Tag Archives: btc

Bitcoin Keeps Pushing Higher With 69K in Sight: Still Time to Join the Rally?

Bitcoin Keeps Pushing Higher With $69K in Sight: Still Time to Join the Rally?

By Investing.com (David Wagner) Cryptocurrency | Feb 29, 2024 06:42AM ET

  • Bitcoin continued rallying and reached its highest level since November 2021.
  • Significant inflows into Bitcoin spot ETFs have set volume records and aided the rally.
  • Beyond ETF success, Bitcoin's upward momentum is linked to the upcoming halving in April and favorable economic data.
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Bitcoin surged for the third consecutive day, approaching the $64,000 mark in early market trading today, marking its highest level since November 2021 as bulls continue their march toward all-time highs near $68,900.

This recent surge can be attributed to familiar bullish factors that have supported the prices in previous weeks, including substantial inflows into Bitcoin ETF spot funds.

BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT) set a volume record for the third consecutive day, with shares worth around $3.3 billion changing hands in a single day.

This is over twice the previous record of $1.35 billion set on Tuesday, which itself surpassed the Monday record of $1.3 billion.

Ten BTC spot ETF funds recorded a total trading volume of $7.7 billion, surpassing the previous record of $4.7 billion set on January 11, the first day of trading.

Eric Balchunas, an ETF fund specialist at Bloomberg, described these numbers as "absurd" and labeled them "madness" in a post on X.

Source: Eric Balchunas

Will the Fund Inflow Continue to Soar, Pushing Bitcoin Higher?

It appears that this success will likely grow even further as Wall Street giant Morgan Stanley also plans to add Bitcoin ETF products to its brokerage platform.

While billions of dollars have already been invested in these products, their availability through major registered investment advisor (RIA) networks and broker-dealer platforms, such as those associated with Merrill Lynch, Morgan Stanley, Wells Fargo, and others, may further amplify this success.

Halving to Fuel Bullish Sentiment as Well

Bitcoin's price rally and the success of BTC ETF funds are also linked to the anticipation of the upcoming halving in April. This event, which occurs approximately every four years and involves a 50% reduction in mining revenues, has historically had a strong impact on Bitcoin, both in anticipation and aftermath.

In addition to ETFs and halving, it's worth noting that Bitcoin benefited from slightly lower-than-expected U.S. GDP yesterday, which revived expectations for a Federal Reserve interest rate cut. In this context, Thursday's expected PCE price index may have an even greater impact on these expectations.

Key Levels to Monitor for Dip-Buying

Finally, from a chart perspective, the initial crucial support for Bitcoin is the $60,000 threshold, but a correction could go much lower without questioning the bullish sentiment, given the recent surge. Therefore, any BTC declines can be considered buying opportunities, as long as the cryptocurrency does not drop below $55,000.

The original article written by Investing.com (David Wagner) and posted on Investing.com.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

Bitcoin Bulls Rejoice: Pundit Names 3 Key Reasons Why BTC Price Will Tap 150000 This Year

Bitcoin Bulls Rejoice: Pundit Names 3 Key Reasons Why BTC Price Will Tap $150,000 This Year

By Brenda Ngari – February 21, 2024

Bitcoin recently crossed the $50,000 mark, regaining the $1 trillion market capitalization for the first time since Dec. 2021. The big question now is, when will BTC hit a new all-time high?

Tom Lee, a prominent figure in the crypto community, has identified three major factors he believes will drive Bitcoin to the coveted $150,000 price tag in 2024.

BTC Rocket Fuel: Three Catalysts To Propel Bitcoin Higher

Tom Lee, renowned for his optimistic outlook on Bitcoin, has confidently posited that BTC is primed to hit six figures this year. In an interview with CNBC’s Squawk Box, Lee highlighted three catalysts he thinks will propel BTC to $150,000.

The first one is already here: spot BTC exchange-traded funds (ETFs). These investment vehicles allow investors to gain exposure to Bitcoin without the need to purchase or store the crypto asset directly. After a decade of denials, the U.S. Securities and Exchange Commission (SEC) finally approved nearly a dozen spot BTC ETFs in a historic move.

According to Lee, spot ETFs will gobble up Bitcoins from the market, bringing a steady inflow of non-speculative investment for the first time in Bitcoin’s history. Demand for these new products will light a fire under the industry’s flagship cryptocurrency’s bulls.

The second catalyst is the impending Bitcoin halving in April. The quadrennial event effectively halves the new supply of BTC entering the market each day. Theoretically, fewer Bitcoins in circulation means that the value of the cryptocurrency will soar with demand amid a supply shock.

The final important factor likely to propel Bitcoin prices higher is the benchmark interest rates. There is a growing consensus that U.S. Federal Reserve officials will start cutting rates in 2024. Lower interest rates are a boon to risk assets like Bitcoin, Lee elaborated, contributing to a potential rally.

