Day: November 24, 2023

Bitcoin (BTC) Touches $38K on Quiet Holiday Weekend

Bitcoin briefly touched $38,000 on Friday morning for the first time since May 2022 amid quiet trading in traditional markets on the day after the U.S. Thanksgiving holiday. The cryptocurrency has since retreated slightly, but remains 1.5% up on the day, with some observers predicting it will climb higher in the short term. Trader Michael Van Pope said in a tweet that the next price point for bitcoin is $40,000. “Slowly grinding upwards to a new resistance point and a break above $38K immediately means $40K is next,” he wrote.…

Bitcoin critic, ECB chief Lagarde says her son ‘ignored’ her, lost money on crypto: Report

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European Central Bank (ECB) president and prominent Bitcoin (BTC) critic Christine Lagarde has shared a family story about unsuccessful cryptocurrency investments, according to a report from Reuters. Lagarde told students at a town hall in Frankfurt on Nov. 24 that her son lost “almost all” of his investments in crypto assets despite persistent warnings, Reuters reported. “He ignored me royally, which is his privilege,” Lagarde reportedly declared, adding that he lost “almost all the money he had invested.” The ECB chief didn’t disclose the sum her son lost, noting that he claimed…

Rally To $0.2 Already Programmed?

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Dogecoin is trading in the green today, which is a reflection of what on-chain data suggests maybe whales looking to propel the crypto to a rally. Recent on-chain data shows that institutional money might be returning to the meme token, as evident by the number of Dogecoin wallets holding large amounts of DOGE tokens.  Institutional Interest In Dogecoin Data from the crypto analytics platform IntoTheBlock has reiterated the current bullish sentiment among Dogecoin whales. According to its large transaction metric, the number of DOGE transactions worth $100,000 or more has…

JPMorgan Says Grayscale Bitcoin Trust (GBTC) Can Expect Significant Outflows on ETH Approval

If the entire $2.7 billion exits the bitcoin market, it would exert significant downward pressure on bitcoin prices, the authors stated. However, if most of this $2.7 billion transitions into other bitcoin instruments, such as the newly established spot bitcoin ETFs post SEC approval, the negative market impact would be more moderate. Nevertheless, the bank indicated that Bitcoin continues to face downside risks, as some of the $2.7 billion is likely to exit the Bitcoin space completely. The report also noted that more than $2.7 billion could leave GBTC if…

Binance Legal Issues Could Worsen as CFTC Gets More Aggressive, Gains Access to Crypto Exchange’s Records

The commission now has access to all of the exchange’s records, which could serve as a catalyst for uncovering additional instances of mishandled funds or suspected fraudulent activities. The recent news of Binance’s former CEO pleading guilty to money laundering charges has undoubtedly made headlines, adding to the circumstances that led to his decision to resign as CEO. A settlement was reached to resolve this matter, resulting in a $50 million fine imposed on CZ (the former CEO) and a $4.3 billion payment to be made by Binance itself. With…

Court Issues Verdict on Do Kwon’s Extradition

Do Kwon faces multiple fraud-related and civil allegations from US federal prosecutors. Eight months after his arrest, a court in Montenegro has finally ordered the extradition of Terra founder Do Kwon. Kwon was arrested in Podgorica, the capital city of Montenegro in March, after he was caught trying to flee to Dubai via private jet, and with falsified documents. At the time, Kwon had a fake Costa Rican passport on him. Although a final decision is yet to be made on his final destination, information on the court’s website suggests…

Jim Cramer Admits He Was Wrong with Premature Call to Sell Bitcoin

Jim Cramer gave a sell call on Bitcoin last December when it was trading at $17,500. Cramer admits that he was wrong on his predictions as the BTC price surged 100% since then. Market commentator Jim Cramer has implicitly acknowledged his earlier misjudgment regarding Bitcoin, stating that he was premature in advising investors to sell the cryptocurrency. On a November 22 segment of his CNBC Mad Money show, Cramer addressed a caller’s inquiry about purchasing shares in the Bitcoin miner CleanSpark. He further suggests that those who have an interest…

Victory Securities (8540) Receives Retail Crypto Trading License From H.K.’s Securities and Futures Commission (SFC)

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Potential Impact of Spot ETF

Popular trader Bitcoin Jack expressed doubt about BTC hitting $42,000, pointing out that the Binance and ETF news failed to significantly alter market dynamics Bitcoin (BTC), the world’s largest digital asset currently trading at $37,704 has experienced significant volatility since its inception. As we look ahead to 2024, investors, enthusiasts, and analysts are beginning to unveil their predictions for the future price of Bitcoin. Binance Woes and BTC ETF Optimism on Bitcoin’s Price The recent regulatory shocker involving a $4.3 billion fine and Changpeng Zhao’s resignation as CEO at Binance…