Bitcoin Explosion To $300,000 Looms, Tether Co-Founder Opines. Here’s Why This Bull Rally Could Be The ‘Biggest’ One Yet

By Brenda Ngari – March 8, 2024

After Bitcoin (BTC) recently hit a new all-time high above $70,000, analysts and investors are looking out for the next potential milestone for the maiden cryptocurrency.

Tether pioneer William Quigley suggests the ongoing bull run could outshine all previous ones, and there is room for BTC to surge to as high as $300,000.

Bitcoin On Track For $300,000?

This current Bitcoin bull run stands out in several ways. For one, as Tether co-founder William Quigley explained in a recent interview with CNBC, the market is in “better shape” fundamentally than it was before the May halving in May 2020. He cited the shiny new spot Bitcoin exchange-traded funds (ETFs) and the high derivative volumes.

Bitcoin’s upswing in recent weeks has coincided with the accelerating inflows into the spot ETFs. Notably, these products have amassed more than $53 billion in assets under management as of March 7 since their debut in January.

Quigley noted that the upcoming block subsidy halving typically drives the price of Bitcoin higher. In his view, should history repeat itself with a successful breakout higher, BTC price will be targeting prices north of $300,000 — a 350% growth from its current price level.

“I’m not predicting this, I’m just saying if you apply historical patterns, it would suggest Bitcoin being in excess of $300,000 at the peak of this next bull market,” Quigley clarified.

Bitcoin investors have historically welcomed the quadrennial halving event, which cuts the rewards earned by miners by half. The next halving is anticipated in mid-April, a countdown clock indicates.

“Bitcoin is maybe the only globally traded asset that I know of whose demand is purely based on sentiment,” the Tether co-founder posited.

“There’s not a Bitcoin company, there’s not a Bitcoin price-to-earnings ratio, it’s just a sentiment-driven token. And what you can say about that is sentiment has no limits. You can always be more optimistic, and so this rally may be the biggest we’ve seen.”

Concerns Over BTC Price Pullback Remain

While halving is considered a bullish tailwind for BTC prices, not everyone is feeling hopeful about what the coming months hold.

Venturefounder, a contributor to blockchain analytics provider CryptoQuant, postulated that both Bitcoin and the largest altcoin, Ethereum (ETH), must make a more decisive break of current all-time highs. He referenced the impending decision over whether or not to greenlight U.S.-based spot ETH ETFs.

“If BTC and $ETH fail to make a definitive new ATH breakout in March, I think it’s more likely we see more downside in April/May leading to the halving and ETH ETF approval,” he predicted.

According to Venturefounder, “March is probably the most important month of this cycle following such bullish February month.”

Moreover, JPMorgan analysts have previously suggested in a research report that the halving will hurt miners’ profitability, given the slashed rewards and higher production expenses, which ultimately could lead to Bitcoin falling to $42,000 “once Bitcoin-halving-induced euphoria subsides after April”.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Satoshi’s Prophecy: Another Bank Plummets While Bitcoin Soars

By Bary Rahma
7 March 2024, 00:30 GMT+0000

In brief

NYCB's stock value plummeted over 40% amidst financial health concerns, while Bitcoin soared to a new high of $69,000.

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The bank's struggles, including a $2.4 billion loss and leadership changes, contrast starkly with Bitcoin's robust growth.

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Bitcoin's demand surges as shown by record-high accumulation addresses and ETF holdings, despite potential corrections.

In a dramatic turn of events that echoes the prescient warnings of Satoshi Nakamoto, the creator of Bitcoin, the financial system witnessed another stark contrast between the faltering traditional banking sector and the growing cryptocurrency market.

The spotlight shone brightly on New York Community Bank (NYCB), which experienced a precipitous decline in its stock value. It plunged over 40% in the wake of alarming revelations about its financial health and management disruption. This turbulence occurred against Bitcoin’s 58% year-to-date ascent to a fresh all-time high of $69,000.

NYCB Goes Bust While Bitcoin Hits Record Highs

The plight of NYCB, a regional lender based in Hicksville, New York, became public knowledge when it disclosed a “material weakness” in its internal controls. This led to a staggering $2.4 billion loss for shareholders last quarter.

A leadership reshuffle compounded the bank’s woes. Alessandro DiNello assumed the roles of president and CEO while a series of credit rating downgrades pushed NYCB’s debt into junk territory.

This series of misfortunes mirrored the earlier collapse of First Republic Bank. Therefore, it hinted at a potential systemic issue within the regional banking sector. Still, NYCB grappled with its internal turmoil and secured a major cash infusion amid the possible erosion of depositor confidence.

