Category Archives: Bitcoin
Bitcoin Price Prediction as BTC Bulls Defend the $30,000 Level … – Cryptonews
The leading cryptocurrency, Bitcoin's price, is currently at a pivotal juncture as it defends the critical $30,000 level.
Recent developments in the crypto market have added to the anticipation surrounding Bitcoin's future trajectory.
In breaking news, financial giant Fidelity is reportedly preparing to submit a filing for a spot Bitcoin exchange-traded fund (ETF), potentially opening the doors for broader institutional adoption.
Additionally, the impact of China's central bank liquidity boost on Bitcoin's performance remains a topic of interest.
In this Bitcoin price prediction, we will delve into these significant developments and assess their potential influence on the next leg up for Bitcoin.
Fidelity, one of the world's largest asset management companies, is reportedly preparing to submit its own filing for a spot bitcoin exchange-traded fund (ETF), following in the footsteps of BlackRock and other firms.
This marks Fidelity's second attempt at launching such a product, with its previous filing being denied by the US Securities and Exchange Commission.
The potential launch of a spot bitcoin ETF is highly anticipated as it would provide investors with an accessible way to gain exposure to the cryptocurrency market.
The involvement of industry giants like Fidelity and BlackRock signals growing institutional confidence in Bitcoin's long-term prospects.
With its extensive client base and substantial assets under management, Fidelity's entry into the Bitcoin ETF space carries significant weight.
The recent announcement of China's central bank utilizing open market operations to inject additional funds into the financial system has potentially prompted Chinese investors to acquire more Bitcoin, potentially leading to a price surge.
However, the infusion of increased liquidity from China and a shift in investor focus triggered by a contracting manufacturing sector have significantly impacted BTC's recent performance.
It is crucial to consider that an unexpected rise in lending rates by China could have adverse effects on BTC and potentially generate selling pressure in the market.
Despite this potential risk, the current demand and rally in BTC, supported by Chinese liquidity, have the potential to propel prices to new yearly highs.
Bitcoin is currently priced at $30,616, with a 24-hour trading volume of $16.1 billion.
It has witnessed a slight uptick of less than 2% during this timeframe.
With a live market capitalization of $594 billion, Bitcoin maintains its top position according to CoinMarketCap.
The circulating supply comprises 19,413,237 BTC coins, while the maximum supply is set at 21,000,000 BTC coins.
BTC/USD is currently encountering significant resistance around the $31,000 mark on the daily chart.
This resistance level, coupled with the presence of neutral candles like doji and spinning tops, suggests a weakening bullish sentiment and buyer exhaustion.
As a result, a minor price correction is anticipated in Bitcoin.
It's important to highlight that immediate support can be found near the $29,600 level.
A breach below this support level may trigger further downward movement, with the next significant support situated at $28,250, which aligns with the 50-day exponential moving average.
In the event that the price drops below $28,200, the subsequent support is likely to emerge around $26,750.
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Bitcoin Price Prediction as BTC Bulls Defend the $30,000 Level ... - Cryptonews
Meet Nodeless, The Non-KYC Bitcoin Lightning Processor Jack Dorsey Tweeted About – Decrypt
Late last week, Jack Dorsey tweeted a link to Nodeless and nothing else. Although cryptic, the mention seemed like a stamp of approval for the platform from one of Bitcoins most famous backers, sparking buzzy excitement as well as some debate over the merits of the Lightning payment processor.
What is Nodeless, exactly?
In short, merchants can add the tool to their website to accept Bitcoin payments more easily. Specifically, it helps with making transactions over the Lightning Network, which offers cheaper and faster payments over Bitcoin and is widely heralded as the most likely method through which Bitcoin will go mainstream.
"Our goal is to make Bitcoin a medium of exchange by making it as easy as possible for merchants to accept Bitcoin," Nodeless's pseudonymous creator UTXO told Decrypt.
Still, using Lightning non-custodiallywithout a middleman taking control of a users fundscan be tricky for newer users.
