The post Standard Chartered’s 2024-25 Bitcoin and Ethereum Price Prediction appeared first on Coinpedia Fintech News
With all the volatility in the space right now, big financial players in the U.S. are updating their forecasts for top digital coins. One such player, Standard Chartered, a global banking titan, has recently lifted its price forecasts for Bitcoin and Ethereum, reflecting the dynamic nature of the crypto world. Let’s take a deeper look …
The Bitcoin Fear & Greed Index shows that the sentiment around the asset has cooled off a bit recently, something that could pave the way for a rebound. Bitcoin Fear & Greed Index Has Gone Through Some Decline Recently The “Fear & Greed Index” is an indicator created by Alternative that tells us about the average sentiment present among the investors in the Bitcoin and wider cryptocurrency market To determine the trader mentality, the index takes into consideration for these five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends. Related Reading: Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180 The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. A score of 46 or less implies the presence of fear among the investors, while that of 54 and above suggests greed in the market. The territory between these two (47 to 53) naturally corresponds to the neutral mentality. Besides these three sentiments, there are also two extreme sentiments called “extreme greed” and “extreme fear.” The extreme greed occurs at values above 75, while the extreme fear takes place below 25. Historically, these two sentiments have been quite relevant for BTC’s trajectory. Tops have generally tended to form when the investors have held the former sentiment, while bottoms have been probable to happen when the market has been in the latter region. At present, the traders are holding a mentality of extreme greed, as the latest data of the Bitcoin Fear & Greed Index shows. Looks like the value of the metric is 77 at the moment | Source: Alternative As is visible, the indicator’s value is 77 right now, meaning that while it’s indeed inside extreme greed, it’s only so just. This is a fresh change from how it has been recently, as the chart below displays. The value of the indicator appears to have been going down recently | Source: Alternative From the graph, it’s visible that the Bitcoin Fear & Greed Index has mostly stayed deep inside the extreme greed region recently. On the 14th of this month, the indicator hit the 88 mark, and alongside this high, the BTC price registered its current all-time high of about $73,800. Since this peak, though, the asset has plunged, and it appears that alongside it, so has the sentiment among the traders. As mentioned earlier, tops have been more likely to occur when the market has shared a mentality of extreme greed and this probability has generally only gone up the more extreme levels the metric has hit. This could perhaps explain why the recent top occurred when it did. Another top this month, the one that took place on the 5th, also coincided with high values in the Fear & Greed Index (a peak of 90 this time). Related Reading: Bitcoin To $53,200? Why History Says It’s Possible Shortly after this earlier peak and the plummet in the cryptocurrency that had followed, the asset found its bottom as the metric briefly exited the extreme greed region. As the Bitcoin Fear & Greed Index is once again looking to dip outside this territory, it’s possible that a bottom may be near for the price this time as well. It now remains to be seen if the sentiment would cool down enough in the coming days so as to leave the extreme region behind, at least temporarily. BTC Price Bitcoin had plunged towards $64,500 during the weekend, but it seems the coin has made some recovery in the past day as it’s now back at $68,000. The price of the coin seems to have gone through some volatility recently | Source: BTCUSD on TradingView Featured image from Yiğit Ali Atasoy on Unsplash.com, Alternative.me, chart from TradingView.com
Bitcoin attempts to recover from significant weekend downside with old all-time highs back in place as BTC price resistance.
