge is “TBD” (to be disclosed).

    Bitcoin Latest Trajectory And Prediction

    Despite a recent dip below $39,000 last week, BTC has shown a slight increase, with an uptick bringing its price above $42,000. This recovery, though slight, aligns with the optimistic predictions of various analysts and experts, including Samson Mow.

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

    SkyBridge Capital’s founder, Anthony Scaramucci, has also joined the chorus with an optimistic prediction for Bitcoin. Scaramucci’s analysis suggests a potential 300% increase in Bitcoin’s value post-halving, with a long-term price target of $400,000.

    His estimates, based on historical data and market trends, indicate that the peak bullish period for BTC could be about 18 months after the halving event. These predictions are further supported by the recent developments in Bitcoin ETFs, including the filing of the first-ever Bitcoin spot ETF in Hong Kong, indicating a growing institutional interest in BTC.

    Featured image from Unsplash, Chart from TradingView

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



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    Samuel Edyme

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  • Analyst: Forget Bitcoin Hitting $70,000, Prices Must First Fall To This Key Support Level

    Analyst: Forget Bitcoin Hitting $70,000, Prices Must First Fall To This Key Support Level

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    Bitcoin enthusiasts may need to temper their expectations for a rapid ascent to $70,000. On January 28, a crypto analyst thinks the world’s most valuable coin must fall back to $30,000, a critical support level, before resuming its uptrend.

    Bitcoin Must Fall: Path To $30,000?

    CryptoCon, a crypto analyst, cites historical price performance to support this assertion. Specifically, the argument is that no Bitcoin cycle has reached its recent high without first revisiting the monthly least square moving average (MA).

    Currently, this MA is at $30,358. If past performance guides, CryptoCon believes Bitcoin could likely dip to this level before prices recover sharply.

    Historical BTC price performance | Source: Crypto Con on X

    The Bitcoin analyst notes that the MA has consistently acted as a floor for Bitcoin prices, even during periods of high volatility. CryptoCon asserts that the only outlier was the 2019 bear market, triggered by the Black Swan event of COVID-19.

    The analyst further acknowledges that though some observers say Bitcoin has bottomed, further confirmations might be required. Based on CryptoCon’s analysis, insufficient data supports this claim. The analyst asserts that by how prices have behaved in the past, it is highly likely that the coin will drop to as low as $30,000 by February or March. 

    A Contrarian Position: Wall Street Accumulating BTC

    This prediction may disappoint some Bitcoin holders eagerly anticipating a sharp recovery to $70,000 and beyond. This optimistic preview comes after the United States Securities and Exchange Commission (SEC) recently approved multiple spot Bitcoin Exchange-Traded Funds (ETFs).

    Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
    Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

    Though prices fell, pinned to the massive liquidation of Grayscale Bitcoin Trust (GBTC) shares by, among other investors, FTX–the defunct exchange, prices recovered over the weekend. Spot Bitcoin ETF issuers, including Fidelity and BlackRock, have been buying BTC en-masse over the past weeks. Analysts have interpreted this as a net positive for prices. This development might lift sentiment and drive the coin to January 2023 highs soon. 

    However, looking at CryptoCon’s preview, it appears the analyst is taking a contrarian position, expecting prices to move against the general public. Whether this retracement will help anchor BTC and build a more sustainable long-term trend remains to be seen.

    Crypto Fear and Greed Indicator | Source: Coinstats
    Crypto Fear and Greed Indicator | Source: Coinstats

    From the sentiment chart, Fear-and-Greed Index, bulls expect prices to increase in the sessions ahead. According to Coinstats, the index’s reading is 55, up from 50 last week.

    Feature image from Canva, chart from TradingView

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



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    Dalmas Ngetich

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  • Solana (SOL) Bulls Imminent: Analyst Predicts Price Surge To $113

    Solana (SOL) Bulls Imminent: Analyst Predicts Price Surge To $113

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    In the ever-fluctuating world of cryptocurrencies, Solana (SOL), which has witnessed a significant decline in price in the past few days, might be poised for a breakout soon toward the upward trajectory.

    Solana Set To Hit The $113 Price Mark Soon

    As the development unfolds, Ali Martinez, a well-known cryptocurrency analyst, has revealed his short-term price predictions for Solana. The analyst took to the social media platform X (formerly Twitter) to share his latest projections with the crypto community. 

    In the X post, Ali Martinez has identified a notable shift in the direction of Solana. According to him, “SOL seems to be breaking out from a descending parallel channel.”

