Tag: Bitcoins

Gaming tokens take hit from Bitcoin’s dip to $40k

boss

The cryptocurrency market recently experienced a downturn, with significant declines in gaming tokens as Bitcoin’s value approached $40,000. The cryptocurrency market declined on Monday, notably impacting gaming tokens. As Bitcoin (BTC) approached the $40,000 mark, gaming tokens experienced larger drops, according to CoinGecko. Immutable’s IMX token decreased by 8% to $1.80, as Beam (BEAM) and Gala Games (GALA) saw around a 7% decline. Axie Infinity’s AXS governance token fell over 6%, and its in-game SLP reward token dropped by 7%. The only token not experiencing a dip is Ronin (RON),…

IntoTheBlock explains why Bitcoin’s price fell after ETF approval

boss

IntoTheBlock provides insights into the unexpected downturn in Bitcoin’s market, particularly following the approval of the Bitcoin ETF. Data shared in a Jan. 19 X post by blockchain analytics firm IntoTheBlock shows that Bitcoin (BTC) prices have decreased by approximately 10% in the past week, a trend that contradicts many market predictions. The firm’s analysis reveals several key factors contributing to this trend. There has been a significant increase in Bitcoin inflows into centralized exchanges for the past six weeks, with nearly $2 billion in net deposits since December. This…

Bitcoin’s (BTC) Technicals Suggests Deeper Pullback to $38K: Analyst

boss

Per Thielen, investors in Grayscale’s ETF, the Grayscale Bitcoin Trust (GBTC), switching to other low-fee options will likely weigh over bitcoin’s price. While Grayscale charges 1.5%, other asset managers like BlackRock charge 0.25%. GBTC, formerly a close-ended trust, is one of the largest bitcoin holders, with a coin stash of over $27 billion. GBTC shares began trading in 2013 and became redeemable on Jan. 11. Original

Valkyrie CIO Anticipates XRP And Ethereum Spot ETFs Following Bitcoin’s Approval

boss

While Bitcoin exchange-traded fund (ETF) applications are still awaiting approval from the US Securities and Exchange Commission (SEC), executives from asset management firms are already speculating about the potential launch of spot ETFs for other major cryptocurrencies, including XRP and Ethereum (ETH).  Valkyrie Invest’s Chief Investment Officer, Steven McClurg, expressed his belief that the SEC’s potential approval of a Bitcoin ETF could pave the way for similar offerings in the XRP and Ethereum markets.  However, regulatory challenges and classifying XRP and Ethereum as securities may present hurdles toward these index funds.…

Bitcoin’s $48k bulwark between $55k price target

boss

Bitcoin may face minimal traffic on the road to $55,000 if the largest cryptocurrency can break a key resistance level.  According to technical analyst Ali Charts, Bitcoin (BTC) shows a clear path toward $60,000, although it hinges on BTC breaking through resistance around the $48,000 price range. This level was last seen in April 2022 following a U.S. banking crisis shortly before Terra’s ecosystem implosion.  On-chain data from IntoTheBlock, cited by the trader, suggests that BTC could target this resistance point after forming support of around $42,000. At this level,…

Buy the rumor, sell the news? Not with Bitcoin’s ETF

boss

Crypto market analyst known as Mr. Anderson on Twitter suggested that the old adage of “buy the rumor, sell the news” does not apply to the current situation. According to Anderson, selling when the Bitcoin (BTC) spot exchange-traded fund (ETF) is finally approved — as many market participants anticipate will happen very soon — is not a good idea. He wrote in a Jan. 2 tweet: There’s a big difference between saying Buy the Rumor, Sell the news 2-months ago vs saying it today.The point is that the big money…