Category: BTC

Crypto Giant Grayscale Officially Files To Convert Nearly $40 Billion Bitcoin Trust Into an ETF

Crypto Giant Grayscale Officially Files To Convert Nearly $40 Billion Bitcoin Trust Into an ETF

Digital currency asset manager Grayscale Investments is announcing plans to convert its Bitcoin (BTC) trust into an exchange-traded fund (ETF).
Grayscale says it wants to transform the 2013-launched Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The value of GBTC’s assets under management is close to $40 billion, according to Grayscale.
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JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump

JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump

Bitcoin (BTC) broke its all-time high price level following the launch of ProShares’ Bitcoin Strategy exchange-traded fund (ETF), BITO, on Tuesday, but JPMorgan Chase strategists believe the key driver behind the price jump is investor concern over inflation.The BITO launch, which saw the highest-ever first-day natural volume for an ETF, is “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” JPMorgan strategists said in a note. Instead, JPMorgan believes that as gold failed to respond to concerns over rising cost pressures in the last couple of weeks, Bitcoin’s renewed role as a better hedge against inflation in the eyes of investors is the main reason for the current bull run. The team highlighted that the shift away from gold ETFs into Bitcoin funds has bee gathering speed since September and “supports a bullish outlook for Bitcoin into year-end.”The JPMorgan strategists exemplified the waning interest after the first week following the launch of the Purpose Bitcoin ETF (BTCC) in Canada, claiming that the initial hype surrounding BITO could also fade after a week.As the first Bitcoin futures-linked ETF in the United States, ProShares’ Bitcoin Strategy ETF started trading on the New York Stock Exchange on Tuesday at an opening price of $40 per share. It enables investors to have direct exposure to cryptocurrency futures in a regulated market.Related: Bitcoin futures ETF hits $1B AUM in a record-breaking two daysJPMorgan’s comments echo others in traditional finance. Billionaire investor Carl Icahn praised Bitcoin as a great hedge against inflation as the next market crisis looms on the horizon.Bill Winters, CEO of British bank Standard Chartered, recently noted the passing of a long period of low inflation, adding that “it’s perfectly reasonable for people to want an alternative to fiat currency.”

Ethereum on the Brink of Catching Fire, According to Analyst Justin Bennett – Here’s His Target and Timeline

Ethereum on the Brink of Catching Fire, According to Analyst Justin Bennett – Here’s His Target and Timeline

Widely followed crypto analyst Justin Bennett thinks Ethereum (ETH) is gearing up for another major rally that could launch the crypto asset by nearly 400%.
In a series of tweets, Bennett explains how Ethereum could rally to $20,000 by January 2022 if Bitcoin (BTC) allows for the right market conditions.
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TA: Bitcoin Corrects From Record High, Dips Remain Attractive

TA: Bitcoin Corrects From Record High, Dips Remain Attractive

Bitcoin broke the $65,000 resistance and traded to a new all-time high against the US Dollar. BTC is correcting gains, but dips could remain attractive near $63,000.

Bitcoin gained pace above the $65,000 and $65,500 resistance levels.
The price is now trading above $63,000 and the 100 hourly simple moving average.
There is a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is correcting gains, but dips might remain limited below $62,000 in the near term.

Bitcoin Price Remains In Uptrend
Bitcoin price extended its increase above the $63,500 resistance zone. BTC broke the key $65,000 resistance zone and settled above the 100 hourly simple moving average.
It even spiked above the $65,500 resistance and traded to a new all-time high at $66,982. It is currently correcting lower and trading below the $66,000 level. There was a break below the 23.6% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high.
An immediate support is near the $64,200 level. There is also a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $65,200 level. The first key resistance is near the $65,500 level. A clear break above the $65,500 resistance could open the doors for more upsides. The next major resistance sits near the $66,800 level, above which the price might rise towards the $68,000 level. Any more gains could lead the price towards the $68,000 level.
Dips Supported In BTC?
If bitcoin fails to clear the $65,500 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $64,200 level.
The first major support is now forming near the $64,150 level. It is near the 50% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high. The main support is near the trend line and $63,400, below which the price might decline towards the $63,000 support and the 100 hourly SMA.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $64,150, followed by $63,400.
Major Resistance Levels – $65,500, $66,800 and $68,000.

