Tag: crypto

The Plot Thickens: Sam Bankman-Fried Incriminates Lawyers In FTX Fraud | Bitcoinist.com
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Former FTX CEO Sam Bankman-Fried has finally testified in court as his legal team begins to construct a defense against charges of two counts of fraud and five counts of conspiracy. It would seem the 31-year-old former billionaire is now taking a different tactic in his latest attempt to wiggle out of the fraud charges.

While taking the stand, SBF claimed his legal team gave the green light for all of his shady actions leading up to the epic collapse of the exchange.

Sam Bankman-Fried Takes The Witness Stand

The case against the former FTX CEO is making headway in court as the failed crypto exchange continues to struggle to bounce back from insolvency and possibly restart its operations.

The prosecution closed its case last week after 12 trial days after calling on several key witnesses, including Alameda Reserach’s ex-CEO Caroline Ellison, FTX’s co-founder Gary Wang, and former Director of Engineering Nishad Singh. Although these witnesses have also implicated Bankman-Fried, the defense continues to work on a not-guilty stand.

SBF’s defense team presented him as the third witness after Krystal Rolle, Bankman-Fried’s lawyer in the Bahamas, and database expert Joseph Pimbley. US District Judge Lewis Kaplan allowed SB to take to the stand at his fraud trial On October 26, outside the jury’s presence.

In his testimony, SBF claimed his lawyers at the time, including Dan Friedberg, approved all of his actions, making him believe he was acting in good faith and everything was fine.

The FTX founder said lawyers were involved in setting this system for diverting customer funds into an Alameda bank account. However, prosecutors have said SBF should not allowed to suggest that the involvement of lawyers in decision-making is an indication of innocence of any wrongdoing.

SBF counters that he was acting without criminal intent on the advice of his attorneys. But when the prosecution’s attorney Danielle Sassoon cross-examined him, he found it difficult to cite specific instances in which his attorneys gave their approval.

“The witness has what I’ll simply call an interesting way of responding to questions,” Judge Kaplan said.

The defense also made the point that testimonies from former FTX top employees were tailored to implicate Bankman-Fried in the hopes of them receiving lenient sentences.

What’s Next For The FTX Founder’s Defense?

Prosecutors say Sam Bankman-Fried was key in diverting customer funds to Alameda Research, while also donating more than $100 million to political campaigns in the US. If convicted, the former FTX CEO could spend up to 20 years in prison.

SBF’s defense seems bleak at the moment, and Judge Kaplan has already disqualified seven of its witnesses. Bankman-Fried is expected to testify to the jury on Friday, where Kaplan is to decide if he could speak to the jurors about lawyers approving his actions.
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FTT Token makes a break above $1.3 | Source: FTTUSDT on Tradingview.com
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Featured image from KRDO, chart from Tradingview.com
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Scott Matherson

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October 27, 2023
PEPE Leaps 90% As Meme Coin Records 155k On-Chain Wallets
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In the meme coin realm, the last week has ignited fresh momentum, and the buzz revolves around Pepe Coin (PEPE), which has witnessed a remarkable surge over the weekend. This rally has set traders’ minds racing, as they contemplate whether PEPE’s ascent could evolve into a formidable challenge to the supremacy of Shiba Inu (SHIB) and Dogecoin (DOGE).

At the time of writing, PEPE was trading at $0.00000120, up 3.3% in the last 24 hours, and registered an impressive weekly increase of 90%, data from crypto market tracker Coingecko shows.
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Source: Coingecko
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PEPE Reaches 155K On-Chain Wallets

Just recently, Pepe had reached a market cap of $1.6 billion, sparking conversations about its potential to compete with the crypto market’s top meme coins. This rapid resurgence showcases its resilience and its enduring allure to traders and investors.

Pepecoin, drawing inspiration from the iconic Pepe the Frog meme, has carved a noteworthy niche in the meme coin arena. Its remarkable journey in early 2023, achieving a staggering $1.6 billion market cap and a rapid 100% weekly growth, hints at the potential for a price surge in Q4 2023.

142,069 $PEPE pic.twitter.com/B0tp66Oq4u

— Pepe (@pepecoineth) October 25, 2023

As this developed, the frog-themed meme coin also made headlines when its reach extended to over 155,000 on-chain wallets, encompassing all tokens bridged to both Arbitrum and BSC, underlining its widespread adoption and engagement within the cryptocurrency community.

