Tag: bitcoin price

Categories
Bitcoin Bitcoin Wallet cryptocurrency exchange Cryptocurrency news

Bitcoin recovers more than $ 67,000: it triggers almost $ 300 million in total agreements

The encryption market has recently suffered a liquidation wave, for a total of almost $ 300 million, after the marked recovery of Bitcoin of $ 67,000.

This increase in the value of Bitcoin, a strong investment of its previous low trend, took many merchants by surprise, especially those who bet on the continuation of the market decrease.

More than 80,000 merchants face the liquidation

The data provided by Coinglass shed light on the magnitude of the settlements, revealing that approximately 86,047 merchants suffered losses of more than $ 250 million in a mere 24 -hour period.

The great exchanges such as Binance, OKX, Bybit and Huobi were the sands for these important financial setbacks, with binance merchants with the weight of the agreements.

Particularly Binance registered US $ 128.7 million in settlements, while other important platforms, such as OKX, Bybit and Huobi, also experienced significant settlements, for a total of US $ 99.87 million, $ 33.18 million and $ 17, 70 million, respectively. Meanwhile, although they also face settlements, smaller exchanges had a relatively lower impact.

Most of the affected positions were short businesses, which reflects a generalized anticipation of a market deceleration that did not materialize as expected. Short positions registered around 57.55% of the agreements, equivalent to US $ 164.10 million, of the merchants who bet against the market.

On the other hand, the holders of the long position also faced their portion of losses, which contributed to almost 40% of the total agreement, for a total of US $ 121.07 million.

Bitcoin recovery and future perspectives

The marked recovery of Bitcoin, momentarily recovering the UPS of more than $ 67,000, revived interest in their market behavior and future trajectory.

Despite a 6.6% drop in its market capitalization last week, the Bitcoin value saw a notable 6% increase in the last 24 hours, with its market value currently exceeding $ 140 billion. This resurgence of commercial activity, with daily volumes that rise below $ 60 billion for heights above this brand, means a renewed confidence for the increase in investors and commercial interest.

In addition to the speech, the cryptocurrency analyst Willy Woo presents an optimistic perspective for Bitcoin, suggesting the possibility of a remaining cycle of “double bomb” of market patterns observed in 2013.

According to Woo, this standard could announce two significant prices for Bitcoin in the coming years, with the first early peak in mid -2024 and a subsequent and more substantial increase in 2025.

Categories
cryptocurrency exchange Cryptocurrency news Investment News

Deribit Exchange Expects Bitcoin to Rise 20% in Next 30 Days, Targeting $80,000

In a major milestone for the cryptocurrency market, Bitcoin (BTC), the largest digital asset, broke its previous records, surpassing the $69,000 mark to set a new all-time high (ATH) of $69,300 on Tuesday.

The achievement marked a historic moment for BTC, which had not reached such levels for more than two years. However, the cryptocurrency’s upward trajectory shows no signs of slowing down, with experts predicting further price gains.

Bitcoin and ETF price in perfect harmony

According to data from Deribit, a crypto futures and options exchange and analysis company, GenesisVol, BTC is expected to see a potential rise of up to 20.8% in the next 30 days.

These projections suggest that, under ideal circumstances, the price of Bitcoin could surpass the $80,000 barrier. Even conservative traders are optimistic and expect BTC to easily surpass $70,000 and reach around $75,000.

Additionally, the recent approval of spot Bitcoin exchange-traded funds (ETFs) has played a key role in Bitcoin’s success, suggesting that the upward trend in BTC prices, coupled with bullish sentiment among options traders and institutional and retail investors, is far from over. .

Bloomberg ETF expert Eric Balchunas emphasized the importance of this development and stated that it represents a pivotal moment for both Bitcoin and ETFs. Balchunas believes the rise from $25,000 to $69,000 was largely due to hopes of ETF approval and subsequent flows.

The expert stated that the synergy between ETFs and Bitcoin has proven to be mutually beneficial as ETFs have increased liquidity, accessibility, convenience and standardization for investors.

Notably, ten-hold Bitcoin ETFs have amassed over $50 billion in assets, with a staggering $8 billion generated from inflows and the remainder attributed to Bitcoin’s rising value.