Bitcoin Leads Charge Of Large Cap Altcoin Dominance In October

Bitcoin Leads Charge Of Large Cap Altcoin Dominance In October

Bitcoin has regained dominance over the market in recent times. The digital asset has seen price recover towards previous highs, with less than 1% left for it to surpass its previous all-time high. This has so far renewed faith in the asset and the market and has seen sentiment move into the positive in the broader crypto market. Bitcoin has not shown any signs of slowing down since then.
On the index side, bitcoin has not taken any prisoners in its market domination. The digital asset has crushed every single index in the market and has outperformed indexes from small to mid-size, bar the Large Cap Index. BTC price shows that the asset is back in the lead. Trends show that it has only begun to rally. With October margins showing a 180% turn from September lows. This is quite simply bitcoin’s season.
Bitcoin Takes Charge Of The Market
Bitcoin’s numbers for the month have been nothing short of exceptional. It has led the charge for the massive recoveries that have been witnessed in the market. The total market rally was sparked by BTC’s upward movement which began at the beginning of the month and since then, the Large Cap Index has recorded an impressive profit margin.
Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High
BTC has been at the forefront of the recovery in the market. The digital asset is up 29% in the month of October. While the Large Cap Index is up 32% in the same time frame. The recovery strength demonstrated in the price of top coins like BTC, ETH, BNB, and DOT have been the driving factor behind the Large Cap Index success in the market.

BTC outperforms small and mid cap indexes | Source: Arcane Research
Both Bitcoin and the Large Cap Indexes have outperformed their counterparts in the market, which have not fared as well in the market. The top coins have recovered close to their previous all-time highs, pushing the total crypto market cap towards new all-time highs.
Small And Mid Cap Indexes Not Faring As Well
Small and Mid Cap Indexes have also recovered in the month of October but compared to bitcoin and the Large Cap Index, they have not fared as well in the market. Arcane Research reported that the Small and Mid Cap Indexes have recorded growth of 16% and 11% respectively.
Related Reading | Wall Street Strategist Puts Bitcoin As High As $168,000 By Year-End
Both indexes had seen a favorable summer while bitcoin had suffered bitter crashes and dips. However, this has changed in favor of BTC following its performance in the market after summer ended. Trading volume had returned to the pioneer digital currency and it had surpassed the smaller altcoins in the market.

BTC price balances above $64K | Source: BTCUSD on TradingView.com
In addition to outperforming the Small and Mid Cap Indexes, Bitcoin has also maintained dominance over the broader crypto market. Right now, the BTC dominance sits at 46.9%, representing a two-month high.
Featured image from Bitcompare, chart from TradingView.com

Bitcoin and Crypto Will Devour Gold and Other Assets, Says Bloomberg Commodity Strategist Mike McGlone – Here’s Why

Bitcoin and Crypto Will Devour Gold and Other Assets, Says Bloomberg Commodity Strategist Mike McGlone – Here’s Why

Bloomberg Intelligence’s senior commodity strategist Mike McGlone says that Bitcoin (BTC) adoption will continue to siphon off market share from more traditional assets such as gold.
In a new interview with BNN Bloomberg, the analyst says he is not completely bearish on gold, but recognizes that Bitcoin is the currency of the younger digital generation.
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As Bitcoin Makes New ATH, Netflow Hints BTC Will Explode Here

As Bitcoin Makes New ATH, Netflow Hints BTC Will Explode Here

The history of the Bitcoin netflow indictor may suggest that the current market is ready for the next major price swing up as the crypto makes a new ATH.
Bitcoin Netflow Has Historically Approached Zero Before Major Price Upswings
As explained by an analyst in a CryptoQuant post, there seems to be a relationship between BTC netflows and price swings upward.
The Bitcoin netflow indictor is defined as the difference between the inflows and the outflows, and it shows the net amount of the crypto entering or exiting centralized exchanges.
When the metric takes on negative values, it means there are more investors withdrawing their coins compared to those depositing. Sustained such a trend can be bullish for BTC as holders usually take their crypto off exchanges for hodling or selling through OTC deals.
On the other hand, when more coins are flowing into exchanges than those flowing out, the netflow shows positive values, which may be bearish as it implies investors are sending their Bitcoin to exchanges for withdrawing to fiat or for buying altcoins.
Now, here is a chart that shows the trend in the value of the indicator over the last year:

The relation between BTC price and the netflows | Source: CryptoQuant
In the above graph, the analyst has marked the behavior of the indicator compared with the Bitcoin price. As is apparent, the netflow always touched the zero mark right before a big price move up.
A netflow value of zero means the investors taking out their coins from exchanges are balanced by those putting them in.
Related Reading | Bitcoin Futures ETF Exceeds Expectations, Trades $1 Billion On Day One
This trend seems to have been followed during the bull run earlier in the year, and so far the current rally has also followed it.
Right now, the netflow is right at zero, which makes the current point suitable for making another big move up. And it seems to have already begun as…
BTC Price Makes New All-Time High!
Bitcoin has reached a new ATH today as the crypto trades at $66k at the time of writing. The below chart shows the trend in the price of BTC over the last 24 hours.
Related Reading | Ethereum Breaks $4,000, All-Time High Unavoidable?

