Category: Bitcoin

Mike Novogratz thinks the SEC will approve a bitcoin ETF as early as this year

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The crypto market has effectively been on pause – aside from a quick and short-lived spike this week – as investors wait for the SEC to give the green light to a bitcoin ETF. Mike Novogratz says that could come as soon as this year. The CEO of Galaxy Investment Partners, which has its own application for a spot bitcoin ETF in partnership with Invesco in the SEC’s queue, told CNBC Wednesday that the tone has shifted and things are looking up for crypto investors. “It’s going to get approved,…

The bitcoin safe haven trade is back on, says Bernstein

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With recession fears swelling again, investors seeking a safe place to put their assets should be interested in bitcoin , says Bernstein. The cryptocurrency, which has grown in popularity among institutions for its “digital gold” qualities, has an “enviable return record” versus physical gold, Bernstein analyst Gautam Chhugani said in a note Monday. “Bitcoin’s hard money properties makes it an attractive ‘safe haven’ asset. Since its inception, bitcoin has consistently outperfomed gold,” he wrote. “Bitcoin’s inflation today at 1.8% is similar to Gold’s inflation, but what bitcoin skeptics miss is…

Bitcoin Price Holds Ground But Upsides Turned Attractive To Bears

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Bitcoin price is consolidating above the $26,550 level. BTC could correct higher, but upsides might be capped near the $27,400 and $27,500 resistance levels. Bitcoin is finding bids near the $26,550 level. The price is trading below $27,200 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but the bears might remain active near the $27,500 zone. Bitcoin Price Holds Support Bitcoin price…

Why Paul Tudor Jones is still bullish on bitcoin

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Paul Tudor Jones says bitcoin along with gold are looking more attractive these days given the “cataclysmic” fiscal situation in the U.S., likelihood of a recession and new geopolitical turmoil abroad. The legendary hedge fund manager and founder of Tudor Investment told CNBC both assets could take on a bigger role in investors’ portfolios given not only recent events like the war in Israel but also as a result of the Federal Reserve’s inflation-fighting rate hikes, which could tip the economy into a recession, potentially sending the stock down 12%…

Bitcoin is a ‘critical hedge’ against currency debasement and return of inflation, Jefferies says

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Bitcoin and gold are “critical hedges” against the potential for monetary policy that reduces the value of currency, as well as the return of inflation, Jefferies says. Although investors have “effectively given up” on the U.S. recession forecast, macro signals are still suggesting a coming downturn in the United States, and monetary tightening will work with a bigger-than-usual lag this cycle, thanks to an explosion of money supply growth dating back to 2020, the firm said in a note to investors Wednesday. “G7 central banks, including most importantly the Federal…

Quarterly Investment Guide 4Q 2023: Bitcoin outlook

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Patient bitcoin investors may have to hold their composure for at least another quarter as the Federal Reserve’s outlook on interest rate policy dampens what might have been an even stronger month for the cryptocurrency. Bitcoin has had a difficult but decent year so far. The flagship cryptocurrency is up more than 60% for the year, according to Coin Metrics, thanks to a big run up in the first quarter. Not much has happened since, however. Bitcoin is down about 5% since April 1, and subsequent gains from any of…

Bitcoin, XRP Price Receive Boost After Coinbase Announcement

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The Bitcoin and XRP price are showing some green on low-timeframes as certain narratives around the crypto space gain momentum. The cryptocurrencies stayed about two critical levels and could be poised to extend the trend in the coming days. As of this writing, the XRP price trades at $0.50 with a 1% profit in the last 24 hours. In the meantime, Bitcoin recorded a 2.4% profit over a similar period, but the number one cryptocurrency by market cap could underperform XRP and other altcoins. XRP’s price trades to the upside…

Bitcoin—a risk asset and safe haven—is worth owning at these levels, says Wolfe Research

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Bitcoin has long perplexed investors with its ability to act as both a store of value and a high risk asset, but Wolfe Research says it’s worth owning either way and to lean into the nuance. There’s been a fog over the price of bitcoin this year. It’s remained in a tight range between $25,000 and $30,000 and fluctuated between acting like a risky tech stock and a type of digital gold. It isn’t the first time bitcoin’s narrative has wavered, and it may be time for traders to embrace…

Bitcoin Bulls Keep Pushing But Faces Rejection, 100 SMA Is The Key

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Bitcoin price attempted a fresh increase above the $26,500 resistance. However, BTC failed to settle above $26,700 and reacted to the downside. Bitcoin is still struggling to clear $26,500 and $26,700. The price is trading above $26,200 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could again climb higher unless there is a close below $26,200 and $26,000. Bitcoin Price Faces Uphill Task Bitcoin price…

Bitcoin price and Coinbase volumes are showing a rare decoupling, Mizuho says

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It’s becoming clear that investor apathy in this year’s crypto market is starting to hurt Coinbase , according to Mizuho analysts. The crypto exchange’s trading volume historically has been influenced by moves in the price of bitcoin . But that trend has been falling apart since the beginning of the year, Mizuho managing director Dan Dolev said in a note Tuesday, calling it a “stark” and “likely unprecedented” bifurcation. Dolev highlighted that while bitcoin has risen from its fourth-quarter 2022 trough to an average of $28,500 in the third quarter…