Tag: BTC

Bitcoin Resumes Rally After Brief Hiatus, Here’s What Happened
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Bitcoin saw a brief stall in its rally which triggered a decline back down to $33,700. This decline, seemingly out of nowhere, may have not been random given some developments in the crypto space. As the rally resumes once more, here’s a look at these developments.

BlackRock Spot Bitcoin ETF Listing Taken Down

The BlackRock Spot Bitcoin ETF was first listed on the Depository Trust and Clearing Corporation’s (DTCC) on Tuesday, triggering the first wave of the Bitcoin rally. However, in the same day, crypto community members noticed that the listing on DTCC had been mysteriously taken down.

The listing would remain off the site for several hours while community members speculated on what could be the cause of this. Around this time, the price of Bitcoin began to fall, seemingly driven by the fact that investors saw the removal of the BlackRock listing as a sign that a Spot Bitcoin ETF wasn’t coming as soon as they expected.

Hours later, Bloomberg Analyst Joe Light revealed that the listing was back up on the site. Apparently, the initial listing and the subsequent ones had carried one small change in detail which was a change in the Create/Redeem section from a “Y” to a “N.”

Another Bloomberg analyst James Seyffart explained that this likely meant that it was to indicate whether the ETF listing was open to creations/redemptions. When Light asked if this change could point out a launch without using that attribute, to which Seyffart said:

“I personally don’t think this means all that much if I’m being honest. Think it indicates Blackrock is getting everything ready to launch if and when they get an SEC approval. And that the N just means it’s not open for create redeem because it’s not live yet.”
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BTC recovers to $34,400 | Source: BTCUSD on Tradingview.com
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BTC Price Bounces Back

The return of the BlackRock Spot Bitcoin ETF on the DTCC sparked enthusiasm across the space once more than it did before. The price of Bitcoin quickly started to recover and by Wednesday morning, was back above the $34,000 mark once more.

These events outline the importance of a Spot ETF and how it is the major driver behind the most recent price rally. So an approval or a rejection would both have a major impact on the digital asset’s price. For one, an approval would likely see Bitcoin clear above $40,000. However, a rejection would be detrimental to the rally, and will probably send it back below $30,000.

Presently, Bitcoin is maintaining bullish momentum above $34,100. But it is seeing small losses of 0.99% on the 24-hour chart, and its daily trading volume is down 34.58%.
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Best Owie

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October 25, 2023
Bitcoin ETF Will Send BTC Back To $44,000, This Firm Bets On It

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The price of BTC continues to push higher, and the bullish momentum remains intact as news around the Bitcoin ETF (Exchange Traded Fund) improves overall sentiment. In the wake of the recent rally, some trading firms doubled down on their bullish positions.

As of this writing, the price of Bitcoin stands at $24,200 with sideways movement in the last 24 hours. The cryptocurrency rose by over 20% the previous week, operating as the top performer in the top 10 by market capitalization.

BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview

Bitcoin ETF To Trigger Larger Rally: What’s The Target?

Via social media platform X, trading desk QCP Capital disclosed their positions coming into the rally. The firm longed Bitcoin volatility with options contracts, taking some profits on their positions as the cryptocurrency rallied.

Still, the firm remains optimistic, holding on to their calls due to expiry in December. By then, the firm targets a BTC price above $38,000 to $44,000, based on the momentum generated by a potential Bitcoin ETF approval.

In the last week, the news generated by this event has shifted market sentiment, leading investors to a more favorable area. However, the firm remains cautious about the US Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF in the short term.

QCP Capital stated:

(…) we believe the SEC will avoid playing the role of kingmaker, sticking with its own precedent set during the BTC/ETH futures ETF approval process and will wait to approve multiple managers at the same time. Nonetheless with this bullish break of 32k, we believe the market has started to price in an approval as the base case. The only question now is when the approval will happen.

BTC’s price is approaching 0.38 Fibonacci levels, which hints at a reversal. Source: QCP Capital

SEC To Avoid Kingmaking In Bitcoin ETF Approval.

The trading firm believes the financial instrument will get approved in 2024. The SEC will likely avoid favoring one firm to prevent BlackRock or other asset managers from taking a large portion of the clients and the trading volume, as when the future Bitcoin ETF was approved.

The firm believes the financial instrument could get approved “much later than the market expects now.” As mentioned, investors have begun pricing in any price action associated with the ETF, which could lead BTC to another range until 2024.

The firm cautioned players from taking late long positions:

(…) we are seeing stretched positive perp funding rates especially on Deribit (BTC over 70% and ETH over 100%) as well as elevated short-end ATM vols (BTC up to 75%!) – typically indicative of an exhausted short-term move.

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez

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October 25, 2023
Bitcoin Spot ETF: Crypto Research Firm Reveals What Will Happen In The First Three Years | Bitcoinist.com
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The potential approval of a Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) is expected to have significant effects on Bitcoin and the Spot Bitcoin ETF market. Addressing what investors can expect, the crypto research firm Galaxy Digital recently provided insights as to what could happen in the first three years upon the launch of this fund.

What To Expect In The First Three Years

In a research paper released on October 24, Galaxy Digital’s research associate Charles Yu provided a vivid illustration of the heights a Spot Bitcoin ETF could attain in terms of market size and inflows in the first three years.
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Source: Galaxy Research
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As to market size, Yu made his predictions on the addressable market size of a US Bitcoin ETF based on how they expect various wealth channels to adopt the fund. According to him, RIA (Registered Investment Advisor) will ramp up starting at 50% in the first year and increasing to 100% in the third year.

Meanwhile, broker-dealers and bank channels will ramp up at a slower pace, starting at 25% and increasing to 75% by the third year. If their assumption comes true, they estimate the market size to hit $14 trillion in the first year, $26 trillion in the second, and $39 trillion in the third year.

The firm’s estimates of inflows into the Bitcoin ETFs are based on their market size estimates. Going by this, they predict that these funds could see $14 billion of inflows in the first year, $27 billion by the second year, and up to $39 billion by the third year after launch.

Yu noted that factors such as a potential delay or denial of the pending Spot Bitcoin ETFs could affect their analysis. Other factors like poor price performance could also cause a low adoption rate, which they believe will potentially affect their estimates.
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BTC price retraces to $33,900 | Source: BTCUSD on Tradingview.com 
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Potential Impact On Bitcoin’s Price

Yu also provided insight into the effect that these Spot Bitcoin ETFs could have on BTC’s price. They predict that Bitcoin’s price could see a 74.1% increase in the first year of these funds launching. He made this estimate using the expected amount of inflows ($14 trillion), which is expected to come into these funds in the first year while making comparisons to Gold ETFs.
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Source: Galaxy Research
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Specifically, they project that Bitcoin’s price could see a 6.2% increase in the first month of these funds’ launch as they estimate an adjusted inflow of over $10 billion in the first month. This price increase in the first month is expected to keep ramping down to a 3.7% price impact in the last month of the first year of launch, all of which will cumulatively add up to the 74.1% increase.

