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Bitcoin Price Could Resume Bull Run Only If It Hits These Levels

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The crypto market has seen enough of the wraith in September. Consecutively, September might leave the space with more pain even on the last day of the month. With the House vote on infrastructure bill scheduled on the 30th of September.

Bitcoin and other cryptos are on the same boat, waiting for the inertia of sorts. That will help the market gain momentum, and march towards the bull run. Analysts believe the situation to persist a little longer, until the coins rebound. An impetus is needed at the earliest for the bull run to initiate.

When Will Bitcoin Bull Run Resume

Meanwhile, the popular analyst Lark Davis believes the downtrend for BTC to persist. Until it surpasses the $50k threshold level, which is a major resistance for the coin. BTC at press time is trading at $42,483.24. While it did achieve its 24-hour high of $44,233.08. On the contrary, the coin has not neared its ATH of $64,863.10. Which was five months ago.

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Although, whales are buying the dip and hold the potential to move the markets by storm. It is the retailers and smaller fishes who can keep the trend going. The activity of the retailers and smaller investors is stagnant. Which has left the market in a haze, without any notable movement in prices.

Infrastructure Bill and Its Woes on the Crypto Industry

The house vote for the proposed U.S infrastructure bill is scheduled for this Thursday. The bill is set to redefine the term broker. To anybody who stakes, mines, or develops will be issued a broker’s license. The bill is concerning many as it relates to a broader community. In addition, people from the space expect the bill to materialize as per the proposal.

We can expect migrations of coiners from the states if the amendments are made. Which is in extreme scenarios. However, things might not turn that shady either, considering the user base in the country. But there are high possibilities of the market witnessing its adverse impacts.
Summing up, Jamie Dimon Chief Executive Officer of JPMorgan chase believes BTC’s price could be 10X in the next five years. The views from Jamie Dimon are to cheer for. As he has not been quite in favour of the coin. Reportedly, the Chivo wallet has more users than any bank in El-Salvador. Similarly, acceptance and adoption of the space will take the digital coins where they are destined to be.

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Mt. Gox Bitcoin Payouts On Horizon After Creditors Approve Plan

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The light finally appears to be at the end of the tunnel for the Mt. Gox creditors, who have approved a plan that will let them choose to receive some of the coins they have been waiting years for.

In a translated letter, Nobuaki Kobayashi, the Japanese lawyer and trustee for the now-defunct bitcoin (BTC) exchange, explained that “approximately 99%” of the creditors had voted in favor of an offer that has since been put before a branch of the Tokyo District Court.

A voting process that began back in May this year wrapped up earlier this month.

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The court has since confirmed the order, although there was no mention of an exact timescale for the token refunds.

The trustee wrote that an announcement “will be made to rehabilitation creditors on the details of the specific timing, procedures and amount of such repayments.”

However, Kobayashi wrote that the process would “finalize” and become “binding” in “approximately one month from” October 20.

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The creditors will then be able to file their claims through a website, by filing a proof of rehabilitation claim.

Kobayashi wrote that the trustee “would like to express sincere gratitude to all involved parties for their understanding and support.”

The BTC exchange was once the world’s biggest, but spectacularly folded in 2014 following a spate of hacking attacks that saw raiders make off with thousands of BTC tokens.

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Creditors have been trying to recover their funds ever since, but have been locked in a protracted legal struggle that has rumbled on over the years.

The Fortress Investment Group has previously offered creditors some 80% of claims. But the trustee promised a higher figure, closer to about 90%. The tokens lost in the hacks will likely have to be written off, however, meaning that payouts are going to be a fraction of the original amounts held.

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JPMorgan: Inflation Hedge Narrative Propelled Bitcoin’s Price to ATH

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According to some JPMorgan analysts, bitcoin hit an ATH because people started investing in it as a better hedge against inflation than gold.

Strategists at the financial institution JPMorgan Chase & Co. argued that the reason behind BTC’s all-time high price is not the launch of the ProShares Bitcoin Strategy ETF. Instead, concerns about the rising inflation made the digital asset an attractive investment option, and that led to its recent rally.

Gold Failed, BTC Prevailed

The moment, which many people in the cryptocurrency community have been waiting for, finally arrived on October 19th when the ProShares Bitcoin Strategy futures-backed ETF, named BITO, started trading on the New York Stock Exchange. It became the first such product approved in the United States.

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During the first day of its launch, it generated massive trading volumes and even became the second-highest traded fund ever. Shortly after, BTC’s USD value headed straight north towards a new all-time high at roughly $67,000.

Still, according to JPMorgan strategists, including the managing director Nikolaos Panigirtzoglou, another factor drove bitcoin to that milestone. The specialists indicated that the cryptocurrency had replaced gold as a hedge against inflation in recent months, which had propelled the price north:

“By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering bitcoin. Instead, we believe the perception of bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into Bitcoin funds since September.”

JPMorgan’s team noted that the last couple of weeks were not that successful for the precious metal. Taking a look at a broader period, bitcoin ETF’s have significantly outpaced gold ones, as the strategists revealed:

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“This flow shift remains intact supporting a bullish outlook for Bitcoin into year-end.”

Bitcoin Funds vs. Gold ETFs: Source: JPMorgan
Bitcoin Funds vs. Gold ETFs Inflows: Source: JPMorgan

Can BTC Now Change The Stance of The Big Boss?

Jamie Dimon – Chief Executive Officer of JPMorgan – is among the most prominent critics of the leading digital asset. Still, it seems like he has started releasing the tight grip on it.

It all started in 2017 when the top executive called bitcoin a “fraud.” Dimon did not stop there and warned that “it’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” Shortly after, though, he regretted making that comment, and his financial institution became much more accepting of BTC.

Last year, Dimon weighed in on the matter once again. This time he was softer in his comments saying that bitcoin is not his “cup of tea” and that he has no personal interest in it.

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A few days ago, the CEO returned to his negative phase, describing BTC as “worthless.” Nevertheless, he acknowledged that most of JPMorgan’s clients do not share his opinion and show an increasing demand for digital asset services.

With BTC charting a new all-time high, the crypto community is yet to find out whether Dimon will maintain his hostile viewpoint on the matter or rather soften a bit and allow more offerings to his bitcoin-hungry customers.

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Another One: Valkyrie Bitcoin Strategy ETF to Commence Trading on Friday

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Another futures-backed Bitcoin exchange-traded fund (ETF) is set to begin trading on Friday.

The Valkyrie Bitcoin Strategy ETF is slated to commence trading on the Nasdaq stock market on Friday, Oct 22, just four days after the first-ever BTC futures fund was launched.

Bloomberg senior ETF analyst Eric Balchunas has confirmed that the Valkyrie fund will be launching on Friday after initially stating it would be trading today.

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He added that the firm has also changed its ticker from BTFD to BTF, commenting that the Securities and Exchange Commission “probably wasn’t a fan” of the former. BTFD is an acronym for “buy the f*cking dip” in crypto circles.

Later on, a company representative confirmed to Bloomberg that the ETF is indeed scheduled to launch on Friday.

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VanEck Bitcoin Fund on Monday

Just like ProShares, the Valkyrie product will not be investing directly in Bitcoin but will seek to purchase a number of BTC futures contracts. It will attempt to ensure that the total value of BTC underlying the futures contracts held by the fund is as close to 100% of the net assets as possible.

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