Analysts forecast a Bitcoin run to $265,000, but it could take longer than investors expect.
Bitwise Reveals Two Major Triggers That Will Send Bitcoin Price To $80,000
Bitwise, a crypto index fund manager, has forecasted a bullish price for Bitcoin that would take it past its current all-time high. Bitcoin is currently in a bullish sentiment, and the price has doubled this year. But according to this fund manager, this sentiment will continue into next year. In a recently released report, Bitwise predicted BTC will hit $80,000 in 2024, identifying two major catalysts that will send the crypto soaring.
Bitwise Predicts $80,000 Bitcoin
In its report, Bitwise laid out 10 things to look out for in the crypto industry in 2024, one of which included the crypto’s price trajectory. The world’s largest crypto has outperformed other asset classes in terms of price performance this year. Data shows Bitcoin is currently up more than 125% this year, and many analysts think this growth isn’t stopping soon. For comparison, the S&P 500 returned 21% this year.
2023 was a great year for crypto. But we see even brighter things ahead. In this must-read report, the Bitwise research team lays out ten bold predictions for 2024. https://t.co/d8Pa4NkzJU
— Bitwise (@BitwiseInvest) December 13, 2023
In its first prediction, Bitwise predicted Bitcoin would trade above $80,000 in 2024, setting a new all-time high. A major catalyst for this growth is the highly anticipated launch of spot Bitcoin ETFs in the US. A spot ETF would allow mainstream investors to gain direct exposure to the coin through traditional investment companies.
Bitcoin has mostly reacted positively to various news surrounding spot ETFs this year. The launch is poised to be the most successful ETF launch, with many analysts estimating that a spot ETF could push Bitcoin over $100,000 in its first year.
The other potential catalyst is the next bitcoin halving, one of the most anticipated events in the crypto industry. The next Bitcoin halving is set for April 2024, reducing mining rewards from its current 6.25 BTC to 3.175 BTC per block. According to Bitwise, at the current price of Bitcoin, the next halving will lead to a $6.2 billion reduction in new Bitcoins entering the market every year until another halving.
The halving, coupled with the anticipated frenzy after spot Bitcoin ETFs are approved, is expected to significantly tip the balance between supply and demand. We could even see the price of Bitcoin surge as the halving approaches, as investors buy in hoping to get ahead of a price rally.
Other Predictions By Bitwise
Other predictions in the Bitwise report paint a picture of a prosperous year for the crypto industry in 2024, mainstream acceptance, and increased institutional interest. A particular bullish prediction is the growth of stablecoins, with Bitwise estimating more payments in stablecoins than Visa.
Other predictions include JP Morgan, the world’s largest bank, launching a tokenized fund using blockchain technology, Ethereum’s annual revenue doubling as transactions increase, and crypto becoming the native currency of the internet.
Featured image from Shutterstock
Top 5 Cryptos Set For A Price Explosion This December – ADA, TIA, RUNE, LUNC, BTC
As the year draws to a close, cryptocurrency enthusiasts are eagerly anticipating a potential boom in the market, especially for the top 5 cryptos we have examined below, with December poised to be a pivotal month for digital assets.
Among the myriad of cryptocurrencies, five stand out as prime candidates for a major price explosion. Cardano (ADA), Celestia (TIA), THORchain (RUNE), Terra Classic (LUNC), and the perennial giant Bitcoin (BTC) have captured the attention of investors and analysts alike.
With unique features, strong fundamentals, and a buzz of anticipation surrounding them, these top-tier cryptos are positioned to make significant moves in the coming weeks, potentially reshaping the landscape of the crypto market.
Top 5 Cryptos Set To Rally This December
Bitcoin (BTC)
Bitcoin is moving rapidly in the direction of the $40,000 mark. The potential approval of a Bitcoin ETF by the Securities and Exchange Commission is one of the many variables driving the price of bitcoin.
In the 24 hours leading up to early Friday morning, the price of bitcoin increased 3.2%, reaching approximately $38,856, according to statistics provided by price tracker Coingecko. Coincodex has a more bullish prediction for Bitcoin, seeing the crypto hitting $58K in the coming month.
Source: Coincodex
Analysts such as CryptosRUs anticipate that Bitcoin will soon reach $40,000 and even more, pointing to the impending halving event and possible approvals for ETFs as major catalysts.
Cardano (ADA)
As November came to an end, Cardano (ADA) saw a 30% increase in price, marking its second consecutive month-over-month gain. Around the present rates, bullish traders have actively placed orders to buy an additional 41.7 million units of the coin, greatly outnumbering sell orders.
According to cryptocurrency expert Crypto, ADA can surpass the $0.90 threshold in less than six months. The primary cause is the explosive growth of decentralized banking apps on Cardano, with a $250 million increase in total locked value over the previous year from $50 million.
#Cardano sits at a key demand zone between $0.37 and $0.38. Here, 166,470 wallets acquired 4.88 billion $ADA.
With minimal resistance ahead and solid support below, remaining above this zone could pave the way for $ADA to climb to new yearly highs. Still, watch out, as losing… pic.twitter.com/GDjhspFSVr
— Ali (@ali_charts) November 27, 2023
Analyst Ali Martinez projected in November 2023 that ADA would reach annual highs, which would be advantageous for the coin’s prospects in 2024.
Celestia (TIA)
Because Celestia (TIA) is the industry’s first modular blockchain network and has huge future potential, market experts believe it will be a worthwhile investment in 2023.
The price behavior of Celestia (TIA) shows a bullish pattern, with local support at $6.20 and resistance at $7.27. Following the breakdown of the resistance, experts predict a possible rally toward $8.
Bulls claim that TIA may rise as high as $9.70 by the end of 2023, despite the fact that the Celestia mainnet went live on October 31.
Crypto Year-End Rally
THORChain (RUNE)
The value of THORChain (RUNE) increased from $3.76 last week to $6.35 by the end of November, a 70% increase driven by the rise of THORChain as the second-largest decentralized exchange.
Overall, the coin’s mood is still positive. Forecasts for the end of 2023 indicate that there may be a peak at $10.2, with crucial support levels between $3.4 and $4 being essential to maintaining this development trajectory.
The price of THORChain (RUNE), a decentralized liquidity protocol token, is continuing to rise, exhibiting a bullish bias in its trade.