This impressive user base indicates a growing and vibrant ecosystem, poised to explore new horizons and opportunities in the digital asset space.
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PEPE currently trading at $0.00000120 on the daily chart:TradingView.com
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PEPE’s Robust Market Valuation

The sudden and robust gains in PEPE’s price have captured the attention of traders and investors, highlighting its potential as an attractive investment within the volatile cryptocurrency market.

Pepe (PEPE), a meme coin born during crypto winter, has witnessed an astonishing feat, doubling its price within a week to reach a $500 million market cap. This surge comes as traders anticipate the potential impact of a Bitcoin (BTC) spot ETF on the broader market.

As market charts showed a 1% gain in the global crypto market value, reaching $1.28 trillion as of October 26, the prices of cryptocurrencies saw a little boost. Positive momentum from the “Uptober” surge caused the cryptocurrency market to rise significantly in the last few sessions on a global scale.

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

Featured image from iStock/Linas Toleikis
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Christian Encila

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October 27, 2023
Crypto Analyst Who Called Bitcoin’s Parabolic Rally Picks Altcoin Set To Pop
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Predicting the Bitcoin price movements and when altcoin prices will rally again is not a small feat but one analyst has managed to do so. Crypto analyst TonyTheBull has been calling for a bull market, saying that this cycle differs from previous ones in the fact that there will be a rally this year.

This proved to be true last week when the price of Bitcoin started surging and hit as high as $35,100. Now the analyst has called the next altcoin to outperform, and it already is.

Fetch (FET) Is Next Altcoin In Line

In the latest iteration of the CoinChartist (VIP) newsletter, crypto analyst TonyTheBull revealed that Fetch (FET) was his next pick after the Bitcoin breakout. He revealed that he had previously bought FET which ended up outperforming in January, and believes the same will be the case here as well.

FET which is one of the top AI-powered crypto tokens is already on the rise after the analyst called it at the $0.24 level. TonyTheBull also posits that a Raging Bull indicator flipping on would be able to confirm further upside. “Waiting for the Raging Bull to turn on would help confirm increased bullishness in the altcoin,” the newsletter read.
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Source: CoinChartist
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The Raging Bull Indicator, explained the analyst, “was designed using the Relative Strength Index to help indicate when Bitcoin or other assets are in a bull market, and more importantly, and impulsive like trend.” Basically, this indicator helps to show the strength of a cryptocurrency.

Looking at FET’s performance since the call, it has already climbed over 30% and is now trading above $0.3, hitting a local peak of $0.32 on Wednesday.
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FET price sitting above $0.29 | Source: FETUSD on Tradingview.com
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Bitcoin Not The Only One Looking Good

Despite Bitcoin still looking incredibly bullish on the charts, the analyst points out some altcoins that have had their Raging Bull Indicators turned on this year as well. The first on the list is Solana whose indicator turned on for the first time since 2022. Following this, the digital asset went on a massive run but it might not be done.

TonyTheBull revealed that the last time this indicator was turned on, Solana blew up by 500%, and then continued on to do a 17,000% rally. So if it sticks to historical performance, the Solana rally might only be in its early stages.
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Source: CoinChartist
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The next altcoin to appear on the list is Chainlink’s LINK. LINK moved from around $7 to over $11 in a matter of days. But just like Solana, this coin may only be in its early stages. LINK’s Raging Bull Indicator last turned on in 2019 and the coin saw a “700% in the near term, and more than 9,000% in total.” The analyst further added, “This might not be a setup to sleep on.”
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Best Owie

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October 26, 2023
CoinFLEX And 3AC Founders Under Fire For Misappropriating Creditor Assets | Bitcoinist.com

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In a revelation brought to light by an account on X (formerly Twitter) under the name “CoinFLEX Real,” allegations have emerged indicating that the founder of CoinFLEX, a derivatives exchange based in Hong Kong, along with their partners at Three Arrows Capital (3AC), have allegedly engaged in the misappropriation of creditor assets for personal gain.

Mark Lamb, the founder of CoinFLEX, along with Zhusu and Kyle Davies of 3AC, stand accused of utilizing funds entrusted to them as their personal “piggy bank.”

CoinFLEX Founder Accused Of Manipulation

CoinFLEX suffered significant losses, amounting to $160 million, leading to its collapse in June 2022, triggered by a negative balance from one of its customers, Roger Ver. Subsequently, a group of creditors developed a restructuring proposal to revive the exchange.

