Day: September 8, 2023

Bitcoin energy value metric puts BTC’s ‘fair value’ at $47K — Analyst

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Bitcoin’s price is trading in a frustratingly tight range between $25,500 and $26,500, leaving traders unsure of the next direction that the asset could take. However, Charles Edwards, founder of Capriole Investments, believes that Bitcoin’s (BTC) current price presents a low-risk long-term buying opportunity. Edwards’ view is based on Bitcoin’s production cost and energy value. Capriole Investments energy value theory gives a fair value price of $47,200, and Edwards reiterated his bullish stance by saying that Bitcoin’s production cost gives a floor price estimation of around $23,000 with a 100% hit ratio.…

10 years later, still no Bitcoin ETF — but who cares?

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The first spot Bitcoin exchange-traded fund (ETF) application, filed in July 2013, was denied in both 2017 and 2018. A decade has passed since that initial application, and the Securities and Exchange Commission has rejected more than a dozen additional applications and repeatedly punted the date for deciding on others. The ETF saga’s latest iteration saw Bitcoin (BTC) jump more than 6% as industry advocates celebrated a court ruling that affirmed what we already knew — that the SEC’s rejection of Grayscale’s ETF application was “arbitrary and capricious.” This was,…

Firm Eyes 70k+ BTC Inflows, This Price Target

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In a recent series of tweets, Vetle Lunde, Senior Analyst at K33 Research, delved deep into the potential ramifications of the US Bitcoin (BTC) spot ETFs. Lunde’s analysis suggests that the broader market might be significantly underestimating the transformative power of these financial instruments. Lunde’s assertion is rooted in five core reasons. He began with a bold proclamation: “The market is wrong – and dramatically underestimates the impact of US BTC ETFs (and ETH futures-based ETFs).” Why The Market Is Wrong On Bitcoin Firstly, Lunde believes that the current climate…

Who is better at crypto investing?

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Cointelegraph video journalist and YouTube host Giovanni Pigni challenged ChatGPT to a crypto investment game. Both contenders had $100 to build a strong crypto portfolio and make as much money as possible in two weeks.  The goal of the experiment was to find out whether artificial intelligence can beat a human in crypto trading and to find human strengths and weaknesses relative to AI’s investment approach. In order to build the AI’s crypto portfolio, Giovanni trained it on a summary of the main events that happened in crypto in the…

Ripple acquires Fortress Trust, expands license portfolio in the US

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Financial technology firm Ripple is expanding its portfolio of regulatory licenses in the United States with the acquisition of Fortress Trust, according to an announcement on Sept. 8.  Fortress Trust provides regulatory and technology infrastructure for blockchain organizations. The company holds a Nevada Trust license that allows it to custody financial assets. The acquisition is in addition to the more than 30 licenses Ripple holds across the country as a money transmitter, along with a BitLicense in New York, required digital currency businesses operating in the state. “Licenses are a…

Nasdaq receives SEC approval for AI-based trade orders

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Nasdaq announced that the United States Securities and Exchange Commission has approved its request to operate the first exchange AI-driven order type on Sept. 8. Called the dynamic midpoint extended life order (M-ELO), the new system expands on the M-ELO automated order type by making it “dynamic,” meaning it will use artificial intelligence to update and, essentially, recalibrate itself in real-time. ⚡ Bringing AI to the capital markets: Today, @Nasdaq announced it has received @SECGov approval to launch Dynamic Midpoint Extended Life Order (M-ELO), the first artificial intelligence (AI) powered…

crypto founders who stole investors’ money

As the digital currency world expands, so does its dark side, with billions of dollars falling into the hands of hackers, scammers, and even trusted founders. The crypto industry, known for its lack of clear regulation and wild price swings, once seemed rife with potential scammers looking to steal from the unwary. While steps are being taken to provide regulatory clarity for crypto worldwide, price volatility and theft are still concerning issues. In 2022 alone, data from Chainalysis shows that bad actors made off with more than $3.8 billion in…

Apple secures rights to book on Sam Bankman-Fried for $5M: Report

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Multinational technology company Apple has reportedly paid $5 million for the rights to author Michael Lewis’ upcoming book on former FTX CEO Sam Bankman-Fried (SBF) following a bidding war. According to a Sept. 7 report from The Ankler, Apple secured the rights to the book Going Infinite: The Rise and Fall of a New Tycoon, which is set to be released on Oct. 3 — the start of SBF’s trial in New York. Lewis suggested an October publication date at the Bitcoin 2023 conference in Miami, aiming for the beginning…

Can the Recovery Hold Its Ground?

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Stellar (XLM) has experienced a robust resurgence, bouncing off a crucial support level at $0.11. Chart indicators are pointing towards a promising outlook for bullish investors, marking a significant shift in momentum since mid-August. This second rebound from the same support level underscores the formidable strength exhibited by bulls, hinting at the potential for further gains. A price analysis notes that the $0.11 support level has emerged as a steadfast defense line for XLM enthusiasts. Recent price action has illustrated that bears would need to work diligently to flip this…