BlackRock ETF Pushing Bitcoin to ‘Inflection Point’ as US Entities Accumulate BTC: Glassnode

A prominent analytics firm says BlackRocks Bitcoin (BTC) spot exchange-traded fund (ETF) application is pushing US-based entities to accumulate the crypto king.  glassnode mga tala that the share of Bitcoin supply held and traded by US entities is witnessing a significant rise since BlackRock, the worlds largest investment firm with over $10 trillion in assets under its management, first filed for a BTC ETF last month.  No US Bitcoin spot ETF application has ever been approved thus far, despite submissions from Grayscale, VanEck, and Cathie Woods ARK Invest, though the U.S. Securities and Exchange Commission (SEC) did greenlight the launch of the first Bitcoin futures ETFs in October 2021.  Glassnode shares a chart showing a surge in the supply of BTC held or traded by US investors while Asian-based market participants appear to be distributing their Bitcoin stacks.  Pinagmulan: Glassnode Twitter  Ang analytics firm din mga tala that roughly 560,000 Bitcoin owned by short-term holders (STHs), which represent 21% of the overall STH supply, were purchased at a price that is in close proximity to the current value of BTC.  According to Glassnode, the condition suggests that more short-term holders could see their positions in the red if Bitcoin goes through a mild corrective phase.  Pinagmulan: Glassnode

2023-07-11Bitcoin

Mt. Goxs Potential $4 Billion Bitcoin Sell-Off Raises Concerns - Heres The Complete Truth

The infamous Mt. Gox, once the worlds largest Bitcoin exchange, is reportedly considering selling off 140,000 Bitcoin (BTC) worth $4 billion on October 31st.  This news has sparked concerns among cryptocurrency investors and industry experts, as it could potentially impact the market dynamics and Bitcoins price.  Bitcoins Fate Hangs on Bullish Behavior as Mt. Gox Repayments Loom  Mt. Gox faced a devastating hack in 2014, resulting in the loss of approximately 850,000 Bitcoins. Since then, the exchange has been working through bankruptcy proceedings, with the remaining 140,000 Bitcoin holdings held in a trust under the supervision of a trustee Nobuaki Kobayashi appointed by the Japanese court.  Tulad ng bawat ulat, Mt. Gox will initiate the repayment process on October 31, 2023, All eligible creditors, including Base, Intermediate, and Lump-Sum Repayment recipients, will be repaid. Eventually, all the Rehabilitation creditors are required to provide the necessary documents to register for repayments, with some eligible to receive cash and others Bitcoin Cash.  However, the precise timeline for the repayments is subject to the complexities posed by evolving global regulations and the discretion of the Tokyo District Court.  Market influencers suggest Bitcoins future relies on the behavior of bullish investors, as it stands at a critical resistance level. If

2023-07-11Bitcoin

Bitcoin Price Plummets Below $31K, Experts Predict Further Decline

Bitcoin price started a fresh decline below the $30,500 support zone, which worried investors.   However, the bulls were again active above the $30,000 support zone, which helped to mitigate some of the concerns. Despite this, the price of BTC remained in a range and made another attempt to clear $31,000 but unfortunately failed.  Looking at the hourly chart of the BTC/USD pair, we can see that the recent low was formed near $30,214, which is a considerable drop from its recent high. However, the price is now moving higher, which is a good sign for investors. There was a move above the 23.6% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low, indicating that there may be some bullish momentum building.  A short-term bullish trend line is forming with support near $30,400 on the same hourly chart. This trend line suggests that there are still some investors who are optimistic about Bitcoins future prospects.  Bitcoin price is trading above $30,200 and the 100 hourly Simple moving average, which is a positive development. However, the bulls are now facing resistance near the $30,600 level, which could make it challenging for prices to rise even further.  The next resistance is

2023-07-11Bitcoin

Former SEC Chair Says Bitcoin ETF Could Be Approved—If These Conditions Are Met

Balita ng Ethereum ng Bitcoin  Former SEC Chairman Jay Clayton today said that regulators would find it “hard to resist” approving a spot Bitcoin exchange-traded fund (ETF) if such a product performs the same functions as a futures one.  Nagsasalita sa a CNBC interview Monday, Clayton said that the SEC would have to see that a spot product application would provide “similar efficacy to the futures market” in order to approve it.  He argued that although he was very skeptical of Bitcoin trading when he was the SEC boss, he now finds it “pretty remarkable” that major players in traditional finance want to put their name on spot ETF applications.  BlackRock, the worlds largest asset manager, last month applied to the SEC for a spot Bitcoin ETF, leading institutional investors to pour money into the space.  “If theyre [applicants] right—that the spot market has similar efficacy to the futures market—it would be hard to resist approving a Bitcoin ETF,” Clayton said.  “I was very skeptical with trading in the #bitcoin market when I was SEC Chair,” says Jay Clayton. “But if you can demonstrate that the spot market has similar efficacy to the futures market, it would be hard to resist approving a #bitcoin ETF.”   -