Featured image from The Conversation, chart from Tradingview.com
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Scott Matherson

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October 25, 2023
From $35,000 To $500,000? The Bitcoin Rollercoaster This Expert Sees Ahead

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Stephan Livera, an esteemed host of his namesake podcast and Swan Bitcoin’s Head of Education, has now provided the crypto community with projections for Bitcoin’s future trajectory. This week, Bitcoin experienced a rally that took its price to as high as $35,000, marking its highest point since May 2022.

However, amid the favorable climate around a potential spot Bitcoin exchange-traded fund (ETF) approval and institutional adoption, Livera posits that this surge is merely the precursor to a much grander bull run.

The Potential Impetus: A Spot Bitcoin ETF

Approval of a spot Bitcoin ETF could be a game-changer for Bitcoin’s valuation, according to Livera. Conversing with Michelle Makori, the Lead Anchor and Editor-in-Chief at Kitco News, during the Pacific Bitcoin Festival, Livera emphasized the possible ripple effects of such an approval.

While murmurs suggest that ETF approval might be on the horizon by the close of this year, Livera diverges from this sentiment. Livera anticipates this landmark event to materialize more likely in 2024. The Head of Education at Swan Bitcoin noted:

Although many experts predict that [a spot Bitcoin ETF] will come in three to six months, I don’t believe it will happen this year. Next year is the more likely scenario … in the first or second quarter of 2024, which would coincide with the halving cycle, which is expected in April.

Notably, a significant event, such as the halving cycle, will impact Bitcoin’s market dynamics. Historically, this event – which slices the miners’ reward for new block addition to the Bitcoin blockchain by half – has spurred price shifts.

The upcoming cycle will set the block reward at 3.125 BTC. This, combined with the potential spot ETF approval, could catalyze a heightened interest and influx of investments into Bitcoin, according to Livera.

Projected Peaks And Troughs: The BTC Landscape

Livera offers a roadmap of Bitcoin’s possible pricing journey. The Swan Bitcoin’s Head of Education foresees a stabilization around the $30,000 mark shortly, with a potential escalation toward $40,000 as we approach next year’s halving event.

But the real fireworks might commence after the halving, ushering in a wild bull run. Expounding on historical trends, Livera shared:

Historically, what we’ve seen around the halving is a bit of a rise into the halving, then a bit of a selloff after. Six to 12 months out, that’s when the real crazy bull run happens, and you get 10x or 20x in the Bitcoin price at that point.

This extrapolation by Livera culminates in a noteworthy prediction for the end of 2024 – a bold ascent, perhaps reaching roughly $500,000 by 2025 or early 2026, according to the expert.

However, the climb might be coupled with a steep decline. Drawing parallels to gold, Livera posits Bitcoin could potentially mimic its valuation range. Livera added, emphasizing the volatility of the crypto domain:

It’s quite possible that Bitcoin comes close to the range of gold, and that would imply a price in the $500k range. As is a tradition in this industry, we’ll probably hit that as a blow-off top, followed by a drop of 80%. So, it might go to $500k and then crash to $100k.

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

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme

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October 24, 2023
Floor Prices Of BAYC, Top NFT Collections Rising: Why Is This Analyst Skeptical?

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According to one non-fungible token (NFT) researcher on X, the floor prices of some of the largest collections might be up between 10% and 30% in the past few weeks, but that doesn’t mean the markets are preparing for a big bull run.

Taking to X on October 22, “Wale.Swoosh” acknowledged that the markets have been performing well. However, based on several factors, the NFT trading community shouldn’t be excited that the market is ready for a big rally in the coming sessions.

NFT Floor Prices Rising

At spot rates, some of NFTs’ popular and valuable collections, such as the Bored Ape Yacht Collection (BAYC), Mutant Ape Yacht Club (MAYC), and even CryptoPunks, have posted gains in trading volume and floor prices.

To illustrate, the floor price of BAYC is at around 26.19 ETH, up from 23 ETH recorded in late August 2023. Meanwhile, Azuki’s floor price stands at 5.33 ETH, up from 3.41 ETH in late August.

Floor price of top NFT collections| Source: Coingecko

Looking at trends, however, there could be a notable spike in floor price and trading volume in the past week, though trading activity is suppressed. As a demonstration, while BAYC’s floor price is at 26.19 ETH, up roughly 9.8% on the last trading day, there has been no change in the number of owners. There has been a 0.1% increase in new owners for CryptoPunks in the past trading day.

Only a tiny percentage of the bigger NFT collectors or traders showed interest, subsequently buying an item. It suggests that though floor prices are rising, only a few active trading wallets exist.

Crypto Prices Rising, Readying An NFT Bull Run?

The floor price of an NFT is the lowest asking price set for any collection. While this metric changes between collections, it can gauge interest and how the broader crypto community perceives the value of that collection to be. Moreover, since the market determines the floor price, it tends to fluctuate, as evidenced in the last year.

Based on available data and the current market conditions, the researcher didn’t dismiss the odds of floor prices rising even further. Even so, based on the analyst’s view, citing historical performance, floor prices tend to expand at a faster rate only once Ethereum (ETH) and BTC volatility drops.

Bitcoin price on October 24| Source: BTCUSDT on Binance, TradingView

At spot rates, Bitcoin and Ethereum prices are steadily rising. Bitcoin has already pierced above July 2023 highs, racing above $33,000 as the crypto community expects even more gains. The spike has lifted the markets, channeling more liquidity to crypto, a precursor for a “real NFT bull run” to begin, according to Wale.Swoosh.

Feature image from Canva, chart from TradingView

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Dalmas Ngetich

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October 24, 2023
Bitcoin: On-Chain Tracker Points Out Interesting Difference Between Current And Past Rallies
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The current Bitcoin rally has taken most of the crypto space by surprise after going from under $27,000 to $35,000 in less than two weeks. As prices continue to fly, on-chain data tracker Santiment has revealed something different between the current Bitcoin rally and its previous rallies above $30,000.

Altcoins Refuse To Fall Behind Bitcoin

In the report that was posted on X (formerly Twitter), Santiment revealed that altcoins have changed their usual routine for when the Bitcoin price is surging. For instance, when Bitcoin had rallied to $30,000 in April and July of this year, altcoins had taken a back seat, allowing BTC to enjoy the shine.

This time around, the rally has been just as prominent in altcoins as it has been in Bitcoin, and in some cases, even outshining BTC’s price trajectory. Some of these altcoins that have shown teeth this time include Chainlink’s LINK, Polygon’s MATIC, Aptos’s APT, AAVE, and UIP. All of these altcoins have defied the established trend with their prices surging double-digits in a short time.
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Source: Santiment on X
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Not only are these altcoins seeing a lot of success at a time when Bitcoin would be the only one rallying, but they have also managed to decouple completely from the leading cryptocurrency. According to Santiment, all of the named altcoins “are all seeing their best performing decouplings of 2023.”

Meme Coins Show Their Prowess

As the crypto market rally has progressed through some of its most bullish stages, other altcoins such as meme coins have begun to also show a lot of promise. The usual culprits such as PEPE saw double-digit gains as well, with ELON rallying up to 57%. Additionally, $BITCOIN also saw a $36 rise in one week.
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Source: Santiment on X
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PEPE has continued to surge as well and is up 34.55% in the last day, bringing its weekly gains to 51.49%. The meme coin’s run has seen it emerge as a top gainer, also trending alongside the likes of Bitcoin (BTC) and Chainlink (LINK).

