Rich Dad Poor Dad author Robert Kiyosaki has predicted that bitcoin and silver will take off while gold will crash below $1,200. He urges investors to prepare for the “biggest crash in history” which he forecasted in his book years ago. Emphasizing that the Federal Reserve is “destroying” the U.S. economy, he advised: “Rather than […]
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Veteran trader Peter Brandt has warned that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler should not be trusted. He stressed that Gensler “has a long history of not looking out for the interests of investors.” Brandt further emphasized that the SEC chairman “was instrumental in the bankruptcy” of a major company and was […]
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Binance has announced a competition through its crypto derivatives arm, Binance Futures, offering participants the chance to win a Tesla Model Y. According to the crypto exchange, the contest will unfold over four weekly challenges spanning from Feb. 18 to Mar. 17, 2024. Binance Futures Unveils Tesla Model Y Challenge and Daily Crypto Rewards Beginning […]
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Bitcoin’s price retreated below $51,000 to retest critical support levels on Feb. 17 despite holding strong after stronger-than-expected CPI data over the past few days.
The flagship crypto was trading at $50,856 as of press time after touching a low of $50,625.
The decrease marks a 2.81% drop over the last 24 hours, with Bitcoin’s market capitalization now close to $997.31 billion, slightly below the $1 trillion mark.
The recent price action comes amid a backdrop of both bullish and bearish sentiments among investors.
Analysis from Changelly suggests that the market sentiment has been predominantly bullish, with a 76% bullish sentiment against a 24% bearish outlook, underpinned by a Fear & Greed Index score of 77, indicating a prevailing sense of greed in the market.
Despite this optimism, Bitcoin has experienced significant price volatility over the past month, with 19 out of the last 30 days closing in the green.
Bitcoin bulls suggest the price is testing support before surging to yearly highs, as it has already broken out of a critical price ceiling to form a bullish megaphone pattern.
Bitcoin, the world’s first decentralized crypto, continues to be a focal point of discussion among investors, policymakers, and the general public. Its energy consumption, security features, and potential for adoption as a legal tender in various countries remain hot topics.
The crypto’s journey from being perceived as a risky investment to becoming a primary reserve asset for major corporations like MicroStrategy and Bitcoin ETFs issued by major asset managers illustrates its growing acceptance and the changing attitudes toward digital currencies.
Furthermore, the legal and political landscapes around Bitcoin are evolving. Countries like El Salvador have adopted Bitcoin as legal tender, a move that has spurred discussions on the adoption of cryptocurrencies by other nations.
Meanwhile, environmental concerns related to Bitcoin mining continue to spur debates on the sustainability of cryptocurrencies and their impact on global energy consumption.
At the time of press 5:04 pm UTC on Feb. 17, 2024, Bitcoin is ranked #1 by market cap and the price is down 2.1% over the past 24 hours. Bitcoin has a market capitalization of $1 trillion with a 24-hour trading volume of $19.87 billion. Learn more about Bitcoin ›
At the time of press 5:04 pm UTC on Feb. 17, 2024, the total crypto market is valued at at $1.92 trillion with a 24-hour volume of $59.22 billion. Bitcoin dominance is currently at 52.24%. Learn more about the crypto market ›
Telefonica, one of the world’s largest telecom companies, has partnered with Chainlink, a decentralized oracle provider, to improve security in Web3 environments. Through the use of Chainlink functions and Telefonica’s SIM Swap API implementation, Polygon apps would be able to check if the SIM of a mobile phone has changed in a given period. Telefonica […]
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Coinbase Custody reportedly now holds over 90% of all Bitcoin ETFs in the United States. This development was revealed by the crypto exchange’s CEO, Brian Armstrong, while appraising the company’s performance in the fourth quarter (Q4) of 2023.
In an X post on February 16, Brian Armstrong shared specific highlights of Coinbase’s achievement in Q4 2023. In particular, He noted that the American crypto exchange has played a crucial part in facilitating the adoption of cryptocurrencies by traditional financial firms (TradFi).