Terra Classic (LUNC)
Completing our list of the top 5 cryptos for the weekend is the Terra Classic (LUNC). The past month has seen tremendous price action for LUNC; in just one day, the token has increased by over 22%, and over the course of the previous month, it has increased by almost 130%.
Following a significant price increase, traders are talking favorably about LUNC. After its recent collapse, sentiment analysts predict that the tokens will see a resurgence in value.
The cryptocurrency will most likely reach $0.001 by 2024 if the bullish trend for LUNC continues and additional ecosystem growth takes place, even though short-term price behavior is unpredictable.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
Bitcoin Forecast: Analyst Who Predicted 2022 Bottom Unveils New Long Positions For BTC
In a recent YouTube interview with TechnicalRoundup, crypto Analyst DonAlt revealed he had purchased Bitcoin after the asset fell below the $25,000 level. According to the analyst also predicted the crypto market bottom in 2022, he had two choices before opening the new BTC position
DonAlt Shares Insights On Bitcoin’s Next Price Moves
Explaining the reasoning behind his decision to purchase Bitcoin, DonAlt told TechnicalRoundup:
We’re at the point where you could make an argument for buying here [around $26,000]. And if you’re wrong, you get stopped out, and you get to buy at $19,000. The problem with kind of not doing anything, and the reason why I took a trade – I bought like a little bit, not too much, but a little bit of Bitcoin – is, basically, because I’m just guessing that I will not get an entry otherwise.
Furthermore, DonAlt stated that if his prediction is correct, he will exit the trade after attaining a profit level of double-digit percentage points. According to him, his profit target is $30,000, but with a neutral sentiment on the trade.
“I’m not too bullish. I’m not too bearish. The reason why I kind of think this is an interesting trade in general is, basically, because I think if this fails… if you break down here [below $24,900]. I think we’re going to start capitulating. And then we’re going to start capitulating proper. And we’re going to go to $20,000. So, you basically have an invalidation around $25,000 right now,” he added.
Meanwhile, bitcoin trades at $26,638 today, September 15, above the $24,900 capitulation zone. And according to another crypto analyst, Ali Charts, the TD sequential indicator has displayed a buy signal for BTC on the weekly chart.
However, he believes that for this sentiment to be confirmed, BTC must close this week above $25,600. If this happens, BTC could rally to $28,350 or up to $31,800.
Crypto analyst Titan of Crypto, with over 44,000 Twitter followers, also chimed in on the asset, saying that past performance does not guarantee future results. However, he believes comparing the present price action to previous ones is important.
He said that if BTC follows its past price action and there is no negative event before its halving, it can attain $37,500 before a pullback.
Will Bitcoin Hit The $30,000 Mark?
Bitcoin has entered an accumulation phase after breaking above the 38.2% Fibonacci Level ($26,406). The buyers control the market, as evidenced by the four consecutive green candles on the daily chart.
However, it faces resistance at the 50% Fib level ($26,738). If the buyers continue to mount pressure, BTC will rise to the 61.8% Fib level ($27,069).
Also, the Relative Strength Index (RSI) indicator displays a value of 52.11 and is rising from the neutral zone into the buy zone as more traders enter long positions. Furthermore, the Moving Average Convergence/Divergence (MACD) is above its signal liner and displays a strong buy signal.
The green Histogram bars confirm that BTC is in a positive price trend. BTC will likely continue its rally in the coming weeks if the buyers sustain their pressure and break above the $26,738 resistance level. Although if traders begin to take profit, then a brief retracement will likely occur before a continuation of the uptrend.
FTX Unveils $3.4B Crypto Holdings: $1.16B Solana, $560M Bitcoin – Is Trouble On The Horizon?
In a recent Monday court filing, it was disclosed that the estate of bankrupt crypto exchange FTX has amassed approximately $7 billion in assets (3.4B in crypto), including $1.16 billion worth of Solana (SOL) tokens and $560 million in Bitcoin (BTC).
The news sent shockwaves through the cryptocurrency market, with SOL and BTC experiencing negative price movements.
SOL And BTC Experience Declines As FTX Prepares For Liquidation
Solana (SOL), trading around the $20 level on Sunday, witnessed a significant decline in response to the news. Its price plummeted to its current level of $17.83. Bitcoin (BTC) also retraced by over 2.7% in the past hours, reaching as low as $24,9000.
In addition to SOL and BTC, the court filing revealed other significant holdings of the FTX estate. These include Ethereum (ETH), valued at $192 million, Aptos (APT) at $137 million, Tether’s stablecoin (USDT) at $120 million, and XRP at $119 million, among others such as wrapped Bitcoin (WBTC) and wrapped Ethereum (WETH), Bit (BIT), and Stargate Finance (STG).
The court filing further highlighted that the FTX estate had secured cash throughout the Chapter 11 process, employing a post-petition cash management system. The Debtors “successfully” navigated the Q1 2023 financial banking turmoil and obtained fiat from more than 30 banking institutions worldwide.
Cash has been consolidated and safeguarded within a Master account, with unrestricted cash increasing primarily through venture investment monetization and stablecoin conversions.
This Wednesday, the FTX estate is expected to seek approval to liquidate approximately $3.4 billion of cryptocurrencies. This step marks a significant milestone in the bankruptcy proceedings.
Options For Relaunch?
On September 11, Fortune Magazine reported that the FTX estate had approached over 75 potential bidders, evaluating the possibility of relaunching the bankrupt crypto exchange.
The stakeholders were given a deadline of September 24 to submit their proposals for “FTX 2.0.” The process considers various potential structures, including acquisition, merger, recapitalization, or other transactions to relaunch FTX.com and/or FTX US exchanges.
While the specific identities of the bidders remain undisclosed, blockchain technology company Figure and venture capital firm Tribe Capital have been previously mentioned as potential suitors for the relaunch.
The exploration of FTX’s relaunch represents a key development in the effort to sell off, rebrand, or restart the exchange, which has been at the center of a high-profile white-collar criminal case.
FTX’s native token, FTT, has experienced positive price movement on news of the potential launch of FTX 2.0. On Monday, it traded nearly 17% higher than at the beginning of the year, reflecting market optimism surrounding the prospect of a relaunch.
As the bankruptcy proceedings unfold and the FTX estate moves towards liquidation, the crypto industry will closely monitor the impact on the market and the resolution of outstanding debts.
The search for bidders to revive the exchange introduces an additional layer of complexity to this evolving situation, with potential implications for the future of FTX and its stakeholders.
