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With Bitcoin back at $72000, here are seven factors that will drive or scuttle the rally – DLNews

Posted: April 9, 2024 at 12:55 pm

Bitcoin traders are gearing up for an exciting April.

Having traded around $65,000 for most of the past month, the worlds leading cryptocurrency by market value rallied to above the $72,000 on Monday morning London time.

However, seven factors could either drive or risk derailing the rally in April.

The crypto community is bracing for April 19.

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Thats when traders expect the next Bitcoin halving.

The halving which, as its name suggests, slashes in half the amount of new Bitcoin produced by the network each time a new block of Bitcoin is minted happens every four years. Its intended to gradually reduce the supply of new coins.

Investors love halvings because Bitcoins price tends to surge in the months following the event, as crypto research firm Kaiko noted in a report last week.

Still, predicting how Bitcoins price will react to a halving is difficult.

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For instance, 2016s halving saw the price of Bitcoin drop about 30% right around the time of the event, but in 2020, the selloff happened two months before the halving, Kelly Ye, head of research at crypto investment firm Decentral Park Capital, wrote in a research note on Monday.

This time around, some new dynamics are in play including the demand for spot exchange-traded funds.

Spot ETF inflow is often 10x magnitudes bigger than the Bitcoin production, which makes a more dominant impact on the Bitcoin price, at least in the short term, Ye wrote.

The launch of spot Bitcoin ETFs in January helped drive the price of Bitcoin to its $73,000 record high in March.

ETFs opened Bitcoin to new investors, who can now gain exposure to the cryptocurrency without using crypto-specific infrastructure. This, will fundamentally change the market structure for Bitcoin, Ye said.

With spot ETFs, issuers have scooped up almost 220,000 Bitcoin and converted them into shares in their funds.

The resulting supply shortage got so bad that Wall Street banks have reached out to at least one Bitcoin mining company to try to acquire the miners Bitcoin holdings, as DL News reported last week.

April 10 is another key date in the crypto calendar.

Thats when several Wall Street institutions are set to complete the 90-day due diligence of the Bitcoin ETFs that launched in the US on January 11.

Once, and if, theyve ticked those boxes, these firms will make the ETFs available to their clients, which will likely drive demand for Bitcoin, Coinbase analysts David Duong and David Han wrote in a report late last month.

This could yet unlock significant capital for US-based spot Bitcoin ETFs over the medium term, they said.

Another factor driving up bitcoins price is the escalating tension between Israel and Iran, which has spurred a close to 10% rally in oil and gold in the past month, Ye wrote.

We expect Bitcoin to potentially benefit from geopolitical uncertainty with its value proposition as digital gold, especially as the sales effort on spot Bitcoin ETFs ramp up, Ye added.

Meanwhile, the worlds leading cryptocurrency hasnt tapped decentralised finance as much as its rival Ethereum has.

Ye said that the ETF frenzy, as well as technological unlocks like the Taproot upgrade in November 2021, and the popularity of some DeFi protocols on Stacks a Bitcoin layer 2 platform sets the stage for the growth of the Bitcoin ecosystem.

And that could lead to Bitcoins price shooting up, because network participants will need to spend Bitcoin to use applications built on top of the blockchain.

Ye is not alone in his assessment of Bitcoin layer 2s. In February, hedge fund Pantera Capital said decentralised finance could have a $500 billion breakthrough moment on Bitcoin as the market turns bullish.

New inflation figures for the US will be published on Wednesday.

Federal Reserve officials keep a close eye on consumer inflation to understand if theyre doing enough to rein it back into the Feds target range of 2% to 3%.

Merkle Tree Capital chief investment officer Ryan McMillin told DL News this data could roil markets.

If the numbers arent low enough, the Fed could signal that it will delay a rate cut.

That would harm investor sentiment for crypto, because high interest rates tend to scare away investors from riskier assets like Bitcoin.

Rate cuts wont happen at the central banks next meeting on April 30 and May 1, Federal Reserve Bank of Cleveland president Loretta Mester said last week.

April 15 is another crucial date for Bitcoin watchers.

Thats the deadline for US taxpayers to file their income taxes.

Some Bitcoin holders may sell their digital assets to pay their taxes ahead of the deadline, thus affecting the price, David Brickell, head of international distribution at digital assets advisory platform FRNT Financial, said last week.