In some ways, Nodeless's functionality is similar to OpenNode, another Lightning-based Bitcoin payments provider. But Nodeless offers one key difference: users don't have to share identifying information to begin accepting payments using the platform. In other words, it's a non-KYC (Know Your Customer) service.
Using Lightning non-custodially generally requires a user to run their own Lightning node. This can be tricky for non-technical users or users strapped for time. There are already platforms out there like Voltage or Greenlight, however, which provide a one-click solution for setting up a Lightning node, and where users don't have to maintain the node over time.
But Nodeless takes a different approach. Nodeless is "nodeless" in the sense that a merchant accepting payments doesn't have to run their own Lightning nodewhich takes time and resources to establish and run, and eats up computational resources.
There's still a node involveda node is always involved when sending a Bitcoin or Lightning payment. But instead of a user running their own node, Nodeless's node is the one passing on the payment. When a payment is sent to the merchant, it's sent to Nodeless. Nodeless then immediately sends the payment to the merchants on-chain or Lightning address.
"Technically we custody individual payments for several seconds while the payment is in transit. We believe this is a fair trade-off versus the complexities of running a lightning node," UTXO said.
So, Nodeless is technically a custodial solution in that it holds a user's funds for a minute. But it promises to give it back very quickly. Users provide a Lightning address or cold wallet storage Bitcoin address to which Nodeless will promptly forward the user's funds.
Some Bitcoiners expressed skepticism about this model, arguing that as the company grows, KYC requirements from governments will get more stringent. Or, since Nodeless is technically a centralized solution, governments could conceivably step in and force the company to stop transactions it doesn't like.
But UTXO thinks Nodeless can bypass these pressures.
Nodeless operates legally in Canada, where transactions under $1,000 don't require KYC identification. In the long-term, they're looking to move to El Salvador, known for its lax measures toward Bitcoin and cryptocurrencies, where UTXO said "this business is welcomed with open arms."
"I also think [governments will] be more interested in the non-KYC custodians before Nodeless," UTXO said.
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Meet Nodeless, The Non-KYC Bitcoin Lightning Processor Jack Dorsey Tweeted About - Decrypt
101 Million SHIB Burned As Shytoshi Kusama Likens Shiba Inu to Bitcoin (BTC) – U.Today
Yuri Molchan
The SHIB burn rate increases as more than 101 million Shiba Inu get burned for good
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The SHIB community continues to decrease the circulating supply of Shiba Inu meme tokens. Over the past few days, the daily burns of SHIB have been high enough since last morning tens of millions of SHIB have been locked out of circulation.
Two-thirds of this amount was burned in a single transaction by an anonymous whale.
Website of the Shibburn explorer shows that the amount of SHIB burned within the past 24 hours constitutes 101,138,080 meme coins. This propelled the burn rate to 161% level. Earlier this week, on Sunday, the burn rate soared by a whopping 1,619% with an impressive 330,000,000 meme coins sent to dead-end SHIB wallets.
This biggest burn since last morning was made by an anonymous whale who transferred a staggering lump of 79,500,000 SHIB to a dead address.
Burn mechanisms were implemented to reduce the circulating supply of certain tokens in order to make them more scarce and therefore push the price upward in the long term. Aside from SHIB, BabyDoge, Floki, BNB, ETH practice regular token burns. Even those BTC coins that are stored in wallets whose owners have lost their private keys are considered to be burned, since these coins are out of circulation permanently.
At the time of this writing, SHIB is exchanging hands at $0.000007615, according to the data shared by the CoinMarketCap platform.
In a recent message in the official Shibarium channel on Telegram, the lead developer Shytoshi Kusama personally banned one of the users for a disrespectful message (which has by now been removed along with the user himself). Kusama referred to that message as the most disrespectful he has read in a while. He reminded everyone that Shiba Inu was made with decentralization being the major idea of it. The banned user claimed that SHIB was created by "the current developers and not by Ryoshi".
A conclusion can be made that the banned user showed disrespect for the mysterious founder of SHIB who has been long gone from the project and the community Ryoshi. Kusama wrote that everybody respects Satoshi Nakamoto, the anonymous creator of Bitcoin. They watched BTC change the world and we are no different, he wrote, claiming that SHIB has the same goal as Bitcoin to transform the world and that SHIB has the big potential to actually do that, following in the footsteps of the flagship cryptocurrency.
