Day: February 9, 2024

Bitcoin Supply On Exchanges Has Dropped To A 6-Year Low, What This Means For Price

Bitcoin broke over the $46,000 level twice in the past 24 hours for the first time since the approval of spot Bitcoin ETFs by the SEC, signaling a bullish return into most cryptocurrencies spearheaded by BTC. In particular, Bitcoin investors seem to be gearing up for action as the next Bitcoin halving approaches with an interesting time of withdrawal from exchanges. Serious money has been on the move from exchanges in the past 30 days, as shown by on-chain data. As a result, the Bitcoin balance across various exchanges has…

BTC adds 8%, Bitcoin Minetrix benefits from rally

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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 (BTC) has defied analysts’ expectations, surging over 8% this week while many were calling for weeks of consolidation. While at it, Bitcoin Minetrix has raised more than $10.5 million in its presale. Whale accumulation sparks Bitcoin rally One analyst notes that the current Bitcoin uptick is because of whales accumulating Meanwhile, Bloomberg Analyst James Seyffart reported net spot Bitcoin ETF inflows of $1.8 billion on Feb. 8, pushing the…

Ethereum’s ERC-404 Token Standard Sets New Era for Digital Assets

CoinspeakerEthereum’s ERC-404 Token Standard Sets New Era for Digital Assets The introduction of the ERC-404 token standard has captured the crypto community’s attention in a groundbreaking development for the Ethereum blockchain. ERC-404 Hybrid Structure & Functionality Garners Developers The new token, pioneered by pseudonymous developers under the Pandora project, is a unique fusion of ERC-20 and ERC-721 functionalities. The project is still in testnet as it’s yet to be audited. One of the founders believes this feat could take a “couple of weeks” to complete. Pandora and ERC-404 ERC-404 has…

Bitcoin heads to $50k as miners cut selling pressure

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BTC price climbed above $47,661 on Feb. 9, with the much-anticipated fourth Bitcoin halving event now 70 days away, more bullish action could follow.  Vital on-chain data trends suggest Bitcoin miners and strategic investors shifting focus to the forthcoming halving event could be behind the recent BTC price upswing.  Can the bulls capitalize on the momentum boost to reclaim $50,000?  Bitcoin miners have cut down selling pressure by 25%  On Feb. 9, Bitcoin price hit a daily timeframe peak of $47,661. Per Coinmarketcap, this is the highest the pioneer cryptocurrency…

BTC Price Rises Above $47K as Spot Bitcoin ETFs Book One of Their Best Days

The largest crypto by market capitalization ran to as high as $47,699, the highest since the bitcoin ETF launch day, before it buckled to $46,700 in a swift sell-off. Soon after, prices quickly rebounded slightly over $47,000. At press time, BTC was up 4.5% over the past 24 hours, outperforming the CoinDesk 20 Index (CD20), a measure of the biggest cryptocurrencies, which advanced 3.8%. Source

After Bitcoin Hits $50,000, Expect Another 100% to 200% Rally

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David Krueger, a crypto analyst on X, thinks Bitcoin (BTC) will tear higher, surging by 100% to 200% within five months, fueled primarily by fear of missing out (FOMO) once the coin breaks above $50,000. Will Bitcoin Break Above $50,000 And Rally To $100,000? Citing Tom Lee’s historical analysis, Krueger believes FOMO typically kicks in when Bitcoin trades above a price level “exceeding 97% of its historical days.” Lee is the co-founder and researcher at Fundstrat. Zooming at the development in the monthly chart, the analyst notes that this price point sits…

Polygon price prediction | Recent trends suggest potential growth

Explore the trends and sentiment within Polygon’s market, uncovering the factors influencing Polygon (MATIC) price prediction. Polygon (MATIC), the largest layer-2 blockchain platform with a market capitalization of over $8 billion, has experienced significant fluctuations in its price since the beginning of 2024. MATIC reached a monthly high of $0.955 on Jan. 11 as Bitcoin (BTC) spot ETFs received approval from the U.S. SEC, and market momentum turned positive.  However, amid ongoing volatility, MATIC’s price declined to $0.6933 on Jan. 23. As of Feb. 9, MATIC is trading at around…

Expert Predicts Bitcoin Price Rally To $58,000, Here’s Why

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Charles Edwards, the founder of Capriole Investments, has recently provided an analysis in Capriole’s Update #13, predicting a significant upswing in the Bitcoin price to $58,000. His forecast is rooted in a detailed examination of market trends, ETF developments, technical patterns, and fundamental indicators. In-Depth Market Analysis Of The Bitcoin Market The analysis begins with a detailed look at the market’s recent behavior, focusing on the aftermath of Bitcoin ETF launches. Edwards points out, “Two months of chop and ETF readings under the microscope appears to be resolving to the…

Bitcoin (BTC) Seen Topping $50K This Weekend

Bitcoin (BTC) rose for a fifth day, surpassing the $47,000 mark early Friday as the CoinDesk 20 Index (CD20), a gauge of the biggest cryptocurrencies, added 4%. The largest crypto by market cap reached a one-month high as East Asia ushered in its biggest festival of the year, the Chinese new year of the dragon, celebrating the start of what’s believed to be one of the luckiest periods according to the Chinese Zodiac. In Mandarin Chinese, the word for dragon is pronounced similarly to “long,” boosting memetic value among crypto…