In September 2022, CoinFLEX’s leadership presented a restructuring plan that granted creditors a majority stake and control of the board. The company retained $10 million to finance litigation against Roger Ver and facilitate a reboot.

However, in January 2023, Mark Lamb suddenly established a separate exchange called OPNX, seemingly unrelated to CoinFLEX. Despite this, the exchange’s funds supported OPNX’s operations.

Mark allegedly misled regulators by presenting OPNX as part of CoinFLEX and manipulated FLEX tokens for “personal benefit.” The new venture heavily relied on CoinFLEX’s technology, funds, staff, and the FLEX token.

CoinFLEX’s website even encouraged users to migrate to OPNX despite the lack of authorization to develop this new business, which contradicted the terms of the restructuring order pending approval by the Seychelles courts.

Over the following six months, CoinFLEX stakeholders received minimal information from Mark Lamb, Kyle Davies, and Su regarding the status of remaining funds and spending.

According to the allegations, proper reporting for creditors was never completed, keeping them “in the dark” and impeding their ability to take action. Furthermore, allegations have emerged that the founders intentionally manipulated the token’s price.

Employees were allegedly instructed to freeze account withdrawals for users with substantial FLEX balances, preventing them from cashing out. FLEX and OX assets were frozen on-chain to boost the token price artificially. Influencers were allegedly paid with creditor assets to promote OX.

Additionally, the founders reportedly used the proceeds from the sale of creditor assets to inflate the same tokens they had previously sold over-the-counter (OTC)

Controversial Settlement

According to CoinFLEX Real’s allegations, requests for information in the company were ignored, and any employee communicating with the creditor group was promptly terminated.

It wasn’t until August 2023 that a board was finally formed, but Mark Lamb allegedly refused to attend most board meetings, providing little meaningful information.

Exploiting the absence of a clear structure, Mark demanded additional funds from creditors to cover legal expenses and personal costs related to his support of arbitration.

Mark allegedly met secretly with Roger Ver to settle an $84 million lawsuit over the advice of arbitration lawyers who believed CoinFLEX had a strong case. Notably, as the truth began to unravel, it appeared that Mark, Kyle, and Su planned to shut down CoinFLEX to destroy evidence and conceal their misdeeds.

Two weeks ago, evidence of the scale of wrongdoing was uncovered when investigators entered CoinFLEX’s Hong Kong office. Staff members were allegedly cut off from systems to obstruct access to crucial evidence. Given these alleged developments, the X account under the pseudonym “CoinFLEX Real” concluded:

These grifters cannot remain unpunished and continue to infect our space. We owe a duty to protect the crypto community and its reputation. We have the evidence to pursue justice and ask for the support of the community to make it happen.

FLEX’s extended sideways price action on the 4-hour chart. Source: FLEXUSDT on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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October 26, 2023
The Most Jaw-Dropping Revelations Made About FTX’s Sam Bankman-Fried During Trial | Bitcoinist.com
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The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), has produced some interesting revelations even as SBF is set to testify in his case when his hearing resumes on October 26. The most notable ones seem to have come from the testimonies of his ‘inner circle.’

How Sam Bankman-Fried Saw Himself

As part of its case, the prosecution got Alameda Reserach’s ex-CEO Caroline Ellison, FTX’s co-founder Gary Wang, and FTX’s former Director of Engineering Nishad Singh to testify against their former associate Bankman-Fried. Many will argue that these witnesses lived up to the hype as key witnesses as they helped corroborate the prosecution’s allegations.

However, the extra details from their testimonies have also not gone unnoticed. One of them happens to be when Ellison mentioned on the stand that SBF had mentioned his ambition of one day becoming the President of the United States. While they may be unrelated, it could also explain why Bankman-Fried was cozying up to several political figures.

The defendant’s curls were always seen to be one of his standout features, and he thought so, too, according to Ellison’s testimony. She mentioned on the stand that Bankman-Fried had once told her that his hair was “essential to his image” and very valuable, as he believed that the hair had earned him more money in his past jobs.

How Co-Conspirators Felt After The FTX Collapsed

While admitting to her role as a co-conspirator, Ellison seemed to be remorseful (or so it seemed) about her actions. During her testimony, she mentioned how she felt a sense of relief after FTX’s collapse as she didn’t have to lie anymore. According to her, the vent provided an opportunity for her to take responsibility and be honest about what she had done.

