Author: NBTC
Bitcoin is not behaving the way crypto enthusiasts thought it would after the Bitcoin ETF approval by the SEC. There was an uptick for the next two days, with prices reportedly touching the milestone of $48k; however, it was soon overtaken by the sentiments of the bear when the coin went for free fall. The current condition is such that BTC is way below $40,000, exchanging hands at $39,811.45. Nevertheless, experts are confident that Bitcoin will hit a bull run before ending in 2024. Predictions estimate that the BTC price may inch closer to its all-time high of $65,000 before…
The Bitcoin price has plummeted below the $39,000 mark, the lowest level since December 2. This significant drop can be attributed to three main factors that have collectively contributed to the current market sentiment and price action. #1 Selling Pressure From Grayscale’s GBTC Outflows The market has been heavily influenced by the continuous outflows from the Grayscale Bitcoin Trust (GBTC). Bloomberg analyst James Seyffart commented on the severity of the situation, stating, “Woof. BAD day for Bitcoin ETFs overall in the Cointucky Derby. GBTC saw over $640 million flow out today. Outflows aren’t slowing — they’re picking up. This is…
Now that Spot Bitcoin ETFs have been approved by the United States Securities and Exchange Commission (SEC), the crypto space anticipates more ETFs to enter the market, particularly Spot Ethereum ETFs. Despite this, analysts at JP Morgan, an American multinational financial service firm, have revealed a less than optimistic outlook for the potential approval of Ethereum Spot ETFs. Ethereum Spot ETF Approval Prospects In a note to clients issued on Thursday, January 18, JP Morgan analysts led by Nikolaos Panigirtzoglou, the Managing Director at the financial service firm, expressed their reservations regarding the anticipated approval of Spot Ethereum ETFs by…
It has been a week since Bitcoin ETFs started trading in the US. The net inflow into the ETFs recorded till now is 572 million dollars. While the number is outstanding, it pales in comparison to the expected numbers. Traders and BTC enthusiasts forecast the inflow to be in the multiple billions. Even then, the ETFs pushed GBTC (Grayscale) to shed 2.74 billion dollars. Similarly, BITO (ProShares Bitcoin Futures) shed 91 million dollars. The movement has helped the ETFs take in 3.84 billion dollars. However, it is worth noting that 485 million dollars have already left the Canadian and European…
Celsius Networks, currently undergoing bankruptcy proceedings, has engaged in significant Ethereum transactions that are causing ripples within the digital currency landscape. In the past 10 hours, on-chain analysts at LookonChain detected noteworthy transfers, including a 13,000 ETH deposit ($30 million) on Coinbase and an additional 2,200 ETH ($5 million) on FalconX. These transactions suggest a proactive stance by Celsius in addressing its ongoing financial challenges. Celsius Sells $125M ETH, Maintains $1.3B Reserve According to Arkham Intelligence, Celsius sold more than $125 million worth of Ethereum (ETH) coins between January 8 and January 12. The primary goal of this auction is…
Bitcoin prices were once at $65k, making BTC the most dominant token across the globe. While Bitcoin continues to dominate the sphere, the same cannot be said about its valuation. It did touch the mark of $48,000 on January 11; however, since then, it has lost almost $7,000 of weight on the board. BTC was last seen exchanging hands at $40,029.60, a slip of 2.15% in the last 24 hours. The community is now speculating if any further fall can come or if BTC will only rise in the times to come. One theory that has surfaced is that BTC…
Since Ethereum (ETH) peaked at $2,717 in the last two weeks, the asset has experienced a gradual decline, culminating in its arrival at a key demand zone, which could be instrumental in determining its imminent price trajectory, according to a prominent crypto analyst. Critical Support Zone Flags Continuous Bearish Move Renowned crypto analyst Ali has pinpointed a critical demand zone for ETH, ranging between $2,388 and $2,460. The resilience of this support level could pave the way for an upward trajectory, offering Ethereum a much-needed respite from bearish pressures. However, should Ethereum falter, a bearish slide to the next major…
An analyst has explained that the latest cooldown in the Ethereum futures market could suggest there is potential for a price rise to resume for ETH. Ethereum Funding Rates Have Seen A Decline Recently An analyst in a CryptoQuant Quicktake post explained that the ETH funding rates have seen a cooldown from their previously overheated levels. The “funding rate” refers to the periodic fees that futures contract holders on derivative platforms currently exchange with each other. When the value of this metric is positive, it means that the long contract holders are paying a premium to the shorts to hold…
Bitcoin has been experiencing a downward trend recently, dropping from its 2023 all-time high of about $49,000 to below $41,000 at the time of writing. Despite this significant price correction, popular crypto analyst Kevin Svenson has predicted a new all-time high for BTC in the months after the 2024 Bitcoin halving. Bitcoin Anticipated To Hit New All-Time High Svenson released a YouTube video last week, predicting that BTC’S new all-time high is set for June 2024. Despite the hype surrounding the approval and launch of Spot Bitcoin ETFs, the crypto analyst revealed that Bitcoin has been witnessing significant declines and…
Chris J Terry, a cryptocurrency analyst and enthusiast, has revealed his insights on the price action of Bitcoin, predicting a continuous decline in the price of the crypto asset. Analyst Says Bitcoin Will Continue To Drop The crypto analyst shared his insights regarding Bitcoin with the cryptocurrency community on the social media platform X (formerly Twitter), anticipating a possible “continuation of a flat or declining trend.” He highlighted that the downtrend will continue until Grayscale Bitcoin Trust (GBTC) is fully “liquidated.” According to him, the liquidation will be possible with a whopping $25 billion worth of selling activity over the…