“In evaluating this investment, we were mindful of the Bank’s credit risk profile. With the over $1 billion of capital invested in the Bank, we believe we now have sufficient capital should reserves need to be increased in the future to be consistent with or above the coverage ratio of NYCB’s large bank peers,” Former United States Secretary of the Treasury Steven Mnuchin said.

NYCB Price Performance. Source: TradingView

This financial distress starkly contrasted with the flourishing crypto market. Unprecedented investment and accumulation of Bitcoin have signaled a robust vote of confidence from both new and veteran investors.

Significant inflows into accumulation addresses underpin Bitcoin’s resilience and growth. Likewise, growing exchange-traded fund (ETF) holdings reflect an increasing Bitcoin demand that contrasts with the instability plaguing the traditional banking industry.

This divergence reflects a broader shift in investor sentiment, seeking refuge in what many perceive as a more decentralized and secure financial future.

“The total Bitcoin holdings of accumulation addresses also reached record-high levels. The total holdings at these addresses are now 1.5 million Bitcoin. These addresses denote investors that only accumulate Bitcoin and have never sell, so the accelerating growth in their Bitcoin holdings is a sign of strong demand,” analysts at CryptoQuant told BeInCrypto.

Bitcoin Accumulation Addresses. Source: CryptoQuant

However, it is not all smooth sailing for Bitcoin. Despite the growing demand and reaching new price heights, other indicators suggest Bitcoin might be entering an overheated phase. These metrics reveal a complex time where rapid gains could precipitate equally swift retractions.

“A short-term pause/correction may be brewing as prices have increased too fast in relation to key on-chain metrics… Moreover, traders’ unrealized profit margins are now above extreme levels, which can anticipate selling pressure from these market participants,” analysts at CryptoQuant added.

As Bitcoin continues to chart its course, the fate of traditional banks may serve as cautionary tales for an industry at a crossroads, navigating the challenging waters of modern finance in the shadow of Satoshi Nakamoto’s remarks.

“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts,” Satoshi Nakamoto wrote.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Original article posted on the BeInCrypto.com site and written by Bary Rahma.

Article re-posted on Markethive by Jeffrey Sloe

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Tim Moseley

Bitcoin (BTC) Trading Volume on Exchanges Surge to $46 Billion, Highest Since 2021 Peak

By Arnold Kirimi – March 6, 2024

Bitcoin (BTC), the pioneer cryptocurrency, has once again captured the spotlight as its spot trading volume surged to over $46 billion on March 5th, marking a significant milestone not witnessed since the peak days of 2021, according to data by Kaiko data. This resurgence in trading activity across various centralized exchanges (CEXs) underscores the enduring appeal and resilience of Bitcoin in the ever-evolving cryptocurrency market. Binance, the world’s largest cryptocurrency exchange by volume, led this monumental trading volume with a staggering $23.84 billion worth of Bitcoin trades. Coinbase and Bybit followed closely behind, contributing significantly with volumes of $4.83 billion and $4.29 billion respectively. Other major exchanges such as OKX, KuCoin, Upbit, and Kraken also played a significant role, each contributing multi-billion dollar trading volumes.

Bitcoin (BTC) Market Dynamics and Future Outlook

The surge in Bitcoin trading volume was not limited to Bitcoin alone, as Ethereum (ETH) also experienced a substantial increase in spot trading volume, exceeding $20 billion on the same day. Binance again led the pack in Ethereum trading volume, accounting for half of the total volume. Bitcoin’s price experienced significant volatility, reaching a new all-time high at $69,324 shortly after the opening bell on Wall Street, only to see a correction of 9.75% to $59,323 later in the day. Analysts view this correction as necessary for “healthy consolidation” before the next surge, a common occurrence in the crypto market.

The sudden price drop raised questions about its cause—leverage, sudden sales by short-term buyers, or other factors. Subsequently, over $1.17 billion worth of leveraged positions were closed across the cryptocurrency market, with a significant portion attributed to Bitcoin long positions. The future of Bitcoin remains uncertain. Various events, including the release of economic data, upgrades to Ethereum’s blockchain, and major regulatory developments, are expected to contribute to more volatility and trading in the bitcoin markets.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Arnold Kirimi and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

MicroStrategy To Issue $600 Million In Bonds for Bitcoin Acquisition Amid Crypto Market Surge

By Newton Gitonga – March 5, 2024

Prominent business intelligence firm MicroStrategy has announced plans to issue $600 million in bonds.