    As a result, Martinez has predicted the price of Solana to reach a new yearly high of $113. However, this is anticipated to take place if SOL manages to hold its position “above the $94” price mark.

    The post read:

    Solana appears to be breaking out from a descending parallel channel. If SOL can hold above $94, it has a great chance of advancing toward $113.

    Martinez’s price predictions for SOL came amidst the present market volatility, which is believed to be triggered by the Bitcoin Spot ETFs. Since the approval of the products, the larger crypto market has gone through a difficult time.

    SOL breaking out of the descending parallel channel | Source: Ali_charts on X

    Major cryptocurrency assets in the market have witnessed a major decline in value over time. Nonetheless, the expert’s recent price overview has sparked new hope for SOL traders and investors.

    Martinez’s positive price forecast for Solana has caused quite a frenzy in the entire crypto community. With SOL breaking free from a parallel channel that was falling, everyone is now talking about the token’s possible rise.

    It is noteworthy that Solana has experienced a significant upswing in popularity in recent years, especially in 2023. Due to this, the project has become a preferred investment option for crypto aficionados and investors.

    As of the time of writing, Solana was trading at $96.63, demonstrating a 10% increase in the past week. The digital asset boasts of a 47% rise in daily trading volume valued at $2.30 billion.

    The SOL Ecosystem Buzzing With Activity

    Lately, several exciting developments have put Solana’s ecosystem in the spotlight. One of the recent events is the introduction of the SOL-based meme coin Wen (WEN), which has seen a notable rise in its daily trade.

    According to a report, the meme coin’s 24-hour trading volume has elapsed that of the popular Shiba Inu (SHIB) token. The token has had a remarkable rise in its daily trade, recording over 40% increase.

    Data from the report shows that WEN recorded a whopping $115 million in its 24-hour trading volume. Meanwhile, Shiba Inu recorded a whopping $88 million in its daily trading volume.

    Currently, the daily trading volume of the coin is sitting at $123 million, indicating a 76% increase. This suggests increased trader interest, which could be connected to the recent market activities specific to the coin.

    Solana
    SOL trading at $96.86 in the 1D chart | Source: SOLUSDT 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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    Godspower Owie

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  • Bitcoin Price Restarts Increase – Can BTC Pump To $45K Again?

    Bitcoin Price Restarts Increase – Can BTC Pump To $45K Again?

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    Bitcoin price is recovering higher above the $42,000 resistance. BTC must clear $42,800 and $43,500 to start an increase toward the $45,000 resistance.

    • Bitcoin price is moving higher above the $42,000 resistance zone.
    • The price is trading above $41,500 and the 100 hourly Simple moving average.
    • There is a key bullish trend line forming with support near $41,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could start a steady increase if it clears the $42,800 and $43,500 resistance levels.

    Bitcoin Price Aims Higher

    Bitcoin price formed a support base above the $40,000 support zone. BTC started a decent increase above the $41,200 and $41,500 resistance levels.

    It opened the doors for more gains above $42,000 and the 100 hourly Simple moving average. Finally, the price tested the $42,800 zone. A high was formed near $42,800 before there was a minor decline. The price declined below the $42,200 level.

    Bitcoin tested the 23.6% Fib retracement level of the upward move from the $38,518 swing low to the $42,800 high. There is also a key bullish trend line forming with support near $41,500 on the hourly chart of the BTC/USD pair.

    The price is now trading above $41,500 and the 100 hourly Simple moving average. Immediate resistance is near the $42,500 level. The next key resistance could be $42,800, above which the price could rise and test $43,500.

    Source: BTCUSD on TradingView.com

    A clear move above the $43,500 resistance could send the price toward the $44,250 resistance. The next resistance is now forming near the $45,000 level. A close above the $45,000 level could push the price further higher. The next major resistance sits at $46,500.

    Another Drop In BTC?

    If Bitcoin fails to rise above the $42,800 resistance zone, it could start another decline. Immediate support on the downside is near the $41,750 level.

    The next major support is $41,500 and the trend line. If there is a close below $41,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,650 support or the 50% Fib retracement level of the upward move from the $38,518 swing low to the $42,800 high in the near term.

    Technical indicators:

    Hourly MACD – The MACD is now gaining pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

    Major Support Levels – $41,500, followed by $40,650.

    Major Resistance Levels – $42,800, $43,500, and $45,000.