Bitcoin price tested the $65,000 support zone. BTC is now rising and attempting a fresh increase above the $70,000 resistance zone in the near term. Bitcoin price is showing a few positive signs from the $65,000 zone. The price is trading below $70,000 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance at $67,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $70,000 resistance zone in the near term. Bitcoin Price Holds Support Bitcoin price started a downside correction from the $73,500 zone. There was a steady decline below the $70,000 support zone and the bears pushed the price below $68,000. Finally, the price tested the $65,000 support zone. A low was formed at $64,555 and the price is now attempting a fresh increase. There was a move above the $66,500 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $73,734 swing high to the $64,555 low. There was also a break above a major bearish trend line with resistance at $67,100 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $70,000 and the 100 hourly Simple moving average. Immediate resistance is near the $69,200 level or the 50% Fib retracement level of the downward move from the $73,734 swing high to the $64,555 low. The next key resistance could be $70,000, above which the price could rise toward the $71,200 resistance zone. Source: BTCUSD on TradingView.com If there is a clear move above the $71,200 resistance zone, the price could even attempt a move above the $72,000 resistance zone. Any more gains might send the price toward the $73,500 level. More Losses In BTC? If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,000 level. The first major support is $65,000. The main support sits at $64,500. If there is a close below $64,500, the price could start a drop toward the $63,500 level. Any more losses might send the price toward the $62,000 support zone. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $66,500, followed by $65,000. Major Resistance Levels – $69,200, $70,000, and $71,200.
Bitcoin has historically dipped in the weeks before the halving and might repeat such a move within the next week.
Bitcoin’s futures market is showcasing signs that have historically signalled bullish sentiment. Analysts are turning their attention to the Bitcoin futures basis—a metric representing the differential between the futures price of Bitcoin and its spot price. Recent data has revealed that this basis has escalated to unprecedented levels since Bitcoin’s all-time high of $69,000 in November 2021. Related Reading: Bitcoin’s 2024 Forecast: Analyst Predicts $60,000 Surge Before Halving And New ATH By Q4 Bullish Indications From Bitcoin Futures Deribit’s Chief Commercial Officer, Luuk Strijers, has highlighted the current state of the Bitcoin futures basis, which ranges between 18% to 25% annually, a rate reminiscent of the market conditions in 2021. According to Strijers’s comment, this elevated basis is not just a number but a lucrative opportunity for derivatives traders. By engaging in trades that involve buying Bitcoin in the spot market and simultaneously selling futures contracts at a premium, traders can secure a “dollar gain” that will materialize at the contract’s expiry, irrespective of Bitcoin’s price volatility. Strijers further noted that this strategy is particularly appealing in the current climate, fueled by the influx of new investments following the approval of Bitcoin ETFs and anticipation surrounding the Bitcoin halving event. The significance of the heightened futures basis extends beyond the mechanics of derivatives trading. It further reflects broader market optimism, “bolstered” by recent regulatory approvals and macroeconomic factors influencing cryptocurrency. The disparity between Bitcoin’s spot and futures prices suggests a confident market outlook, propelled by the anticipation of continued investment inflows and the impact of the upcoming Bitcoin halving. Such conditions create a fertile ground for Bitcoin’s value to surge, as historical precedents have often linked bullish futures basis rates with periods of substantial price appreciation. Market Sentiment And Halving Cycles While Bitcoin’s current market performance exhibits a bearish trajectory, with a 3.9% dip bringing its price to $68,203, market analysts advise against interpreting this as a negative signal. Rekt Capital, a respected figure in crypto analysis, views the recent price correction as a “positive adjustment” preceding the much-anticipated Bitcoin halving in April. Halving events, which reduce the block reward for miners, thus slowing the rate of new Bitcoin entering circulation, have traditionally catalyzed