Overall, the bankruptcy of the failed crypto exchange has revealed substantial asset holdings of $7 billion, including significant amounts of Solana (SOL) and Bitcoin (BTC). The subsequent market reactions and the quest for bidders to relaunch the exchange have brought further uncertainty to the crypto landscape.
The outcome of the bankruptcy proceedings and the relaunch efforts will shape the future trajectory of FTX and its position within the industry.
Featured image from iStock, charts from TradingView.com
Bitcoin Futures Frenzy Fizzles Out As Price Plunges Below $26,000
The crypto market has lost its sparkle lately, with bitcoin futures trading volume drying up as the flagship cryptocurrency struggles to stay afloat.
Bitcoin futures open interest, which measures the buzz around upcoming contracts, has dropped to a 5-month low of $11.3 billion, according to data from Glassnode. This suggests traders are closing out positions and reducing exposure to volatile crypto assets.
Bitcoin’s Struggles Below $26K: Is The Crypto Craze Losing Steam?
The disinterest comes as bitcoin prices dropped below $26,000 for the first time since August, dampening spirits across the crypto sphere.
“It seems the market is running out of steam,” said Lee Reiners, professor of cryptocurrency law at Duke University. “Investors are realizing these assets don’t just go up forever.”
Analysts said that the drop in open interest appears related to the expiration of monthly and quarterly futures contracts, which drained trading activity and liquidity.
But the decline also signals fading confidence in Bitcoin’s upside potential amid mounting regulatory scrutiny, environmental backlash, and competition from alternative cryptos like ether.
“The promise of quick riches that lured many retail investors now seems a distant dream,” said Jamie Dimon, CEO at JP Morgan. “The crypto craze appears to be losing momentum fast.”
Two days ago JPMorgan said: ”the bottom of this #Bitcoin crash is nearing”
Honestly, this only makes me bearish… pic.twitter.com/mIAjjatrDG
— Crypto Rover (@rovercrc) August 27, 2023
Bitcoin has struggled to regain traction since its record high of nearly $69,000 in November 2021. Though some crypto bulls remain hopeful, continued lackluster performance could stall wider adoption.
Exploring The Factors Behind Bitcoin’s Declining Fortunes
One significant factor is the regulatory scrutiny that has intensified worldwide. Governments and financial authorities are increasingly concerned about the potential risks associated with cryptocurrencies, including money laundering and tax evasion. This regulatory uncertainty has made some investors wary and hesitant to enter or remain in the market.
Bitcoin has faced backlash due to its environmental impact. Critics argue that the energy-intensive process of mining Bitcoin is unsustainable and contributes to carbon emissions. As environmental concerns take center stage, some investors and institutions may reevaluate their support for Bitcoin in favor of more environmentally friendly cryptocurrencies.
While Bitcoin pioneered, newer cryptocurrencies like Ethereum have gained traction, offering innovative features such as smart contracts and decentralized applications. These alternatives have attracted both developers and investors, diverting attention away from Bitcoin.
Bitcoin’s Future: Crossroads For The Original Crypto
For diehard believers, bitcoin’s funk may present a buying opportunity if prices continue drifting lower. But others argue that “digital gold” has lost its luster for good.
“It’s yet to be seen whether Bitcoin can reclaim its role as the crypto market’s flagship,” said Chen Alicia, a student of blockchain studies at NYU.
With futures interest shrinking, bitcoin is at a crossroads. Does the original crypto still have a bright future, or will up-and-comers displace it?
Bitcoin Mining Difficulty Hits New All-Time High As BTC Price Moves Sideways
Bitcoin price has been trading sideways in the past weeks, significantly declining from the $29,000 support. This bearish pattern spread panic among traders but has not deterred miners. Instead, Bitcoin mining participants appear to have increased.
This is evident in the increased mining difficulty, which soared to a new record high. According to available data, Bitcoin mining difficulty surged 6.17% in the last week, alongside a spike in network activity on August 22.
Bitcoin Mining Difficulty Spikes Up Amid Nosediving Prices
While BTC price tanked by over 10% in a 7-day period, miners’ confidence remains at its peak. According to data from btc.com, this uptick marks the sixth-largest increase in Bitcoin mining difficulty in 2023. For context, Bitcoin mining difficulty measures the difficulty and time it takes to solve a complex cryptographic puzzle.
Related Reading: AVAX Network Activity Down – Will The Planned Token Unlock Bring Back The Energy?
The Bitcoin network adjusts mining difficulty periodically depending on the number of miners onboard. The next difficulty adjustment date is about two weeks aways, with the estimated rate at 16.05%. Furthermore, the hash rate increases as more miners compete for limited Bitcoin block rewards, increasing mining difficulty.
Therefore, the uptick in mining difficulty suggests Bitcoin’s bearish price trajectory has not affected miners’ profitability.
Increase In Hash Rates Reflects High Investor Confidence In Bitcoin
Hash rate and mining difficulty correlate; therefore, as the Bitcoin mining difficulty increases, the hash rate follows a similar trend. Although calculating the hash rate is tricky and challenging, the ongoing figure is about to break the existing record high of 538.05 EH/s.
In an August 22 report: CryptoQuant analyst MAC_D attributed the increased hash rate to high confidence in BTC and ETH network reliability and security among investors.
MAC-D wrote:
Recently the prices of BTC and ETH have fallen by 10%. However, the network security and reliability have increased.
He also identified two plausible reasons behind the uptick in the hash rate. Firstly, the analyst explained that Bitcoin’s hash rate increased during the recent price decline. He said the observation depicts that miners became more active amid the downtrend. Secondly, MAC_D mentioned that staked ETH has increased despite the decline in Ether price.
Nonetheless, the analyst believes the fall in price suggests BTC and ETH have become undervalued. And according to him, this presents an opportunity for bullish investors to accumulate more assets in anticipation of the next bull run.
This assumption must have prompted miners to increase their mining capacity, increasing the hash rate and difficulty. And data from the on-chain analytics platform Glassnode supports these claims.
According to Glassnode data, there has been a slight increase in the number of BTC in the portfolios of mining firms. As of August 22, miners’ BTC holdings hovered over 1.83 million Bitcoin. This figure represents a 0.08% increase from the value at the beginning of August.
3rd Biggest Bitcoin Stash Now Belongs To Unknown Wallet, Amassed In Over 3 Months
An unknown Bitcoin wallet has emerged as the global third-largest BTC holder. The wallet used three months to accumulate BTC to climb to its present position in the ranking of holders. Following the recent revelation, some speculations and theories have been trending about the owner of the mysterious wallet.