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101 Million SHIB Burned As Shytoshi Kusama Likens Shiba Inu to Bitcoin (BTC) - U.Today
Do you bleed enough BTC to pay $55 for Brooklyn’s bitcoin spa? – Blockworks
Forget caffeine, tobacco and any other stimulants the normies might be into. Nothing gets you going like the thrill of the shill. Youre not a whale, but you aspire to be. Your free time is spent instigating fights with ETH maxis on Crypto Twitter and praying the bottom is in. You bleed bitcoin.
And now you can level up your passion for the space and take a dip in water that, as far as Im concerned, is from the Fountain of Youth: Bath water warmed by the blood, sweat and tears of hard-working bitcoin miners.
Oh no, this is no joke. Bathhouse in Brooklyn (a bathhouse in Brooklyn) is keeping its pools nice and toasty thanks to its bitcoin mining operation.
Heat is a byproduct of the computing power required to mine bitcoin. The spa uses heat exchangers to transfer the heat from their ASICs to the water, according to Bathhouse. As water cools, it is circulated back to the miners to be warmed up again. Recycling at its finest.
The spa shared details of its joint mining-heating operation on social media this week, and some of their patrons were less than enthused, calling the project unhinged, off-putting and so cringe.
To be frank, get rekt. Its bitcoin juice. If I lived in New York, Id buy the $55 day pass just to drink the stuff. Its just as silly to spend time worrying about these miners environmental and financial impact as it is to heat your pools with bitcoin in the first place.
But heating pools in Brooklyn isnt the only way to make full use of your miners. Hey, I get it. Not everyone is a big public pool person. But the opportunities to maximize your miners true potential are only limited by the scope of your creativity.
White noise machine Having trouble sleeping? Look no further than the trusty Antminer. The incessant squeaking from a nearby train yard has me tossing and turning all night. I could run a rig on my bedside table, right next to my casual bedtime read War and Peace. The constant din would give me some of the deepest REM cycles of my life.
Id also imagine that a miner will work wonders lulling your fussy infant to sleep. Added benefit: The mechanical vibes will be right at home in the ever-popular cyberpunk-themed nursery.
Your favorite veggies, year round Set up a few miners in your greenhouse, and the heat thrown by these suckers could take your little radishes to new heights. Your neighbors will start asking for your secret, and you can tell them the truth: A little satoshi here, a little bitcoin there.
Air Bitcoin Youre reclined in first class, sipping on a glass of champagne. The plane engine, albeit loud, is moving you along at 500 miles an hour. Youre pondering your in-flight movie options. Should you go with a classic? They do have your favorite, the 2004 smash hit Superbabies: Baby Geniuses 2. The person assigned to the seat next to you never showed up, and you have all the legroom you could want.
Someone gently taps you on the shoulder, must be the flight attendant. You slide the silky face mask off of your eyes, and surprise! Youre not going to Bali. Youre in your living room, sitting in a lawn chair, clutching a sweating bottle of Miller Lite. The calming hum of the airplane you were enjoying just moments ago? Mining rigs, making your in-flight fantasies a reality.
No-no Ma Tired of your neighbor kid practicing Fr Elise on the cello? Point a couple of miners in the right direction, and show that kid whos the real neighborhood noisemaker.
A quick list, but talk about real-world use cases! Im starting to think you could use the heat to power an at-home foot spa. Frying an egg is a solid option, albeit uninspired. Maybe Ill try jumping rope with the extra long cables? Through bitcoin, all things are possible.
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Do you bleed enough BTC to pay $55 for Brooklyn's bitcoin spa? - Blockworks
Bitcoin rallies to touch highest level since April as traders get bullish on ETF news – CNBC
The value of bitcoin exceeded the threshold of $66,895 in October for the first time in history.