Another altcoin that stands out is Troller’s TRB. The coin rose around 750% in a 3-month period to emerge as one of the winners of the rallies. It also saw large transactions from unique whale addresses, suggesting a very high level of interest in the altcoin from investors.
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Source: Santiment on X
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In all, this rally is completely different from the previous rallies recorded this year in that the whole market seems to be pulling up together. This is interesting because rallies like these are usually seen in bull markets, with 2021 serving as a perfect example.
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BTC price falls below $34,400 support | Source: BTCUSD on Tradingview.com
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Featured image from Business Insider, chart from Tradingview.com
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Scott Matherson

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October 24, 2023
Bitcoin Mania: EY Insider Reveals Demand From Wall Street Titans

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Paul Brody, a prominent figure in the blockchain community and the Global Blockchain Leader at Ernst & Young (EY), recently shed light on the burgeoning demand for crypto, with Bitcoin taking the limelight. Earlier today, during a CNBC interview, Brody emphasized the heightened interest, particularly from family offices.

Family Offices Lead The Charge

According to Brody, family offices, which typically manage the vast wealth of affluent families, are increasingly diversifying their portfolios with cryptocurrencies. This is not entirely surprising, given the meteoric rise of Bitcoin and its potential as a hedge against inflation and economic uncertainty.

However, while family offices are diving headfirst into the crypto pool, institutional investors are more cautious.

Brody mentions that these larger entities, controlling over 200 trillion dollars in assets, are awaiting regulatory clarity, such as the approval of a Bitcoin ETF by the US Securities and Exchange Commission, before committing significant resources.

Bitcoin, despite comparisons, is distinctly different from traditional assets like gold. Brody highlights a unique trait of Bitcoin: its price does not result in increased issuance. Instead, the issuance of new Bitcoin reduces over time due to halving events.

This property makes its price more “rigid,” especially compared to other assets traditionally used as inflation hedges.

Moreover, the purpose behind acquiring Bitcoin varies among its buyers. Brody points out:

If you look at people who are buying Bitcoin, they are buying it as an asset. They are not buying it as a payment tool.

Brody further notes that Ethereum, another major cryptocurrency, is mostly acquired for its utility as a computing platform, particularly for business transactions and decentralized finance (DeFi) solutions.

Bitcoin To $40,000?

So far, Bitcoin has showcased a bullish trend, witnessing a near 10% increase over the past week and a 4.7% uptick in the last 24 hours. This surge has propelled Bitcoin to trade beyond the $31,000 mark, reaching $31,824 recently.

Observing the asset’s chart in the 1-day timeframe, BTC seems poised for even higher gains. As shown below, the asset has recently tapped into an order block and could continue its reversal to the upside, reaching a notable high.

Bitcoin (BTC) price recently taps an order block on the 1-day chart. Source: BTC/USDT on TradingView.com

Additionally, considering the strong institutional demand for BTC, as revealed by Brody, coupled with the potential approval of a spot BTC ETF, a rally to the $40,000 mark seems to be on the horizon.

Furthermore, peering into the future of the financial landscape, Brody believes that traditional fiat currencies will continue to hold their ground.

However, with the ongoing discussions around Central Bank Digital Currencies (CBDCs) and the growing adoption of payment stablecoins, the crypto realm may be poised for evolution.

With global political developments unfolding and pivotal elections on the horizon, Brody foresees Bitcoin and the broader crypto space experiencing accelerated growth in adoption and recognition.

Featured image from iStock, Chart from TradingView

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Samuel Edyme

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October 23, 2023
Crypto Turmoil: How The US Banking Collapse Dented Institutional Trading

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March witnessed a series of bank failures that have had ramifications for institutional crypto trading, putting a damper on what was once considered a bustling market space.

According to the latest insights from the blockchain intelligence platform Chainalysis, concerning North America, the fallout from these bank closures has been far-reaching, impacting the pace and volume of large-scale crypto transactions.

A Dip In Institutional Crypto Activity

Chainalysis’s recent report highlights the drop in “institutional” cryptocurrency transaction volume – transactions valued at more than $10 million. Starting in April 2023, the volume of these transactions plunged sharply, particularly in the North American region.

Interestingly, this downturn was specific to institutional transactions, as professional and retail trading volumes reportedly “remained constant.”

Transaction volume transfer-wise from July 2022 to June 2023. | Source: Chainalysis

The report points directly to the banking crisis in March, which led to several major US bank shutdowns, including the “Silicon Valley Bank and the crypto-friendly banks Signature and Silvergate” as factors that resulted in this drop.

In addition, the failure of troubled digital currency exchanges and lending desks, such as FTX and Alameda Research, in the preceding November further exacerbated the decline, according to the Chainalysis report.

The Exodus Of Stablecoins From North America

Furthermore, in the Chainlalysis report, one of the notable aftermaths of the banking crisis has been the dwindling dominance of stablecoins in North America. Stablecoins, primarily USD-pegged tokens, accounting for roughly 90% of global activity, began to lose ground in North America from February 2023 onwards.

Within a short span from February to June, the percentage of digital currency volume in the region attributable to stablecoins declined from 70.3% to 48.8%.

North America crypto transaction volume by asset type from June 2022 to July 2023. | Source: Chainalysis

Chainalysis’s research further underscores that since the spring of 2023, there has been a noticeable shift of stablecoin inflows from US -US-licensed crypto services to their non-U.S. counterparts.

This shift denotes a broader migration pattern, with businesses and traders seeking financial shores beyond US jurisdictions. The report noted:

Since [the] spring of 2023, the majority of stablecoin inflows to the 50 biggest crypto services have shifted from US licensed-services to non-U.S. licensed services, undoing a shift in the opposite direction that occurred over the course of late 2022 and early 2023.

Stablecoin inflows in US-licensed services compared to non-US-licensed services. | Source: Chainalysis

Chainalysis further disclosed that non-U.S. licensed platforms received 54.6% of stablecoin inflows among the top 50 services as of June.

The global crypto market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image from iStock, Chart from TradingView

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Samuel Edyme

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October 23, 2023
Why Bitcoin Price Could Double To $60K In A Flash
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Bitcoin price action has been known to go “parabolic” when speculation in the crypto market is in full gear. Prices begin to rise rapidly with very few pullbacks in between.

According to evidence, a parabolic structure is possibly building that could cause BTCUSD to “double” in a short amount of time. And with the first ever digital asset now above $30K per coin, it means a potential monstrous move to $60K could be on the horizon.

Why BTC Could Teleport To $60K

In technical analysis, an asset is said to have gone “parabolic” when an increasingly steep upward curve supports a series of higher highs and higher lows.

Parabola typically forms in a sideways, horizontal range. After each higher low, price accelerates further, causing the angle of the slope to nearly go vertical.

Bitcoin has done this several times throughout its short history. And after the longest bear market on record, the cryptocurrency could be ready for another parabolic rally.
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Has Bitcoin built another parabolic base? | BTCUSD on TradingView.com
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Bases Loaded, Bitcoin Number Up

A comparison with the iconic parabolic curve example, possibly puts Bitcoin price at what would be the third touch and third base of a four-base pattern. A rounded parabolic curve is supporting a series of high timeframe higher lows.