A major part of this adoption is the Bitcoin ETF market which is worth $37 billion, ranking as the second largest commodity ETF market after Gold. Armstrong noted that Coinbase has played a significant role in this development, serving as custodian for 90% of the investment funds in the Bitcoin ETF market.
A few thoughts on our Q4 Earnings yesterday:
2023 was a great year for Coinbase and we’re in a strong financial position. We cut costs by 45% y/y and shipped products faster with a leaner team driving $95 million of positive net income for 2023, $964 million in positive Adj.… pic.twitter.com/XK8f0EQBdP
— Brian Armstrong 🛡️ (@brian_armstrong) February 16, 2024
For context, a custodian is a regulated financial institution that holds customers’ securities and assets, providing protection against any form of loss or theft. Notably, Coinbase is listed as the custodian for eight of the 11 recently launched Bitcoin spot ETFs. These include BlackRock’s IBIT, Ark Invest’s ARKB, Bitwise’s BITB, and Grayscale’s GBTC, among others.
These statistics indicate that Coinbase is well placed to record larger milestones as the top traditional financial institutions are tipped to finally invest in Bitcoin ETFs, especially upon the proven success and stability of the Bitcoin spot ETFs.
According to Armstrong, other notable Coinbase achievements in Q4 2024 include the launch of the exchange’s international wing, and the layer-2 blockchain solution Base. The crypto exchange also claimed to slash its annual costs by 45% while generating a total income of $3.1 billion.
In retrospect to 2024, Armstrong stated that Coinbase will maintain focus on its international expansion and new derivatives products. In addition, they will aim to promote the adoption of crypto payments by transforming the Coinbase wallet into a super app.
Finally, the exchange CEO states that Coinbase will continue to advocate for a clear regulatory framework applicable to the crypto space. Armstrong says that Coinbase is committed to this course and is willing to explore all means, including legal processes as well as engaging the federal legislators.
COIN trading at $180.28 on the trading chart | Source: COIN chart on Tradingview.com
Featured image from CNBC, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The U.S. Energy Information Administration (EIA), a statistics agency of the U.S. Energy Department, has sent letters to cryptocurrency miners requiring data related to energy consumption and configuration of their mining sites. According to one of the letters posted on social media, miners have until February 23 to report the info regarding the activities carried […]
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Tron is embarking on an ambitious journey to transform the Bitcoin ecosystem, as announced by its founder, Justin Sun. Through the integration of Bitcoin Layer two solutions, Tron seeks to decentralize and interconnect a variety of token types, including major stablecoins, with the Bitcoin network. Justin Sun’s Outlines Vision to Merge Tron and Bitcoin Networks […]
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In just over a month since their approval by the US Securities and Exchange Commission (SEC), Bitcoin ETFs have swiftly gained traction in the market, posing a formidable challenge to the long-standing dominance of gold ETFs.
The rapid rise of Bitcoin ETFs has led to a convergence in asset values, with BTC ETFs closing the gap with gold ETFs. Bitcoin ETFs hold approximately $37 billion in assets after only 25 trading days, while gold ETFs have accumulated $93 billion in over 20 years of trading.
In this regard, Bloomberg’s Senior Commodity Strategist, Mike McGlone, emphasizes the shifting landscape, stating, “Tangible Gold is Losing Luster to Intangible Bitcoin.”
According to McGlone, the US stock market’s continued resilience, the US currency’s strength, and 5% interest rates have presented headwinds for gold. Moreover, as the world increasingly embraces digitalization, the emergence of Bitcoin ETFs in the United States adds further competition to the precious metal.
McGlone further states that while the bias for gold prices remains upward, investors who solely focus on gold may risk falling behind potential paradigm-shifting digitalization trends.
Ultimately, McGlone suggests that investors should consider diversifying their portfolios by incorporating Bitcoin or other digital assets to stay ahead in the evolving investment landscape.