Jo Wright is a regulation correspondent for DL News. Got a tip about Bitcoin? Reach out at joanna@dlnews.com

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With Bitcoin back at $72000, here are seven factors that will drive or scuttle the rally - DLNews

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Bitcoin price today: hovers around $71k with focus on halving, CPI data By Investing.com – Investing.com

Posted: April 9, 2024 at 12:55 pm

Investing.com-- Bitcoin price rose on Tuesday, hovering below recent record highs as traders awaited more cues on the upcoming halving event and key U.S. inflation data.

The rose 2.5% in the past 24 hours to $71,133.3 by 01:37 ET (05:37 GMT), extending a recovery seen over the weekend.

Still, the token remained below a record high of over $73,000 as broader risk appetite was dented by anticipation of key U.S. inflation data, which is widely expected to factor into the outlook for interest rates. The reading is due on Wednesday.

Bitcoin was underpinned chiefly by anticipation of the halving event, which is expected to occur later in April with the generation of block no. 840,000 on the Bitcoin blockchain.

The event is set to halve the rate at which new Bitcoin is mined, potentially tightening future supply of the token.

The halving ties into the narrative that scarcity of Bitcoin will push up its price, and is a closely-watched event for crypto markets. But it also pressures smaller Bitcoin miners by reducing their mining rewards.

Gains in Bitcoin spilled over into other cryptocurrencies. World no.2 token rose 7.6% to $3,688.20, while rose 4.3% to $0.61785.

Data from digital asset manager CoinShares showed on Monday that while crypto investment products saw capital inflows in the week to April 8, hype over the approval of spot Bitcoin exchange-traded products now appeared to be easing.

Digital assets in total saw $646 million inflows last week, with a bulk of these being directed towards Bitcoin, which has largely dominated the crypto narrative in recent months.

Overall capital flows remained well below levels seen in early-March, while trading volumes also continued to decline from highs seen earlier in the year.

The U.S. Securities and Exchange Commissions approval of spot Bitcoin ETFs was the biggest driver of the tokens price gains so far in 2024. But this also saw the crypto market turn even more biased towards Bitcoin.

Ethereum saw outflows of $22.5 million, as traders remained averse to the token amid reports of a SEC investigation into the Ethereum Foundation.

The SEC is also set to decide on spot Ethereum ETFs in late-May.

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Bitcoin price today: hovers around $71k with focus on halving, CPI data By Investing.com - Investing.com

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Bitcoin (BTC) on Track for All-Time High If It Holds Above This Level – U.Today

Posted: April 9, 2024 at 12:55 pm

Cover image via http://www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In the world of cryptocurrency, all eyes are on Bitcoin (BTC) as it inches closer to a potential all-time high (ATH). Michal van de Poppe, a renowned crypto analyst and trader, recently tweeted about Bitcoin's trajectory,stating that if the leading cryptocurrency manages to hold above the $69K mark, a test of the all-time high is highly probable.

Last month, in March, Bitcoin soared to an all-time high of $73,803.25. However, analysts have been quick to point out that this peak was not indicative of a cycle top. One of the key factors fueling this sentiment is the upcoming Bitcoin halving, which is estimated to occur in just 10 days. Historically, Bitcoin halvings have often preceded significant price rallies, leading many experts to anticipate a major post-halving surge that could propel BTC to new ATHs.

Michal van de Poppe's analysis shows the optimistic outlook shared by many in the community. Other analysts and experts have alsoweighed in on Bitcoin's future prospects, with many pointing to the upcoming halving as a significant catalyst. The consensus view suggests that if BTC can maintain its current upward momentum and hold above the critical $69K level, the cryptocurrency could be on the brink of a major price rally.

As of the time of writing, Bitcoin is trading at $70,526. While this represents a 1.87% decline over the past 24 hours, the cryptocurrency has still managed to register a 6.53% gain over the last seven days. Additionally, the 24-hour trading volume for BTC has surged by 19.99%, reaching a substantial $35.51 billion. These figures underscore the heightened activity and interest surrounding Bitcoin, suggesting strong bullish momentum despite short-term fluctuations.

With keymarket indicators, such as trading volume and analyst predictions, painting a bullish picture, investors and enthusiasts alike are eagerly awaiting the outcome of the upcoming Bitcoin halving. Whether Bitcoin will indeed reach new ATHs remains to be seen, but one thing is clear: the crypto market is as dynamic and exciting as ever, offering both opportunities and challenges for participants.

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Bitcoin (BTC) on Track for All-Time High If It Holds Above This Level - U.Today

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Bitcoin Cash completes halving weeks before Bitcoin’s turn – Blockworks

Posted: April 9, 2024 at 12:55 pm

Bitcoin Cash underwent its halving just a few weeks before Bitcoins quadrennial event.

