The Bitcoin investment landscape is set for a major shift as Morgan Stanley, a leading global financial services firm, gears up to launch spot BTC Exchange Traded Funds (ETFs) through its network of 15,000 financial advisors starting tomorrow, August 7. This move, initially reported by CNBC on August 2, marks the first instance of a […]
The Bitcoin crash may be over, as a crypto trader has predicted a significant rebound for the pioneer cryptocurrency, foreseeing Bitcoin soaring to new all-time highs of $90,000. This bullish projection comes amid the recent downtrend in the price of Bitcoin, which saw a dramatic crash below $50,000 at some point over the past few weeks. $90,000 Rebound Target Set For BTC In an X (formerly Twitter) post on August 5, crypto analyst, Peter Brandt made a bold prediction, suggesting that Bitcoin could witness a significant rebound to $90,000 this bull cycle. Sharing a price chart depicting a series of pumps and dumps in Bitcoin’s value since the beginning of the year, Brandt foresees the pioneer cryptocurrency hitting $90,000 before the end of 2024. Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here? During his post, Brandt emphasized the importance of focusing on what could potentially happen (possibilities), rather than what is likely to happen (probabilities) or what is believed to be certain (certainties). This unique approach to analyzing the market avoids over-dependence on assumptions and remains flexible to various market results. Seeking Brandt’s opinion on the current state of the market, a crypto community member shared that they have been forecasting a bull flag for Bitcoin over the past few months. They inquired if Brandt concurred with this prediction and if a Bitcoin has reached a golden pocket, a key Fibonacci retracement level that often signals the next potential resistance level. Responding to the crypto community member, Brandt negated the possibility of a Bitcoin bull flag, citing various technical analytical authorities such as Schabacker, Edwards, and Magee, who state that bull flags should not last longer than two months. This ultimately suggests that if a supposed bull flag pattern has persisted for more than two months, then it does not meet the criteria for a bull flag. Additionally, when asked by another crypto member if a possibility was just a type of probability, Brandt clarified that possibilities could not be described as a probability because probabilities involve assigning numbers and making assumptions. Brandt has disclosed that he strictly avoids trades based on assumptions to remain open to all possible outcomes without bias. Bitcoin Regains Strength After 23% Market Crash Before Brandt predicted a rebound to $90,000 for Bitcoin, the cryptocurrency had experienced a sharp decline in its price. Over the past week, Bitcoin’s price had fallen to around $52,000, marking a significant drop of more than 23%, according to CoinMarketCap. Related Reading: VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000 Despite the recent price crash, Bitcoin has seemingly regained positive momentum, recording a price increase of 11.77% in just 24 hours. Based on CoinMarketCap’s reports, Bitcoin’s daily trading volume has also surged by 30.65%. The cryptocurrency appears to be breaking out of its previous bearish trends, steadily approaching previous price highs around the $60,000 mark. At the time of writing, Bitcoin is trading at $55,903. Featured image from Skilling.com, chart from Tradingview.com
CoinDCX's Crypto Investors Protection Fund will enhance user security by allocating 2% of brokerage income annually to safeguard assets.
The company pushes further out of the videoconferencing box with Zoom Docs, which it calls an “AI-first“ toolset.
The surge in Bitcoin ETF volume underscores the increasing role of institutional capital in crypto markets, despite ongoing volatility.
The post Bitcoin ETF volume reaches $5.7 billion as net outflows subside after market crash appeared first on Crypto Briefing.
The Google TV Streamer is an upgrade with more AI features that better rivals offerings from Apple, Amazon, Nvidia and Roku.
In a bearish development for Bitcoin and the cryptocurrency market, the recent price decline of BTC has triggered a massive long-position liquidation. This negative incident which has caused a broader pessimism in the entire market emphasizes the dangers of leveraged trading and the intrinsic volatility of the cryptocurrency market. Bitcoin’s Largest Long Position Liquidation In […]
Indian crypto exchange CoinDCX's co-founder Sumit Gupta has told CoinDesk that his company has established an investor protection fund, saying that if other exchanges did this too "it would be better for the eco system."
