Bitcoin

The Nasdaq Just Hit Its Seventh Consecutive Record – Why Hasn’t Bitcoin Moved? –DL News

Published

7 months ago

21 June, 2024

SatoshiTimes Staff

The Nasdaq Just Hit Its Seventh Consecutive Record – Why Hasn’t Bitcoin Moved? –DL News

The Nasdaq Composite is soaring.
But Bitcoin is still around $60,000.
Here are four factors holding back the crypto rally.

The Nasdaq Composite is on the rise, having just reached its seventh consecutive day of record highs.

The Dow Jones Industrial Average and S&P 500 enjoyed similar highs, thanks to the chipmaker Nvidia and the investor frenzy around artificial intelligence.

Bitcoin, however, failed to keep up.

While market observers predict that cryptocurrency could rise as high as $200,000 over the next year, it held steady at about $65,000 last week.

Here are four factors holding back the top cryptocurrency.

Digesting half

Bitcoin is simply catching its breath after a formidable start to the year, said Adam Morgan McCarthy, an analyst at crypto data and analytics firm Kaiko Research. DL News.

The Nasdaq may be up 18% this year so far, but Bitcoin is up 53%, McCarthy noted. And it’s not just because Bitcoin tends to be more volatile – they are simply “moving on different factors”.

“Bitcoin has had a very strong start to the year thanks to regulatory developments specifically in the US,” Morgan said. “Bitcoin’s next drivers will be the long-term impact of the latest halving and ETF demand.”

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The fourth half, which occurred in mid-April, cut in half the amount of Bitcoin miners receive for maintaining the blockchain. As less Bitcoin is created, market participants expect the supply shock to push the price higher.

But the effects of halving “generally take a few months to become apparent,” McCarthy said — and are most visible when demand for Bitcoin increases.

“ETF demand in the U.S. could have a big impact here as more advisors and firms take on new investors in the coming months,” McCarthy said.

It’s normal for the quadrennial event to be followed by months of subdued trading, agreed Jacob Joseph, research analyst at CCData. Especially since the markets overheated in the months leading up to the halving.

Centralized exchanges recorded historic new volumes in March, and this speculation, as indicated by open interest, “was at unprecedented levels,” Joseph said. DL News.

Open interest is a metric that reflects the total number of futures contracts in circulation. The high amount of open interest tends to be due to speculative frenzy.

“In this sense, the market needs the current period of price cooling or consolidation before we see the typical rapid price expansion of Bitcoin and other digital assets,” said Joseph.

ETF exits

Last week was the worst period for spot Bitcoin exchange-traded fund outflows since March, amounting to US$620 million.

“Short-term outflows from spot Bitcoin ETFs have also contributed to negative sentiment in the market, negatively affecting the asset’s price action,” said Joseph.

“However, the upcoming launch of Ethereum ETFs, coupled with recent positive macroeconomic data, suggests that Bitcoin and major crypto assets are likely to soon reverse their trend and aim for new cycle highs.”

Mount Gox

Once the world’s largest cryptocurrency exchange, Mt. Gox has loomed large over the industry since it collapsed in 2014 after being hacked.

The reason? Approximately $9.2 billion worth of Bitcoin was held up in bankruptcy, waiting to be paid to creditors.

Now it appears that these 142,000 Bitcoins could flood the market at any time before the October 31st Mt. deadline. Gox for refunds.

The market could simply be waiting for these redemptions to occur.

“A mass Bitcoin redemption event is unlikely,” David Duong, head of research at crypto exchange Coinbase, said recently. DL News. “But concerns around these refunds could still constrain liquidity, as market players may avoid mobilizing new capital amid the uncertainty.”

Miners selling stakes

Bitcoin miners are also putting pressure on the price of the leading cryptocurrency.

Although the halving has restricted the amount of new Bitcoin that mining companies can create and sell, most of these operations still maintain formidable reserves of Bitcoin.

The sector dumped about $300 million of its Bitcoin reserves since the start of the year, according to analytics firm CryptoQuant.

And Marathon Digital, the largest publicly traded mining company in the US, offloaded more than $92 million in June alone – about 8% of its billion-dollar stockpile.

Eric Johannsson and Tom Carreras write about markets for DL News. Have a tip about Bitcoin? Contact eric@dlnews.com or tcarreras@dlnews.com

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Bitcoin

What to watch for in the markets

Published

6 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

6 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

6 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

6 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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