The halving for Bitcoin Cash (BCH) happened Thursday, reducing block rewards to 3.125 BCH. Unlike bitcoin, this is only the second such event for the forked network. The last halving took place in early April 2020, with block rewards falling to 6.25 BCH.

BCH spiked to prices not seen since 2021 following its halving event, hitting a high of around $700 in early Friday hours before it settled around $660. The jump marks a 10% increase over the past seven days.

The price action is nowhere near its all-time highs in 2017 when it traded over $9,500, according to Coinbase data.

Read more: Roger Ver was right about Bitcoin

BCH, a proof-of-work blockchain, was intended to be a cheaper and faster alternative to the original bitcoin chain, from which it forked in 2017.

Bitcoin Cashs market cap sits around $13 billion, far below the $1.3 trillion market cap set by bitcoin. The price, however, has gradually increased as the forked blockchain shadowed bitcoins gains.

Read more: ETFs helped legitimize bitcoin ahead of halving: Q&A

Since the approval of the spot bitcoin ETFs in January, bitcoin has steadily climbed and carved out new all-time highs. Bitcoin (BTC) is currently trading at around $67,000.

Bitcoins halving will happen on or around April 20 at block 840,000. The event takes place every 210,000 blocks.

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Bitcoin Cash completes halving weeks before Bitcoin's turn - Blockworks

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30% of Deutsche Bank clients expect Bitcoin to drop below $20k – crypto.news

Posted: April 9, 2024 at 12:55 pm

German investment bank Deutsche Bank has published a new survey showing consumers are becoming slightly less skeptical about crypto.

Deutsche Bank, a German multinational investment banking giant, has published a survey, indicating a shift in consumer attitudes towards cryptocurrencies. According to a Reuters report, the Frankfurt-based banking giant surveyed over 3,600 consumers in the U.S.

Results indicate a growing acceptance of cryptocurrencies, with more than half of respondents (approximately 52%) viewing them as an important asset class and method of payment transactions for the future, marking a 12% increase compared to figures from September 2023.

However, the survey also highlights a cautious sentiment among many respondents, as 30% anticipate Bitcoins price to fall below $20,000 by the end of 2024, although this group has shown a slight decrease since January.

One notable finding is the declining belief that cryptocurrencies are merely a passing trend. As per the report, less than 1% of respondents now hold this view, suggesting a growing acceptance of crypto as an enduring financial instrument. Despite this, only 10% of respondents expect Bitcoin to surpass $75,000 by the end of the year.

As Bitcoin approaches its fourth halving event, where miner rewards are halved, there is speculation about its potential impact on prices. Historically, Bitcoin has experienced price declines within the first 90 days following halving events. However, some analysts suggest that the current landscape may be different, citing the influx of new capital through spot Bitcoin exchange-traded funds (ETFs) as a potential game-changer.

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30% of Deutsche Bank clients expect Bitcoin to drop below $20k - crypto.news

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Elon Musk on micromanaging: ‘If you’re trying to make a perfect product, then attention to detail is essential’ – Fortune

Posted: April 9, 2024 at 12:52 pm

Elon Musk is pushing back on his reputation as a micromanager. The best employees, he says, actually need little management.

I wouldnt call it micro management, its just insisting on attention to detail, he said in an interview Monday with Nicolai Tangen, the chief executive of Norways wealth fund, which was streamedon Musks social media site, X. If youre trying to make a perfect product, then attention to detail is essential.

Walter Isaacsons biography on Musk depictedthe billionaire obsessingover the most minute of decisions, from the design of the Cybertruck to where Twitter put itsservers. Musk said on Monday that he hasnt read Isaacsons book about him, despite giving the author a front-row seat to how he simultaneously ran six companies over two years.

While most micro-managing bosses dont consider their actions to be encroaching on employee autonomy, the majority of workers say they have had an overly involved boss during their careers,surveyshave found.And Musk is in good company with other demanding bosses like former Apple CEOSteve Jobs and former Microsoft CEOBill Gates.

When asked about how to manage his best employees, Musk said: Smart people, they manage themselves. Intelligent and talented people can go and work anywhere, he said, so the way to keep them them happy is to set out goals and let people figure out how toachieve them.

So I say, Look, this is the goal were after and this is what were trying to achieve. If you agree with that goal, then lets try to get it done,Musk said, noting that he reserves the right to weigh in and take control when warranted. Once in a while, you have to say, Guys, you have to trust me on this one.

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Elon Musk on micromanaging: 'If you're trying to make a perfect product, then attention to detail is essential' - Fortune

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