Jim Messina – a key adviser to former US President Barack Obama – thinks blockchain technology and cryptocurrencies are among “the most exciting developments of our lifetime.” The American is highly bullish on bitcoin, saying he is ready to bet his Porsche that it will once again reach $60,000. Messina is Sure BTC’s Price Will...Read More
Bitcoin reached past $21,000 on Wednesday for the first time since mid-September, following a lower-than-expected rate hike at the Bank of Canada. Economists say the move may signal a reversal from the central bank’s tight monetary policy stance. The Effect of Rate Hikes Canada’s central bank, which announced a 50 basis point increase to its...Read More
As per the data compiled from Morningstar Direct for FT, the Bitcoin Strategy fund (BITO) launched in October 2021 by ProShares lost money on an “unprecedented scale.” The ETF has attracted consistent inflows throughout the past year, with only two withdrawals. However, data suggested net inflows of $1.8 billion in its debut year, while its...Read More
While BTC has come down from a massive bear market dump to $19,000, its network hash rate has exploded to an all-time high. Bitcoin miners are currently earning the smallest reward relative to hash power applied in history, which has put the industry under extreme income stress. As revealed by the blockchain intelligence platform, Glassnode,...Read More
The Australian financial services company – Finder – conducted two surveys among its high-profile specialists to determine their expectations of bitcoin’s future price. The experts predicted that the leading digital asset will trade at approximately $21,300 by the end of the year. They are quite bullish on the long-term valuation, expecting it to surge to...Read More
Crypto markets may be in the depths of a lengthening bear market, but that provides the perfect environment to accumulate Bitcoin for those with conviction that there will be a recovery. This is exactly what has been happening, according to CryptoQuant’s CEO, Ki Young Ju, who posted his findings on Oct. 20. The metrics reveal...Read More
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, believes Bitcoin is at its most discounted price on a 100-week and 200-week moving average. He also predicted that the crypto asset would trade 5x its current price in five to ten years. During a recent interview with Stansberry Research, McGlone opined that Bitcoin is getting...Read More
It has been a dull weekend for Bitcoin struggling to clear the $20,000 resistance zone. Further indicating a potential case of dwindling institutional interest in the flagship cryptocurrency is the Grayscale Bitcoin Trust (GBTC) discount registering a new record high. It was currently trading at a 36.7% discount against BTC spot prices, setting the largest...Read More
Singaporean financial services firm DBS Bank believes that Bitcoin remains an unprecedented opportunity despite concerns about the high volatility in the crypto market. During a recent media briefing, DBS stated that Bitcoin’s ability to process continuous transactions without needing a central counterparty for clearing makes it an unprecedented opportunity in history. DBS Exec: Bitcoin Is...Read More
Yassine Elmandjra – analyst at ARK Invest – believes bitcoin’s valuation could skyrocket beyond $1 million per coin in the following years. Earlier in 2022, a research team of the company estimated that the market capitalization of the primary cryptocurrency could reach $28.5 trillion by 2030. Bullish Prediction Despite the Bear Market Bitcoin and the...Read More
The IMF downgraded its projections for the global economy Tuesday, warning in stark terms: “The worst is yet to come, and for many people, 2023 will feel like a recession.” As the old joke goes: “A recession is when your neighbor loses their job. A depression is when you lose yours.” If 2023 feels like...Read More
In its weekly on-chain analysis report on Oct. 10, Glassnode stated that Bitcoin has “remained remarkably stable” in recent weeks when compared to traditional asset markets such as forex, volatile equity, and credit. Against a backdrop of central bank rate hikes, rampaging inflation, and a strong US dollar, Bitcoin has been uncharacteristically low in volatility,...Read More
Stocks started off the week in a rally, with wide benchmarks like the S&P 500, NASDAQ Composite, and Dow Jones posting gains. But the rally fell off with a sharp pullback Friday on new worries of increasing Fed rate hikes. The retracement was nearly enough to wipe out the gains from earlier in the week,...Read More
The payroll and job reports from the world’s largest economy were slightly above expectations for September. However, BTC reacted with a sharp price decline, as it typically happens when the US publishes any sort of data lately. Although the numbers for September are below August and the average for 2022, the States added 263,000 new...Read More
The Bitcoin closed a daily candle above $20,000 on Tuesday, marking the highest daily close in about 24 days. That’s after trading range-bound from the $19K to $20K level for the latter half of September. Foreign pressure on the Fed to slow rate hikes and a low supply of bitcoin on crypto exchanges rallied the...Read More