However, when Bitcoin reached its new peak, increased market volatility caused a surge in liquidations. Journalist Colin Wu reported a sharp 5% drop in the price of Bitcoin in one hour, with Binance recording less than $65,000. During this hour, deals reached a staggering $142 million.

BTC sell signal

Although bullish investors are currently on cloud nine, renowned crypto analyst Ali Martinez sounded the alarm when the TD Sequential indicator recently issued a sell signal on Bitcoin’s daily chart.

The TD Sequential indicator, developed by market expert Tom DeMark, uses price patterns and sequences to identify potential trend changes in various financial markets, including cryptocurrencies.

Martínez emphasized the indicator’s notable track record in predicting Bitcoin price movements since the beginning of the year. The TD Sequential indicator issued a buy signal in early January, just before the price of Bitcoin rose 34%.

On the other hand, a sell signal was given in mid-February, followed by a 4.44% drop in the value of BTC. Therefore, considering the previous sell signals, a possible drop to the $62,000 price level could be underway for the largest cryptocurrency in the market that still holds the $60,000 support, which will be key to BTC’s prospects.

Categories
Bitcoin cryptocurrency exchange Cryptocurrency news

Bitcoin absorbs more than $607 million every day. Will it triple after the halving?

Bitcoin (BTC) network analyst Willy Woo is sounding the bullish alarm, citing strong demand and declining supply as reasons for optimism. As for X, Woo noted that Bitcoin absorbs an average of $607 million per day as an asset in demand by new investors. In comparison, only $46 million in new supplies are being created through mining.

Bitcoin receives over $607 million in value every day. What happens after the halving?

The Bitcoin network is a proof-of-work platform that relies on miners for security and decentralization, making its transactions global and censorship-resistant. Although there are concerns about centralization, it appears that the extensive network of miners is more important to the platform, which explains its colossal appreciation.

Miners are rewarded with 6.25 BTC after each block, which is equivalent to around $46 million, after each 24-hour cycle. However, the fiat value, as expected, changes depending on spot rates.

Woo says growing demand, estimated at around US$607 million per day, considers changes to the realized limit. It is a metric that shows the total amount investors paid for the current BTC in circulation. The total value takes into account the purchase price of each one.

While useful, Woo notes that the threshold set, and therefore the level of demand injected into Bitcoin, is conservative. The weakness arises from the realized limit that only captures on-chain transactions.

It’s this shift in imbalance, Woo notes, that could drive prices even higher in the coming sessions. The on-chain analyst sees the current trend accelerating further ahead of the next Bitcoin halving scheduled for early April 2024.

Bitcoin halving occurs approximately every four years, reducing the new BTC created per block by 50%. The on-chain analyst believes that this decrease in supply, combined with the already strong demand, will drive up prices, quickly increasing the realized limit.

Reddit plans to go public and buy BTC and ETH

Woo’s optimism follows encouraging news that popular social media platform Reddit will invest some surplus cash into Bitcoin and Ethereum (ETH). Recent reports reveal that Reddit plans to go public and file for an initial public offering (IPO) this week.

The endorsement of cryptocurrencies by a major technology company shows growing institutional adoption, a net benefit for investor confidence. So far, Reddit’s IPO prospectus shows a 20% increase in revenue in 2023.

The platform also has more than 70 million daily active users. Based on this, once it goes public, a significant portion of the funds will likely be injected into BTC and ETH.
​

Categories
Bitcoin cryptocurrency exchange Cryptocurrency news

Bitcoin Ordinal Subscriptions Surpass 55 Million, Reach Third Highest Daily Record

After the weekend, the number of ordinal subscriptions to the Bitcoin blockchain exceeded 55 million. Notably, on January 13, 2024, the blockchain witnessed its third-highest day of registrations, settling a staggering 477,751 registration-based transactions on Saturday. Furthermore, since first registration began in December 2022, bitcoin miners have accumulated $246 million worth of bitcoins, capitalizing on this growing trend.

Miners raised 246 million dollars with 55 million registrations

From December 28, 2023 to January 12, 2024, the pace of daily ordinal inflows into the Bitcoin blockchain slowed moderately. However, a peak occurred on Saturday, January 13, marking a record number of daily registrations. This date became the third largest in terms of registrations, with a staggering 477,751 added to the blockchain. On that day, approximately 652,483 transactions were processed, with records representing a notable 73.22% of all transfers confirmed by miners.

Continuing the trend, on Sunday, January 14, 2024, the blockchain saw another substantial 446,783 entries added to the distributed ledger system. This indicates that, of the 591,806 verified transfers, a substantial 75.49% were record-based. Furthermore, after these two record-breaking days, the total number of registrations this weekend impressively exceeded 55 million. Between these records, miners have accumulated a total of 5,750 BTC, valued at $246 million based on current BTC exchange rates.

On January 13, miners were paid about $2.7 million in registration fees, and by the next day, miners had accumulated another $4.94 million. Bitcoin miners are reaping the benefits of the fees paid for subscriptions and as of December 16, 2023, miners have collected $9.9 million in fees. Additionally, the number of entries per block has increased considerably as miners have learned ways to include as many as possible. The data also shows that there are also 278,296 recursive inscriptions in the chain.

Recursive ordinal inscriptions involve retrieving and incorporating data from existing inscriptions to create new ones. In the domain of ordinal entries traded in non-fungible token (NFT) markets, Bitcoin has taken the lead over the past 30 days, with $669.53 million in digital collectible sales. Ethereum, previously the leader in NFT blockchain, recorded $321.18 million in sales during the same period. However, on a weekly basis, BTC’s lead is marginal, with sales of $99.68 million, narrowly edging out Ethereum’s $94.42 million.
​

Categories
Bitcoin Investment Bitcoin Wallet Crypto Mining Cryptocurrency news Investment News

Crypto Market Set to Grow, WazirX VP Predicts Bullish in 2024

Rajagopal Menon, vice president of Indian cryptocurrency exchange WazirX, anticipates a bull year for the cryptocurrency market. He told Coiningape: “Next year, a very favorable environment is predicted for the cryptocurrency market. With the United States signaling two interest rate cuts, the Bitcoin halving scheduled for April, market liquidity increasing, and regulatory dynamics shaping up, market sentiment is notably bullish.”

The cryptocurrency market has already prepared itself for this optimistic scenario. Several major Bitcoin ETF participants are now well positioned after this week. On Friday, BlackRock, WisdomTree, Fidelity, Bitwise, among other top contenders in the Bitcoin exchange-traded fund (ETF) race, filed their revised S-1 filings with the U.S. Securities and Exchange Commission (SEC). This flurry of activity signifies a willingness to take advantage of potential regulatory approvals, which will help the market mature and become a little more regulated.

Gold and elections suggest a rise in the cryptocurrency market

Gold, a precious metal, is considered a traditional safe-haven asset, especially when the stock market does not give expected returns. Gold shows stability to investors as a hedge. Reports reveal that the yellow metal is concluding its strongest year since 2020. This performance is supported by expectations that the US Federal Reserve may implement interest rate cuts early next year.

Menon also highlights the possible global impact of political developments on the cryptocurrency sector. “Elections in India and the United States are expected to usher in concrete regulatory frameworks at the national level, coinciding with a long-awaited bull run,” he added.

Meanwhile, in the United States, prominent cryptocurrency companies and investors are stepping up their efforts to influence political and regulatory outcomes surrounding the asset class. The Financial Times revealed this week that companies including Coinbase, Circle and a16z are investing money in pro-crypto lawmakers. This comes at a time when there is a legislative impasse in Congress ahead of the change of power in 2024.

Menon also said: “Analysts project a sustained increase in institutional investment, particularly through Bitcoin and Ethereum ETFs. As the market develops in 2024, macroeconomic influences and regulatory changes will have a considerable impact, marking it as a dynamic and transformative period.”

Bitcoin price direction is a complex play of macroeconomic and regulatory developments. But it paints a picture of a cryptocurrency market on the verge of significant transformation. And it looks like 2024 could be the year to watch.