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BlackRock says bitcoin returns likely to come down now that it has been embraced by Wall Street – CNBC

Posted: March 27, 2024 at 2:45 am

If you're looking for your bitcoin to go to the moon, the window of opportunity may be slowly closing, according to BlackRock. That does not mean it has hit its ceiling or that there will not be rallies. However, as the cryptocurrency becomes more mature and institutionalized with the advent of exchange-traded funds, the days of its monster gains may become a thing of the past, according to Robert Mitchnick, BlackRock's head of digital assets. "Certainly, returns going forward will come down," he said at the Bitcoin Investor Day conference in New York City on Friday. "It's not going to return 124% a year over the next decade like it has the prior decade." He also pointed out that bitcoin's notorious volatility has fallen steadily over time and may continue to do so given the effect bitcoin ETFs have had on trading activity. This is a common view among investors. The idea is that by bringing more money and investors particularly institutional types with portfolio rebalancing strategies to the asset class, ETFs can enable more efficient price discovery as volumes increase. BTC.CM= .SPX,@GC.1 line 2014-03-26 Bitcoin is one of the top performing assets in the last 10 years This topic is part of the "education journey" BlackRock is on with its clients, whose demand for bitcoin exposure first spurred the firm's foray into this new asset class in 2021. That demand was "massive and clear" in 2023, when BlackRock filed to launch its iShares Bitcoin Trust. Mitchnick also said the firm is talking with clients about how bitcoin fits into their portfolio construction, and why the cryptocurrency will be a good diversifier despite its recent rally with stocks. "People need to be wary we'll have bull markets, we'll have bear markets too, even in this post-institutional world," he said. "And then what becomes interesting is, how do you think about the direction of volatility." With long-term volatility expected to continue decreasing, some investors wonder if bitcoin's four-year cycles roughly three years of an uptrend around the bitcoin halving followed by about a year of a downtrend could change as well. "I don't think we've seen the end of cycles in bitcoin," Mitchnick said. "By [bitcoin's] nature, there's reflexivity in it, and that's hard for a lot of traditional investors to wrap their heads around." Reflexivity refers to the self-reinforcing effect of market sentiment on the asset's performance. "[With] bitcoin, when the price goes up, the probabilities of success and adoption in some senses, as digital gold, are also changing," he said. "And when bad things happen and the price goes down, those probabilities are also changing." "So you create reflexivity, and that just reinforces the idea that you're going to have these cycles. I think they're still here to stay," he added. CNBC's Ganesh Rao contributed reporting.

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BlackRock says bitcoin returns likely to come down now that it has been embraced by Wall Street - CNBC

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Hong Kong Likely To Allow In-Kind Creations for Spot Bitcoin ETFs: Bloomberg – CoinDesk

Posted: March 27, 2024 at 2:45 am

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated .

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Hong Kong Likely To Allow In-Kind Creations for Spot Bitcoin ETFs: Bloomberg - CoinDesk

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Bitcoin whale accumulation suggests pre-halving BTC rally will continue – Cointelegraph

Posted: March 27, 2024 at 2:45 am

Bitcoin (BTC) price rose above $71,000 for the first time since March 15 as capital flows into spot BTC exchange-traded funds (ETFs) turned positive.

Data from Cointelegraph Markets Pro and TradingView shows that BTC has risen more than 0.55% over the last 24 hours to hit a weekly high at $71,582 on March 26.

Several factors are fueling BTCs current price movement, including consistent spot Bitcoin ETF inflows, the upcoming Bitcoin halving and the overall positive investor sentiment among institutional investors.

Lets look at the factors behind Bitcoins rally on March 26.

Large Bitcoin investors have been adding to their holdings in anticipation of price increases in the future. Data from market intelligence firm Santiment shows that the percentage of wallets holding between 1,000 BTC and 10,000 BTC has increased from 23% on Jan. 1 to 25.17% on March 26.

As shown in the chart below, the percentage of those holding between 10,000 BTC and 100,000 BTC saw a sharp spike from 11.68% on March 2 to 12.42% on March 21 before slightly dropping to current levels of 11.98%

Bitcoin whale accumulation is supported by reducing BTC deposits on exchanges. According to Glassnode data, the number of deposit transactions to known exchange wallets started decreasing on March 5, when BTCs price climbed above $69,000.This drop continued on March 19 despite the price falling more than 9% on the day to close below $65,000, with deposits to exchanges declining from 109,420 transactions to 55,505 on March 25.

TheDecreasing transfer of BTC to exchanges suggests a lack of intent to sell, which is generally a bullish sign.

Instead, there has been an increase in the number of whales transferring Bitcoin from exchanges. On March 11, blockchain tracker and analytics firm Whale Alert flagged several transactions transferring large amounts of BTC from exchanges to self-custody wallets.