significant price rallies due to the resulting supply constraints. Rekt Capital’s analysis parallels current market movements and historical patterns observed in previous halving cycles. Related Reading: The $69,000 Bitcoin Question: Expert Forecasts When Price Will Breakout According to the analyst, despite the swift pace of these cycles, they exhibit a consistent sequence of a pre-halving rally followed by a retracement phase—both of which align with Bitcoin’s current trajectory. This cyclical perspective suggests that the recent dip is merely a temporary setback, setting the stage for the next bullish phase post-halving. #BTC Though there are signs of BTC experiencing an Accelerated Cycle… History still continues to repeat, nonetheless$BTC broke out into a “Pre-Halving Rally” right on schedule And now, #Bitcoin is transitioning into its “Pre-Halving Retrace” right on schedule#Crypto https://t.co/Egqxs9ritl pic.twitter.com/lj0IdQtBEE — Rekt Capital (@rektcapital) March 15, 2024 Featured image from Unsplash, Chart from TradingView
Amid the bullish sentiment around the crypto landscape, the Altcoin overall market cap has displayed positive strength as many investors and traders are throwing capital into several altcoins ahead of the bull cycle. Altcoin Market To Rally Toward $425 Billion Since Bitcoin has surged to a new record high, many cryptocurrency analysts anticipate a surge in the altcoin market cap. Rekt Capital, a cryptocurrency expert and trader, has shared a positive prediction regarding the altcoins market cap with the community on X. The expert analysis delves into the current state of the market and its potential to surge higher in the coming months. His projections came in light of the altcoin season index showing advancement, which suggests that its season is almost here. Related Reading: Crypto Analyst Projects $7 Trillion Market Cap For Altcoins – Here’s When According to the analyst, the market has been “redirected into the blue-circled testing area,” which was caused by rejection from the “red-circled circle zone.” However, the market has rebounded since then, indicating an increased interest from market investors. Furthermore, Rekt Capital noted that the market has surpassed the “$315 billion red line of resistance.” As a result, the red line resistance level has now been changed to a “new support level.” Due to this, the crypto analyst anticipates a surge to the “light blue circle” at the $425 billion threshold in the upcoming months. The post read: The red-circled area rejected the Altcoin Market back into the blue-circled retesting zone. Since then, the Altcoin Market Cap has recovered, broken beyond the red $315bn resistance, and turned recently into new support. Next is the light blue circle, over time. However, Rekt Capital also asserted in another recent post that the “$315 billion mark is still being retested by alts market cap new support.” It has been unable to move past it despite today’s double-digit declines on several altcoins. Even though the market is still retesting the aforementioned level, Rekt Capital is confident that it will “revisit the $425 billion resistance” soon. He anticipates the market revisiting the level before the Bitcoin Halving event, expected to take place in April. Alts Gains Are Sustable And Likely To Crash Chief Executive Officer (CEO) of Bitcoin technology firm JAN3, Samson Mow, has also shared his insights regarding the altcoin market. Despite anticipating a rise in the altcoin market, Mow highlighted that he expects alts to “crash in the upcoming weeks.” Related Reading: Altcoin Market Cap Break From “Wyckoff Accumulation Phase”: Will Ethereum, XRP Fly? According to Mow, alts have been monitoring the “increase in Bitcoin” after launching BTC Spot Exchange-Traded Funds (ETFs). However, altcoins do not possess “the $500 million to $1 billion” daily inflows seen with Bitcoin. Consequently, this should be the “major sign” that their gains “can not” be maintained. “MSTR has a $30 billion market cap, Solana is $73 billion. That is absurd. A correction is overdue,” he added. Featured image from Shutterstock, chart from Tradingview.com
MicroStrategy could raise as much as $600 million from its latest convertible debt offering to purchase more Bitcoin. However, JPMorgan analysts have reportedly cautioned that the firm’s reliance on debt to purchase Bitcoin could exacerbate a market downturn. The firm, led by BTC advocate Michael Saylor, has acquired over 15,000 BTC worth nearly $1 billion […]
The post Analysts warn MicroStrategy’s plan to fuel Bitcoin buys with debt could backfire appeared first on CryptoSlate.