Ellison wasn’t the only one who felt certain emotions in the weeks following FTX’s collapse, as Singh mentioned that he was suicidal for days. He mentioned how, in spite of it all, he was optimistic that they could salvage the whole situation rather than playing the blame game.

Meanwhile, during that period, it would seem that all Wang was concerned about was not going to jail, as he flew into the US six days after FTX filed for bankruptcy. According to him, he believed that he was likely to be charged and decided to be one step ahead by agreeing to cooperate with the prosecutors in order to get a shorter prison sentence.

Sam Bankman-Fried’s trial will resume on October 26, with the prosecution concluding its case, after which the defense will move to open its case. The defendant is set to testify in what seems to be a last-ditch effort by SBF’s lawyers to salvage his case.
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FTT shows strength as trial continues | Source: FTTUSDT on Tradingview.com
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Featured image from Rolling Stone, chart from Tradingview.com
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Scott Matherson

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October 26, 2023
Solana Price Surge: Analysts Predict Target Zones Of $69 – $123 In Coming Months

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Solana price (SOL) has recently showcased an impressive performance, setting new records as it regains its bullish momentum.

After experiencing a significant decline since July 14, SOL has emerged as one of the top-performing cryptocurrencies, trailing only behind Pepecoin (PEPE) and Chainlink (LINK) in terms of gains in the past 24 hours.

With sustained upward movement, SOL has surged by 8.9% in the past day, 39% in the past week, a remarkable 51% in the last two weeks, and 68% in just 30 days.

Solana Price Potential Unveiled

The recent surge in Solana price has caught the attention of crypto enthusiasts and analysts alike. The 8.9% increase in the past 24 hours has propelled SOL to outperform most other cryptocurrencies in the top 100 list.

On this matter, renowned crypto analyst “Titan of Crypto” has shed light on the anticipated target zones for Solana in the months ahead.

According to the Titan of Crypto’s in-depth analysis, SOL has the potential to achieve a price range between $69 and $123. These projections reflect the optimistic outlook surrounding Solana’s future performance and market prospects.

However, despite recently attaining a new yearly high for 2023 and surpassing its monthly resistance level, Solana’s price faces several obstacles that could impact the realization of these projections in the upcoming months.

It is important to note that Solana’s price has reached levels not witnessed since the collapse of the FTX crypto exchange back in November 2022. These factors contribute to the existing resistance that Solana needs to overcome for the anticipated scenario to materialize.

SOL’s Next Resistance Level Presents 9% Upside Potential

What is particularly encouraging for Solana bulls is the potential for further growth in the near term, despite the upcoming challenges that may lie ahead for the cryptocurrency’s price.

Currently, the next significant resistance level stands at $36.86. If the current bullish momentum continues, there is a possibility for another leg-up of approximately 9% once this resistance is breached.

Should Solana successfully surpass this hurdle, the subsequent obstacles for SOL are positioned at $37, $39, $43, and $46 in the months to come. However, for the token to solidify the breakout of its monthly resistance and sustain the upward trend, it is crucial to achieve a monthly close above the $32 mark.

This emphasis on a monthly close above $32 serves as a key metric to confirm the bullish momentum and support the ongoing upward trajectory of Solana. Market participants will be closely monitoring these developments to assess the token’s ability to maintain its positive momentum and overcome potential challenges in the future.

SOL’s sustained bull run on the daily chart. Source: SOLUSDT on TradingView.com

According to CoinGecko data, the current Solana price stands at $33.00. The trading volume for the past 24 hours amounts to $1,668,696,328.50. With a total supply of 420 million SOL tokens, Solana’s market capitalization is valued at $13,631,609,298.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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October 25, 2023
Crypto Marketers Take Note: UK Regulator Issues Warning On ‘Common Issues’ | Bitcoinist.com

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In a bid to “safeguard consumers,” the UK Financial Conduct Authority (FCA) has issued a warning regarding “common issues” observed in crypto asset promotions. With the implementation of a new marketing regime, the FCA has asserted its authority over crypto promotions in the UK.

FCA Unveils Alert List To Expose ‘Non-Compliant Crypto Entities’

The FCA has identified specific “areas of concern” since the new marketing rules were enacted. To address these issues, the financial watchdog has shared an updated “alert list” to highlight “non-compliant entities.”