On March 25, one holder transferred 2,400 BTC, worth $169.5 million, from the Coinbase crypto exchange to an unknown new wallet.

Another whale withdrew 4,797 BTC, worth about $339 million, from Coinbase to an unknown wallet.

In a recent report, market data provider Glassnode said, The significant buying power of ETFs is set to overshadow the traditional supply squeeze effect expected from the upcoming Bitcoin halving set for April this year.

Glassnode analyst Marcin Miosierny wrote that the supply dynamics of Bitcoin are increasingly influenced by the actions of long-term holders (LTHs).

Miosierny advised traders to closely monitor the activity of LTHs, as their decisions to sell or hold can significantly impact market liquidity and sentiment.

The analyst added:

As the name implies, the Bitcoin supply halving is an event where the reward for mining new blocks on the Bitcoin blockchain is cut in half. After the next halving, the BTC rewards issued to miners per block will be reduced from 6.25 BTC to 3.125 BTC.

Crypto trader and analyst Rekt Capital shared a chart showing the 4 Phases of The Bitcoin Halving in a March 25 post on the X social network, saying the current cycle has been a story of Re-Accumulation Ranges and adding that there is a possibility for price going into the Halving is further consolidation at highs the Re-Accumulation phase.

As Bitcoins halving draws near, investors are rushing to place their best positions for the event.

Related: Bitcoin ETFs see $15M comeback as BTC price taps best close in 10 days

Bitcoin traders and analysts are now focusing on the next level for BTC after its rally back above $70,000. Data from IntoTheBlock shows that whales added more than 80,000 BTC when the price dropped to $64,000. According to the blockchain analytics firm, this buying appears to be the momentum behind Bitcoins move back to the $70K range.

The firms In/Out of the Money Around Price (IOMAP) model shows that BTC sits on relatively strong support around the $64,000 level compared with the resistance it faces in its recovery path.

What is clear is that traders are determined to hold the price above $70,000. According to independent analyst Daan Crypto Trades, investors should be ready for a crazy rise as $100,000 becomes the focus for the BTC price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin whale accumulation suggests pre-halving BTC rally will continue - Cointelegraph

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Bitcoin drops 8% in a week as volatility spikes to near one-year high – CNBC

Posted: March 27, 2024 at 2:45 am

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CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Crypto World's Kaan Oguz talks to experts about the growing push to buy pieces of real estate tokenized on a blockchain.

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Fri, Mar 22 20243:03 PM EDT

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Bitcoin drops 8% in a week as volatility spikes to near one-year high - CNBC

Recommendation and review posted by G. Smith

How Bitcoin Mining Has Changed Since the Last Halving – CoinDesk

Posted: March 27, 2024 at 2:45 am

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated .

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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How Bitcoin Mining Has Changed Since the Last Halving - CoinDesk

Recommendation and review posted by G. Smith

Over $6B worth of BTC moved by 5th-richest Bitcoin whale – Cointelegraph

Posted: March 27, 2024 at 2:45 am

The fifth-largest Bitcoin (BTC) holding address also dubbed 37X has moved over $6 billion worth of BTC to three new addresses for the first time since 2019.

The Bitcoin whale transferred nearly its entire balance of 94,500 Bitcoin, worth $6.05 billion, on March 23, leaving only 1.4 BTC in the initial address, according to a March 25 Xpost by Arkham Intelligence. It wrote:

The transfer occurred during a period of increased institutional interest in Bitcoin, driven by the upcoming Bitcoin halving, which will slash block issuance rewards in half when it occurs in late April.

Despite the Bitcoin price reaching an all-time high before the halving for the first time in history, the incoming supply issuance reduction is still not priced in to the full extent, co-founder of D8X decentralized exchange and former executive director at UBS told Cointelegraph.

Related: Is the Bitcoin halving the right time to invest in BTC?

The over $6 billion BTC transfer occurred two days before Bitcoin reclaimed the $70,000 psychological price level on March 25 for the first time in 10 days. As investors have resumed accumulating BTC off exchanges, BTC supply on Coinbase reached a nine-year low of 344,856 BTC on March 18.

Bitcoin rose 6.4% in the 24 hours leading up to 9:53 am in UTC to trade at $71,222, according to CoinMarketCap.

Bitcoins current rally is mainly driven by the anticipation of the halving and the increased institutional inflows from the ten spot Bitcoin exchange-traded funds (ETFs) in the United States, Christopher Cheung, partner at digital asset funds Ten Squared, told Cointelegraph in a research note:

Bitcoin ETFs have reached a combined total of $58.3 billion in on-chain holdings, which represents 4.17% of the current BTC supply, according to Dune.

Related: Who is Mr. 100? Mysterious Bitcoin whale becomes 14th-biggest BTC holder

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Over $6B worth of BTC moved by 5th-richest Bitcoin whale - Cointelegraph

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