Base three is significant because it is said to produce a move where the asset “doubles in the shortest period of time.” With Bitcoin near $30K, $60K could be right around the corner if this is an accurate patter.

Above base three is base four, meaning there is yet another zone of consolidation somewhere above that will touch down on the curved parabolic trend line a final time. From there, the next time it touches the curved line will be after a peak of the parabolic rally.
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A glimpse into the future? | BTCUSD on TradingView.com
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Will Crypto Parabola Begin Again?

Don’t believe this structure is possible in Bitcoin? Simply take a look at past cycles for an example. In the above chart, Bitcoin formed several bases in a row. After touching the X, price didn’t just “double,” it did 1,700% ROI. Even then, BTCUSD wasn’t done climbing, rallying another 700% from base four.

These figures aren’t probable again, but it speaks to the fact that something big very well could be coming soon.
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Tony "The Bull" Severino

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October 23, 2023
California Implements New Cryptocurrency Laws to Combat Bitcoin ATM Scams

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Bitcoin (BTC) ATMs have become both convenient and worrying, with scammers taking advantage of unsuspecting victims. Authorities in the US and other jurisdictions are now waging a war against crypto-ATM-based scams.

California takes a stance on new cryptocurrency laws

The state of California has introduced rules for cryptocurrency transactions. Senate Bill 401, signed by Governor Gavin Newsom, means you can only make $1,000 worth of cryptocurrency transactions at ATMs each day, and starting in 2025, the maximum they can charge you is $5, or 15% of the transaction. Whichever is higher.

Initially, some Bitcoin ATMs allowed up to $50,000 in transactions with fees ranging between 12% and 25% above the value of the digital asset. These changes are intended to protect people from scams and high fees, explained Sen. Monique Lemon, one of the co-authors.

Scammers taking advantage of the convenience of Bitcoin ATMs have been a growing concern, with the Federal Trade Commission reporting that more than 46,000 people have lost more than $1 billion to cryptocurrency scams since 2021. New transaction limits give victims more time to spot scams before loss of money. But Charles Bell of the Blockchain Advocacy Coalition worries that these rules could hurt the cryptocurrency industry and small businesses.

You may also like:

Explore Australia’s rapid rise in the global cryptocurrency ATM scene

FBI Alerts About Bitcoin ATM and QR Code Scams

The Federal Bureau of Investigation (FBI) has raised the alarm about fraudulent schemes exploiting ATMs for cryptocurrencies and quick response (QR) codes for payments. These schemes take various forms, including online impersonation, romance scams, and lottery fraud, all using cryptocurrency ATMs and QR codes as tools.

QR codes, which smartphone cameras can scan, simplify cryptocurrency payments. However, criminals are now using it to trick victims into paying money. Victims are often asked to withdraw money from their accounts and use a QR code provided by scammers to complete transactions at physical cryptocurrency ATMs.

Once the victim makes the payment, the cryptocurrency is transferred to the scammer’s wallet, making recovery nearly impossible due to the decentralized nature of cryptocurrencies. The FBI offers several tips to protect against these schemes, focusing on caution, verification, and avoiding cryptocurrency ATM transactions that promise anonymity using only a phone number or email.

You may also like:

Bitbuy is partnering with Canada’s largest Bitcoin ATM provider

Cryptocurrency regulation efforts in California

The passage of Senate Bill 401 in California is part of a broader effort to regulate the cryptocurrency industry while protecting consumers. Another law, scheduled to take effect in July 2025, will require digital financial asset companies to obtain licenses from the California Department of Financial Protection and Innovation. This represents a clear shift towards tightening government regulation and oversight in the world of digital finance.

Gavin Newsom’s decision to sign these bills into law demonstrates California’s commitment to strengthening the cryptocurrency industry and protecting its citizens. Balancing innovation and security remains a challenge, especially in a rapidly evolving digital landscape.

Bitcoin Depot’s historic debut on the NASDAQ

In July, Bitcoin Depot, a leading bitcoin ATM operator, went public on the Nasdaq. This milestone comes after Bitcoin Depot merged with GSR II Meteora, a blank check company.

The move to go public demonstrates the growing legitimacy and acceptance of cryptocurrencies in major financial markets.

Authorities vs. illegal crypto ATMs

The UK Financial Conduct Authority (FCA) is taking a strong stance against illegal cryptocurrency ATM operators. Using its power under money laundering regulations, the Financial Conduct Authority (FCA) has carried out raids on cryptocurrency ATMs suspected of illegal activities across England.

The measures, which follow previous operations in east London and Leeds, are part of the Financial Conduct Authority’s (FCA) efforts to crack down on unregulated cryptocurrency operations. This highlights global pressure for stronger cryptocurrency regulation, mirroring steps taken in California. The balance between innovation and security remains a fundamental concern for regulatory bodies around the world.

Read more:

McLennan County Bitcoin ATM Lawsuit Resolved

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Editorial Team

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October 23, 2023
Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered Today
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The flagship cryptocurrency, Bitcoin, is fast approaching $31,000 following its gains over the weekend. Analyzing this price action, crypto analyst Ali Martinez has predicted Bitcoin’s future trajectory as he suggests that the bears could regain dominance soon enough.

A Price Correction Imminent For Bitcoin

In a post shared on his X (formerly Twitter) platform, Martinez noted the potential head-and-shoulders pattern that was forming on the Bitcoin daily chart following its upward trend. This chart pattern has always been considered bearish as it suggests that a trend reversal might be on the horizon, meaning there could be a dip in prices soon enough.
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Source: X
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Confirming this assumption, Martinez stated that the daily chart (which he shared alongside the post) “hints at a possible sell signal emerging tomorrow [October 23].” According to him, this prediction is backed by the TD Sequential indicator, which is flashing “a green 9 candlestick.” The TD Sequential indicator helps traders identify the exact time of a potential reversal.

Martinez also alluded to the Relative Strength Index (RSI), which he mentioned has reached 74.21. He noted that this has been “a level triggering sharp corrections since March.” An RSI of over 70 also suggests that Bitcoin may be overbought with a price correction imminent. This impending price correction can only be averted if Bitcoin manages to clock “a daily candlestick close above $31,560.”

As of the time of writing, Bitcoin is trading at around $30,700, up by over 2% in the last twenty-four hours and a further 10% in the last seven days.

Options Market Could Contribute To Bitcoin’s Upward Momentum

In a post on his X platform, Alex Thorn, Head of Firmwide Research, highlighted the role that options traders (short gammas in particular) could play in driving Bitcoin’s price higher in the short term.
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Source: X
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He noted that the options market makers in Bitcoin are “increasingly short gamma as BTC spot price moves up.” This current positioning could help “amplify the explosiveness of any short-term upward move in the near term,” considering that these short gammas have to buy more Bitcoin to stay “delta neutral” as Bitcoin’s price continues to rise.

From his analysis, Thorn was simply explaining that the option market makers will have to place ‘buy orders’ to hedge against their short positions as Bitcoin’s price continues to climb, thereby adding to buying pressure, which could cause the crypto’s price to rise higher.