The FCA’s statement emphasized that the change in legislation has brought crypto asset promotions under its remit, enabling it to supervise firms and “ensure consumers” receive accurate information and risk warnings.

Since October 8, the FCA has identified three common issues with crypto asset financial promotions. These include misleading claims about the safety and security of digital asset services without adequately highlighting associated risks, risk warnings not prominently displayed due to small fonts or hard-to-read color schemes, and firms failing to provide customers with sufficient information about the risks linked to specific promoted products.

The FCA expects authorized firms responsible for approving financial promotions of crypto asset firms to fulfill their regulatory obligations diligently. In cases of non-compliance, the FCA will take action and has already imposed restrictions on one authorized firm, preventing it from approving digital asset financial promotions.

Collaboration with businesses, including social media platforms, app stores, search engines, and domain name registrars, is underway to remove or block illegal promotions.

The FCA also works with payments firms to limit UK consumer exposure to entities issuing unauthorized promotions. It urges these businesses to heed the alerts issued and play their part in protecting UK consumers.

FCA Cracks Down On Illegal Promotions

Per the announcement, the FCA continues to identify and take action against firms illegally promoting crypto assets to UK consumers. Since the new regime came into effect, the FCA has issued 221 alerts, with the list continually updated to include firms that fail to comply or engage constructively.

To make informed investment decisions in the crypto space, consumers are advised to consult the Warning List, which helps identify firms whose promotions may violate the law, enabling them to consider such promotions with all available information.

Since October 8, 2023, firms promoting crypto assets in the UK must be authorized, and registered by the FCA, or have their marketing approved by an authorized firm.

Promotions must adhere to FCA rules, ensuring clarity, fairness, the absence of misleading information, and prominent risk warnings. These changes align crypto assets with other high-risk investments.

The financial promotion regime applies to all firms marketing crypto assets to UK consumers, regardless of their location or the technology used for promotion. The FCA’s rules aim to “enhance understanding of crypto asset purchases” and associated risks.

Furthermore, since February, the FCA has warned firms, urging them to prepare for the regulatory changes. A recent letter has also been published to remind digital asset firms of the impending compliance deadline.

The total crypto market cap continues with its uptrend on the daily chart. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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October 25, 2023
Ethereum Supply On Exchanges Fall To 2015 Levels, 3 Price Targets For Bulls | Bitcoinist.com
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The Ethereum supply on exchanges has been on a steady decline since the FTX crash happened back in 2022. This was triggered by a growing distrust for centralized exchanges and investors choosing to self-custody their tokens as a result. The constant decline has now seen the Ethereum being held on exchanges fall to the lowest point since its inception.

Available ETH On Exchanges Fall To Genesis Levels

When the Ethereum network was first launched back in 2015, the available ETH on exchanges was very low due to it being a new player. The exchange balances would steadily rise over the next few years as the digital asset gained widespread acceptance and began trading on countless exchanges.

However, there has been a shift in the tide where crypto investors are now choosing to hold their ETH in private wallets rather than leaving them on exchanges. The result of this is now there is only 8.41% of the total ETH circulating supply available on exchanges.
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Source: Santiment on X
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On-chain data tracker Santiment points out that this is the lowest that Ethereum exchange balances have been since Genesis in 2015. “Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high,” Santiment said in an X post.

The move away from exchanges coincides with a rapid increase in price which suggests that holder accumulation has played a major role in the digital asset’s recovery. And if exchange balances continue to fall, meaning less willingness to sell off ETH and lower sell pressure, the value could continue to soar.
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ETH price gears up to retest $1,800 | Source: ETHUSD on Tradingview.com
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3 Price Targets For Ethereum Bulls

Now that the $1,700 resistance has been cleared by Ethereum bulls, they have begun to turn their attention toward much higher price points. The next significant resistance lies at $1,850 as was demonstrated on Tuesday when the bulls were rejected from that level. So $1,850 is the first price trade foo clear in the bid to establish a stronger bull trend.

Next on the list is the $1,920 level where a major roadblock is expected to happen for the ETH price. This will be one of the last defenses of the bears to prevent a full-blown bull rally and bulls are sure to run into a lot of resistance at this level.

Last but not least is the $2,000 mark which has eluded bulls for the better part of this year. It is arguably the most significant price level for Ethereum right now that could signal an end to the bleed. So ETH bulls will need to reclaim this level from the bears and turn it into support.
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Best Owie

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October 25, 2023
Cardano Poised To Explode As Grayscale Makes A Major Play | Bitcoinist.com
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Cardano (ADA) has been slowly creeping into the mainstream and onto the radar of major players. This rising popularity of the cryptocurrency has led it to Grayscale, as the asset manager unveils a new way for institutional investors to gain exposure to Cardano.

Grayscale Announces Cardano Indices

On Tuesday, October 24, Grayscale Investments announced that it is bringing five new crypto indices to the crypto market. These five indices would allow institutional investors to gain some level of exposure to a number of assets in the industry without having to go through the hassle of actually buying the coins.

Of the five indices that were announced, Cardano made the cut as one of the smart contract platforms that were being explored. This adds to the existing exposure already available to institutional investors through Grayscale Investments by way of the ‘Grayscale Smart Contract Platform Ex-Ethereum Fund’. This fund already sees Cardano maintain a 24% dominance, something that may be replicated in the new indices.

Cardano community member Dan Gambardello took to his X (formerly Twitter) platform to share the news. Gambardello explained that this could be a major game-changer for the crypto especially with institutional investors being given a way to play. “We’re talking big money, big players, and big validation for ADA,” he said.

Also, as Gambardello points out, the introduction of five new indices could suggest rising interest from large investors in cryptocurrencies other than Bitcoin. Gaining exposure to assets with lower market caps than the leading cryptocurrency could mean even larger profits for these institutional players, and Cardano could provide them with that opportunity.

“It’s clear that the institutional wave is coming for more than just Bitcoin. Cardano as a blue chip crypto is poised to ride that wave!” Gambardello concluded.

What Happens With Institutional Adoption?

As already seen with Bitcoin, institutional investor adoption of a cryptocurrency can mean a massive rally for the asset. This is because the buying power of institutional investors is much higher than that of retail investors, and with trillions of dollars in the hands of institutions, even a small percentage of their investment portfolio going into an asset could cause it to explode.

The recent Bitcoin rally above $35,000 following enthusiasm that the BlackRock Spot Bitcoin ETF might be approved soon is a perfect example of this. Market experts have said they expect upwards of $100 billion to flow into BTC if a Spot Bitcoin ETF is approved.

This high-value injection could also be incredible for Cardano which is already being viewed as a serious investment by these large players. This can easily lead the ADA price back above $1 with the right set of circumstances.
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ADA price rejected at $0.28 | Source: ADAUSD on Tradingview.com
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Featured image from Medium, chart from Tradingview.com
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Scott Matherson

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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
Binance Facing Leadership Crisis? UK CEO Joins Wave Of Departing Executives | Bitcoinist.com

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Per recent reports, Jonathan Farnell, the former Head of Binance UK and CEO of Bifinity, has parted ways with the company. This departure comes amid increased regulatory scrutiny from the Financial Conduct Authority (FCA), which has significantly impacted the operations of offshore cryptocurrency firms in the UK.

Regulatory Crackdown Forces Binance Executives To Resign?

Farnell joined Binance in May 2021 and took on the role of CEO of Eqonex, the holding company of crypto custodian Digivault, in 2022. This move aligned with a loan agreement that gave the exchange the authority to appoint a CEO from within Bifinity. During this period, Bifinity actively pursued the acquisition of Eqonex, but the deal eventually fell through.

Consequently, Eqonex entered voluntary liquidation in November 2022. Farnell’s LinkedIn profile indicated his position as CEO of Eqonex while employed at Binance.

Farnell’s departure adds to the executive exits from Binance in recent months. In September, Gleb Kostarev, the Regional Head of Eastern Europe, Commonwealth of Independent States, Turkey, Australia, and New Zealand, and Vladimir Smerkis, the General Manager for the CIS region, both announced their resignations.

Additionally, Brian Shroder, the CEO of Binance.US, stepped down from his role and was temporarily replaced by Norman Reed, the Chief Legal Officer. These departures reflect Binance’s response to mounting regulatory pressure.

Notable departures include Patrick Hillmann, the Chief Strategy Officer, Steven Christie, the Senior Vice President for Compliance, and Han Ng, the General Counsel. Eleanor Hughes has since assumed the role of General Counsel.

Binance’s Regulatory Struggles

Earlier this year, Binance.US encountered legal troubles when the US Securities and Exchange Commission (SEC) filed allegations against the exchange, Co-Founder Changpeng Zhao (CZ).