Data shows over $668 million in cryptocurrency long contracts have been squeezed following Bitcoin’s crash under the $68,000 level. Bitcoin Has Registered A Drop Of 7% In The Last 24 Hours Right after setting a fresh all-time high (ATH) not too far from the $74,000 level, the Bitcoin price has reversed its trajectory sharply during […]
As Bitcoin drops below $68,000, history suggests this correction is rather tame for bull markets, as plunges to this deep on-chain level have been the norm. Bitcoin Short-Term Holder Realized Price Is Currently Around $53,200 As pointed out by CryptoQuant Netherlands community manager Maartunn in a post on X, BTC still has a decent margin over the realized price of the short-term holders. The “realized price” is an on-chain metric that keeps track of the average price at which the Bitcoin investors acquired their coins. The indicator calculates this value by going through the transaction history of each coin and assuming that the last transfer of it was the last time it was purchased (that is, the price at the time is its current cost basis). Related Reading: Why Is Bitcoin Price Down Today? 3 Key Reasons When the spot value of the cryptocurrency dips below the realized price, it means that the average investor is now in a state of loss. On the other hand, a break above implies the market as a whole has entered into net profits. In the context of the current discussion, the realized price for only a particular segment of the investors is of interest: the “short-term holders” (STHs). The STHs include all the investors who bought their coins within the past 155 days. Now, here is a chart that shows the trend in the Bitcoin realized price specifically for this cohort: Looks like the value of the metric has been trending up recently | Source: @JA_Maartun on X As displayed in the above graph, the Bitcoin STH realized price has shot up recently as the price of the asset has gone up. This makes sense, as this group includes the most recent buyers, who would continuously be buying at higher prices in an uptrend, thus raising their average cost basis. At present, this cohort’s realized price is about $53,200. During the past day, BTC has seen a sharp drop that has taken its price below the $68,000 mark, but clearly, the STHs would still be in high profits even after this drawdown. “In previous bull markets, the average cost basis of short-term holders was fully reset multiple times,” explains Maartunn. This trend is most prominent in the data for the 2017 bull run when the price retested this level several times. An interesting pattern that has been held is that these retests of the level during bull trends have generally resulted in the cryptocurrency finding support and turning itself back around. The explanation for this trend may lie in the fickle nature of the STHs. The cost basis is an important level for these investors, and when a retest of it happens, they panic and show some reaction. Related Reading: Brace For Impact: MicroStrategy Is Planning Another $500 Million Bitcoin Purchase During uptrends, these holders are more likely to buy more when a retest of their cost basis occurs since they may think that the same price levels that were profitable earlier will be so again in the near future. Naturally, it’s not a certainty that Bitcoin would also end up retesting this level in this bull market. Still, a correction might reach close to it if the historical precedent is anything to go by. BTC Price Following its 7% drop in the past day, Bitcoin is trading at around $67,700. The price of the coin has registered a sharp drop over the last 24 hours | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, CryptoQuant.com, chart from TradingView.com
Cetera Financial Group, a leading financial advisor Wealth Hub, has officially announced its endorsement of four spot Bitcoin Exchange-Traded Funds (ETFs). This approval paves the way for its network of financial professionals to incorporate these cryptocurrency funds into their clients’ portfolios. The Institutional Bitcoin Wave Is Rolling In Cetera, which manages assets exceeding $191 billion, […]
Bitcoin, the world’s largest cryptocurrency asset, continues to see widespread adoption. The Central American country of El Salvador recently made a massive transfer of BTC to the country’s physical reserve. El Salvador Transfers Thousands Of Bitcoins To Vault Nayib Bukel, the president of El Salvador, took the social media platform X (formerly Twitter) to share […]
The firm announced its plans to raise $500 million in a debt offering on Wednesday only days after purchasing 12,000 BTC with the proceeds of a previous $700 million offering.
The chances of approval for the pending spot Ethereum exchange-traded fund (ETF) applications this May are strained as two US Senators urged the Securities and Exchange Commission (SEC) to reject other crypto ETF proposals. In the March 11 letter to SEC Chair Gary Gensler, Senators Jack Reed and Laphonza Butler advised the financial regulator to […]
The post US senators push SEC to reject other crypto ETF proposals, casting doubt on Ethereum ETF approval chances appeared first on CryptoSlate.
The latest price moves in bitcoin (BTC) and crypto markets in context for March 15, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Bitcoin may have fallen to its lowest levels in over a week, but BTC price optimism is anything but fading.
Bitcoin experienced a heavy price correction during Asian trading hours, dipping to a multi-week low of under $66,000, which resulted in significant losses for traders betting on further price increases. Over the past weeks, the flagship digital asset, fueled by the buzz surrounding the spot Bitcoin exchange-traded funds (ETFs), had been on an upward trend […]
The post Bitcoin’s sudden price correction wipes out over $666 million from long traders in 24 hours appeared first on CryptoSlate.
Today’s Bitcoin price movement is a confluence of factors including massive liquidations, macroeconomic pressures, and the impact of negative Coinbase Premium alongside Bitcoin ETF dynamics. These elements combined have led to a noticeable dip in Bitcoin’s price. #1 Long Liquidations Today’s Bitcoin market saw a significant price drop, initiated by a sweeping liquidation event on the futures market. Over the last 24 hours, crypto trader liquidations exceeded $682.54 million across more than 191,000 traders, according to Coinglass data. This surge in liquidations resulted in Bitcoin’s price plummeting by 8% in mere hours, falling from $72,000 to $66,500. Although there was a minor recovery, with Bitcoin’s price rebounding to the $68,000 level, it currently stands nearly 10% below its March 14 all-time high of $73,737. Related Reading: Crypto Market’s ‘Monster Cycle’: $7.5 Trillion Market Value By 2025, Bitcoin Targets $150,000 A notable 80% of these liquidations were long positions, contributing to $544.99 million of the total. Short position liquidations made up the remaining $136.94 million, with Bitcoin longs alone accounting for $242.37 million in liquidations. #2 Macro Conditions Weighing On Bitcoin Price The macroeconomic landscape has placed additional pressure on Bitcoin’s value. Ted, a macro analyst known as @tedtalksmacro, highlighted on X the influence of macro conditions on the cryptocurrency market. He stated, “If BTC is digital gold, expect it to trade in lockstep with gold, however, with higher beta.” With the Federal Reserve’s meeting looming next week, macroeconomic factors are expected to take center stage temporarily. Yesterday’s US Producer Price Index (PPI) data, showing a 0.6% increase in February and surpassing forecasts of 0.3 month-over-month, has caused a ripple effect with CPI recently also hotter than expected, leading to a rise in US bond yields. The benchmark 10-year rate saw an increase of 10 basis points to 4.29%, while two-year rates rose to 4.69% from 4.63%. These developments have led traders to adjust their expectations for the Federal Reserve’s interest rate policies in 2024. Related Reading: Brace For Impact: MicroStrategy Is Planning Another $500 Million Bitcoin Purchase Mohamed A. El-Erian, from Queens’ College, Cambridge University, Allianz, and Gramercy, remarked on the situation: “US government bond yields jumped today in reaction to yet another (slightly) hotter-than-expected inflation print (this time PPI).” This suggests a growing awareness of the challenges that persistent inflation poses to achieving the Fed’s 2% inflation target. #3 Negative Coinbase Premium / Quiet Bitcoin ETF Day The decline of Bitcoin below the $70,000 threshold is also attributed to the “Coinbase Premium” – the exchange which custodies the majority of all spot Bitcoin ETFs – dipping into negative territory for the first time since February 26, indicating a bearish sentiment from US markets. This phenomenon is likely a consequence of significant sales of Grayscale GBTC, while the spot ETF experienced relatively calm activity. Following a record $1 billion net inflow day for the spot ETF on March 12, inflows dropped to just $132.7 million recently, with Blackrock contributing the lion’s share at $345.4 million. Meanwhile, Fidelity and ARK saw minimal inflows of $13.7 million and $3.5 million respectively, after a previously strong week. GBTC outflows were reported at $257.1 million, aligning with average levels. Crypto analyst WhalePanda commented on the situation, noting that despite the reduced inflow, “$132.7 million is still 2 full days of mining rewards.” He suggests a potential rebound in the market, stating, “We’re just ranging now and overleveraged people getting margin called. I guess the next move up is for next week.” At press time, BTC traded at $67,916. Featured image created with DALL·E, chart from TradingView.com
The winds of change are blowing through the Bitcoin landscape. On March 14th, 2024, the network witnessed a monumental shift – mining difficulty skyrocketed to a record-breaking 84 trillion hashes. This unprecedented challenge coincides with another significant event on the horizon: the Bitcoin halving slated for April. Related Reading: Euphoria Or False Dawn? Why The Ethereum $4,000 Party Might End Soon According to BTC.com, the rate has risen by nearly 5.80% since the previous modification. The mining hashrate for the original coin has also peaked, indicating that more people are now participating in the mining process. At present, the value stands at 617 EH/s. Source: BTC.com Bitcoin Mining: The Difficulty Dilemma Mining Bitcoin is no easy feat. Miners compete to solve complex cryptographic