Category: Bitcoin

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Bitcoin Bitcoin ETF

Bitcoin price reaches US$69000; Will it soon surpass $76,000?

Bitcoin price added another 10% upward move to the rally this week, jumping from $65,860 to $71,979, but has consolidated in the $68,500 to $70,000 range since hitting the local high. The cryptocurrency market, especially altcoins, witnessed huge volatility as investors awaited the US SEC’s decision on the Ethereum spot ETF.

The week ended strong for Bitcoin and altcoins when the SEC approved the Ether spot ETF, but will this trigger a BTC price rally to a new all-time high?

BTC Price Action Sparks New ATH Speculation
Important week for cryptocurrencies

Bitcoin’s price action this week has sparked fresh speculation about all-time highs among investors. This week was marked by several critical moments: the House approved FIT21 for cryptocurrency regulation and the anti-CBDC bill that prohibits the Federal Reserve from issuing CBDC, approving Ether spot ETFs, and purchasing Bitcoin ETFs counted after outflows from capital in previous weeks.

Headwinds for Bitcoin’s new all-time high

Cryptocurrency market sentiment increased from 70 (greed) to 76 (extreme greed). However, headwinds still remain for the Bitcoin price to reach a new all-time high. In the short term, macroeconomic events such as US PCE inflation data and the May 31 cryptocurrency market expiration are the main obstacles to the current recovery in Bitcoin prices.

Bitcoin is holding firm above the key $66,000 support level after cooling US CPI inflation caused a breakout in the BTC price in mid-May. BTC also experienced a breakout of the 2-month trendline this week, prompting long trades.

Meanwhile, more than 65,687 BTC options with a face value of $4.54 billion are about to expire, with a put/call ratio of 0.57. The maximum critical point is $65,000, indicating high probabilities of Bitcoin liquidation after days of low trading volumes. Implied volatility (IV) shows significant dips in all key terms, meaning volatile price movements could likely cause a pullback in the price of BTC.

Analyst BTC Predictions

Crypto analysts are optimistic about the price of BTC reaching at least $100K this year, with rate cuts from the US Federal Reserve and other central banks being the main reasons behind this. Federal Reserve Chairman Jerome Powell has reaffirmed confidence in three rate cuts and dismissed concerns about stagflation in recent speeches.

Analyst Caleb Franzen said: “Bitcoin has certainly formed a new base.” After recording lower lows for weeks, it reached higher lows for 3 weeks. He also added that this bullish structure coincides with the 30-day Williams %R signal as overbought signals are bullish.

Whales are buying the dip as a new buying trend appears for BTC price. On-chain data from IntoTheBlock indicates that whale addresses have been the top accumulators, generating $1.4 billion worth of BTC in their balances. As prices fell below $67,000, whales accumulated more BTC.

Will BTC Price Reach $76,000 Soon?

BTC price is up 1% in the last 24 hours and the price is currently trading near $69,000. The 24-hour low and high are $68,343 and $69,579, respectively. Furthermore, trading volume has decreased by 50% in the last 24 hours, indicating a drop in interest among traders. Therefore, buying pressure is low amid a long holiday as the US market is closed on Monday for Memorial Day.

Bitcoin futures and options data indicates that buying and selling are almost balanced over the past 24 hours, as total BTC futures and options open interest has fallen over the past few hours. Traders expect low trading volumes in the coming days due to holidays and other factors.

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Bitcoin Bitcoin Investment Cryptocurrency news

Grayscale Increases Institutional Crypto Investment Options with NEAR and STX Trusts

Crypto asset manager and spot Bitcoin exchange-traded fund (ETF) issuer Grayscale has expanded its offering with the launch of two new investment funds.

These funds, called Grayscale Near (NEAR) Trust and Grayscale Stacks (STX) Trust, aim to provide institutional investors with diversified exposure to cryptocurrencies as the company continues to meet growing demand for crypto asset investment products.

Shades of gray point to blockchain scalability

Rayhaneh Sharif-Askary, Director of Product and Research at Grayscale, highlighted the company’s commitment to launching new products that allow investors to access “emerging segments” of the crypto ecosystem.

According to Thursday’s announcement, by addressing blockchain scalability challenges, Near Trust and Stacks Trust are expected to drive greater adoption of cryptocurrencies and contribute to the advancement of the entire crypto ecosystem.

Both trusts are now available for daily subscription to qualified individual and accredited institutional investors. Like existing Grayscale single-asset investment funds such as Grayscale Bitcoin Trust (GBTC), Near Trust and Stacks Trust are among the first investment products to focus exclusively on the underlying Near Protocol and Stacks Bitcoin Layer 2 tokens ( L2). .

Grayscale seeks to list shares of these new products on a secondary market, but the manager emphasizes that success is not guaranteed due to several factors, including regulatory considerations from organizations such as the United States Securities and Exchange Commission (SEC) and the Financial Authority Industry Regulator (FINRA).

Capital Outflows Amid Growing Demand for Bitcoin ETFs

In addition to launching the new investment funds, Grayscale recently announced the appointment of Peter Mintzberg as its new CEO, effective August 15, 2024, replacing Michael Sonnenshein.

Grayscale has played an important role in the US spot ETF landscape, witnessing continued capital outflows since trading began in January. However, US Bitcoin spot ETFs recorded a net inflow of $153.9 million on May 22, marking an eight-day growth streak.

In contrast, GBTC experienced capital outflows for the first time in over a week, losing $16.09 million and restarting its outflow streak.

As the asset manager introduces Near Trust and Stacks Trust, institutional investors now have additional options for diversified crypto exposure. However, investors should be aware of the risks associated with investing in such products, including regulatory uncertainties and possible deviations in share values.

At the time of writing, STX is trading at $1.99, indicating a drop in value of over 4% in the last 24 hours.

This price drop is in line with a broader correction seen in Bitcoin and other major cryptocurrencies following a significant increase in the first trading days of the week. Likewise, NEAR is currently trading at $7.56, reflecting a 3.4% drop compared to yesterday’s price.

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Bitcoin cryptocurrency exchange Retirement

What is the best retirement plan in the United States?

The “best” retirement plan in the United States can vary depending on individual circumstances, financial goals, and employment situation. Here are some of the most popular retirement plans, each with its own advantages:

1. 401(k) Plans

  • Employer-Sponsored: Offered by many employers, allowing employees to save and invest a portion of their paycheck before taxes are taken out.
  • Tax Benefits: Contributions are made pre-tax, reducing taxable income. Earnings grow tax-deferred until withdrawal.
  • Employer Match: Many employers match contributions up to a certain percentage, which is essentially free money.
  • Contribution Limits: For 2024, the limit is $22,500, with an additional catch-up contribution of $7,500 for those aged 50 and over.

2. Roth 401(k)

  • After-Tax Contributions: Contributions are made with after-tax dollars, so withdrawals are tax-free in retirement.
  • Employer Match: Similar to traditional 401(k) plans, many employers offer matching contributions.
  • Tax-Free Growth: Since contributions are made after tax, both the contributions and the earnings can be withdrawn tax-free in retirement.

3. Individual Retirement Accounts (IRAs)

  • Traditional IRA: Contributions may be tax-deductible, and earnings grow tax-deferred until withdrawal. The contribution limit for 2024 is $6,500, with an additional $1,000 catch-up for those 50 and older.
  • Roth IRA: Contributions are made with after-tax dollars, but withdrawals are tax-free. The contribution limit is the same as for Traditional IRAs, but eligibility is subject to income limits.
  • Flexibility: IRAs offer a wider range of investment options compared to employer-sponsored plans.

4. SEP IRA (Simplified Employee Pension)

  • For Small Business Owners and Self-Employed: Allows for contributions to be made to an IRA set up for each employee.
  • High Contribution Limits: For 2024, the contribution limit is the lesser of 25% of the employee’s compensation or $66,000.
  • Tax Benefits: Contributions are tax-deductible, and earnings grow tax-deferred.

5. SIMPLE IRA (Savings Incentive Match Plan for Employees)

  • For Small Businesses: Easier and less costly to administer than a 401(k).
  • Employer Contributions: Employers are required to either match employee contributions up to 3% of compensation or make a 2% non-elective contribution for each eligible employee.
  • Contribution Limits: For 2024, employees can contribute up to $15,500, with an additional $3,500 catch-up contribution for those aged 50 and over.

6. 403(b) Plans

  • For Non-Profit Employees: Similar to 401(k) plans but designed for employees of public schools and certain tax-exempt organizations.
  • Tax Benefits: Contributions are pre-tax, reducing taxable income, and earnings grow tax-deferred.
  • Contribution Limits: Similar to 401(k) plans, with the same contribution limits.

Choosing the Best Plan

  • Employer Match: If your employer offers a matching contribution, contributing enough to get the full match is often a priority as it’s essentially free money.
  • Tax Considerations: Consider whether you prefer tax-deferred growth now (traditional plans) or tax-free withdrawals in retirement (Roth plans).
  • Investment Options: Some plans offer more diverse investment options than others.
  • Contribution Limits: Higher limits allow for more significant retirement savings.
  • Flexibility: IRAs provide more investment flexibility compared to employer-sponsored plans.

Ultimately, the best retirement plan is one that aligns with your financial goals, offers the most benefits for your situation, and provides a structure that you can consistently contribute to. Consulting with a financial advisor can also help tailor a retirement strategy to your specific needs.

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Bitcoin Bitcoin Investment Crypto Mining Cryptocurrency news

How to make money in retirement UK

Making money in retirement in the UK can be achieved through various strategies tailored to your skills, interests, and financial needs. Here are some practical and popular methods:

1. Part-Time Work

Engaging in part-time work can provide a steady income stream and keep you active.

  • Options: Retail, consultancy, tutoring, or seasonal work.
  • Pros: Regular income, social interaction.
  • Cons: Time commitment, physical demands depending on the job.

2. Freelancing and Consulting

Leverage your professional skills and experience to offer freelance or consulting services.

  • Platforms: Upwork, Freelancer, PeoplePerHour.
  • Pros: Flexibility, high earning potential.
  • Cons: Requires self-marketing, variable income.

3. Crypto Investing

Investing in stocks, bonds, or mutual funds can generate income through dividends and capital gains.

  • Pros: Potential for passive income.
  • Cons: Investment risk, requires financial knowledge or advice.

4. Rental Income

Renting out property or a room in your home can provide a consistent income stream.

  • Options: Buy-to-let properties, Airbnb.
  • Pros: Steady income, property value appreciation.
  • Cons: Requires capital investment, property management responsibilities.

5. Pensions and Annuities

Maximise your pension benefits and consider purchasing an annuity for guaranteed income.

  • Pros: Stable, predictable income.
  • Cons: Limited flexibility once annuity is purchased.

6. Dividend Stocks

Investing in dividend-paying stocks can provide a regular income stream.

  • Pros: Regular income, potential for stock value appreciation.
  • Cons: Market risk, requires investment knowledge.

7. Online Business

Starting an online business, such as an e-commerce store or a blog, can generate income.

  • Pros: Flexible, potential for high returns.
  • Cons: Requires initial effort and investment, competition.

8. Gig Economy

Participate in the gig economy by offering services such as driving, delivery, or odd jobs.

  • Platforms: Uber, Deliveroo, TaskRabbit.
  • Pros: Flexibility, variety of opportunities.
  • Cons: Variable income, physical demands.

9. Selling Crafts or Hobbies

Monetize your hobbies by selling handmade goods, artwork, or collectibles.

  • Platforms: Etsy, eBay.
  • Pros: Enjoyable, potential for profit.
  • Cons: Requires time and effort, uncertain sales volume.

10. Teaching and Tutoring

Offer tutoring or teaching services in subjects you are knowledgeable about.

  • Platforms: Tutorful, Superprof.
  • Pros: Flexible hours, fulfilling work.
  • Cons: Requires expertise, time commitment.

11. Writing and Publishing

Write books, articles, or blogs to earn money through sales or advertising.

  • Platforms: Kindle Direct Publishing, Medium.
  • Pros: Passive income potential, creative outlet.
  • Cons: Requires initial effort, uncertain income.

12. Volunteering and Stipends

Some volunteering opportunities offer stipends or small payments.

  • Pros: Fulfilling, social benefits.
  • Cons: Typically low pay, not a significant income source.

Important Considerations

  • Pension and Benefits: Ensure any additional income does not adversely affect your pension or benefits.
  • Tax Implications: Understand the tax implications of your additional income and seek advice if needed.
  • Health and Wellbeing: Choose activities that fit your physical capabilities and lifestyle.

By combining multiple income streams and leveraging your existing skills and resources, you can create a sustainable financial plan for your retirement years.

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Bitcoin Bitcoin Wallet

Oklahoma Enacts Landmark Bill to Regulate Digital Assets, Protect Bitcoin Rights, Foster Crypto Innovation

The governor of the U.S. state of Oklahoma has approved House Bill 3594, a landmark bill that protects bitcoin rights and fosters cryptocurrency innovation. The legislation addresses the regulation and promotion of blockchain technology and cryptocurrency in the state. The bill defines key terms such as blockchain, blockchain protocol, and digital assets, which include virtual currencies, cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).

The legislation prohibits the Oklahoma government from imposing additional taxes, withholdings, assessments, or charges on payments made with digital assets, including cryptocurrencies. It authorizes home digital asset mining and permits certain digital asset businesses while restricting political subdivisions from taking discriminatory actions against these activities. Additionally, the bill allows appeals for zoning changes related to digital asset operations and directs the Oklahoma Corporation Commission to avoid creating discriminatory rates. It clarifies that specific persons engaged in digital asset activities are not required to obtain a money transmitter license.