The SEC accused them of mishandling customer funds, providing misleading information to investors and regulators, and violating securities regulations.

The regulatory hurdles continued with the US Commodity Futures Trading Commission charging Binance and CZ with “willful evasion of federal law” in March, while the US Department of Justice initiated an investigation into the exchange’s operations. However, no criminal charges have been filed at this time.

The departure of senior executives and the ongoing regulatory challenges Binance faces underscore the increasingly complex landscape for cryptocurrency exchanges.

As authorities worldwide tighten their grip on the industry, companies must navigate evolving regulations to maintain compliance and instill trust among investors and users.

The company’s response to these challenges will be closely watched as it seeks to address regulatory concerns while providing services to its global user base. The cryptocurrency industry faces a pivotal moment, with heightened scrutiny shaping its future trajectory.

BNB’s uptrend on the daily chart. Source: BNBUSDT on TradingView.com

Binance Coin (BNB) is trading at $228, mirroring the upward trend of Bitcoin (BTC). BNB has experienced a significant surge of 4.2% in the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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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
Crypto Analyst Who Predicted XRP Price Breakout Reveals What’s Next | Bitcoinist.com
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Crypto analyst Alan Santana has been continuously bullish on the XRP price and has previously predicted a breakout for the digital asset. With the rise in the crypto market over the last day, the analyst’s prediction of a surge has come to pass. Now, in an update, Santana reveals what is next for the beloved altcoin.

Predicting The XRP Price Rally

Santana first took to TradingView to share his analysis of the XRP price performance on October 13. This initial post had been made when the price of the digital asset was still trading at just $0.48, and way before the United States Securities and Exchange Commission (SEC) dropped its lawsuit against Ripple’s co-founders.

In this initial post, Santana had referred to the XRP price at the time as “great timing” for an entry and he turned out to be right. The next update from the crypto analyst was on October 16 where he said that the digital asset still had very high growth potential.
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XRP maintains bullish momentum | Source: Tradingview.com
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Then on October 20, after the SEC dropped its charges against the Ripple execs, Santana said that the victory “opens the doors for a 150% rally.” Now, while the XRP price is yet to hit this 150% target, it has already risen 114% from the time of the first post when XRP was trading at $0.48.
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XRP shows strength amid correction | Source: XRPUSD on Tradingview.com
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What’s Coming Next?

In the latest updates of the analysis, Santana explains that “XRP is showing zero signs of weakness.” As the analyst puts it, every single XRP signal across all timeframes has been waxing stronger amid the crypto market resurgence.

The analyst expects a continuation of the bullish momentum with further upside to come. Sticking to the expected 150% rally, the XRP price could run up to $0.6 before running out of steam or hitting major resistance along the way.

“Just as the chart succeeded in predicting a Ripple win and major XRP rally before the event actually took place… The chart is once more saying, ‘forget the doubters, a higher high comes next!’” Santana’s TradingView post reads.

As the analyst predicted, XRP is still showing a lot of strength in the market after crossing the $0.55 mark. Its price is up 4.98% in the last day alone. Its 11.45% weekly surge has brought its market cap above $29.4 billion, while its daily trading volume shows a 200% increase, according to data from CoinMarketCap.
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Best Owie

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October 23, 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
Solana Remains Institutional Investor Darling As Inflows Continue
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Solana has gained the favor of institutional investors recently which has seen a marked increase in the amount of inflows that the altcoin has recorded. This trend has continued with last week’s numbers which show a significant amount of inflows for Solana compared to the likes of Ethereum.

Solana Inflows Reach $15.5 Million

According to data from the latest CoinShares report, the inflows into Solana for the last week came out to $15.5 million. This came while some altcoins such as Ethereum saw outflows for the week. For context, Ethereum outflows reached $7.4 million in the same time frame.

As a result of the latest round of inflows, the total Solana Asses under Management (AuM) has reached $74 million. This means that the Solana AuM is up 47% year-to-date, compared to Ethereum’s which has dropped continuously this year, climbing to $119 million in outflows year-to-date.

Cardano is another altcoin that saw inflows for the week but to a lesser degree. Its inflows were $0.1 million, bringing its total AuM to $24 million, with a $6 million increase year-to-date. Other investment products saw $0.9 million, leading their AuM to reach $76 million.