The creator of the bitcoin Stock-to-Flow (S2F) model – PlanB – admitted that recently he made his third BTC investment. At the time of the purchase, the primary cryptocurrency was hovering around $20,000. Due to its significant price depreciation compared to the all-time high of $69,000 in November 2021, many people proclaimed bitcoin dead in...Read More
The author of the best-seller believes the US Federal Reserve will continue to raise interest rates, which will ultimately push the prices of BTC, gold, and silver down even more. However, this presents a good buying opportunity that could make investors smile in the future. Buy BTC Now, Says Kiyosaki Robert Kiyosaki used to be...Read More
Bitcoin miners continue to operate at a loss as long-term holders are selling at a loss, according to an on-chain analysis from Glassnode. The firm estimates that industry players are still selling roughly 8000 BTC per month to cover their USD-denominated business costs. Miners in the Red As tweeted by Glassnode on Wednesday, miner balances...Read More
Bitcoin’s push above the coveted psychological $20,000-level came after nearly 10% gains over the past 24 hours. This was followed by a mass profit-taking session as traders anticipating the threshold began selling their bags, as Santiment’s data. 📈 Many traders were apparently awaiting the $20k threshold to begin selling their bags. As #Bitcoin crossed back...Read More
Bitcoin price retested the $18K support level Friday. That’s the third time in a week, with the crypto failing to pass resistance at $19.5K twice on the 5-day chart. The crypto exchange price for a piece of the world’s original blockchain currency continues to consolidate at around $19K. That has been the trend for Bitcoin...Read More
Attempting to fight the raging inflation, the Bank of England raised the interest rates by 50 basis points today. BTC’s price remained stable, without any significant volatility, unlike what happened yesterday when the Fed did the same. The inflation rates in many countries skyrocketed in the past several months, and the UK is no exception....Read More
The largest BTC corporate holder – MicroStrategy – has stayed true to its word by making another bitcoin purchase earlier today. The firm accumulated 301 coins at an average price below $20,000 and rounded up its entire stash to 130,000. MicroStrategy’s founder and executive chairman – Michael Saylor – took it to Twitter today to...Read More
Nicholas Merten – a veteran cryptocurrency analyst and founder of DataDash – has called for Bitcoin to sink to $14,000 following its plunge below $19,000 over the weekend. The analyst cited both technical and macroeconomic factors, including an indicator that he calls “absolutely damning” for Bitcoin’s price. Deeper Waters for Bitcoin? In a video published...Read More
The largest corporate bitcoin holder has filed a new filing with the US Securities and Exchange Commission that will essentially allow it to purchase more BTC for up to $500 million. The news comes as the cryptocurrency surged past the $20,000 level and jumped to a new two-week high. The filing with the securities regulator...Read More
In an attempt to fight the galloping inflation, the European Central Bank, similar to its counterparty overseas, raised the key interest rates by 75 basis points. Unlike the Fed’s interest rate hikes, though, this one has had no real impact on BTC’s price, at least for now. With the skyrocketing inflation across the Old Continent,...Read More
The cryptocurrency industry shed a trillion dollars in market in the recent months recently as Bitcoin cracked below the important $20K level. Financier and contrarian investor Peter Schiff says fierce competition from altcoins is taking its toll. Less than a month ago, the Bitcoin price was soaring above the $23,000 handle. The cryptocurrency’s precipitous fall...Read More
The liquidations on a daily scale are on the rise once again after the recent market stagnation as BTC, and most altcoins turned red. Ethereum erased all of its recent gains, dipping below $1,500 briefly, while BTC saw a multi-week low. Yesterday was a predominantly positive day for the crypto market, especially for the altcoins,...Read More
Joshua Lim – Head of Derivatives at Genesis Trading – recently provided a breakdown of Bitcoin’s late underperformance against the rest of crypto. He provided 2 metrics indicating that Bitcoin’s price is “heavy” relative to previous market cycles, followed by qualitative reasons for why this is the case. Ethereum Outperforming Bitcoin Per a Twitter thread...Read More
On August 27, Jordan Belfort, the man that inspired the award-winning movie The Wolf of Street, said during an interview with Yahoo Finance that he was wrong when he claimed that the price of Bitcoin would reach Zero. As Belfort put it, when he made that claim in 2017, he “hated cryptocurrencies” because the market...Read More
Bitcoin only intensified its recent price drops by slumping to just under $20,000 for the first time in about six weeks. The alternative coins suffer, too, leading to almost $400 million in liquidations from over-leveraged traders. CryptoPotato reported the relatively stable price movements from bitcoin in the past week or so. After falling by $4,000...Read More
