Day: June 28, 2024

Bitcoin Price (BTC) Could Drop to $55K as Crypto Closes Weak Quarter

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Anticipation of the spot bitcoin ETF approval, then the approval, and then the massive inflows into the new funds were surely major catalysts for the rise. Also in play were macro factors – namely the anticipation of a sizable series of interest rate cuts in 2024 from the U.S. Federal Reserve. Inflation, however, has failed to cooperate, and to date there has been no easing of monetary policy in the U.S., with more than one member of the central bank now not expecting to cut rates even once this year.…

Will Bitcoin Continue Dumping? This Analyst Thinks So, Here’s Why

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Bitcoin is consolidating, struggling for gains, and looking at price action in the daily chart. Even with the rejection of lower prices, the coin has yet to follow through, decisively reversing losses of June 24. Should Bitcoin Traders Brace For More Losses? In light of this, one analyst on X thinks there could be more losses in the coming days. Posting on X, the on-chain analyst highlighted a worrying trend: Even amid the Bitcoin trading community’s optimism, sellers are relentlessly stacking up more short orders. Traders increasing short bets |…

Bitcoin wasn’t mentioned in the Trump v Biden debate. Bitcoin didn’t care

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BTC briefly rose to $62,000 — this could be a reflection of how Biden’s stumbles may have deterred undecided voters from backing him, making a Trump win more likely. After a flurry of feverish speculation that crypto would be discussed during the first U.S. presidential debate, it didn’t end up getting mentioned once. But if we’re going to be brutally honest, this wouldn’t have generated many column inches anyway — especially considering the night was overshadowed by other events. Joe Biden’s exceedingly poor performance on stage alongside Donald Trump has…

Ethereum price could go parabolic soon, analysts say

Ethereum price has held relatively well in the past few days as the odds of spot ETF approvals rose. ETH token was trading at $3,455 on Friday, a few points above this week’s low of $3,233. It remains in a correction zone after falling by 13% from its highest point this month. The main catalyst for Ethereum is the anticipated spot Ethereum ETF approval by the Securities and Exchange Commission (SEC). As we reported on Thursday, there is a rising possibility that spot Ethereum ETFs will start trading soon. The…

T-Rex Group Files for Leveraged ETFs Targeting Microstrategy’s Bitcoin-Heavy Portfolio

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T-Rex Group has filed for exchange-traded funds (ETFs) that aim to leverage the daily performance of Microstrategy Incorporated (MSTR). The proposed ETFs will take 2x long and 2x inverse positions in MSTR, magnifying its daily stock performance by 200%. T-Rex Group Files for Microstrategy ETFs, Dubbed the ‘Ghost Pepper of ETF Hot Sauce’ T-Rex Group, […] Original

Analyst Says Don’t Get Too Excited About The Market Recovery

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Crypto analyst Ali Martinez has warned the crypto community not to get too excited about the recent market recovery trigger by Spot Solana ETFs filing. Bitcoin (BTC) and the broader crypto market witnessed a relief bounce following recent bullish developments, but the analyst highlighted what could send the market into a downtrend again.   Why The Crypto Community Should Not Get “Too Excited” After Solana ETFs Rally Martinez mentioned in an X (formerly Twitter) post that the crypto community should not get too excited because $22 million will be liquidated from…

DePIN Can Rebuild the Grid From the Bottom Up

As the U.S. electricity grid struggles with wide scale outages, crypto-powered demand response programs can save customers billions. These decentralized generative energy networks (or DeGEN) offer services valuable to customers and governments alike. Source

Blackrock reveals large Bitcoin ETF stake with 43,000 shares

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In a recent filing with the SEC, BlackRock’s Global Allocation Fund disclosed its ownership of an additional 43,000 shares of the iShares Bitcoin Trust as of April 30. This filing follows BlackRock’s May 28 filings that revealed the fund’s exposure to Bitcoin through its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio. BlackRock is trying to utilize and integrate Bitcoin into its investments. They have revealed a broader strategy to integrate Bitcoin ETFs into their investment portfolio, reflecting its growing interest in the digital currency market. Bitcoin expansion  These…

Bitcoin miner Bitdeer to launch 570 MW power facility in Ohio

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Bitdeer has secured a 30-year lease for land at the Monroe County Port Authority-owned Hannibal Industrial Park in Ohio. Bitcoin mining company Bitdeer, founded by Chinese billionaire Jihan Wu in 2020, has entered into a 30-year lease agreement with the Monroe County Port Authority to secure up to 570 MW of additional power capacity at the Hannibal Industrial Park in Clarington, Ohio. Financial terms weren’t disclosed, but Bitdeer noted that the site previously served as an “aluminum processing facility.” Bitdeer will benefit from existing “power infrastructure, utility switchyards and transmission…