BitInfoCharts Shares Data About Mysterious Wallet
The crypto statistics platform, BitInfoCharts, provided data regarding the mysterious wallet. The data indicated that the wallet first received some BTC coins on March 8. Within three months and two weeks, the wallet amassed 118,000 BTC. Going by the current prices in the crypto market, the coins are worth $3.08 billion.
Despite holding such a large number of BTC, the whale is still not the largest in the sector. Data from BitInfoCharts disclosed that the current largest Bitcoin wallets in the world belong to Binance and Bitfinex and these top two BTC wallets are currently operating as cold wallets.
Binance’s cold wallet emerged as the global largest BTC holder on March 10, 2021, with 143,528 BTC. It progressed gradually to hit an all-time high of 299,427 BTC by June 2021. But the wallet’s holding as of June 2023 was 248,597 BTC coins worth over $6 billion, according to the current prices.
On the other hand, Bitfinex’s cold wallet is ranked the second-largest BTC holder, while the mysterious wallet occupies the third position currently. Interestingly, the fourth-largest Bitcoin wallet is another Binance cold wallet.
Does BlackRock Own The Mysterious Wallet?
Following the emergence of the mysterious wallet as the third-largest Bitcoin holder, speculations and theories started flowing within the crypto space and many have suggested the possible owner of the wallet.
One X (formerly Twitter) user, DivXMan, pointed out that the mysterious wallet witnessed its initial major transaction of 3,400 BTC tokens on May 16, 2023. One month later, the largest global asset manager Blackrock filed for a spot in Bitcoin ETF on June 15. Another user posted a huge black rock, suggesting that the wallet belongs to BlackRock.
This has triggered a rumor that BlackRock could be the owner of the unknown wallet. This is based on close timing between its Bitcoin ETF filing and the wallet’s key accumulation of BTC. However, the theories about BlackRock being the possible owner of the mysterious wallet lack concrete evidence.
Notably, the application for a spot BTC ETF from BlackRock created a large wave within the crypto market. And if the US Securities and Exchange Commission (SEC) approves the filing, it would become the first Spot Bitcoin ETF to trade in the US.
Besides BlackRock, other prominent companies and entities applied for a spot in Bitcoin ETF. These include Fidelity, Valkyrie, Invesco, and Wisdom Tree, among others.
Crypto Exchange Binance Raises Its SAFU Fund To $1B Amid Price Swings
Recently, the crypto market has gotten into a tight tunnel as prices keep decreasing. Most crypto assets are moving to the south with little or no break. The bears are becoming too intense, and tension keeps increasing in the market.
The fluctuations have triggered the leading crypto exchange Binance, to pursue sustainability. This new action came after the exchange announced its intent to acquire the FTX to ease its liquidity issues.
The CEO of Binance, Changpeng Zhao (CZ), has actively noted the events in the Binance-FTX drama. Also, he took to Twitter to disclose some points regarding the drama.
In a tweet today, CZ revealed that his firm made more funding on its insurance backing. According to the post, Binance increased its Security Asset Fund for Users (SAFU) to $1 billion equivalent.
CZ reported that the move ensures the network’s safety against the market’s recent price fluctuation. In addition, the aim is to protect users by ensuring continuing operations regardless of market trends.
Details Of Binance’s SAFU
Further, the Binance CEO mentioned the detail of the two reserve accounts and their links. One of the accounts holds Binance Coin (BNB) token and the Binance stablecoin (BUSD) worth about $700 million. The second account comprises Bitcoin (BTC) tokens worth about $300 million.
Reacting to the Twitter post, some people from the crypto community made their positions known to the CEO. Some applauded his initiative and unique leadership vision for the network’s security.
One of the users mentioned that all crypto companies should emulate Binance to have a Security Asset Fund for Users (SAFU). However, some still question the fund’s reserve cap adequacy for users.
In 2018, the Binance SAFU kicked off with a fund dedicated to backing up user holdings in critical situations. Further, the firm allocated 10% of the trading fee to the fund. Gradually, the fund kept growing and hit $1 billion for the first time in February this year.
CZ Maintains Transparency In The Crypto Firm
The CEO of Binance has maintained a transparent position in handling almost all the firm’s events. CZ stated that the company would deploy a system of Proof-of-Reserve using Merkle Trees.
The aim is to achieve full transparency with the community. In addition, Merkle Trees enable the encoding of blockchain data through a more secure and efficient method.
Hence, reactions on the sufficiency of Binance’s SAFU are emerging after CZ tweeted on the use of Proof-of-Reserve the previous day. The CEO mentioned that the mechanism would provide detailed information on liquidity for the network.
featured Image From Pixabay, Charts From Tradingview
Why Ethereum Would Have Been A Better Investment For MicroStrategy
The debate of which is the better investment between Bitcoin and Ethereum continues to wax strong between communities. This time around, it is being put to the test using MicroStrategy’s crypto investments over the years. Microstrategy is currently seeing a loss on the 130,000 BTC that it had purchased over the years, making it the public company with the largest bitcoin holdings. But what if the company had invested in Ethereum instead?
Ethereum Is A Better Bet
In the course of about two years, MicroStrategy had ramped up its BTC buying which ran into billions of dollars. At 130,000 BTC on its balance sheet, the company has spent approximately $4 billion to accumulate the coins. However, even with the coins being bought over time at varying prices, the company is still recording a more than $1 billion loss at the current price of bitcoin.
Given that the company remains steadfast in its support and continuous investment in bitcoin, it begs the question of what would have been the case if the company had gone with another cryptocurrency. Specifically, bitcoin’s largest competitor Ethereum.
It is no secret that more often than not, Ethereum has been outperforming bitcoin. So it is not a stretch to say that MicroStrategy would be in a better position if it had invested in Ethereum instead of bitcoin, and the numbers prove this to be true.
ETH price remains below $1,600 | Source: ETHUSD on TradingView.com
A comparison from Blockchain Center shows that MicroStrategy would be $1.47 billion in profit if it had bought ETH. Tracking the purchases that the company has made over the years, it would have 3,541,989 ETH now, worth $5.6 billion.