This plan was unveiled on Tuesday by the firm’s founder, Michael Saylor, who wrote in a tweet, “MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes”.

Notably, as per an accompanying blog by the firm, the funds generated from this offering will primarily be allocated towards acquiring additional Bitcoins and fulfilling general corporate objectives. However, the firm noted that the success of the offering is contingent upon various factors, including market conditions.

Notably, the bonds, set to mature in 2030, will allow MicroStrategy to convert securities into shares starting in 2027. Additionally, bondholders will have the right to demand redemption by September 15, 2028. MicroStrategy also revealed plans to allow investors to purchase additional bonds worth up to $90 million.

This strategic move comes when Bitcoin has surged to unprecedented heights, with its value soaring to $69,000 on Monday. Riding on this bullish wave, MicroStrategy’s market capitalization has reached a staggering $22.64 billion, prompting a remarkable 23% surge in its share price over the past 24 hours, which now stands at $1,334.

According to data from Saylor Tracker, MicroStrategy currently holds an impressive 193,000 BTC, valued at around $13 billion. The unrealized profits from this investment have surged to an impressive $6.79 billion.

That said, MicroStrategy’s recent moves in the crypto space have been closely watched. In February, the company increased its Bitcoin holdings by an additional 3,000 BTC, following a previous purchase of 850 BTC for $37.2 million in January. Notably, throughout 2023, MicroStrategy displayed a consistent commitment to accumulating Bitcoin, with purchases totalling millions of dollars each month.

Notably, Saylor has been vocal about the company’s long-term Bitcoin strategy. Recently, he reiterated that MicroStrategy has no intentions of selling its Bitcoin reserves in the foreseeable future. Instead, the company aims to pivot towards becoming a “Bitcoin development company,” emphasizing the development of products and services centred around the pioneering cryptocurrency.

Saylor recently shared his bullish outlook on Bitcoin, predicting a “gold rush” for the leading cryptocurrency that could last until 2034. This forecast was driven by heightened institutional interest and increasing adoption of Bitcoin as a digital store of value, particularly with the emergence of spot Bitcoin ETFs.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin’s parabolic rise to $65,000 solidified by on-chain activities last seen in 2022

By Olivia Brooke – March 4, 2024

February has kicked off bullishly for Bitcoin and the broader crypto market. The Apex cryptocurrency has crossed the $60,000 price market for the first time in three years, and the stakes have even increased.

Despite market observers understandably expressing concerns over the possibility of a temporary bull rally, on-chain data is stating otherwise.

According to on-chain metrics shared by Santiment, Bitcoin’s position is backed by a notable increase in network activity depicted in on-chain and whale transaction volume.

As Santiment reported,

“Justifying Bitcoin’s historic run to a $64K high today, on-chain activity on crypto’s top network has already exceeded levels not matched since 2022. $35.37B in unchained transaction volume, 283K unique tokens moved, and 3,661 $1M+ whale transactions.”

Santiment confirms bull market, while Bitcoin ETF inflows soar above $5.7 billion

These metrics strengthen Bitcoin’s current position as the asset sits above $65,000 and prepares to test new yearly resistance levels. Notably, Bitcoin climbed to as high as $65,257 before it retracted downward to sit at the current price level four hours after the bullish upclimb. The asset’s most recent price movement marks a close in the gap within 7.2% of Bitcoin’s $68,700 all-time high recorded on November 10th, 2021.

The cryptocurrency market is also recording another promising trend pattern, as it continues to surge without correlating with the S&P500 and the equities market. As Santiment asserted, the movement has historically been regarded as a strong validator that the cryptocurrency sector is in a confirmed bull market.

Market players have maintained that the Bitcoin Spot market largely fuels the rally. Since the approval of 11 Bitcoin Spot applications, the Bitcoin market has seen an increase in inflows, with nearly $600 million recorded last week. Courtesy of the new U.S. spot Bitcoin ETF, year-to-data inflows for crypto funds have now surpassed $5.7 billion.

In the long-term, Bitcoin analysts have maintained collective optimism, with the majority predicting that demand for Spot Bitcoin ETFs could trigger a long-term rally for Bitcoin, and potentially send it to the $100,000 price level; a highly anticipated price point amongst community members and investors.

Meanwhile, at press time, Bitcoin bulls have managed to sustain the bullish momentum. After placing Bitcoin above the $65,000 price level for more than 48 hours, daily and monthly gains have crossed 52%. The apex cryptocurrency is trading for $65,280 at report time.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley