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Bitcoin

Why is Bitcoin up today?

SatoshiTimes Staff

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Bitcoin

In the last 24 hours, Bitcoin (BTC) is up nearly 5% as it surpasses the crucial $65,000 mark, according to CoinMarketCap. Furthermore, with a number of macroeconomic factors coming into play, the reason for its recent rise is multifaceted. In fact, the leading cryptocurrency is benefiting from a perfect storm of data and speculation.

The increase arrives together with the release of inflation figures in the USA. Specifically, the CPI shows that underlying inflation in the United States has reached a 3-year low, falling to 3.4%. Subsequently, the Bitcoin investment market saw increasing participation from some of the world’s largest banks.

Read too: Coinbase Sees $500 Million Bitcoin Exodus, What’s Behind It?

BTC hits $65,000 as inflation falls

The digital asset market has long been led by Bitcoin and continues to depend on its performance. Since the long-awaited Bitcoin halving took place in April, the market has noticed a slight slowdown compared to the beginning of the year. However, this appears to be changing with the asset’s recent surge.

In fact, Bitcoin (BTC) reached the $65,000 level, with the asset rising over the last 24 hours. A large part of the impulse is linked to the inflation data which arrived on Wednesday. Specifically, it showed that inflation fell in the United States.

us dollar usd bitcoin btc cryptocurrencySource: embca.com

Read too: Bitcoin: Novogratz predicts $55,000 to $75,000 trading zone

This development continues to be critical due to its implications for interest rate reductions in the United States. O Federal Reserve implored a wait-and-see approach to such cuts, while ensuring that they will occur in 2024.

Cooperating inflation data increases the likelihood that these things will happen sooner rather than later. However, there is still concern about the speed of the slowdown in inflation, which could prevent multiple cuts from being made this year.

While inflation is playing a role in Bitcoin’s rise this week, this is not the full story. Alternatively, the Spot Bitcoin ETF market appears to be catapulting the asset to its recent levels.

Do Bitcoin ETFs Drive Price Increases?

BlackRock Bitcoin ETFBTCBlackRock Bitcoin ETFBTCSource: news.bitcoin.com

Read too: Spot Bitcoin ETFs are already the most popular at BlackRock and Fidelity

BTC rose today due to increasing reports of exposure to the Bitcoin ETF. In fact, a number of financial institutions have emerged with significant stakes in Bitcoin investment offerings. Subsequently, US Securities and Exchange Commission (SEC) filings massively boosted the asset’s value this week.

The list of banks that recently disclosed Bitcoin ETF exposure includes JP Morgan It is Wells Fargothe first and third largest banks in the United States, respectively.

The list continued to grow as Switzerland’s largest bank, UBS, and one of Canada’s Big Five, Bank of Montreal, also disclosed Bitcoin ETF holdings.

Furthermore, entities such as Wisconsin State Investment Board disclosed $99 million in BlackRock’s Spot Bitcoin ETF. These developments have increased the overall value of the inflow of institutional interest.

Gold and BitcoinGold and BitcoinSource: Watcher.Guru

Read too: El Salvador uses volcanic fuel to mine 474 Bitcoins worth $29 million

However, the influence of the ETF market does not stop there, as there are still expectations of institutions that can still enter. Specifically, Vanguard announced the hiring of BlackRock’s former head of global ETFs, Salim Ramji, as its new CEO.

The investment management company had already banned all spot Bitcoin ETFs in January this year. However, Ramji’s presence made many investors speculate a change in the company.

The adoption of the Bitcoin ETF market would be yet another reliable and prominent company entering the fray. Subsequently, the upward trend in price should continue as more institutional investors introduce exposure to Bitcoin into their portfolios.

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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

SatoshiTimes Staff

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What to watch for in the markets

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

SatoshiTimes Staff

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

SatoshiTimes Staff

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

SatoshiTimes Staff

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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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Cryptocurrency Charts by TradingView.

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