BTC breaks past $65k to make a new ATH | Source: BTCUSD on TradingView
Bitcoin is now heading into unknown territories as every move up now will result in a new ATH to be reached. Knowledge of past bull runs hints that the volatility will probably shoot up now and the crypto will experience wilder price swings. And if the netflows are anything to go by, BTC looks ready to explode from this point.
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Under-the-Radar Catalyst Could Secretly Spark Huge Long-Term Bitcoin Rally, Says Crypto Analyst Benjamin Cowen

Under-the-Radar Catalyst Could Secretly Spark Huge Long-Term Bitcoin Rally, Says Crypto Analyst Benjamin Cowen

Popular crypto analyst Benjamin Cowen says that one overlooked catalyst could ignite a big long-term rally for Bitcoin (BTC).
In a new strategy session, the analyst takes a look at the dollar index (DXY), which compares the US dollar against a basket of other major fiat currencies. Generally speaking, a weaker dollar can often imply higher prices in many assets.
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Blockchain Firm Chainalysis Is Adding Bitcoin To Its Balance Sheet

Blockchain Firm Chainalysis Is Adding Bitcoin To Its Balance Sheet

Chainalysis has announced that it plans to add bitcoin to its balance sheet. The news came as a surprise to crypto investors as it is usually expected that a firm so deeply ingrained in the blockchain technology ecosystem would own some crypto. According to the blog post on its website, the firm had previously not owned any cryptocurrencies and this will be the first time Chainalysis is purchasing BTC.
Bitcoin has been purchased as an investment strategy by companies who are in and out of the blockchain space. The digital asset presents an alternative means of investment for people who want to have total control of their assets. With its recent purchase, Chainalysis joins the ranks of companies who are holding BTC for the long term, according to statements on the post.
Chainalysis Takes The Leap With Bitcoin
Chainalysis revealed in the post that it was buying bitcoin to put on its balance sheet. The company which is valued at $4.2 billion will put the purchased BTC in its corporate investment portfolio and intends to hold for the long term.
Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High
The company provides valuable software analysis software that helps exchanges comply with regulations. Its software is also used to assess risk and identify illegal activities that are being carried out on the blockchain, helping law enforcement to track the perpetrators.
Co-founder and CEO of Chainalysis, Michael Gronager, said, “Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset and we are thrilled to be adding bitcoin on our corporate investment portfolio.” Speaking on this being the first cryptocurrency purchase on the part of the firm, Gronager added, “This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.”

BTC surges past $64K | Source: BTCUSD on TradingView.com
Partnership With NYDIG
In order to purchase and custody the bitcoins, Chainalysis had expanded its partnership with bitcoin technology and financial services firm NYDIG. Both firms have been working together since they announced that Chainalysis would be NYDIG’s compliance technology partner in 2018. The BTC was purchased through the financial services firm and NYDIG will custody the digital assets on behalf of Chainalysis.
Related Reading | Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin

“Our expanding partnership with Chainalysis is a mutually beneficial relationship. Chainalysis has long been building trust in the digital asset ecosystem, and this investment shows their belief that bitcoin is a sound investment for the future. We are happy that they trusted our platform to safeguard their assets.” – Nate Conrad, Head of Asset Management, NYDIG

The acquisition highlights Chainalysis’ long-standing faith in BTC as a long-term investment strategy. Bitcoin has been a profitable investment venture for companies that have invested in the digital asset in the past and Chainalysis stands to profit from the asset’s growth in the future.
Featured image from Bitcoin News, chart from TradingView.com

Brazilians Have Invested Over $4,000,000,000 in Crypto This Year, According to Central Bank: Report

Brazilians Have Invested Over $4,000,000,000 in Crypto This Year, According to Central Bank: Report

Brazil’s top bank is revealing that Brazilians have purchased billions of dollars worth of cryptocurrencies this year, according to Portal do Bitcoin.
The Central Bank of Brazil says that year-to-date, Brazilians have bought crypto assets worth $4.27 billion.
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