Meanwhile, he believes that the long gammas could provide a safety net for Bitcoin’s price in the event of a price reversal. These long gammas would have to buy back spots in order to remain delta-neutral, thereby providing support and helping resist any further decline (in the short term, at least).
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BTC bulls running out of steam | Source: BTCUSD On Tradingview.com
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Featured image from Crypto Buyers Club UK, chart from Tradingview.com
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Scott Matherson

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October 23, 2023
Bitcoin Breaches Halfway Mark To $31,000
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The price of Bitcoin is maintaining an upward trajectory, catching many off guard this weekend. As of now, BTC has surged by 2.4% in the last 24 hours, and sustaining a 13% rally in the last week. At $30,865, according to data by Coingecko, the top crypto is just inches away from reaching the vaunted $31K, a territory it briefly crossed in April 10 this year.

The $30,000 mark holds considerable significance for Bitcoin, functioning as both a psychological milestone and a technical resistance point. Psychologically, it represents a round number that influences investor sentiment, inspiring confidence when surpassed and raising concerns when it becomes a barrier.
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BTC nears the $31K level. Source: Coingecko.
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Technically, $30,000 historically acts as a level where selling pressure tends to intensify, impacting short-term and long-term price movements. As a result, this price level is closely monitored by traders and investors, making it a critical reference point in the cryptocurrency market.

The Anticipated Boost: Bitcoin ETF’s Impact On The Crypto Market

There’s a lot of excitement about the possibility of the U.S. Securities and Exchange Commission allowing a Bitcoin exchange-traded fund (ETF). This could be a big boost for the struggling cryptocurrency market. Mike Novogratz, the CEO of Galaxy Digital, thinks it’s very likely that the U.S. will approve this kind of investment fund for Bitcoin soon. This news could be a major reason for Bitcoin’s price to go up.

Bitcoin may soon break over its overhead resistance and begin a rapid surge, according to trading group Stockmoney Lizards. They anticipate widespread participation in the ETF and a subsequent surge in the run-up to the halving in April 2024.
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BTCUSD inching closer to the key $31K territory. Chart: TradingView.com
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The financial industry is currently witnessing the active participation of major players such as BlackRock, which manages assets above $10 trillion. These firms are also actively pursuing the approval of their applications for exchange-traded funds (ETFs), thereby creating an environment filled with eager expectation.

As a result of Bitcoin’s steady ascent, tokens formed by the forking of the alpha coin, namely Bitcoin Cash (BCH) and Bitcoin SV (BSV), had a significant surge of up to 26%, surpassing other altcoins in terms of gains. This surge may indicate a potential manifestation of enthusiasm.
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BTC price action in the last 24 hours. Source: Coingecko
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Prospects Of A Bitcoin ETF In Late 2023 Or Early 2024

Several industry experts are suggesting that the long-anticipated approval of a spot Bitcoin exchange-traded fund (ETF) could materialize sometime between late 2023 and early 2024. This revelation has sent ripples of excitement throughout the cryptocurrency community and the broader financial world.

If BlackRock’s spot Bitcoin ETF is approved, Matrixport, a provider of cryptocurrency services, projects that the price of Bitcoin would rise to between $42,000 and $56,000. The community of U.S. registered investment advisors and prospective investment inflows from gold ETF investors form the basis of the extremely optimistic forecast.

A Bitcoin ETF is a big deal because it makes it easy for regular folks to invest in Bitcoin without needing to deal with all the complicated stuff that comes with digital currencies. It’s like a bridge that connects the regular money world with the wild world of cryptocurrencies, which could help more people get into Bitcoin.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

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October 22, 2023
By The Numbers: Here’s How MicroStrategy’s Bitcoin Strategy Is Going
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MicroStrategy’s Bitcoin holdings are now in profit again. MicroStrategy is well known to be one of the largest Bitcoin buyers in recent years. The company is such a believer in Bitcoin that it sold some of its stocks to increase its Bitcoin holdings. This would seem extreme to some investors, but as suggested by recent price action, MicroStrategy’s Bitcoin strategy seems to be paying off.

How MicroStrategy’s Bitcoin Strategy Is Going

MicroStrategy started investing in Bitcoin in 2020, becoming one of the first companies to do so. The firm started by buying $250 million worth of Bitcoin in August 2020 and hasn’t slowed down since. In its latest move, MicroStrategy acquired approximately 5,445 Bitcoins for approximately $147.3 million between August 1, 2023, and September 24, 2023. According to the company’s purchase filing, as of September 24, 2023, MicroStrategy owns approximately 158,245 Bitcoins bought at an approximate price of $4.68 billion.

On the other hand, Bitcoin has had one of the strongest advances in the crypto market in recent weeks and is now trying to build a strong momentum over $30,000. At the time of writing, Bitcoin is up by 11.08% in a seven-day timeframe. Although the cryptocurrency is now trading at $29,838, it crossed over $30,000 in multiple instances during the week.

Amidst all this upheaval in the market, MicroStrategy’s Bitcoin holdings have taken a turn for the better in terms of profitability. Given that the total Bitcoin holdings of MicroStrategy were purchased at an average of $29,582 per coin, the company has now achieved a total profit of about $67.4 million with Bitcoin at $30,000.
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Bitcoin price nearing the $30K level today. Chart: TradingView.com
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A Sturdy Bitcoin Approach?

Bitcoin has been on an incredible run over the past year, massively outpacing the stock market and most other mainstream investments. The cryptocurrency is now in a prime position for a price surge in the coming months. Many financial analysts have hinted that a bull run to a new all-time high for the cryptocurrency could be on the horizon, especially as the industry awaits the approval of a spot Bitcoin ETF from the US SEC.

#Bitcoin is Stronger. pic.twitter.com/Pn5sphx6Mj

— Michael Saylor⚡️ (@saylor) October 20, 2023

It’s been a while since MicroStrategy’s Bitcoin holdings turned a profit, as Bitcoin has been saddled with various market crashes. According to CryptoQuant data, MicroStrategy benefited massively during the 2021 bull run. But things have been calm since then, with the company only topping up its Bitcoin holdings from time to time.

As it stands, MicroStrategy stands to benefit more than most companies in the event of a new bull run. If Bitcoin reaches $50,000, MicroStrategy’s holdings would be almost double its current worth. The company will likely keep buying more Bitcoin over time as it plans to make Bitcoin a large percentage of its total assets.

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Scott Matherson

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October 22, 2023
Bitcoin Developer Sounds Alarm: There’s A Backdoor In The Lightning Network
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Bitcoin’s Lightning Network was designed to make Bitcoin transactions faster and cheaper. But according to a recent discovery by a now former Lightning developer Antoine Riard, there’s a major security flaw in the network that puts users’ funds at risk. Taking to a thread on the Linux Foundation’s public mailing list, Riard detailed the new discovery of a security risk in the Lightning Network that could allow hackers to easily get control of the Layer 2 protocol.

Developer Departs From Bitcoin Lightning Network Over Security Concerns

The Bitcoin Lightning Network is a “layer 2” payment protocol that operates on top of the Bitcoin blockchain. It enables fast, low-cost transactions between participating nodes. Since its inception, the Bitcoin Layer 2 protocol has been well accepted, although various vulnerabilities have been reported.

Users can instantaneously send and receive Bitcoin thanks to the Lightning Network, which facilitates the creation of a network of payment channels between users without waiting for transactions to be confirmed on the blockchain. However, Riard claims that there’s a new malevolent danger out there called the replacement cycling attack, which puts the network in a perilous position.

Cycling attack works by specifically targeting payment channels to steal funds from mempools. These attacks are not easy but can be carried out by very sophisticated players. It essentially works by changing the transaction signature of a victim’s timeout transaction in a mempool by a new transaction without leaving a trace on the network. Although simple cycling attacks can be easily mitigated, Riard warns that a very sophisticated attack could leave payment channels exposed to hackers.

https://x.com/mononautical/status/1715736832950825224?s=20

How does a lightning replacement cycling attack work?

There’s a lot of discussion about this newly discovered vulnerability on the mailing lists, but the actual mechanism is a bit hard to follow.

So here’s an illustrated primer…

🧵 1/n pic.twitter.com/mvvS8bEc5f

— mononaut (@mononautical) October 21, 2023

Related Reading: Bitcoin In Peril? Is BTC ‘Fighting Crucial Levels’ Or Winning?
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BTC market cap currently at $584.24 billion. Chart: TradingView.com
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What This Means For The Future Of The Lightning Network

The vulnerabilities uncovered in the Lightning Network codebase are troubling for the future of Bitcoin’s scalability solution. Riard’s discovery seems to have ruffled a few feathers of Bitcoin investors, as revealed by comments on social media platforms.

In what looks like his second memo on the issue, Riard mentions that addressing the issue may require significant rewrites of critical components of the network’s base layer. Defending against the backdoor may also require modifications to the underlying public Bitcoin ecosystem.

“I think this new class of replacement cycling attacks puts lightning in a very perilous position, where only a sustainable fix can happen at the base-layer, e.g adding a memory-intensive history of all-seen transactions or some consensus upgrade,” Riard said.

https://x.com/WhaleWire/status/1715686930476655030?s=20

BREAKING:

One of the top #Bitcoin developers recently discovered a massive security risk in the Lightning Network, which triggered him to announce his departure from the project.

He claims theres intentional backdoors in the code that allow attackers to easily get full control… pic.twitter.com/oLiVXk0A2F

— WhaleWire (@WhaleWire) October 21, 2023

Riard has since stepped down from the development of the Lightning Network, with plans to focus now on Bitcoin core development. Data from DefiLlama shows the TVL of the Lightning Network is now at $159.74 million. Its future of depends on how developers and the Bitcoin community respond to this news. A quick, transparent fix of the vulnerability to restore trust should be the important next step.

On the other hand, the price of Bitcoin just crossed $30,000. Renowned financial author Robert T. Kiyosaki predicts that Bitcoin will reach $135,000 very soon.

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Scott Matherson

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October 22, 2023
Bitcoin SV (BSV) Erects A Solid 64% Growth In Just A Week – What’s The Story?
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Following its inclusion in Binance’s futures trading options, one of the top global cryptocurrency exchanges, Bitcoin SV (BSV) saw a significant 64% gain in value this week. After splitting out from Bitcoin Cash (BCH) in late 2018, BSV is now trading at $54.02, a significant increase from $34.08 just a week earlier.

On Saturday, BSV reached a significant peak of over $58 on prominent spot markets. The last instance in which BSV was observed trading above $58 occurred in mid-September 2022. Since its notable surge on September 27th, the price of the crypto has experienced a substantial increase of more than 90%.

The price of Bitcoin SV reached an all-time high of $491.64 during the previous bull run. However, the market crashed, sending the coin tumbling more than 95%. Following rumors of the adoption of a Bitcoin ETF, the price of BSV has begun to move bullishly and is currently trading at an 89.19% discount to its previous ATH.
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BSV price rally in the last week. Source: Coingecko
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Bitrue, a widely used centralized exchange platform, has recently included BSV in its USDT pair and initiated a promotional campaign offering a $1,000 welcome bonus. This exchange is notably favored by the XRP and Ripple communities.

🔥 New listing $BSV is coming to #Bitrue spot trading.

🔹 Deposit opened
🔹 BSV/USDT pair
🔹 Trading starts at 12:00 UTC, 19 October

🎁 New users can claim a welcome bonus of 1000 $USDT

Details: https://t.co/o8eBXZrl9E pic.twitter.com/2O7qmZehVX

— Bitrue (@BitrueOfficial) October 19, 2023

Bitcoin SV: Reclaiming Satoshi’s Vision With Larger Blocks

Bitcoin SV (BSV), designed as a peer-to-peer electronic cash system, asserts that it embodies the original vision of Bitcoin’s creator, Satoshi Nakamoto, despite the controversial claim made by its creator, Australian computer scientist Craig Wright, who many in the crypto community dispute.

BSV seeks to address the efficiency issues seen in Bitcoin (BTC) and Bitcoin Cash (BCH) by substantially increasing block size to minimize transaction fees.

In the beginning of the year, BSV coin was trading in the range of $39.50 to $44.75 until March, after which it saw a decline and traded between $34.90 and $39.40 until May. This was followed by relatively minor fluctuations before another drop, where the price ranged from $29 to $34.90.
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BSV market cap at $1.07 billion on the weekly chart: TradingView.com
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In June, BSV reached an all-time low, but later gained momentum, surging and subsequently facing rejection around $56.47, resulting in a 50% drop. The coin then traded between $34.93 and $39.54 for a period, followed by another decline.

BSV Price Surge Tied To SEC ETF Speculation, Intra-Community Disputes

A sudden increase in the value of Bitcoin SV (BSV) has occurred recently, and some analysts have linked it to the possibility that the U.S. SEC may approve a spot Bitcoin ETF. Given the current disputes within the BSV community—Christen Ager-Hanssen, a well-known BSV supporter, resigned as CEO of nChain due to a disagreement with BSV leader Craig Wright—this demonstration is significant.

In summary, the future trajectory of the BSV price is contingent upon the successful breach of the significant resistance level at $56.48 by bullish market forces. This breakthrough has the potential to entice fresh investors and then challenge the higher barrier level at $61.99.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Yuna Rin

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October 22, 2023
Can Bitcoin (BTC) Surpass $70,000 In The Next 6 Months? Analyst Provides Answers
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The recent surge in Bitcoin’s price over the weekend caught many market observers by surprise. The alpha coin marked a 1.5% gain in the last 24 hours, bringing Bitcoin’s value above the psychologically important $30,000 threshold, which also serves as a key resistance level.

At the time of writing, Bitcoin was trading at $30,154, up 12% in the last seven days, data from crypto market tracker Coingecko shows. On October 16th, the cryptocurrency briefly spiked to around $30,000 on Binance due to false reports of an approved spot Bitcoin ETF. However, as soon as the truth about these reports came to light, the market swiftly corrected.

Just two days later, Bitcoin once again rallied to $30,000, but it struggled to maintain this crucial level, facing resistance and fluctuations. These multiple attempts indicate the significance of the $30,000 price point as a key battleground for Bitcoin’s near-term price movements.

Influential Factors Behind Bitcoin’s Recent Surge

The recent surge in Bitcoin’s price doesn’t have a clear cause, but it’s likely driven by market optimism surrounding the potential approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission.

This optimism is based on the belief that a Bitcoin ETF approval would offer more accessible and regulated exposure to the cryptocurrency, attracting institutional and retail investors and further legitimizing the asset within traditional finance. The anticipation of this regulatory milestone is a key factor influencing Bitcoin’s price at present.

Jebb, a prominent crypto analyst, has examined the 200-weekly simple moving average in Bitcoin trading. Jebb stressed the importance of this moving average as a prediction of Bitcoin’s future bull markets, based on its previous record.
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BTCUSD nearing the $30K territory. Chart: TradingView.com
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This moving average, he noted, has consistently proven to be a vital and insightful indicator, offering valuable insights into the complex dynamics of Bitcoin’s price movements.

In the video, Jebb dispelled the myth that Bitcoin’s price fell sharply below the 200-weekly moving average in 2022, rendering it obsolete. He maintained that outside variables, like the Federal Reserve’s artificially inflated 2021 price of Bitcoin, had an impact on the decline.

He emphasized that these exceptional circumstances played a pivotal role in the 2022 downturn, underscoring that the 200-weekly moving average remains a valuable metric for predicting Bitcoin’s future trajectories, given the return to more typical market conditions.

Bullish Signals For Bitcoin’s Future

According to Jebb’s analysis, in the absence of intervention from the US central bank, the price of Bitcoin would have experienced a surge to around $50,000 instead of $70,000, followed by a correction to approximately $20,000 as opposed to $27,000.

All of these criteria support a Bitcoin bull market. Jebb predicted that Bitcoin might rise $50,000 to $70,000 in six months based on his findings. This estimate gives Bitcoin’s price growth potential an extra boost by taking into account the April 2024 halving event.

Moreover, the analyst went on to introduce a diverse array of technical indicators that strengthen the prospect of an impending bull market for Bitcoin. Among these indicators, he drew attention to the weekly chart’s Moving Average Convergence Divergence (MACD), the Relative Strength Index (RSI), and the Lux Algo signals.

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Yuna Rin

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October 22, 2023
Coinbase Exec Uses The Law To Back Why SEC Should Approve A Spot Bitcoin ETF | Bitcoinist.com
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Coinbase’s Chief Legal Officer, Paul Grewal has recently used the law to back the approval of a Spot Bitcoin Exchange Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC), highlighting that the US regulator should fulfill its responsibilities.

Coinbase CLO Optimism On The Approval Of A Spot BTC ETF

In an interview on Friday, with CNBC’s Arjun Kharpal, Paul expressed his optimism about the approval of Bitcoin ETF applications by the SEC. The Coinbase CLO said that he is quite confident that the SEC will soon approve a spot Bitcoin ETF, backing his belief under the law.

“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law,” Paul stated.

Following the interview, Paul highlighted his beliefs in the early success of approval, noting that the firms that have stepped forward with well-structured ETF proposals for these products and services are crucial players in the financial service industry.

I think that the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services. So that, I think, suggests that we will see progress there in short order.

However, Paul did not give a time frame as to when the approval will happen since the final decision about the approval ultimately lies with the SEC. However, he is still confident that the US regulator is likely to approve a Bitcoin ETF in a short period due to recent developments.

Paul further backed his optimism following the SEC’s recent court setback when a judge from the US Court of Appeals stated that the US regulator had no grounds to deny Grayscale’s approval to convert its Grayscale Bitcoin (BTC) into a spot Bitcoin ETF, calling the SEC’s decision an arbitrary move.

“I think that, after the U.S. Court of Appeals made clear that the SEC could not reject these applications on an arbitrary or capricious basis, we’re going to see the commission fulfill its responsibilities. I’m quite confident of that,” Paul stated.
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BTC breaks above $29,800 | Source: BTCUSD on Tradingview.com
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In addition, Paul also highlighted the SEC’s failure to file an appeal on the ruling indicating a potential approval of a spot BTC ETF soon within the stipulated timespan that was given to them by the court.

If an approval of a Spot ETF is made, BTC could experience a major rally. A Bitcoin ETF serves as a means for investors to invest in BTC without having to make a direct purchase of the digital asset from an exchange.

One of the major cryptocurrency exchanges that will benefit a lot from any Bitcoin ETF approval is Coinbase. This is because the crypto exchange’s common stock is held in portfolios tailored to give investors exposure to cryptocurrencies.

JPMorgan On A Spot Bitcoin ETF Approval

Analysts from JPMorgan, have also expressed their optimism on a Bitcoin ETF approval, that the ETF product could be available to the public by this Christmas.

Due to recent developments following the approval of a Spot Bitcoin ETF, the financial giant believes that there is a high chance that an ETF could gain approval before January 10, 2024.

In addition, analysts from Bloomberg also believe that there is a 90% chance that a Bitcoin ETF will be approved next year.

Featured image from Forkast News, chart from Tradingview.com
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Scott Matherson

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October 21, 2023
Bitcoin ETF Mania Sparks A Surge In Google Searches
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The excitement surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) located in the United States is developing, as evidenced by the spike in Google searches for this cutting-edge financial instrument. The increased interest from the general public and retail investors highlights the growing excitement about the possible early 2024 launch of a spot Bitcoin ETF.

According to Google Trends data, this week will mark the peak value of 100 for the global search value of the term “spot Bitcoin ETF” over a five-year period, indicating the highest level of interest among users.

The search value for “Bitcoin ETF” has also increased to 39, the highest level since ProShares’ futures-based ETF was launched two years ago.

Search Trends Highlight Enthusiasm

The increase in searches indicates that more people are actively looking for information on these financial products and how they can affect the market capitalization of Bitcoin, which is currently the largest cryptocurrency in the world.

After the US Securities and Exchange Commission missed a deadline to contest a significant legal setback, market players are becoming more optimistic that the SEC will approve a spot Bitcoin ETF early next year.

The fact that the deadline was missed has increased confidence and raised hopes for the ETF’s adoption in 2024, which will unleash a wave of liquidity.
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Bitcoin moving closer to the $30K territory. Chart: TradingView.com
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Acceptance of a position a recurring topic in the cryptocurrency world is the Bitcoin ETF, which is frequently regarded as a gauge of the currency’s widespread acceptance. Leading asset management companies, such as Ark Invest and BlackRock, are vying for the top spots in ETF approval.

Cathie Wood takes charge of Ark Invest, and she has carefully modified its applications. An agreement with Coinbase that emphasizes the division of the trust’s assets from the custodian is one such modification.

This answers the SEC’s earlier worries about spot Bitcoin ETF applications lacking strong surveillance-sharing arrangements.

Looking Ahead: The Future Of Spot Bitcoin ETFs

The anticipation for the possible introduction of a spot ETF intensified around three months ago when significant participants in conventional financial markets, such as BlackRock, submitted applications for one.

This development helps explain why Bitcoin performs better than other cryptocurrencies in addition to shielding it from unfavorable macroeconomic developments.