The success of Bitcoin ETFs is further demonstrated by recent data suggesting that the upward trend in Bitcoin prices is driven primarily by institutional demand. At the same time, retail participation appears to be declining.
According to analyst Ali Martinez, as the price of Bitcoin continues to hover between $51,800 and $52,100, there has been a noticeable decrease in the creation of new Bitcoin addresses daily, indicating a lack of retail participation in the current bull rally and highlighting the growing influence of institutional investors in the cryptocurrency market.
However, market expert Crypto Con points out a significant shift in Long-Term Bitcoin holder positions, signaling a potential downside movement.
As seen in the chart below shared by Crypto Con, the position change line crossed below -50.00 for the first time in over a year, a pattern that has historically occurred at critical moments in Bitcoin’s market cycles. These moments include the cycle bottom, mid-top (which occurred only once), and the start/end of a cycle top parabola (which occurred most frequently).
According to Crypto Con, this recent shift in long-term holder positions raises two possible scenarios: a mid-top or an imminent parabolic movement. Such a movement at this stage in the cycle is considered unusual.
Primarily, it indicates that long-term Bitcoin holders are exiting their positions in significant numbers, possibly anticipating a market correction or a change in the overall trend.
Overall, the shift in Bitcoin holder positions and the decline in retail participation present contrasting dynamics in the current market landscape. While institutional demand continues to drive the price of Bitcoin higher, long-term holders appear to be taking profit or adjusting their positions.
While BTC is currently trading at $51,800, it remains to be seen what the direction of the next move will be and how institutions will continue to influence the price action of the largest cryptocurrency as spot Bitcoin ETFs gain traction.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
A technical indicator shift has sparked predictions of an imminent altcoin surge, with one analyst on X forecasting gains as sharp as those posted in 2017 and 2021.
Taking to X, the analyst said this optimism follows a change in the Gaussian Channel, a technical indicator used to assess market momentum. On X, the trader notes that the Gaussian Channel has, after weeks, flipped from red to green.
Reading from historical performance and indicator changes suggests that there could be a bullish shift for leading altcoins like Ethereum, Solana, and even Dogecoin in the days ahead.
However, from a technical standpoint, this upswing would be better confirmed once there is a comprehensive breakout above the immediate resistance. If this happens, the altcoin market could have a “parabolic” rally.
The broader crypto market is bullish, sparked by the encouraging Bitcoin rally. The world’s most valuable coin trades above $50,000, trending at December 2021 levels. Supporters are optimistic that not only will Bitcoin register more gains in the days ahead but will likely float to break November 2021 highs.
This uptick in demand follows institutions and investors leveraging spot Bitcoin exchange-traded funds (ETFs) to hold Bitcoin.
Surging Bitcoin prices have immensely benefited coins like Solana and Ethereum and meme coins like BONK, which continue to trend. To illustrate, SOL is now trading above $100 despite a recent network outage that questioned the platform’s reliability. In January, SOL peaked at over $125.
On the other hand, Ethereum continues to rally but remains below $3,000. Rising decentralized finance (DeFi) activity and optimism of the United States Securities and Exchange Commission (SEC) approving a spot Ethereum exchange-traded funds (ETF) continue to fuel demand. Recently, Franklin Templeton applied with the regulator for a spot in Ethereum ETF, joining BlackRock and Fidelity.
It is unclear how strongly altcoins will rally should buyers take over. Gauging from how leading altcoins like Solana and Cardano have performed in Q1 2024, it is likely that prices will explode to register new 2024 highs, breaking above 2023 resistance levels.
Based on CoinMarketCap data, the altcoin market cap has nearly doubled. It is up from around $475 billion in late 2022 to over $910 billion when writing in mid-February. When altcoins peaked in November 2021, their cumulative market cap exceeded $1.6 trillion.
Feature image from DALLE, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.