Chesnot | Getty Images
Bitcoin hit its highest level since April on Wednesday, as traders got excited about the prospects of a spot bitcoin ETF following a series of recent applications from companies including BlackRock.
The price of the flagship cryptocurrency touched a high of $30,749.45, its highest level since April 14, according to CoinMetrics. At 6:39 p.m. ET, the price was $29,988.46.
Investors are growing bullish about the prospects of BlackRock and other major institutional names getting involved in digital assets.
That's despite all the bad news that's been surrounding the crypto space of late, with the market still reeling from the scandal of FTX's collapse and the ensuing regulatory fallout.
"The slate of spot bitcoin ETF application announcements by larger institutions has definitely brought back bullishness into the crypto markets," Vijay Ayyar, head of international markets at CoinDCX, India's largest crypto exchange, told CNBC.
"We also hit major support at $25K for BTC, and we've seen this move be driven more by pure spot buying rather than a short liquidation type move which is quite healthy," Ayyar said.
"Market structure wise on BTC we broke a major downtrend that started in April this year and lasted around 2 months, hence most traders would be looking for us to test at least $32,000. Breaking that level opens up $36,000 and then $45,000 to 48,000."
Last Thursday, BlackRock filed an application for a spot bitcoin ETF, which would track bitcoin's underlying market price. Crypto proponents say this would give investors exposure to bitcoin without them having to own the underlying asset.
Coinbase is listed as the bitcoin custodian for the proposed BlackRock ETF. BlackRock has an existing strategic partnership with Coinbase. The major U.S. crypto exchange has been undergoing a period of hardship lately, under huge regulatory pressure from the U.S. Securities and Exchange Commission.
Subsequent to BlackRock's announcement, a litany of other asset management firms have filed their own applications for a bitcoin ETF, including WisdomTree and Valkyrie.
Elsewhere, investors are keeping a close watch on macroeconomic indicators for a sense of movement in the crypto market.
Previously, digital coins have been tied to moves in financial markets more broadly, with bitcoin often tracking the price of U.S. equity markets. So investors have been watching data on inflation and the health of the economy for a sense of where bitcoin may end up trading next.
"Overall, crypto has also been lagging the traditional equity markets, hence this is also kind of a catchup move in a sense," Ayyar said.
Correction: An earlier version of this story misstated the timing of BlackRock's filing for its spot bitcoin ETF.
WATCH: Crypto enthusiasts want to reshape the internet with 'Web3.' Here's what that means
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Bitcoin rallies to touch highest level since April as traders get bullish on ETF news - CNBC
Cryptocurrencies Price Prediction: Ethereum, Bitcoin & Cryptos American Wrap 27 June – FXStreet
Ethereum pricewas expected to decline after the Shanghai upgrade was scheduled to go live as many believed investors would jump to unstake and sell their ETH for profits. Interestingly that did not occur, and instead, investors took a different approach staking more, not less ETH.
John Deaton, an XRP proponent and founder of Crypto-Law US, identified a developer of the XRPLedger who didnt receive any funds from the payment firm, a case that could help Ripple defend itself in the lawsuit against the Securities and Exchange Commission (SEC).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
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Cryptocurrencies Price Prediction: Ethereum, Bitcoin & Cryptos American Wrap 27 June - FXStreet
Coinbase Credit lends Hut 8 $50M to support Bitcoin treasury – Cointelegraph
The Canadian Bitcoin (BTC) mining company, Hut 8 Mining, has secured a credit facility from a subsidiary of the United States-based cryptocurrency exchange, Coinbase.
Hut 8 officially announced on June 26 that it entered a $50 million credit agreement with Coinbase Credit. The credit facility involved Hut 8s subsidiary, Hut 8 Holdings, as the borrower.
According to the announcement, the loan proceeds will be used for general corporate purposes. The credit facility provides a $15 million term loan that is expected to be funded at or subsequently after closing.
The loan provides an option of getting an additional $20 million delayed-draw term loan tranche in a second borrowing between one and two months following closing. The facility also offers a third option of drawing an additional $15 million delayed-draw term loan tranche.