The regulatory environment is still a major concern as excitement grows. The first Bitcoin ETF in the US is expected to be approved, and the cryptocurrency community is excited about this development, believing it will further establish Bitcoin’s standing in the mainstream financial industry.

The spike in Google searches is indicative of the growing interest in cryptocurrencies and the need for cutting-edge financial solutions.

To sum up, the growing demand for spot Bitcoin ETFs is evidence of how digital assets are developing and how they are being incorporated into conventional financial markets.

The future of spot Bitcoin ETFs is bright, with significant support from important stakeholders and a regulatory landscape that is rapidly embracing these innovations.

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Yuna Rin

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October 21, 2023
Coinbase Bullish: Bitcoin ETF Approval Expected After SEC’s Defeat

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In a recent CNBC report, Coinbase, the largest cryptocurrency exchange in the United States, expressed confidence in the approval of a US-based Bitcoin (BTC) exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).

Paul Grewal, Coinbase’s Chief Legal Officer, highlighted that the SEC’s recent court setback in the case of Grayscale’s proposed Bitcoin ETF has paved the way for a potential approval in the coming months.

Coinbase Eyes Bitcoin ETF Approval

Grewal emphasized that Coinbase is hopeful about the approval of ETF applications due to their compliance with existing laws governing financial services. Grewal noted that prominent financial institutions have submitted robust proposals, indicating progress in the regulatory landscape.

The recent court ruling against the SEC stated that the regulator lacked a valid basis to deny Grayscale’s request to convert its GBTC Bitcoin fund into an ETF.

The SEC chose not to appeal the ruling within the specified deadline, further increasing the likelihood of a BTC-related ETF gaining approval shortly.

However, Grewal acknowledged that the ultimate decision rests with the SEC, and he refrained from providing a specific timeline for the approval process.

Nevertheless, Grewal expressed confidence in the SEC’s obligation to fulfill its responsibilities, particularly in light of the court’s decision and the requirement to apply the law impartially.

The introduction of a Bitcoin ETF would offer investors an alternative means to gain exposure to BTC without directly purchasing the cryptocurrency from an exchange.

This could be particularly attractive to retail investors seeking Bitcoin exposure without the complexities of owning the underlying asset.

Per the report, Coinbase, being the largest crypto exchange in the United States, stands to benefit from the potential approval of a BTC ETF. The company’s common stock is held in portfolios designed to provide investors with crypto exposure.

Legal Troubles Mount For Grayscale’s Parent Company

While the recent court ruling has bolstered prospects for a BTC ETF, it is important to note that Grayscale’s bid to convert GBTC into an ETF is not without its challenges.

Digital Currency Group (DCG), Grayscale’s parent company, along with crypto exchange Gemini and DCG subsidiary Genesis, face a lawsuit from the New York Attorney General, accusing them of defrauding investors of over $1 billion.

Despite the ongoing legal issues, Grewal remained positive about the approval of additional Bitcoin ETFs in the future as the SEC adheres to the law and evaluates pending applications neutrally.

The report also touched upon the recent performance of BTC, which has experienced a resurgence in 2023. With a 72% year-to-date increase, Bitcoin has rebounded from significant declines in 2022.

BTC’s 3% uptrend on the daily chart over the past 24 hours. Source: BTCUSDT on TradingView.com

Factors such as anticipation surrounding the upcoming BTC halving event and investor reactions to the Federal Reserve’s potential interest rate policy changes have contributed to increased demand for the digital currency.

Ultimately while trading volumes have declined recently, attributed partly to retail investors’ reduced engagement in response to low volatility and industry players’ challenges, Grewal expressed optimism that various developments, including criminal trials and rigorous regulatory actions, will restore investor and consumer interest in the crypto market.

As the landscape for Bitcoin ETFs evolves, market participants will closely monitor the SEC’s stance and any potential regulatory developments that shape the future of cryptocurrency investment products.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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October 20, 2023
Bitcoin in Peril? Is BTC ‘Fighting Crucial Levels’ or Winning?
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Bitcoin (BTC) analyst Michaël Van de Poppe suggests potential paths for the world’s leading cryptocurrency as it grapples with significant price levels. Van de Poppe, a prominent figure in the crypto trading world known for his insightful market analyses, emphasized the critical nature of BTC’s current struggle.

Taking to X, the renowned social media platform, he stated that BTC is currently engaged in a battle at crucial levels, hinting at the possibility of a downward retest around $27,700.

Concurrently, the precious metal Gold continues its ascent, adding a layer of complexity to the current market dynamics.

#Bitcoin fighting crucial levels.

A retest around $27,700 would still be possible, while Gold is continuing the upwards run.

Above $28,800 and we’ll be eager towards $30,000 in a matter of time. pic.twitter.com/TK1SiilJxd

— Michaël van de Poppe (@CryptoMichNL) October 18, 2023

BTC’s Crucial Battle: Michaël Van de Poppe’s Insights

Consolidation might not be as detrimental as some investors fear, according to van de Poppe. The trader expressed a preference for a period of BTC consolidation before any major movements, indicating the possibility of a short-term pullback to levels around $27,600-$27,800.

#Bitcoin is not following through, and to be fair, I’d rather want to see it consolidate here for a few days before continuing.

Taking out some liquidity on the long side, through which a test at $27,600-27,800 seems likely.

Both $27,700 and $27,300 are long regions. pic.twitter.com/f6a041nODI

— Michaël van de Poppe (@CryptoMichNL) October 18, 2023

Van de Poppe’s analysis pinpointed both $27,700 and $27,300 as crucial support regions that could influence BTC’s short-term trajectory.

Meanwhile, at the time of writing, BTC’s price on CoinGecko stands at $29,741.09, reflecting a 24-hour surge of 4.8% and a seven-day increase of 11.0%. This surge comes at a time when the cryptocurrency market has been facing significant turbulence, with a myriad of factors influencing its valuation.
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Total crypto market cap currently at $1.10 trillion. Chart: TradingView.com
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Spot Bitcoin ETF Approval on the Horizon

The potential approval of a spot-based Bitcoin exchange-traded fund has emerged as a significant source of hope and enthusiasm for the cryptocurrency market. Industry heavyweight Mike Novogratz, CEO of Galaxy Digital, recently shared his optimism about the imminent approval of a spot Bitcoin ETF in the United States during a recent interview.

Novogratz’s sentiments were echoed by the active involvement of financial giants like BlackRock, who are actively pursuing their ETF applications. With BlackRock’s massive $10 trillion in assets under management, the anticipation around the ETF approval process has reached a fever pitch in the financial world.

According to various industry experts, the anticipated approval of a spot Bitcoin ETF is expected to materialize either in late 2023 or early 2024. The implications of such an approval are far-reaching, as it could potentially reshape the landscape of crypto investment, drawing in a fresh wave of institutional and retail investors keen to leverage the new investment avenue.

As the market eagerly awaits the resolution of BTC’s current battle at crucial price levels and the potential for a new era with the introduction of a spot Bitcoin ETF, industry stakeholders are bracing themselves for what could be a transformative period in the cryptocurrency realm.

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Christian Encila

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October 20, 2023