puzzles, and the difficulty of these puzzles adjusts based on the overall network hash rate. As more miners join the network, the difficulty increases to ensure a steady block production rate (roughly 1 block every 10 minutes). This recent surge in difficulty signifies an influx of new miners, likely drawn by Bitcoin’s recent price rally that saw it peak at a staggering $73,800 on the same day. The Halving Effect The upcoming halving event in April throws another variable into the equation. Every four years, the block reward for miners – the amount of Bitcoin earned for successfully mining a block – is cut in half. This economic policy is a cornerstone of Bitcoin’s design, aiming to control inflation and maintain scarcity over time. The last halving in May 2020 witnessed a significant price increase in the following months, and many analysts believe the upcoming halving will follow suit. BTCUSD weakens today and trades at $68,178: TradingView.com Here’s the logic: with the supply of new Bitcoins being halved, the existing ones become relatively more scarce, potentially driving the price up due to increased demand. A Balancing Act For Miners Despite the rising difficulty, the potential for Bitcoin’s price to appreciate after the halving could incentivize miners to weather the storm. This economic incentive is bolstered by the recent spike in mining rewards, which reached nearly $79 million This suggests that even with the increased difficulty, miners are still reaping substantial profits due to the high Bitcoin price. However, the long-term sustainability of this model is debatable. As difficulty continues to climb, the energy consumption required for mining will also rise. It raises concerns about the environmental impact of Bitcoin mining, especially considering the reliance on non-renewable energy sources in some regions. Related Reading: Number Of Ethereum Short-Term Holders Increasing – Is A Bull Rally Next? Beyond The Headlines The narrative surrounding Bitcoin’s recent surge often focuses on its price and the upcoming halving. However, there are crucial underlying factors to consider. The ever-increasing mining difficulty raises questions about the long-term viability of proof-of-work, Bitcoin’s current consensus mechanism. Alternative, more energy-efficient mechanisms are being explored, but their widespread adoption remains uncertain. Featured image from Unsplash, chart from TradingView
The 90-day and 52-week correlation between bitcoin and Nasdaq-listed chip maker Nvidia is well above 0.80.
Some suggest a waning ETF narrative and economic data from the United States may have sparked the sudden crypto sell-off.
Bitcoin price is moving lower from the $73,000 resistance. BTC must stay above the $67,000 support to start a fresh increase in the near term. Bitcoin price is correcting gains and moving lower from the $73,000 zone. The price is trading below $71,000 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $72,820 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could revisit the $67,000 support zone in the near term. Bitcoin Price Corrects Lower Bitcoin price made another attempt to gain strength above the $72,500 level. However, there was no clear move above the $72,500 level and the price reacted to the downside. There was a drop below the $72,000 and $71,500 levels. Besides, there was a break below a key bullish trend line with support at $72,820 on the hourly chart of the BTC/USD pair. The pair even declined below the $70,000 level. A low is formed near $68,403 and the price is now showing a few bearish signs. Bitcoin is now trading below $71,000 and the 100 hourly Simple moving average. Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $72,043 swing high to the $68,403 low. Source: BTCUSD on TradingView.com The next key resistance could be $70,500 or the 61.8% Fib retracement level of the downward move from the $72,043 swing high to the $68,403 low, above which the price could rise toward the $72,000 resistance zone. If there is a clear move above the $72,000 resistance zone, the price could even attempt a move above the $73,000 resistance zone. Any more gains might send the price toward the $75,000 level. More Losses In BTC? If Bitcoin fails to rise above the $70,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,500 level. The first major support is $67,500. The main support sits at $67,000. If there is a close below $67,000, the price could start a decent pullback toward the $65,500 level. Any more losses might send the price toward the $65,000 support zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $68,500, followed by $67,000. Major Resistance Levels – $70,500, $72,000, and $73,000.