Lee’s prognostication comes days after “Rich Dad Poor Dad” author Robert Kiyosaki made a similar super bullish forecast on the price of Bitcoin. As reported by ZyCrypto, Kiyosaki said he anticipates Bitcoin to hit $100,000 by June 2024 — which is just two months after the miner rewards halving.

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

MicroStrategy’s Bitcoin Profit Surges to 357 Billion as BTC Price Soars

MicroStrategy’s Bitcoin Profit Surges to $3.57 Billion as BTC Price Soars

By Newton Gitonga – February 20, 2024

MicroStrategy has seen its Bitcoin profit surge to almost $4 billion as the price of the cryptocurrency soars.

The company, which has been actively acquiring Bitcoin since August 2020, is currently the world’s largest publicly traded corporate holder of digital assets, with a staggering 190,000 BTC in its treasury. MicroStrategy’s latest Bitcoin acquisition was in January of this year when the firm bought 850 Bitcoins for $37.5 million.

According to data from Saylor Tracker, a reliable service monitoring MicroStrategy’s Bitcoin acquisitions, the recent surge in Bitcoin’s price to $50,000 has propelled the value of MicroStrategy’s holdings to a staggering $9.48 billion. Remarkably, with Bitcoin’s current price at $49,650, MicroStrategy’s cost basis for its Bitcoin holdings is $31,464.74 per coin. This means the firm is currently sitting on an unrealized profit of a staggering $3.505 billion.

Michael Saylor, MicroStrategy’s co-founder and Executive Chairperson, has shown no signs of abating with his Bitcoin purchases. In an interview with CNBC on Monday, Saylor stated that there is “10 years of pent-up demand” for Bitcoin ETFs and that the emergence of these ETFs has driven up demand for the digital asset.

Saylor also stated that Bitcoin’s unique characteristics, such as being digital, global, and uncorrelated to traditional risk assets, make it a natural addition to investment portfolios. He added that there is a significant supply-demand imbalance in the market, with ten times as much demand coming through the ETFs as there is supply from natural sellers, such as miners.

MicroStrategy’s success with Bitcoin has led the company to rebrand itself as a “Bitcoin development company.” According to Saylor, this decision was a natural one, given the company’s success with Bitcoin and its unique status as the largest corporate holder of the digital asset.

“It makes for us to call ourselves a Bitcoin development company in the same way you see a real estate development company or petroleum development company…,” said Saylor.

That said, with Bitcoin’s price continuing to soar, the company’s position as the world’s single largest corporate holder of digital assets could continue unchallenged despite the emergence of various spot ETF issuers, even as it plans to acquire more coins.

“We are going to develop software, generate cash flow [and] leverage the capital markets, all in order to accumulate more Bitcoin for our shareholders and to promote the growth of the bitcoin network given the fact that the majority of enterprise value is now based upon those bitcoin related activities.” He added.

Meanwhile, El Salvador’s Bitcoin holdings have also performed well amidst the recent price upsurge. At press time, the country’s stash of 2,833 BTC was valued at $140,383,025, generating unrealized profits of $20,119,365, as per data from Nayibtracker.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

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 Hits 1 Trillion Market Cap For First Time Since December 2021 As BTC Tops 51000

Bitcoin Hits $1 Trillion Market Cap For First Time Since December 2021 As BTC Tops $51,000

By Brenda Ngari – February 14, 2024

After briefly dropping below $50K yesterday, thanks to a hotter-than-expected U.S. inflation report, Bitcoin has bounced back up. The overall market value of Bitcoin’s circulating supply breached $1 trillion today after the BTC price ticked above the $51,000 milestone.

Bitcoin Reclaims Its $1-Trillion Asset Status

 

Bitcoin has touched the $1 trillion market cap for the first time since December 2021.

At press time, BTC costs $51,681, according to data from CoinGecko. It’s gained 6.2% over the last 24 hours and an eye-watering 20.3% since this time last week.

BTC seemed like it was having a sluggish year after the greenlighting of 10 hotly-anticipated spot exchange-traded funds (ETFs) in mid-January.

The spot market products secured the regulatory nod from the U.S. Securities and Exchange Commission (SEC) after a decade of rejections, but the price of Bitcoin slumped. This was because one of the largest fund managers, Grayscale Investments, sold massive amounts of Bitcoin after users wanted to redeem their shares. That selling pressure looks to have subdued in recent days, though, and money is pouring back into the market.

The new spot investment vehicles have now seen over $3 billion worth of net flows — representing a milestone that is not typical within the first four weeks of trading for a newly-listed ETF.

Bitcoin’s notable growth comes as the Crypto Fear and Greed Index had soared to its highest point since late 2021 when Bitcoin attained its current lifetime high of $69,044.77. As per data from Alternative.me, the greed index inched into the “extreme greed” rating of 79 on Feb. 13. Hitting an extreme greed score for the first time in over two years indicates a renewal of optimism among crypto investors. Bitcoin’s market sentiment score now sits at 74.