The last tranche would be the third borrowing provided within 15 business days following the completion of the previously announced merger between Hut 8 and U.S. Data Mining Group, also known as US Bitcoin, the announcement notes.
According to Hut 8 CEO Jaime Leverton, the credit facility provides the firm with additional financial flexibility. He mentioned the importance of the credit facility in the context of the upcoming Bitcoin halving, which is set to reduce the BTC miner block reward from 6.25 BTC to 3.125 BTC.
Leverton stated:
Bitcoin halvings have been traditionally linked with bull runs, Hut 8's senior vice president for communications Erin Dermer noted in an email to Cointelegraph. "So maintaining a strong Bitcoin stack could prove to be advantageous for us," she said, adding:
Hut 8 has emerged as a major Bitcoin miner that continued to hodl BTC despite massive financial issues faced by the BTC mining industry. While some mining firms like Argo Blockchain were forced to sell portions of their BTC holdings amid the bear market of 2022, Hut 8 has remained true to its long-standing HODL strategy.
Related: Bitcoin miner Core Scientific files its Chapter 11 plan
The Canadian firm held a total of 9,133 self-mined Bitcoin held in custody as of March 31, 2023, Hut 8 wrote in its Q1 2023 financial update. Leading up to the halving, we will continue to focus on strategically increasing our stack of Bitcoin and growing our HPC business including exploring opportunities in the growing artificial intelligence market, the CEO said at the time.
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Coinbase Credit lends Hut 8 $50M to support Bitcoin treasury - Cointelegraph
Digital Asset Inflows Highest in a Year After BlackRock’s Spot … – Wealth Management
(Bloomberg) -- Digital-asset investment products added $199 million last week, the biggest weekly inflows in nearly a year, as a flurry of applications for spot-Bitcoin exchange-traded funds in the US sparks renewed interest in the space.
The inflows are the highest since July 2022 and follow nine consecutive weeks of outflows, according to a report from digital asset manager and crypto research firm CoinShares. About $187 million, or 94% of the total flows, went to Bitcoin. Total assets under management now stand at $37 billion the highest since before thecollapseof Three Arrows Capital, the data shows.
Related: Bitcoin Surge Sparked by Optimism Over ETFs Pauses Around the $30,000 Level
We believe this renewed positive sentiment is due to recent announcements from high profile ETP issuers that have filed for physically backed ETFs, CoinShares wrote in the Monday report.
On June 15, BlackRock Inc. the worlds largest asset manager filedfor a US spot Bitcoin ETF. Similarapplications, including from Invesco Ltd. and WisdomTree, followed soon after.
Related: WisdomTree Files to Start a US Spot Bitcoin ETF on the Heels of BlackRocks Application
BlackRocks filing is seen by several crypto market commentators as a sign that the US Securities and Exchange Commission may finally approve a physically-backed Bitcoin ETF. The regulator has repeatedly rejected such a structure, citing fraud and manipulation risks in the spot market for Bitcoin.
There have been about30 attemptsfor a spot-Bitcoin product, according to a Bloomberg Intelligence tally, including an application filed jointly by Cathie Woods ARK and 21 Shares. ARK Investment Management crypto analyst Yassine Elmandjra wrote in a note that the joint application was the only one ahead of Blackrocks.
Read:Cathie Woods ARK Says Its First in Line for Spot-Bitcoin ETF
Meanwhile, the ProShares Bitcoin Strategy ETF the USs first Bitcoin futures ETF when itdebutedin 2021 saw its highest weekly inflows in about a year.
While BITO benefited from the spot filings, if approved, theyll likely take business from the ETF, wrote Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, in a note Monday.
Bitcoin hit itshighestlevel in a year last Friday, and is up more than 80% in 2023.
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Digital Asset Inflows Highest in a Year After BlackRock's Spot ... - Wealth Management
Bitcoin briefly rises above $31,000 to highest level in more than a year to cap the week – CNBC
A visual representation of Bitcoin.
Edward Smith | Getty Images
Bitcoin briefly broke above $31,000 Friday, building on recent gains fueled by institutions' commitment to layering crypto into their businesses.