Even at the peak of MicroStrategy’s BTC holdings, the comparison shows that ETH would still have performed way better. In December when MicroStrategy’s holdings were worth just under $8 billion, it would have been worth $16 billion with ETH. Additionally, if the company had invested in Ethereum and then proceeded to stake its ETH, it would have earned approximately $380 million since then.
MicroStrategy would’ve done better investing in ETH | Source: Blockchain Center
Even now, if the company were to convert all of its BTC holdings to ETH, it would come out to a total of 1,692,762 ETH. At a 4% APR rate, it would be earning an additional $134 million in annual revenue just from staking alone.
Related Reading: Ethereum Must Hold $1,500 Or Risk A Decline To $1,300
The comparison puts the various profitability levels of both digital assets over the year. Ethereum has continued to outperform bitcoin both in the long and short term. It really begs the question of if Bitcoin is really the best crypto asset to invest in as ex-CEO of MicroStrategy Michael Saylor said.
Featured image from Forkast News, chart from TradingView.com
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BTC To See Correction Below $10K, Predicts Midas Touch Consulting Founder
Bitcoin (BTC) hasn’t been in its best state lately, falling from a high of over $69,000 to the current price of around $19,174. While the coin has lost over 71% of its value since November 2021, some key experts believe it’ll lose more before finding stability again.
According to Florian Grummes, the managing director of Midas Touch Consulting, the pioneer crypto may fall below $10k. He further stated that it might reach $6k before finding support and start gaining traction.
Midas Touch Consulting Founder Not Bullish About Bitcoin
Grummes is not bullish about bitcoin’s short-term future as he believes the coin will only see correction until it reaches $6k. He said:
It’s my worst case right now [Bitcoin at $6,000]. I wouldn’t rule it out. I think $10,000 is probably what’s going to happen, and then we’re going to see a nice bounce and maybe another test of the $10,000 to $15,000 range, like a double low at some point, and that would be then the final end of the crypto winter, but it still takes time I don’t think it’s happening anytime soon.
The finance expert expressed his views in an interview with KITCO News on October 11. He also noted that there are many factors that could affect the price of bitcoin, such as the current market volatility and liquidation sentiments. He added that the cryptocurrency would see several small pumps along its way to $6k. The expert also noted that it’d take a special event to push Bitcoin and the entire crypto market out of the crypto winter.
Bitcoin’s price is currently trading around $19,000. | Source: BTCUSD price chart from TradingView.com
Florian Doesn’t See Bitcoin Reach $69k
The investment advisory firm’s founder also shared his skepticism over bitcoin’s ability to reach its previous high of nearly $69k. Grummes noted that uncertainty and liquidity crisis currently plaguing the crypto industry might hinder the coin from reaching its former glory days. He said:
If this whole crypto sector can recover like it should or did in the past, then once the halving has happened, the whole sector likely will be in the new bull market. <…> Bitcoin has been going up since 2009 relentlessly <…> Fundamentally speaking, regulation, of course, could be basically preventing a real new bull market.
A Little Hope For BTC?
Bitcoin’s popularity has been waning due to the current financial turmoil. As the US faces its highest inflation levels in recent times, the Feds introduced quantitative tightening to help keep it under control. This is one of the main causes of the current crypto winter. While some experts see Bitcoin as an inflation hedge, Grummes is placing his bet on Gold.
However, the expert thinks there’s hope for the coin. According to Grummes, a crypto winter will normally last between twenty-four and twenty-seven months. Grummes predicts that a genuine bull market is roughly a year away since the market is still one year into the winter.
He continues to believe that the worst-case scenario is the testing of the $6,000 price level. Florian Grummes predicts a market upswing in the weeks leading up to the second Bitcoin halving in May 2024.
Featured image from Pixabay and chart from TradingView.com
Bitcoin (BTC) May Hit $250K, Predicts Morgan Creek Capital Founder
Many believe Bitcoin will bounce back to break the $60,000 price mark. But Mark Yusko seems to have a bigger picture of the token’s future price. Mark Yusko is the CEO, founder, and chief investment officer of Morgan Creek Capital.
In his speech, the price of Bitcoin could get to $250,000 in the next five years. One reason for this possibility is that Bitcoin has gone past being a valued token. Unfortunately, many investors fail to see it from this perspective. He revealed this information in an interview held in June 2021.
Related Reading: Bitcoin Supply In Profit Continues Decline, But Still Not At Historical Bottom Zone
As per the recent industry gossip, Yusko still stands his ground on the future price of Bitcoin.
BTC Historical Performance (Halving Events)
There’s another way to look at the possibility of Bitcoin’s massive growth in the future, says Yusko. This has to do with its historical performance for every halving event it experiences.
Bitcoin follows a particular trend of adding a zero for each halving event. The halving brought it to $10; after the second, it became $100. The third and fourth halving brought to $1,000 and $10,000, respectively. In light of this, the next possible price of the token will be $100,000.
Briefing On Bitcoin Price History
Despite the bearish market, it’s clear that Bitcoin has witnessed significant growth from the time of launch till date. In 2013, BTC hit $100 for the first time and rose to $230 on April 8. After several fluctuating movements in its price, it spiked to a short-lived $1,237 price mark in December 2013.
2014 and 2015 were not very eventful for the token as it plunged through 2014. BTC greeted 2015 with a price slightly above $300, though it gradually climbed before the year ran out. It sustained the growth throughout 2016 and ended it at a price of approximately $900.
The token’s value kept rising regardless of the ups and downs it witnessed over the years. It eventually hit its all-time high of $68,789 on November 10, 2021, and ended the year at $64,995.
The token price between January and March 2022 started another dipping round. At the end of March, it dropped to below $47,500. Although it maintains a steady up-and-down movement, its price is now down to $19,096, as per data from TradingView.
Bitcoin’s price is currently trading below $19,000. | BTCUSD price chart from TradingView.com
The Trigger For The Next Bull Cycle
The investment officer, founder, and CEO of Morgan Creek Capital has also expressed his thoughts about the trigger for the next bull cycle. He revealed this information in an interview on YouTube captioned Thinking Crypto, released on September 22.
Related Reading: Here’s Why This Expert Thinks Bitcoin Prices Might Fall
In his speech, he believes that the Fed will desist from its quantitative tightening in no distant time. This will trigger a bull run in the global crypto market.
Featured image from Pixabay and chart from TradingView.com
Bitcoin (BTC) Price Ahead Of Monthly Close, Go Big Or Go Home
- BTC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength.
- BTC rally caught short as price continued to range.