The organization was apparently formed the same day Kamala Harris announced her running mate, Minnesota Governor Tim Walz.
Yesterday, August 5, LINK, the native currency of Chainlink, a decentralized Oracle provider, plunged to a six-month low. Changing hands at around $8, LINK fell by 64% from March highs, breaking out from a bull flag, signaling weakness. The correction was across the board, and leading altcoins like Solana and Cardano also posted sharp losses. LINK Holders Accumulating, Outflows From Exchanges Spike However, as the markets bled, breaking below key support levels, smart investors saw this as an opportunity to accumulate. According to IntoTheBlock data on August 6, yesterday, there was a marked increase in the number of active LINK addresses, rising to levels not seen in roughly three months. Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control? The uptick in active addresses coincided with a spike in outflows from exchanges. This development suggests that users were more keen to accumulate LINK, not sell, despite falling asset prices. Outflows from centralized exchanges like Binance and Coinbase are usually considered net positive. With users controlling coins via their non-custodial wallets, they can’t readily sell for other liquid coins or stablecoins. Over the years, prices tend to recover steadily afterward whenever there is extreme fear, especially among LINK holders. Like the events of March 2020, when crypto prices flash crashed due to a COVID-19-led collapse, aggressive investors can consider such drops an opportunity to buy. In March 2020, LINK fell by a whopping 70%. However, months later, as the money printers were powered on, crypto prices rose, lifting LINK by nearly 35X at its 2021 peak. Similar to what happened then, the drop in prices coupled with outflows from exchanges and accumulation among entities makes it likely that LINK will bounce back strongly. Most Holders Are In Red, But Partners Are Interested In Chainlink Solutions So far, IntoTheBlock data reveals that 65% of LINK holders are in losses, and only 32% are in green. Encouragingly, though, most LINK holders are “diamond hands” and have been holding their stash for over a year. The more long-term holders or addresses holding the coin or token for over 155 days, the more resilient prices are in the wave of liquidation. Besides price action, optimism is high among LINK holders. Chainlink is a leading decentralized oracle provider offering services to DeFi and NFT protocols. Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem At the same time, Chainlink Labs, the middleware developer, continues to strike quality partnerships. Recently, 21Shares integrated Chainlink’s Proof-of-Reserve on Ethereum to enhance transparency. Feature image from DALLE, chart from TradingView
Exchanges are still waiting on permission to list options on spot Bitcoin ETFs, too.
A survey by law firm Barnes & Thornburg found that 59% of US private investors are more likely to invest in crypto funds over the next 12 months.
The crypto market is trying to recover from the recent decline. Amidst these hard times, the biggest crypto exchange Binance has released their proof of reserve report. The report shows a drop of 0.27% in Shiba Inu holdings. This might look like a minor decline however, this has caused concerns among investors and meme coin …
Crypto traders have been on interim rules since March 2021, and it’s time to finalize membership in the securities industry's self-regulatory organization.
In a recent development, the X (formerly Twitter) platform has included the payments feature in its latest software release. This has once again raised questions about whether or not Dogecoin payments will be included when the payment service finally goes live. X Payments Now In The Development Stage X user Swakshan, known for posting leaks […]
Missouri, Washington and Michigan residents will be able to vote in primaries for specific candidates backed or opposed by crypto interest groups.
Part of the problem is the airdrop model for token distributions, which has grown in popularity in recent years.
After a massive price crash, the overall cryptocurrency market has experienced a significant upside move in the last 24 hours. Amid this, Solana (SOL) the world’s fifth-biggest cryptocurrency has gained massive attention from crypto enthusiasts following its substantial price surge. Breakout in Solana (SOL) During the price crash, SOL reached the lowest level of $109.66. …
A cyberattack has impacted about 40 French tourist spots, including the Grand Palais where some Paris 2024 Olympics events are taking place.
According to the Global System for Mobile Communications (GSMA), 49% of individuals globally access the internet from smartphones.