2023-07-11Bitcoin

Bitcoin Will Reach $120K Before 2025, Standard Chartered Predicts

British multinational bank Standard Chartered has boosted its Bitcoin price forecast to $120,000 by the end of 2024—a 300% leap from where it is today.  In a report viewed by Reuters, the bank predicted Bitcoin‘s rise will be driven largely by miners hoarding their coins and cutting off additions to Bitcoin’s circulating supply.  “Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” wrote Geoff Kendrick, one of Standard Chartereds top FX analysts, in the report.  Bitcoin is up 82% year to date, from $16,600 on January 1 to $30,280 at writing time. Since miners are rewarded with a fixed number of BTC (6.25) per block, such bullish price momentum has helped boost the industrys revenue since the start of the year, reversing negative momentum amid declining revenue in 2022.  Kita ng Bitcoin Miner. Pinagmulan: Glassnode  The opposite trend was visible in June of 2022, when BTC‘s falling price forced major miners like Core Scientific and Riot to dump the vast majority of their coins on the market, only contributing to Bitcoin’s free fall to under $18,000.  Today, miners have good reason to believe Bitcoin is back in an early upswing.

2023-07-11Bitcoin

Bitcoin Price To Reach $45,000? A Detailed BTC Price Analysis

Balita ng Ethereum ng Bitcoin  It‘s no secret that Bitcoin, the pioneering digital currency, has been on a roller coaster ride since its inception. After recently hitting a resistance level at $31,000, traders and investors are keenly watching the coin’s every move, eager to predict its next direction. Will Bitcoin price breakthrough and embark on a bull run or will it retreat, succumbing to the pressure at this resistance level? We‘ll delve into the nitty-gritty to predict Bitcoin’s possible next moves.  Understanding Bitcoins Market Behaviour  Bitcoins market behaviour has a significant influence on its price. Numerous factors come into play, such as market sentiment, regulatory news, institutional adoption, and technological advancements. Understanding these factors can help in predicting how the coin will perform at this resistance level. Currently, Bitcoin is at a pivotal point, and the community is watching how the market will react at the $31,000 mark.  Technical Analysis: Bitcoins Price Action  BTC/USD Lingguhan- TradingView  Technical analysis plays a crucial role in understanding Bitcoins price trends. Based on the current charts, Bitcoin is encountering significant resistance at $31,000. A break above this price level could imply the beginning of a bullish run. Conversely, a failure to overcome this price point could lead to a downward

2023-07-11Bitcoin

Bitcoin gains on StanChart price predictions, fund inflows; Ether rises, Matic leads winners

Bitcoin rose in Tuesday morning trading in Asia to hold above US$30,000, helped by U.K. bank Standard Chartered Plc predicting the token will reach US$120,000 by the end of 2024. Ether and most other top 10 non-stablecoin cryptocurrencies also moved higher, with Polygon‘s Matic token spearheading the rally. U.S. equity futures also gained in the Asia time zone on Tuesday after Federal Reserve officials said the bank’s monetary tightening cycle is drawing to a close.  crypto  Bitcoin gained 0.79% over the last 24 hours to US$30,392 as of 07:40 a.m. in Hong Kong. The worlds biggest cryptocurrency by market capitalization has recently fluctuated around the US$30,000 line but prices turned softer late last week on mixed signals about the likelihood of approval for Bitcoin spot exchange-traded funds. The token is still sitting on a weekly loss of 2.35%, according to data from CoinMarketCap.  However, some optimism returned to Bitcoins pricing outlook after Standard Chartered bank predicted in a Monday report the token would reach US$50,000 by the end of 2023 and US$120,000 at the end of the following year, according to Reuters on Tuesday.  With Bitcoins next halving event to take place next April, scarcer Bitcoin supply could drive up prices and in turn