Multi-asset products, however, went the way of Ethereum with outflows of $0.6 million. This brings its AuM to $1.17 billion, a $31 million decrease year-to-date.
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SOL price sitting at $29.20 | Source: SOLUSD on Tradingview.com
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Bitcoin Dominates Inflows

For the same week, Bitcoin once again came out ahead in terms of inflows, with numbers topping that of Solana. The leading cryptocurrency saw $55.3 million in inflows, bringing its AuM to $24.205 billion. The asset’s month-to-date inflows are currently sitting at an impressive $111.9 million.

In the same vein, Bitcoin’s year-to-date inflows have also remained on the high side with $315 million in inflows so far. This has further solidified its position as the leading asset with the most interest from institutional investors so far.

Short Bitcoin products were also not left out of the inflow trend. Its weekly inflows sit at $1.6 million, while the month-to-date inflows came out to $4.5 million. Its year-to-date inflows sit at $46 million, bringing its AuM to $99 million. In total, the AuM of crypto investment products is nearly $33 billion.

“Following recent price appreciation, total Assets under Management (AuM) have risen by 15% since their lows in early September, now totalling nearly US$33bn, the highest point since mid-August,” the CoinShares report said.

CoinShares also notes that the inflows could be linked to the excitement and anticipation of a Spot Bitcoin ETF being approved by the US Securities and Exchange Commission (SEC). However, the numbers are much lower compared to when asset manager BlackRock first announced that it had filed for a Spot Bitcoin ETF.

Featured image from Outlook India, chart from Tradingview.com
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Scott Matherson

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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
Blockchain Potential: A $2.1 Trillion Boost To Global GDP By 2030 – Report
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In the age of growing digitalization, blockchain has emerged as a pivotal force propelling the progress of developing nations. This transformative shift is powered by the integration of cutting-edge technologies, including blockchain, with the capacity to revolutionize traditional economic sectors.

By leveraging these technologies, developing countries can achieve improved efficiency, transparency, and innovation within their respective industries.

Unlocking The Global Economic Potential Of Blockchain Technology

A recent analysis by Agile Dynamics shows there is potential for the technology to significantly transform the landscape of international transactions. According to Agile analysts, the global implementation of blockchain technology has the potential to contribute over $2 trillion to the global gross domestic product (GDP) by the year 2030.

The transformative potential of such a technology in international transactions extends far beyond the immediate financial benefits. Its decentralized and secure nature can revolutionize industries by streamlining supply chain management, reducing fraud, and enhancing transparency.

Blockchain technology was first hailed as the next big thing due to its apparent invulnerability to hacking and a layer of transparency that could ensure stable asset trading. By definition, it is a digital system that keeps track of transactions done between computers connected in a peer-to-peer network, particularly those involving cryptocurrencies.

Blockchain technology provides a multitude of advantages to enterprises, encompassing heightened levels of security and transparency, mitigation of fraudulent activities, and facilitation of transaction traceability. The decentralized character of the system promotes trust and enhances efficiency, leading to the optimization of operations and reduction of costs for businesses.

Key Advantages And Perceptions Of Blockchain Technology

The findings presented in the paper also points out that a significant majority of survey participants, specifically 75%, perceive the key advantage of blockchain technology to be the decrease in operational expenses. Subsequently, a significant proportion of 69% of respondents anticipate enhanced speed and efficiency.
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As of today, Bitcoin market cap is at $595 Billion on the daily chart: TradingView.com
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Additional advantages that have been emphasized include the augmentation of security and privacy, with a majority of 57% acknowledging this benefit. Furthermore, the encouragement of innovation has been recognized by 51% of respondents. Additionally, the optimization of financial procedures has been acknowledged as a benefit by 46% of participants.

Researchers from Agile Dynamics assert that because of the potential of blockchain technology to fill in gaps in the financial systems of less developed nations, emerging markets would account for over half of blockchain’s growth. That does not imply, however, that the agency has come to the conclusion that leading economies have no applicable use cases.

“By leveraging blockchain’s decentralization, data ownership, privacy, trust, and security, organizations can gain more control and autonomy over their technology infrastructure, reducing dependence on external entities and safeguarding their sovereignty,” Paul Lalovich, managing partner at Agile Dynamics, said.

Featured image from Forbes
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Christian Encila

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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).

Featured image from Collection FRAC Lorraine
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Christian Encila

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October 22, 2023