Day: May 22, 2024

Bitcoin Seen Breaching $73,000 As ‘Bull Run’ Looms, Analyst Says

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After a two-month breather near its all-time high, Bitcoin (BTC) appears ready to unleash another haymaker, according to crypto analyst Axel Adler. Adler predicts a 300-day bull run fueled by healthy short-term holder profits and a market with plenty of fight left in it. Related Reading Profitable Punches And Room For More Adler throws down the gauntlet with data on Short-Term Holder Spent Output Profit Ratio (STH SOPR). This metric reveals if short-term holders are cashing out at a profit. Currently, the 90-day moving average for STH SOPR sits at…

Bitcoin pizza day, users spend $135k on pies

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Cryptocurrency users have spent over $135,000 worth of different cryptocurrencies on pizzas over the past 12 months, according to a Bitrefill report. The comprehensive analysis of internal pizza gift card sales data shows that users purchased 3,941 pizzas with crypto. Bitcoin (BTC) combined with the Lightening Network are still dominating the scene with a 23.8% share of the total crypto-related pizza sales. Ethereum (ETH) comes in second with a 20.5% stake in the pizza orders, per the Bitrefill report. USDT, the largest stablecoin with a $111 billion market cap, has…

Bitcoin (BTC) Hovers Around $70K After ETF Records Month-High Inflows

Bitcoin hovered around the $70,000 mark during the European morning, a slight drop following Tuesday’s rally to as high as $71,400. BTC is currently priced at $70,069, around 1.6% lower over 24 hours. The CoinDesk 20 Index (CD20), offering a measurement of the broader digital asset market, fell about 0.5%. BlackRock’s spot bitcoin ETF (IBIT) recorded over $290 million in inflows on Tuesday, its highest one-day figure since April 5 and nearly three times the previous high this month: $93 million on May 16. As a whole, ETFs took on…

Dfinity Senior Scientist: Bitcoin’s Next Significant Wave of Innovation Will Revolve Around DAOs

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After the introduction of ordinals, BRC-20 tokens, and more recently, Runes, the next significant wave of innovation on Bitcoin will revolve around Decentralized Autonomous Organizations (DAOs). Aisling Connolly, the Senior Research Scientist at the Dfinity Foundation, has asserted this. He stated that the technology, which is now well-suited to support DAOs and the more mature […] Original

London Stock Exchange to list physically-backed Bitcoin, Ethereum ETPs

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An international exchange-traded fund provider WisdomTree has become among the first issuers to have its crypto ETPs listed on LSE. WisdomTree, an international exchange-traded fund (ETF) and exchange-traded product (ETP) provider, has achieved approval from the British Financial Conduct Authority to list its physically-backed Bitcoin and Ethereum ETPs on the London Stock Exchange (LSE), marking a pivotal moment for the industry and U.K.-based professional investors. In a blog announcement on May 22, Alexis Marinof, head of Europe at WisdomTree, emphasized the importance of this development, calling the approval a “significant…

John Bollinger warns of potential pullback amid Bitcoin’s price surge

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Veteran trader John Bollinger, the creator of Bollinger Bands, has expressed caution about Bitcoin’s immediate future. Bitcoin has surged nearly 13% over the past week and a half, reaching the $71,000 mark per BTC. This rally has led market analysts and traders to reassess their strategies as Bitcoin inches closer to its all-time high of $74,000. Amid the bullish sentiment, Bollinger identified a concerning pattern on Bitcoin’s price chart, suggesting a potential pullback or consolidation period. He pointed out the appearance of a two-bar reversal at the upper Bollinger Band,…

Spot Bitcoin ETFs surpass $300m in inflows

For the second time in May, spot Bitcoin (BTC) ETFs have exceeded $300 million in inflows, with significant contributions from BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC). Market data from Farside Investors indicates that these investment products saw $305 million in inflows on May 21 despite several ETF products, including the Grayscale Bitcoin Trust (GBTC) reporting zero flows. Notably, only two products experienced inflows, while two registered outflows. BlackRock’s IBIT led the inflows with $290 million, with Fidelity’s FBTC reporting an inflow of $25.8 million.…