The top crypto’s concerted attempt to hold its price above the $50,000 zone this year happens as the next Bitcoin halving, a quadrennial event when the reward to miners for securing the Bitcoin blockchain is ha

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

Article reposted on Markethive by Jeffrey Sloe

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

Tim Moseley

BlackRock Considers Increasing Bitcoin Holdings Foreseeing Massive BTC Price Upside

BlackRock Considers Increasing Bitcoin Holdings, Foreseeing Massive BTC Price Upside

By Newton Gitonga – February 9, 2024

BlackRock, the world’s largest asset manager, is mulling over expanding its Bitcoin investment portfolios, foreseeing a substantial uptake potential for the cryptocurrency.

Speaking recently to The Wall Street Journal, Rick Rieder, BlackRock’s Chief Investment Officer of global fixed income, acknowledged the firm’s modest exposure to Bitcoin. He further noted that as investor confidence in Bitcoin grows, BlackRock may consider allocating Bitcoin a more prominent role within its investment portfolios.

“Time will tell whether it’s going to be a big part of the asset allocation framework,” Rieder said, adding, “I think over time, people become more and more comfortable with it.”

Rieder further emphasized the importance of providing investors with accessible avenues to engage with Bitcoin, whether it be through ownership, trading, or liquidation. He also stressed that as more individual and institutional investors embrace Bitcoin as a legitimate asset, its potential for significant growth will become increasingly evident.

“As you get more and more people that adopt it as an asset, we think the upside potential is real.” He added.

That said, BlackRock’s contemplation of bolstering its Bitcoin holdings coincides with a broader trend of rising interest in cryptocurrency investment vehicles. Notably, BlackRock has already taken proactive steps in this direction after launching a spot Bitcoin ETF Fund that currently manages over $3 billion worth of the digital currency. Since the bitcoin exchange-traded funds (ETFs) were approved last month, BlackRock and Fidelity have surged into the top ten largest US ETFs by asset inflows, collectively attracting $6.39 billion in Bitcoin.

Meanwhile, Grayscale Bitcoin Trust ETF (GBTC) has continued to experience large outflows, totalling just over $6.8 billion since the spot ETF approvals.

It shall be recalled that Bitcoin experienced a significant rally in late December, fueled by speculation surrounding the potential approval of a spot ETF from BlackRock. Larry Fink, the CEO of BlackRock, attributed this surge to a discernible shift in investor behavior stating, “I believe the surge is linked to investors seeking refuge in ‘quality’ assets amid the ongoing Israeli conflict and global terrorism concerns.”

Moreover, Fink expressed optimism regarding the expanding adoption of Bitcoin, emphasizing that BlackRock’s foray into the cryptocurrency market aligns with the company’s mission to provide straightforward and accessible investment options for clients.

“We believe we have a responsibility to democratize investing. We’ve undertaken significant efforts, and the global role ETF plays in transforming investments is just the beginning.” Fink stated.

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

US Government Moves BTC Valued At 300M Prompting Liquidation Fears

US Government Moves BTC Valued At $300M, Prompting Liquidation Fears

By Brenda Ngari – July 12, 2023

The United States government has once again moved Bitcoin tied to Silk Road, the now-shuttered darknet marketplace.

Two wallets belonging to the U.S. Justice Department moved over $300 million worth of Bitcoin to two new addresses on Wednesday morning. The transfer was conducted in three different transactions, as shown by on-chain data from Blockchain.com.

$300 Million In BTC

Some of Silk Road’s bitcoins are on the move once again.

Fed-controlled wallets sent a total of 9,825 Bitcoin, equating to approximately $301 million. Wednesday’s transaction follows an even bigger transaction in March when roughly $1 billion worth of BTC was transferred, a move that prompted a drop across all top cryptocurrencies.

The U.S. authorities have control of BTC that’s been confiscated from bad actors and occasionally move it around. Previously, they’ve done so because they plan to sell it — but not all the time.

The latest transfer has stoked investor fears that intense sell pressures could drive down the price of Bitcoin. BTC dipped after the transaction was sent. The premier cryptocurrency was, at the time of publication trading hands for $30,327.04 per coin, a 0.8% 24-hour drop.

The Silk Road Bitcoin

Feds seized more than 50,000 bitcoins in November 2022 from hacker James Zhong, who pleaded guilty to wire fraud over the hack of these digital assets from the Ross Ulbricht-run Silk Road back in 2012.

Ross Ulbricht is the proprietor of the Silk Road online black market, which was used to mostly buy and sell illicit goods such as weapons, drugs, and stolen credit card information and primarily used bitcoin as a payment method before authorities closed it in 2014. Ulbricht was sentenced to life in federal prison back in 2015 in a high-profile case. He’s currently serving a double life sentence plus 40 years without the possibility of parole.

Court filings contained details of related BTC wallets, allowing online sleuths to track these wallet addresses. Feds have been selling the seized BTC bit by bit. After selling the crypto in March, the U.S. authorities said they intended to dump the remaining bitcoin in four more batches throughout 2023.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

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

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