    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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    Aayush Jindal

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  • Bitcoin Whales Increase Their Holdings By $3 Billion

    Bitcoin Whales Increase Their Holdings By $3 Billion

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    It’s only been a month into 2024, and Bitcoin has already experienced a whirlwind of activity. These events range from the SEC’s approval of spot Bitcoin ETFs to the cryptocurrency’s price underperforming with a decrease over the past month and selloffs from the Grayscale BTC Trust. Amidst all these, on-chain data has revealed an interesting sentiment of strategic accumulation among whales of the largest cryptocurrency. 

    According to information provided by crypto analytics firm IntoTheBlock, Bitcoin whales have added over 76,000 BTC worth approximately $3 billion to their holdings since the beginning of the year. 

    Bitcoin Whales Increase Holdings By $3 Billion Despite Market Downturn

    The price of Bitcoin climbed shortly after the approval of spot ETFs in the US to reach a 20-month high of $48,600. However, in a surprising turn of events, the crypto has suffered a price dip, reaching as low as $38,880 during the week. 

    Despite this series of events, on-chain data suggests that the selloff is coming mostly from small-term holders and a few large whales, as the majority of whales have been taking advantage of the price dip to scoop up more Bitcoin into their wallets.

    The total balance among Bitcoin whales has jumped by 76,000 in January, with the count now nearing 7.8 million BTC. Consequently, addresses holding more than 1,000 BTC have now reached a new all-time high.

    Price Surge Incoming?

    BTC’s future price outlook looks unclear at the moment, as the crypto is currently trading at a minor resistance around the $42,000 level. According to analyst MichaĂ«l van de Poppe, Bitcoin could continue consolidating between $37,000 and $48,000 for the coming months, giving altcoins a time to shine.

    BTC is currently trading at $42,522. Chart: TradingView.com

    However, fundamentals surrounding Bitcoin point to a price growth in the longer term. Renowned economist Peter Schiff recently commented that Bitcoin has the possibility of surging to $10 million within the next decade if it becomes a hedge against the devaluation of the US dollar.

    The community and investors also like to keep an eye out for crypto whales because they can significantly influence price movements. When whales stock up on BTC, it often signals they believe the price is undervalued and ready to rise substantially in the near future.

    If the whale accumulation continues, it could lead to a change to positive sentiment among the wider Bitcoin investing market. The next Bitcoin halving is also on its way, and many analysts predict a price growth around the event.  

    Featured image from Pexels

    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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  • 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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  • What Needs to Happen for Bitcoin to Mark a Local Bottom? CryptoQuant Reports

    What Needs to Happen for Bitcoin to Mark a Local Bottom? CryptoQuant Reports

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    Analysts at market intelligence platform CryptoQuant have revealed that BTC’s price bottoming signal can not be triggered until unrealized profit margins for short-term holders reach -10%.

    According to the CryptoQuant Institutional Insights weekly crypto report, short-term holders’ profit margins have approached zero, and this has caused ease in selling pressure. However, the leading digital asset is yet to call a price bottom.

    BTC Falls Below $40K

    Earlier this week, BTC fell below $40,000 for the first time since December 3, 2023, triggering roughly $230 million in short and long liquidations. The asset recorded its lowest price since the United States Securities and Exchange Commission (SEC) approved numerous spot Bitcoin exchange-traded funds (ETFs) for listing on securities exchanges.

    Before BTC dumped under $40,000, the cryptocurrency had lost a significant portion of its post-ETF approval gains, plunging from roughly $49,000 to the $43,000 level, leaving the crypto community in anticipation of a price bottom as there will not be any rally until one takes place. The decline has also taken a toll on miners suffering an 87% decrease in fees.

    As of last week, short-term holders’ unrealized profit margins hovered around 16%, and two days ago, CryptoPotato reported that the figure may need to go below 0% before we can call a bottom and expect a rally. Although BTC had recovered a little by press time, CryptoQuant’s analysts have set the margin at -10% as price support based on short-term holders’ realized price, which is currently between $39,000 and $37,000.

    New ETFs Amass Over 100K BTC

    While BTC has been on a downward spiral, the holdings of spot Bitcoin ETFs in the U.S. have continued to rise. At the time of writing, the products held approximately 641,000 BTC, representing significant growth since they launched on January 11.

    Grayscale’s GBTC holds the highest, 536,000 BTC; the other nine funds have collectively amassed around 104,000 BTC. BlackRock’s IBIT and Fidelity’s FBTC are leading the new ETFs, with holdings sitting at 44,000 and 34,000, respectively.

    It is worth noting that GBTC held roughly 619,000 BTC before the product’s conversion into a spot ETF was approved; however, constant outflows have diminished the stash.

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    Mandy Williams

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  • Mac Users Beware: Kaspersky Alerts About a Malicious Exploit Targeting Your Crypto Wallets

    Mac Users Beware: Kaspersky Alerts About a Malicious Exploit Targeting Your Crypto Wallets

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    Apple users have been urged to be vigilant as cybersecurity firm Kaspersky reports a verified macOS exploit targeting the latest operating system version.

    The exploit is designed to deceive Bitcoin and Exodus wallet users into unwittingly downloading a fraudulent version of the software.

    Crypto-Stealing Malware Targets macOS Users

    Kaspersky mentioned that the malware, distributed through pirated applications, is distinctive in its focus on compromising wallet applications. Unlike typical proxy trojans or remote control software, this malware stands out in two ways.

    First, it utilizes DNS records to deliver a malicious Python script. Second, rather than merely stealing crypto wallets, it replaces a wallet application with its infected version. This allows the malware to steal the secret phrase to access cryptocurrency stored in the compromised wallets.

    The malware is tailored to target macOS versions 13.6 and above, irrespective of whether they run on Intel or Apple Silicon devices. Kaspersky emphasizes the unique creativity of the attackers in hiding a Python script within a DNS server’s record, enhancing the malware’s stealth in network traffic.

    Security researcher Sergey Puzan from Kaspersky has advised users with cryptocurrency wallets to exercise extra caution. Kaspersky suggests users take precautions such as updating their computer’s operating system, installing anti-malware software, and downloading apps only from official stores like the Apple App Store to protect digital investments.

    While these measures enhance security, it’s important to note that even hardware wallets are not foolproof. In a separate incident, 16.8 Bitcoin (approximately $587,238) was stolen after a fake Ledger cryptocurrency wallet management app was downloaded from the Microsoft App Store in November.

    Crypto Wallets Under Threat

    Malware targeting crypto wallets continues to pose a threat, with recent incidents highlighting the vulnerability of users and the potential for financial losses. Since November, over $4 million has been stolen through scams and fake airdrops on the Solana network.

    Additionally, hackers linked to North Korea’s Lazarus group reportedly stole over $35 million from users of Atomic Wallet, taking various cryptocurrencies such as USDT, XRP, Cardano, and Dogecoin. Meanwhile, the Kaspersky report has raised concerns, especially for wallet providers like Exodus, Coinbase, and MetaMask, which hackers have targeted in the past.

    Exodus Wallet CEO JP Richardson has emphasized the company’s commitment to customer security, conducting comprehensive code audits to identify and mitigate potential threats. Despite these efforts, Richardson recommends users consider using a hardware wallet for an additional layer of security.

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    Wayne Jones

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  • BlackRock’s IBIT Maintains Lead In Bitcoin ETF Race, Crosses $2 Billion In Inflows

    BlackRock’s IBIT Maintains Lead In Bitcoin ETF Race, Crosses $2 Billion In Inflows

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    According to data from BitMEX Research, BlackRock’s Bitcoin spot ETF – IBIT –  has now set a new record, achieving a total net inflow of $2 billion. This feat allows IBIT to maintain its position as the best-performing fund of the bunch, following the approval of 11 Bitcoin spot ETFs by the US Securities and Exchange Commission on January 10.

    BlackRock’s IBIT Maintains Dominance As Total Net Flows Reach $744.6 Million

    On January 25, which marked the tenth trading day of the Bitcoin spot ETF market, BlackRock’s IBIT produced an unsurprising positive performance, notching $170.7 million in inflows. This gain allowed the investment fund to move into an exclusive list as the first Bitcoin spot ETF to amass $2 billion in market cap.

    Commenting on this feat, Bloomberg analyst James Seyfarrt has credited the recent rise in BTC’s price as a major contributing factor. He said:

    Yes, the #Bitcoin price has pushed $IBIT‘s assets beyond $2 billion. This plus likely new flows today should mean it will be above $2 billion at close.

    Following the trading debut of BTC spot ETFs on January 11, IBIT quickly emerged as an investor’s favorite, recording the highest individual daily inflows of the market at $386 million on January 12. BlackRock’s BTC spot ETF has managed to retain this investors’ attention over the first two trading weeks, evidenced by its consistent positive performances, which has culminated in a total flow of $2.086 billion.

    IBIT’s performance is closely followed by Fidelity’s FBTC, which recorded $101 million in inflows on January 25, moving its total flows to $1.825 billion. Meanwhile, other Bitcoin spot ETFs with notable performances include Bitwise’s BITB and Ark Invest’s ARKB, both of which boast individual cumulative AUMs of over half a billion dollars.

    In other news, the outflows in Grayscale’s GBTC remain a constant trend; however, there has been a notable decline in selling volume over the last few days. At the time of writing, GBTC’s total outflow is valued at $4.786 billion. In comparison with a cumulative inflow of $5.53 billion, total flows in the Bitcoin spot ETF market stand at $744.6 million. 

    Source: BitMEX

    Bitcoin Price Overview

    At press time, Bitcoin is currently trading at $41,725.19 following a 4.52% price gain in the past day, according to data from CoinMarketCap. This recent uptick is quite significant, considering the asset’s previous bearish form, marked by a 20% decline over the last two weeks which resulted in BTC’s dipping below $39,000. 

    Bitcoin’s price has been negatively affected by GBTC’s massive outflows; however, as the selling pressure appears to be decreasing, coupled with consistent positive performances of other ETFs, notably BlackRock’s IBIT, that crypto market leader could soon pull off a market recovery.

    BlackRock’s IBIT

    BTC trading at $41,802.61 on the daily chart | Source:  BTCUSDT chart on Tradingview.com

    Featured image from Reuters, chart from Tradingview

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

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    Semilore Faleti

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  • Could Bitcoin Ever Skyrocket To $10 Million? Possible, But Based On This Condition

    Could Bitcoin Ever Skyrocket To $10 Million? Possible, But Based On This Condition

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    Peter Schiff, a well-known critic of Bitcoin, recently engaged in a thought-provoking discussion about Bitcoin’s value relative to gold. Despite his longstanding skepticism, Schiff has presented a scenario where Bitcoin could reach roughly $10 million by 2031.

    However, the Bitcoin critic responded that this could happen under particular economic conditions.

    Schiff’s Extreme Hypothesis On Bitcoin’s Ascent To $10 Million

    This bold statement arises from the Economist’s comparison of Bitcoin’s potential growth trajectory to gold, highlighting the volatility of crypto assets and the spirited optimism of their proponents.

    Commenting under this post, an X user asked, “What if Bitcoin goes to $10,000,00 by 2031?” Schiff then replied with a “hypothetical” scenario that pivots on the dramatic collapse of the US dollar, akin to the fate of the German Papiermark post-World War I. During that period, Germany experienced rampant hyperinflation, devastating the value of its currency.

    Schiff suggests that only if a similar downfall of the US dollar happens does the BTC price catapult to $10 million. However, it’s important to note that this scenario is highly “hypothetical,” and the crypto critic is trying to convey that Bitcoin can only reach $10 million in an “extreme” case of economic turmoil.

    Community Reactions To Schiff’s Post

    Notably, Schiff remains a staunch critic of Bitcoin. He recently expressed concerns about potential regulatory changes under the Securities and Exchange Commission (SEC) Chair Gary Gensler. He predicted increased regulations could raise Bitcoin’s transaction costs and adversely affect its market value.

    The crypto community, however, often counters Schiff’s bearish outlook with a mix of criticism and humor. Influential figures like Samson Mow and Mike Alfred have directly responded to Schiff’s comparisons between Bitcoin and gold, often highlighting Bitcoin’s resilience and growth over the years.

    Mow, in particular, has pointed out that once Bitcoin surpasses gold’s market cap, gold could be relegated to its “industrial utility cost.”

    These responses from the crypto community showcase the strong belief in Bitcoin’s potential and its role in shaping the future of global finance.

    Meanwhile, in the current market, BTC has shown signs of recovery. At the time of writing, Bitcoin is trading above $40,000, a notable increase from its earlier values of below $39,000 earlier this week.

    BTC price is moving sideways on the 1-hour chart. Source: BTC/USDT on TradingView.com

    Featured image from Unsplash, Chart from TradingView

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

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    Samuel Edyme

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  • Bitcoin Can Plummet to $20K, According to Crypto Exec

    Bitcoin Can Plummet to $20K, According to Crypto Exec

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    Bitcoin is anticipated to undergo a prolonged period of challenges as it seeks to recover lost value and reach previous peak levels, according to investor Chris Burniske.

    In a recent post on X (formerly Twitter) on January 25, Burniske, currently a partner at the crypto venture capital firm Placeholder, suggested that the price of Bitcoin could potentially decline to at least $30,000.

    Burniske Predicts Lower Bitcoin Prices

    Burniske suggests a minimum target of $30-36k before a local bottom, expressing the possibility of testing the mid-to-high 20s before a substantial move towards previous all-time highs. He anticipates a volatile path with potential fakeouts and expects the process to unfold over several months, extending beyond April’s block subsidy halving.

    Despite the challenging forecast, Burniske believes altcoins will face an even tougher time, warning investors to exercise patience. He emphasizes that if his predictions hold, other cryptocurrencies might experience more significant percentage drops than Bitcoin.

    Despite the potential downside, Burniske remains committed to his long position in Bitcoin. As a partner at Placeholder and former crypto lead at ARK Invest, he expresses confidence in Bitcoin’s long-term resilience despite the expected market fluctuations.

    Analysts Are Warning of Lower BTC Levels

    In November 2023, analysts were optimistic about the potential for Bitcoin to reach new highs, with some forecasts even suggesting a peak of $100,000. However, Burniske cautioned against a possible “final wipeout” following such a peak.

    Several users on X expressed disagreement with the assumption. Instead, they anticipated that Bitcoin might experience an upward surge, especially after the first quarter of 2024, owing to events such as spot Bitcoin ETF approval.

    Recently, Arthur Hayes, the former CEO of BitMEX, projected a dip in Bitcoin’s value to $30,000 before a potential recovery. More extreme predictions come from trader Il Capo of Crypto, who maintains that a drop to $12,000 remains on the table. However, he offers a respite for Bitcoin bulls, suggesting a local bottom is in place.

    He indicates that confirmation would involve reclaiming the 40k level, with a target for a lower high set between 44k-45k, as outlined in his latest analysis on his Telegram channel.

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    Wayne Jones

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  • Here’s How Much Outflow Grayscale’s GBTC Recorded in the Past 7 Days

    Here’s How Much Outflow Grayscale’s GBTC Recorded in the Past 7 Days

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    The Grayscale Bitcoin Trust (GBTC) has recorded massive outflows since the United States Securities and Exchange Commission (SEC) approved its conversion and listing as a spot Bitcoin exchange-traded fund (ETF). This has led to a significant plunge in its Bitcoin (BTC) stash, and from the look of things, the withdrawals are not slowing down.

    According to data shared by Ki Young Ju, the founder and CEO of on-chain analytics platform CryptoQuant, GBTC’s BTC holdings fell by 15% in the past seven trading days.

    GBTC’s Bitcoin Stash Declines 15%

    A deeper on-chain analysis by Lookonchain revealed that Grayscale’s ETF has lost more than 95,600 BTC since January 11, when it went live on national securities exchanges.

    Some of the highest outflows were seen on January 16, 18, 22, 23, and 24, with the fund recording withdrawals of 13,793 BTC, 14,301 BTC, 14,292 BTC, 15,986 BTC, and 13,179 BTC, respectively. The lowest outflow was recorded on the day the ETF went live, with 2,083 BTC being offloaded.

    While GBTC’s BTC stash is plunging, that of the other eight ETFs is rising. Since their launch, the products have increased their holding by more than 110,000 BTC. As GBTC offloaded around 13,179 BTC yesterday, the others added 8,251 BTC to their stash, with Fidelity’s FBTC recording the highest increase of 4,023 BTC.

    CryptoQuant’s founder expressed concern about the GBTC outflow trend continuing till mid-March and reducing the ETF’s BTC stash to zero, asking, “What’s their plan?”

    GBTC Sell-off to Affect BTC

    At the beginning of the year, GBTC’s initial stash of roughly 619,162 BTC was valued at approximately $25 billion. With the exchange-traded product having suffered almost $4 billion of outflows, around $21 billion of its shares remain to be liquidated.

    Crypto market analysts have predicted that BTC’s price would likely remain stagnant or plunge until the $21 billion liquidation is complete due to the selling pressure from the process. BTC has already fallen under $40,000, losing roughly 20% of its value since it jumped above $49,000 following the SEC’s ETF approval.

    However, Galaxy Digital founder Mike Novogratz countered the view, insisting that investors would eventually shift their focus to alternative ETFs, leading to a rally in bitcoin’s price.

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    Mandy Williams

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