2023-07-11Bitcoin

Bitcoin whales make a splash with $2.5 billion BTC stash in one month

Bitcoin  Ang mga balyena ng Bitcoin ay kumikita ng $2.5 bilyong BTC na itago sa isang buwan  2 oras ang nakalipas  Balita ng Ethereum ng Bitcoin  As the price of Bitcoin (BTC) returns below the recently retaken critical threshold of $31,000, the largest holders of the maiden cryptocurrency continue to use the relatively lower price to accumulate more of it, and this amount is persistently recording new highs.  Indeed, Bitcoin whales, or holders of between 1,000 and 10,000 BTC, have grown their possessions by 90,000 BTC worth over $2.5 billion in a single month, according to the data observed by crypto trading analyst Ali Martinez in a tiririt sa Hulyo 11.  Hodling continues  Specifically, as the chart shared by Martinez demonstrates, these large Bitcoin holders held 4.69 million BTC as of July 10, up from 4.6 million BTC just one month before – on June 10 – in what is the continuation of the Bitcoin ‘hodling’ trend from earlier.  As it happens, until June 20, crypto wallets holding between 1,000 and 10,000 BTC had collectively amassed around 131,600 BTC (worth $3.5 billion at the time) over the period of 11 weeks. Earlier, in mid-June, Finbold reported on the bullish divergence between whale holdings, which had been growing by

2023-07-11Bitcoin

Bitcoin At Mid-Cycle Point: Historical Pattern Repeating Itself?

Ang Bitcoin ay umabot sa isang kritikal na sandali sa kasalukuyan nitong ikot ng merkado, ayon sa isang kamakailang pagsusuri na isinagawa ng on-chain analytics firm na Glassnode. Ang data ay nagpapakita ng mga kapansin-pansing pagkakatulad sa mga makasaysayang pattern, na nagtataas ng mga tanong tungkol sa potensyal na paglitaw ng isang pamilyar na kababalaghan: ang panahon ng muling akumulasyon.  Isang Matatag na Market: Matatag ang Bitcoin Sa Mid-Cycle  Ang pagsusuri sa Glassnode ay nagpapakita na ang Bitcoin ay pinagsama-sama sa paligid ng $30,000 na marka, na nagsisilbing isang makabuluhang mid-point sa loob ng 2021-2023 cycle. Ang makasaysayang kahalagahan ng antas na ito ay hindi dapat palampasin, dahil paulit-ulit itong nasubok sa mga nakaraang mga siklo.  Kapansin-pansin, ang mid-cycle phenomenon ay hindi eksklusibo sa kasalukuyang cycle; parehong mga mid-cycle point ang naobserbahan sa parehong 2013-2016 at 2018-2019, na nagpapakita ng kahalintulad na supply dynamics.  Bitcoin mid-cycle point | Source: Glassnode  Habang ang Bitcoin ay kasalukuyang nag-hover sa paligid ng $30,000 mid-point, humigit-kumulang 75% ng kabuuang supply ay kasalukuyang hawak sa isang kumikitang estado, habang ang natitirang 25% ay nananatili sa isang posisyon ng pagkawala. Ang balanseng ito ng supply na hawak sa tubo kumpara sa pagkawala ay nakapagpapaalaala sa mga punto ng ekwilibriyo na nasaksihan

2023-07-11Bitcoin

Bitcoin to hit $100,000 if and when these two events occur

Bitcoin  Ang Bitcoin ay tatama sa $100,000 kung at kapag nangyari ang dalawang kaganapang ito  55 minuto ang nakalipas  Balita ng Ethereum ng Bitcoin  Matapos tiisin ang malupit na taglamig sa crypto noong 2022, muling nabuhay ang Bitcoin (BTC) na may kahanga-hangang muling pagkabuhay noong 2023. Ngayon, ang nangungunang cryptocurrency sa mundo ay naghahanda para sa isang makabuluhang tagumpay habang itinatakda nito ang mga pananaw sa pagtagumpayan ang mabigat na antas ng paglaban sa $32,000.  Ang nagpapasigla sa panibagong momentum na ito ay ang tumataas na pananabik na pumapalibot sa posibleng paglulunsad ng isang spot Bitcoin exchange-traded fund (ETF) sa United States, na sa wakas ay maaaring gawing pangunahing asset ang BTC sa mga institutional investor.  Sa pagtimbang sa bagay na ito, sinabi ni Florian Grummes, financial analyst at managing director sa Midas Touch Consulting, sa isang panayam noong Hulyo 10 sa na siya ay naniniwala na ang isang potensyal na pag-apruba ng isang Bitcoin ETF ay malamang na isa sa dalawang pangunahing salik na maaaring magsilbing isang malakas na katalista ng presyo at magtulak sa BTC sa kasing taas ng $100,000 sa pagtatapos ng 2024.  Ang pangalawang kadahilanan na maaaring magmaneho sa susunod na bull run ng Bitcoin ay ang halving event, na inaasahang magaganap sa

2023-07-11Bitcoin
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