Jeff Park, Head of Alpha Strategies at Bitwise, which operates the fourth-largest spot Bitcoin ETF in the US with assets under management totaling $2,039 billion, presented a bullish outlook on Bitcoin via X. His analysis ties the historical economic decisions and current global financial conditions which he believes “is unbelievably powerful” for Bitcoin. Why Japan […]
CoinShares revenue for the second quarter of 2024 rose to nearly $28.5 million. FTX bankruptcy proceedings generated a return of 116% in the quarter.
The popular metric of market sentiment for Bitcoin and other large cryptocurrencies has plunged.
The Convergence team posted a message to the Ethereum network, stating it believes the attacker ‘acted as a white hat.’
In a bold move, a well known Japanese public company, Metaplanet has revealed their plans to increase their Bitcoin holding. By raising around $60 million, they plan to have a significant expansion in their Bitcoin holding. Let’s explore why they are planning to invest so huge in Btc. What’s the Plan? Currently, they hold 246 Bitcoins …
Crypto analyst Rekt Capital has provided some form of optimism for Bitcoin investors, suggesting that the massive sell pressure on the flagship crypto is almost over. This comes amid a significant surge in Bitcoin’s dominance. Bitcoin Seller Exhaustion Is At Its Peak In an X (formerly Twitter) post, Rekt Capital mentioned that “the sell-side volume has reached and even dramatically eclipsed Seller Exhaustion levels seen at previous price reversals to the upside.” The analyst added that Bitcoin hasn’t seen this level of sell-side volume since the Halving event in April earlier this year. Related Reading: VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000 This undoubtedly presents a bullish development for the flagship crypto since Bitcoin is bound to witness a massive reversal with the sell pressure almost over. This is already happening, as Bitcoin has rebounded in the last 24 hours, following its drop below $50,000 for the first time since January. Rekt Capital also suggested that Bitcoin could rebound to as high as $62,550 in the short term as it looks to fill the CME gap, which is currently between $59,400 and $62,550. He noted that the odds favor Bitcoin filling this gap since the crypto token has filled all of the CME Gaps it has created over the past several months. Crypto analyst Skew also commented on the massive sell-side volume that Bitcoin recently experienced. He explained that this happened because Bitcoin failed to hold above $70,000 following its July price rebound. The analyst added that there is “no actual chaos yet,” suggesting there was no need to be worried about the recent price correction. With seller exhaustion at its peak, there is also the likelihood that Bitcoin has found a bottom and that this could be the final correction before the bull run kicks into full gear. Veteran trader and analyst Peter Brandt noted that Bitcoin’s decline since the halving means it has now achieved a price drop similar to the one during the 2015 to 2017 Halving bull market cycle. BTC’s Dominance Hits 3-Year High Amid the market turmoil, data from Coinglass shows that Bitcoin’s dominance recently hit its highest level since April 2021. This rise has been largely due to the Spot Bitcoin ETFs, which have caused new money to flow into the Bitcoin ecosystem. Meanwhile, altcoins have had to battle for capital from existing retail investors who continue to divest their money between several crypto assets. Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here? Crypto analysts like Roman have suggested that Bitcoin’s dominance will likely continue to rise for now, as he predicted that the flagship crypto will continue to suck up all the liquidity until later this year. He expects Ethereum and other altcoins to continue trading sideways during this period. At the time of writing, Bitcoin is trading at around $56,000, up over 10% in the last 24 hours, according to data from CoinMarketCap. Featured image from Cointribune, chart from Tradingview.com
Metaplanet's significant Bitcoin investment highlights a growing trend of firms using cryptocurrency to hedge against economic instability.
The post Metaplanet to invest $58M in Bitcoin amid Japanese market rebound, calls it the ‘apex monetary asset’ appeared first on Crypto Briefing.
Traders say Bitcoin presents the “best buying opportunity” after BTC’s price rebounds toward the $57,000 level.
Michael Saylor previously forecasted that Bitcoin will reach approximately $13 million per coin by 2045.
Amid the recent market crash, some investors sold off their holdings to safeguard their capital while others have grabbed this opportunity. Today, on August 6, 2024, Lookonchain an on-chain analytic firm noticed that six whales have purchased a significant 147,605 Ethereum (ETH) worth $340 million during the market crash. Whales buy $340 million worth of …