Once a vocal skeptic who scoffed at Bitcoin's future potential, Peter Schiff now admits he's missed the boat.
Bitcoin could enter a period of consolidation before its next leg in the rally, observers noted.
The UK High Court has declared that Craig Wright is not Satoshi Nakamoto, as he has been claiming since 2016.
The latest in blockchain tech upgrades, funding announcements and deals. For the period of March 14-March 20.
The world’s most popular cryptocurrency has more than doubled in value over the past year, reaching a record-breaking high of $73,750 on March 12, 2024. And if a chorus of optimistic analysts and bullish market indicators are to be believed, Bitcoin’s skyrocketing journey may not be over yet. Related Reading: On Bitcoin And Nicotine: JPMorgan […]
BTC price strength wobbles on the release of problematic U.S. inflation data as traders brush off Bitcoin's moves around all-time highs.
American business intelligence and software development company, MicroStrategy has unveiled new plans to acquire an additional Bitcoin, further bolstering its already substantial BTC holdings. MicroStrategy Mega Bitcoin Purchase In The Works In a recent press release published on MicroStrategy’s official website, the software development company announced plans to raise $500 million in convertible debt offerings to purchase more Bitcoin. Just a few days ago the company had sold approximately $800 million in convertible debt offerings, using the proceeds of the sale to acquire about 12,000 BTC valued at about $821.7 million at the time. Related Reading: Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don’t? Quite frankly, MicroStrategy seems to be on a full-blown Bitcoin acquisition spree, potentially attributed to the cryptocurrency’s massive bullish rallies recently and its surge to new all-time highs. As of March 11, 2024, the business intelligence firm possesses a total of 205,000 BTC, worth over $15 billion based on CoinMarketCap’s Bitcoin price of $73,411, at the time of writing. With its latest purchase of 12,000 BTC, MicroStrategy has finally surpassed the Bitcoin holdings of BlackRock’s Spot Bitcoin Exchange Traded Fund (ETF). Additionally, the software development company has secured the top position as the leading public company with the largest Bitcoin holdings, surpassing the holdings of both Tesla and Coinbase. As of March 2024, MicroStrategy’s market capitalization has surged to $29.96 billion, reflecting an increase of 10.85% in the last 24 hours. The company is also presently ranked as the world’s 642nd most valuable company by market capitalization. MicroStrategy Sets Sights On Convertible Senior Notes Offerings Since the start of the year, MicroStrategy has purchased nearly 16,000 BTC. This time around the company has chosen to raise capital through convertible senior notes, marking a shift from the previous year when most of its funds for acquiring BTC were generated from equity. According to Market Watch’s report, the business intelligence firm’s stock value has also been on the rise recently, with MSTR prices witnessing an impressive 145% increase in a month. Related Reading: Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target As stated in its press release, the company intends to sell convertible senior notes to qualified institutional buyers. MicroStrategy has revealed plans to grant early purchasers of the notes an option to buy up to an additional $75 million worth of the notes within 13 days after the initial issuance. The software development firm has disclosed that the notes will remain unsecured, with interests payable semi-annually starting in September 2024. Additionally, MicroStrategy will have the right to redeem the notes from March 2028 or holders can request for the company to make a repurchase, with conversion terms determined at the offering’s prices. The proceeds and excess funds generated from its upcoming $500 million convertible senior notes sale will be used to expand MicroStrategy’s Bitcoin holdings and for general corporate purposes. BTC price falls to $72,700 | Source: BTCUSD on Tradingview.com Featured image from The Guardian, chart from Tradingview.com
BTC price records keep coming with $74,000 on the table in advance of another day's Bitcoin ETF inflows.