- The price of BTC must close above $21,500 ahead of the monthly close as bulls sweat over price movement.
The price of Bitcoin showed strength as Bitcoin (BTC) bounced from its weekly low of $18,500 after the increase in interest rate affected its price negatively. The price of Bitcoin has since struggled to regain its bullish run. It has to a region of $25,000 with the monthly candle just a few hours away from closing. Many traders and investors hope for a better month ahead as the BTC movement has seen little to no volume for a long time. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Monthly Chart
Monthly BTC Price Chart | Source: BTCUSDT On Tradingview.com
On the monthly chart, the price of BTC has seen more downside than upside, falling from a region of $69,500 to a current value of $19,450, where the price is struggling to close the month on a positive note.
BTC’s price needs to close above $21,500 to begin a small relief rally, as it has continued to trade at its previous all-time high and has tested the region numerous times, with the area acting as support looking weaker with each retest.
BTC must break and hold above the $21,500 resistance with good volume in order to restore a relief bounce. If the price of BTC remains in this current structure and refuses to break higher, we could see it retest $17,500 support and possibly a lower support area of $17,000 on the Monthly chart if there is a sell-off.
Monthly resistance for the price of BTC – $21,500.
Monthly support for the price of BTC – $18,000.
Price Analysis Of BTC On The Daily (1D) Chart
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com
In the daily timeframe, the price of BTC continues to trade below key resistance as the price remains in a range to break above to higher heights.
The price of BTC on the daily chart showed strength to break out above $20,500 as the price faces rejection in an attempt to break out of its range-bound movement.
The price of BTC trades at $19,460 below the 50 and 200 Exponential Moving Average (EMA). The prices of $20,500 and $28,000 correspond to the prices at 50 and 200 EMA for BTC on the daily timeframe.
BTC needs to break and close above $20,500 for the price to gain momentum as the current price action hasn’t been favorable for BTC’s price.
Daily resistance for the BTC price – $20,500.
Daily support for the BTC price – $18,000.
Featured Image From Dictionary, Charts From Tradingview
BTC Reclaims Its 20K Spot After A Couple Of Bloody Weeks
After plummeting to significant lows in July, bitcoin has been locked in a sideways trading action angling towards higher prices. Still, investors are anxious to see what’s going to happen next.
Last week, the Federal Reserve’s decision to squeeze more US Dollars out of circulation with another interest rate hike sent BTC tumbling. After finding support at the $18,000 psychological level, BTC surged 7% on the 27th of September in a tremendous display of volatility. As a result, the number one digital asset recovered to trading above $20,000 for the first time in over a week.
Related Reading: Bitcoin 90-Day CDD Hits All-Time Low, What Does It Say About Market?
Differed Opinions on BTC’s Volatile Tuesday Run
TradingView tracked the movement of BTC as it closed in the green by 7% on the 26th of September. Data from Bitstamp reported a price peak at $20,344 before it eventually settled at $20,200.
As expected, the move seized the attention of many traders in the crypto bubble. However, people gave bipolar reactions to the news. Other comments warned investors to avoid making hasty, late entries influenced by the fear of missing out.
Analysis from a user with a strong crypto presence on Twitter dismissed any hope of a market reversal just yet. Capo of Crypto believes there would be lower lows below $19,000 before we see any relief from the crypto winter.
Bitcoin’s price again crashed to $19,000. | Source: BTCUSD price chart from TradingView.com
Will The Bulls Run The Bears Out Of The Market This Month?
BTC’s aggressive gains made September’s last Tuesday an eventful day in the crypto world. Besides users giving their varied points of view on the likely interpretation of the recent move, several crypto research firms cannot wait to jump in and give their perspectives.
According to an on-chain analysis from Santient, the future of BTC’s price rests in the hands of the bulls. If they defend the $20,000 position till Friday, cementing September with a green close, a bright future awaits BTC price action.
The crypto market data and analytics platform, Santient, also noticed a lot of users taking profits as soon as BTC crossed the $20,000 key level. It seems several traders set automatic and mentally-noted take profit signals at that mark. Santient also divulged a transaction log of users claiming profits and closing losses at the same price.
How September’s Ending Might Define The Future Direction of Crypto
Based on a tweet by Santient, reclaiming the $20,000 spot increases the odds of BTC closing higher than its starting point in September. And more importantly, finishing past this psychological level will have a hugely positive effect on investors’ sentiment.
September has been a slow month for the world-leading crypto. Despite the 7% gains on the 27th of September, bitcoin is currently making moderate monthly gains of 0.7%. That’s a heavy contrast to the day before, which left bitcoin trailing at a 6% loss according to monthly P&L data by CoinGlass.
Related Reading: Ethereum Name Service (ENS) Looks Strong, Eyes $16 Reclaim
However, it is pivotal that BTC finishes above its September starting point, no matter how little the gains. BTC will record its first “September green” month since 2016 to finish this month in profit.
As of writing, bitcoin has slightly slipped below $20,000 to trade around $19,150.
Featured image from Pixabay and chart from TradingView.com
Bitcoin Bulls And Bears Tussle Price, Where Will Price End Up?
- BTC price ranges below 50 and 200 EMA on the daily timeframe.
- Price continues to range in an asymmetric triangle during the four-hourly timeframe.
- BTC price closes the week bearish for two weeks as the price gets stuck between bulls and bears.
The price of Bitcoin (BTC) has seen more of a drawback than a rosy state this month as prices continue to decline against tether (USDT). September wasn’t a good month for the price of Bitcoin (BTC) as the market continued to stall in its movement to the upside. The statistics from the coupled Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) have affected the market negatively with hopes of a greener October. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
The price of BTC continues to stall in its price moving to an upside in the high timeframe as the past few weeks continue to show how difficult it has been trading in the financial market with no real chart pattern for a bullish structure.
After falling from a high of $25,000 with the price of BTC rejected on the weekly timeframe, the price has continued to go on a spiral downtrend movement with so much agitation not to break the weekly low of $18,100.
The price of BTC continues to hold a key support area of $18,000, which holds the key to either recovery or a breakdown in price in lower regions.
A break in the price above $19,300 could send the price of BTC to $20,000 as this area has become a strong resistance to the price of BTC. With the good volume and the Bulls defending this key yearly support region, we could get a bounce to a region of $20,000 as this support zone has become heavy and could break should negative news surface.
