Day: January 2, 2024

Bitcoin At $45,000 Is Mispriced, Will Race For ETF Fees Push Prices To Record Highs?

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Most analysts are optimistic that the impending launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. could propel the coin to new heights, way above the $69,000 mark registered in November 2021. Andrew Kang, co-founder of Mechanism Capital, believes that Bitcoin at $45,000 is still grossly undervalued. This is given the anticipated influx of institutional investment from ETFs, and the effort issuers will put into marketing their products as they aim to accrue billions in fees in the months ahead. Learning From Gold And Quest For Fees Kang points to…

Dormant Bitcoin at low numbers amid presumed profit taking

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Despite market enthusiasm, the amount of Bitcoin lying dormant in digital wallets is hovering at low levels. Low dormant Bitcoin (BTC) levels are a potential warning sign for the cryptocurrency. The reason is that spikes in dormant Bitcoin usually preceded rallies, given that dormant Bitcoin is not being sold, effectively resulting in a lower circulating supply. Long-term investors have likely decided to take profit amid ongoing market enthusiasm. Only 1,832 BTC have gone without spending over the past two years, down sharply from over 30,000 in late December, according to…

MVRV Points To $52,000 And $70,000 Levels For BTC, Expert Suggests

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In a recent development, the Bitcoin price witnessed a remarkable surge of 7% within 24 hours, reaching a high point of $45,300. This significant price increase coincides with the anticipation surrounding the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).  In addition, market experts, backed by multiple models aligning to indicate increased price action and bullish momentum, suggest that Bitcoin could soon reach the $50,000 level and potentially establish a new all-time high (ATH). Bitcoin Price Poised To Reach New All-Time High? …

Grayscale submits 3rd amended GBTC conversion filing

Grayscale continued efforts to list a spot BTC ETF built on its existing fund, which boasts a $25 billion market cap.  Grayscale Investments filed an updated S-3 Form with the United States Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust (GBTC) product into a spot Bitcoin ETF.  This is Grayscale’s third amended submission towards its GBTC conversion, according to ETF expert James Seyffart. The firm previously filed a similar form following the departure of chairman Barry Silbert. Senior Bloomberg analyst Eric Balchunas noted that the SEC filing…

Bitcoin Road To Record Heights: Analysts Forecast Post-Halving Surge

Analysts have recently focused on Bitcoin’s potential trajectory after its anticipated halving event. Adrian Zduńczyk, a prominent crypto trader, has shared a bullish outlook, suggesting that Bitcoin could soar to new all-time highs post-halving. Zduńczyk’s projections shared on X, hinge on favorable market conditions and pivotal financial events. Bitcoin’s Bright Outlook The beginning of 2024 has already seen a positive trend for Bitcoin, reflecting a growing confidence among investors. Zduńczyk links this optimism to a parallel movement in traditional markets, particularly the S&P 500, expected to deliver a 12.8% return…

Bitcoin could test $50,000 after new year rally, per chart analysts

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Bitcoin popped to start the new year as eager investors drove the price to nearly $46,000 on Tuesday. The rally began late Monday night and quickly pushed the cryptocurrency above $45,000. It hit a high of $45,913.30, a level not seen since April 2022. While bitcoin ended 2023 with a brief pause in its overall uptrend, it still posted its fourth positive month in a row and a 157% gain for the year. The next stop on the way to a new all-time high is between $48,000 and $50,000, chart…

ETFs Offer Tailwinds for Other Digital Assets

The 2023 period was also one of reduced macroeconomic correlations across digital assets. Crypto was allowed to be crypto, and mostly decoupled from US equities and gold over the year (see rolling correlation chart above), albeit with lower levels of realized volatility than in prior years. Surprisingly, ether realized nearly the same level of volatility as bitcoin in 2023, breaking from the historical norm of generally realizing ~20% higher, with bitcoin’s volatility dropping towards levels akin to single stock volatility, and more in line with traditional asset classes. Source

Bitcoin up 7%, this BTC mining token also posts gains

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Bitcoin has opened 2024 strongly, adding 7% in the last 24 hours. When writing, it is trading at $45.3K, the highest price in 21 months. Meanwhile, the newly launched presale token Bitcoin Minetrix is also surging after raising $7.2 million. Bitcoin surges amid growing spot ETF approval optimism Mike Novogratz, CEO of Bitcoin spot ETF applicant Galaxy, just released a cryptic tweet. The tweet has been seen 110K times…