Bitcoin

Bitcoin Price Soars on $100K Speculations as ETFs Support Crypto’s Recovery

Published

11 months ago

6 June, 2024

Bitcoin Price Soars on $100K Speculations as ETFs Support Crypto’s Recovery

Bitcoin is approaching its March all-time high of over $73,000. (REUTERS/Reuters)

Bitcoin (BTC-USD) rose more than 5% last week to a high of $71,240 (£55,739) in early trading on Thursday following a surge in exchange-traded fund (ETF) inflows.

Other cryptographic tokens ether (ETH-USD) and Solana (SOL-USD) increased by 3% and 4% respectively in the same period, according to Coingecko data.

See more information: What are bitcoin ETNs?

Galaxy Digital CEO and cryptocurrency billionaire Michael Novogratz said Bloomberg TVthat bitcoin could surpass $100,000 by the end of this year if the digital asset’s price surpasses its March all-time high of $73,000 and politicians start looking more favorably at crypto.

“If we withdraw $73,000 in the next week or so, we will end the year at $100,000. Somewhere close or even closer,” Novogratz said Tuesday. The forecast suggests a gain of around 40% from Wednesday’s current price.

Cryptography as an election issue

Novogratz added that he is waiting for two factors to start a new rally for bitcoin. “More regulatory clarity, which I thought was a low probability at that point, and/or the Fed starting to move. We’re getting regulatory clarity, and while it’s not perfect, we have enough that people now realize this is coming,” he added.

He said political sentiment toward the crypto ecosystem in the US is changing due to lobbying efforts and the growing role of crypto in election financing.

“The scale got bigger. That’s why the Democrats woke up. There was about $150 million on the way to $250 million in these crypto Super PACs,” he said.

See more information: How Faster Cryptocurrency Payment Systems Are Influencing Banks

According to a blog post on Monday, US cryptocurrency exchange Coinbase (COIN) recently donated $25 million to Fairshake’s PAC. The lobbying money is aimed at bolstering the campaigns of cryptocurrency-friendly congressional candidates in the upcoming US state primaries. “Fairshake supports candidates committed to ensuring that the United States is home to innovators building the next generation of the Internet,” the Fairshake website states.

The story continues

Bitcoin ETFs

U.S. bitcoin spot ETFs recorded a total daily net inflow of more than $488 million on Wednesday. This marked the 17th consecutive day of net inflows for these funds, equaling the longest sequence of positive flows observed at the beginning of the year. Fidelity (FBTC) led the inflows with US$221 million, followed by BlackRock (I BITE) with $155 million, according to SoSoValue data.

See more information: What is a spot bitcoin ETF and why has it triggered a crypto rally?

Ark Invest and 21Shares’ (ARKB) raised $71 million, while bitcoin ETFs managed by VanEck and Invesco reported single-digit net inflows.

The US Securities and Exchange Commission (SEC) approved the first US-listed ETFs to track bitcoin in January. Investors anticipate that these financial products could open the door for conventional capital to flood the crypto market.

See more information: What are bitcoin runic engravings?

Financial interest in digital assets in the US currently appears favorable, with fund managers such as BlackRock (BLACK) and Franklin Templeton (BEN), increasing their bitcoin allocations through ETFs.

VanEck predicts Ether could reach $22,000 by 2030

Asset manager VanEck has set a new price target for Ether (ETH-USD), the native token of the Ethereum network, at $22,000 by 2030. This represents a significant increase from its level of around $3,845 at the time of writing.

The global investment firm wrote in a recent report that Ether could reach the $20,000 mark due to its disruptive power and the cash flow generated for token holders.

See more information: Bitcoin ETFs Poised for US Pension Plan Inflows, Says Standard Chartered Analyst

“Driven by a strong value proposition for entrepreneurs, the Ethereum network will likely continue its rapid growth in market share from traditional financial market participants and, increasingly, big tech. If that happens, maintaining its dominant position among smart contract platforms, we see a credible path to $66 billion in free cash flow for token holders backing a $2.2 trillion asset, or $22,000 per coin, by 2030,” said VanEck. report he said.

See more information: Live Crypto Prices

The SEC approved ether spot exchange-traded funds (ETFs) on May 23. Unlike bitcoin, however, ETFs, which began trading the day after their approval in January this year, ether ETFs may not go live for trading on global exchanges for another few weeks or months.

Watch: What the Debut of Bitcoin ETNs on the London Stock Exchange Means for Europe’s Crypto Market

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Related Topics:Bitcoin Michael Novogratz

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SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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