For the price of BTC to restore its relief, the price needs to break and hold above the $19,300 resistance preventing the price of BTC from trending higher. If the price of BTC keeps rejecting $19,300, we could see the price going lower.
Weekly resistance for the price of BTC – $19,300.
Weekly support for the price of BTC – $18,100.
Price Analysis Of BTC On The Four-Hourly (4H) Chart
Four-Hourly BTC Price Chart | Source: BTCUSDT On Tradingview.com
In the 4H timeframe, the price of BTC continues to range in an asymmetric triangle and could signal a relief bounce on a low timeframe.
The price of BTC trades at $18,900 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for BTC price. The price of $19,300 and $20,000 corresponds to the resistance at 50 and 200 EMA for the price of BTC. The price of BTC needs to reclaim 50 EMA for a chance to trend to $20,000.
Daily resistance for the BTC price – $20,000.
Daily support for the BTC price – $18,700.
Onchain Analysis Of INJ
BTC Return On Investment | Source: BTCUSD On Messari.io
Despite BTC being held by many investors as the hope for a major bounce and relief across the crypto market, the price of BTC has seen more of a negative return on investment (ROI) for the past 30 days with a drop of 5.1%.
Featured Image From zipmex, Charts From Tradingview and Messari
Bitcoin Taps $18,100, Why This Is Dangerous For The Market?
- BTC price tabs $18,100 for the second time as price respect weekly downtrend.
- Price continues to trade below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.
- BTC price bounced on the four-hourly chart after a bullish divergence appeared.
The price of Bitcoin (BTC) has had a rough week against tether (USDT) as the price plummeted following the Federal Open Market Committee news (FOMC). Following the news that the Federal Reserve raised its target interest rate by 75 bps, the price of Bitcoin (BTC) fell from $19,700 to a region of $18,100. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Weekly BTC Price Chart | Source: BTCUSDT On Tradingview.com
The price of BTC continues to struggle to keep its head afloat after seeing the weekly candle closing bearish, with the new week looking more bearish ahead of the expected FOMC meeting.
BTC price tried showing some relief bounce ahead of the new week as price moved to a region of $19,500, but this bounce was cut short as the news of an increased rate hike harmed the price seeing the price of BTC drop to previous all-time high causing worry as this has been a strong support zone for the price of BTC.
If the price of BTC continues to tap this region of $18,100, it will weaken the support, and we would likely revisit lower support areas of $17,500-$16,000, acting as high-demand zones.
For BTC’s price to restore its bullish move, the price needs to break and hold above $24,000 as the price has continued to respect the downtrend resistance on the weekly chart preventing the price of BTC from trending higher since falling from its all-time high.
The price of BTC is currently faced with resistance to breaking above $19,500; If the price of BTC fails to break and hold above this support zone, we could see the price going lower to its $18,100 support and lower if this support fails to hold off sell orders.
Weekly resistance for the price of BTC – $19,500.
Weekly support for the price of BTC – $18,000-17,500.
Price Analysis Of BTC On The Daily (1D) Chart
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com
The daily timeframe for BTC prices continues to move in range in an asymmetric triangle; the price of BTC needs to break out of this range with good volume for the price to trend to a high of $20,800.
On the daily timeframe, the price of BTC is currently trading at $18,900 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for BTC price. The price of $20,800 and $28,000 corresponds to the resistance at 50 and 200 EMA for the price of BTC. The price of BTC needs to reclaim 50 EMA for a chance to trend to $22,000.
Daily resistance for the BTC price – $20,800.
Daily support for the BTC price – $18,100.
Featured Image From Quit falling, Charts From Tradingview
Bitcoin Would Be Ready For $24,000 If This Happens; What Is That?
Bitcoin (BTC) despite showing bearish signs against tether (USDT) as the price plunged to $18,500 recently, with many traders and investors sweating on their long open position.
The price of Bitcoin (BTC) quickly bounced off from that region after forming a bullish divergence on the four-hour chart and has shown no intention of stopping. (Data from Binance)
Bitcoin (BTC) Price Analysis On The Weekly Chart
Weekly BTC Price Chart | Source: BTCUSDT On Tradingview.com
The price of BTC has had a tough time maintaining the bullish momentum it has shown in recent weeks as the price was rejected from the $25,200 area acting supply zone for most sellers.
BTC has struggled to trend higher after it saw its price drop from a rising wedge as this triggered most sell orders, leaving BTC’s price to retest its previous all-time high, leaving many worried as the price could go lower to $10,000.
The price of BTC could face another scenario, but in this case, its trends are higher ahead of the weekly close. Haven bounced off pretty well from the last weekly low, and claiming the support at $20,700, BTC could be ready for a major run to $24,000-$25,000 if the weekly candle closes above $21,700.
BTC’s price looks bullish ahead of the weekly close and could trend even higher as the market looks promising ahead of the new week.
BTC has continued to respect the downtrend line acting as resistance for BTC price on the weekly timeframe; if BTC breaks above this trendline, we could see more bullish sentiments.
Weekly resistance for the price of BTC – $24,000.
Weekly support for the price of BTC – $20,700.
Price Analysis Of BTC On The Daily (1D) Chart
Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com
The daily timeframe for BTC price looks bullish, with prices looking to close the day and week on a high. The price of BTC bounced off from a daily low of $19,000, and the price rallied to $21,600, where it is faced with resistance to breaking above this region.
The price of BTC needs to break above $21,600 and close above it to have a good opportunity of rallying to the expected $24,000. If the price of BTC fails to break this region, we could see the price retesting the region of $20,700, which has been an area of good support for the daily timeframe.
On the daily timeframe, the price of BTC is trading at $21,500, attempting to break and hold above the 50 Exponential Moving Average (EMA). The price of $21,600 corresponds to the 50 EMA, which is a resistance to the price of BTC.
With BTC looking to break its major resistance on the daily timeframe, this corresponds to the 23.6% Fibonacci retracement value of $22,000. The price of BTC holding above this region would lead to more bullish sentiments.
The Relative Strength Index (RSI) for BTC is above 50 on the daily chart, indicating high buy order volume.
Daily resistance for the BTC price – $21,600.
Daily support for the BTC price – $20,700.
Featured Image From zipmex, Charts From
Market Analysts Explain Why This Correction Is Good For Bitcoin
The recent bitcoin correction down from its all-time high has had the market in a panic in the past week. However, not everyone has seen it as a bad omen. The digital asset’s price had gone down below $60,000 causing investors to believe the bear market had arrived. Mostly, small-time investors had been hit the most by panic as sell-offs happened through the space.