The largest cryptocurrency was last higher 2.44% at $30,879.97, according to Coin Metrics. At one point, it hit a peak of $31,412.72, its highest level since June 8, 2022.
"The long-term conviction of these financial behemoths which include some of the most trusted names in asset management and retail investing boosted sentiment and investor confidence when both were relatively low," said Ryan Rasmussen, analyst at Bitwise Asset Management. "It's a sign that the days are numbered for bad actors like Binance and FTX and that the crypto ecosystem is maturing. That's a powerful catalyst for the industry, which has been plagued at various times by fraudsters and detractors."
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Bitcoin (BTC) rallies this week
Bitcoin rose 17% for the week. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. ET stock market close one Friday to the next.
Investors have been upbeat since last Thursday when BlackRock, the largest asset manager in the world, filed an application for the first spot bitcoin exchange-traded fund in the U.S. That opened the floodgates for other institutions including WisdomTree, Invesco and Valkyrie to either file for the same product or update existing filings.
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Bitcoin briefly rises above $31,000 to highest level in more than a year to cap the week - CNBC
Bitcoin hits more than 1-year high amid BlackRock ETF excitement – Reuters
June 23 (Reuters) - Bitcoin , the world's largest cryptocurrency, hit a more than one-year high on Friday, capping a week of gains helped in part by BlackRock's (BLK.N) plans to create a bitcoin exchange-traded fund (ETF) despite heightened U.S. regulatory scrutiny on the digital asset sector.
BlackRock, the world's biggest asset manager, filed last week to launch iShares Bitcoin Trust, an ETF that would have Coinbase Custody as its custodian as well as offer institutional investors exposure to the cyptocurrency.
Crypto exchange EDX Markets, backed by investment firms Charles Schwab, Fidelity and Citadel Securities, also announced earlier this week that it will allow trading on some cryptocurrencies.
The moves have revived investor interest in cyptocurrencies, which have been in the doldrums after a series of crypto company meltdowns including the sudden collapse of exchange FTX late last year.
Compounding negative sentiment has been increased regulatory scrutiny, including the U.S. Securities and Exchange Commission's move this month to sue crypto giants Coinbase Global (COIN.O) and Binance, alleging violation of its rules. The pair deny the allegations.
Bitcoin has gained nearly 25% in value since BlackRock's filing. It rose as high as $31,458 on Friday, the highest level since June 7, 2022, and was last up 3.29% at $30,872.
"The dark clouds overshadowing crypto have lifted in recent days amid a burst of institutional interest," said Kate Laurence, general partner of Bloccelerate VC, which invests in crypto projects.
"The likes of BlackRock, Charles Schwab, Fidelity and Citadel throwing their hats into the crypto ring is hugely significant because it shows that institutions are very serious about the space - despite the recent regulatory crackdown."
Investors piled into cryptocurrencies when interest rates were low, pushing the market to a peak value of $3 trillion in 2021. But they turned cautious as rates rose, with the value of the market now standing at around $1.24 trillion, according to CoinGecko data.
Ethereum , the world's second-largest cryptocurrency, has risen more than 16% since last week. It was up 1.63% at 1,903.20 on Friday.
Some market-watchers said the SEC crackdown may be good for bitcoin, which is generally considered a commodity rather than a security, and therefore beyond the SEC's remit.
"The SEC lawsuit has created opportunities for robust, regulated players, so I'm cautiously optimistic that this BlackRock event will have some sustainability," said Doug Schwenk, CEO of Digital Asset Research.
Reporting by Hannah Lang in Washington and Chibuike Oguh in New York; Additional reporting by Niket Nishant and Lisa Pauline MattackalEditing by Michelle Price and Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
Thomson Reuters
Hannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.
Thomson Reuters
Chibuike reports on mostly large U.S.-based private equity firms, including Blackstone, KKR, Carlyle, and Apollo. He previously worked at Bloomberg News, and holds master's degrees in journalism from New York University and Edinburgh Napier University. Contact: 332-999-6154
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Bitcoin hits more than 1-year high amid BlackRock ETF excitement - Reuters