Nevertheless, the correction was bound to happen following the incredible run that bitcoin had. Market corrections are always normal and expected after a bull rally but market analysts have pointed out that this particular correction could have some positive implications for the digital asset going forward.
Related Reading | Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years
Be Grateful For The Slump
Analysts at BOOX Research recently released their analysis of the market and shared thoughts surrounding current market conditions. The analysts explained that the correction was good for the digital asset. This type of slump is important for a “healthy” market and bulls should be grateful for it, the analysts said.
The recent sell-off has not been bad for the market and although bears believe that bitcoin had already seen its top, this is not true. BOOX Research analysts further explained that the market is nowhere near the “crypto winter” despite its 20% downward retracement. Further stating that the fact that the digital asset had held above $50,000, which is an important psychological level for bitcoin, shows that it is still going strong.
BTC dip continues | Source: BTCUSD on TradingView.com
The analysts pointed out that a major pullback would have been witnessed if the price had broken below $50,000, leading to a $30,000 retest. However, it would take something impactful, like an “unforeseen major regulatory setback” for the asset to break below this level.
Bitcoin Headed For $100,000
Analysts at BOOX Research have echoed a widely held prediction in the crypto space. That is, bitcoin at $100,000. The analysts put the digital asset at this price point in 2022 but not without a bit of a hurdle. In their report, they state that the digital asset would have to first break above $60,000, which would set it up for an all-time high retest. Additionally, the asset is expected to accelerate towards $75,000 until it touches $100,000 next year.
“Bitcoin has made several key pivots around $50,000 going back to February of this year. We expect the bulls to put up a strong fight and hold that line if it gets down there, which could be a good spot to add to positions.”
Related Reading | JPMorgan Lists Ethereum As A Better Investment Than Bitcoin
For the pioneer digital asset, the pullback has done for good for it. Prices have stabilized somewhat – as stable as they can be for the highly volatile crypto market – setting the asset up for another bounce above $60,000. Bitcoin had recovered back up to $59,000 on Thursday and indicators point to a continuation of the bull rally.
Featured image from Republic World, chart from TradingView.com
Economist Peter Schiff Calls Bitcoin An ‘Imaginary Friend’ In Response To Jack Dorsey’s Hyperinflation Tweet
Peter Schiff is an economist, gold advocate, and one of Bitcoin’s biggest critics. He has never liked the digital currency.
He believes that real value is derived from an asset’s ability to create commercial demand in markets; and always refers to gold as a perfect example of this. In contrast, he says that Bitcoin is nothing but an asymmetric store of value with no other use except attracting an endless supply of buyers for the limited supply of assets. In short, it is a Ponzi scheme. However, he has been proven wrong over and over again.
In his most recent critique of Bitcoin, Schiff said it is not a real asset. This was in response to a tweet by Twitter CEO Jack Dorsey about the possible arrival of hyperinflation in the U.S. soon.
Schiff Responds To Dorsey
On Saturday, October 23, Jack Dorsey shared his opinion on the current economic situation in the U.S on Twitter. He tweeted about the imminent hyperinflation as a result of the constant money printing in the U.S., and how the rest of the world would suffer from it.
Related Reading | Is Hyperinflation Inevitable? Jack Dorsey Says It’ll “Change Everything”
In response, Schiff tweeted that people should not look to Bitcoin to save them because it is not a real asset. Instead, they should own real assets like gold.
Just don't expect to find any refuge from it in #Bitcoin. To protect yourself from #hyperinflation you'll need to own real assets. #Gold qualifies, but Bitcoin does not.
— Peter Schiff (@PeterSchiff) October 24, 2021
Another Twitter user commented that Bitcoin is, in fact, real. And that it has just surpassed the Swiss Franc in Market cap. At this point, Schiff replied, calling the cryptocurrency a “make-believe asset” and that it is the adult version of an imaginary friend.
#Bitcoin is a make believe asset. Sometimes kids have imaginary friends. It's the same concept, except with adults.
— Peter Schiff (@PeterSchiff) October 24, 2021
Peter Schiff’s Grudge with Bitcoin
According to this Wikipedia profile, Peter Schiff is an American stockbroker, financial commentator, and radio personality. He is also CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut. Additionally, he is involved in various roles in other financial services companies, including Euro Pacific Asset Management, an independent investment advisor, Schiff Gold (formerly Euro Pacific Precious Metals), a precious metals dealer, and Euro Pacific Bank, a full-reserve bank.
In addition to all these, Schiff is known for something else – his grudge with Bitcoin. He has always claimed its value will one day drop to nothing.
Earlier this year, Mark Cuban told Schiff to “move on” because “gold is dead.” In Response, Schiff said, “Mark, a lot of your athletes wear gold jewelry. Ask them why. Gold has many uses outside of jewelry that contributes to its value as a metal. It’s not hyped at all. Gold is money. Bitcoin is 100% hype. It’s nothing.”
Related Reading | Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today
Cuban himself used to be a bitcoin skeptic, preferring bananas to bitcoin because he claimed he could at least eat a banana.
In an interview on Good Evening San Diego a few days ago, Schiff referred to Bitcoin as a fool’s gold and a digital pyramid scheme. He also said that the SEC should not be encouraging people to participate.
BTC trading at over $62K | Source: BTCUSD on TradingView.com
When asked about the SEC’s recent approval of Bitcoin ETFs, he responded that “we should get rid of the SEC”.
He continued by saying, “I have no problem with the ETF itself, but if the SEC is pretending that it is some kind of watchdog and trying to make sure that investors don’t get hurt, then it makes no sense that they would approve this ETF because ultimately, the ETF is going to collapse to zero and the people who are left holding the bag are going to get wiped out.”
Schiff is also not impressed with futures ETFs. He says, “instead of owning nothing, you own a futures contract to gamble on nothing.”
Featured image by Bloomberg, Chart from TradingView.com
Over $5 Billion In BTC Paid In Top 10 Ransomware Variants, Says U.S. Treasury
Ransomware attacks in the U.S. have been on a rise since late 2020, but it is particularly booming in 2021. This year, hackers have hit numerous U.S. companies in large-scale hacks. One such attack on pipeline operator Colonial Pipeline led to temporary fuel supply shortages on the U.S. East Coast. Hackers also targeted an Iowa-based agricultural company, sparking fears of disruptions to grain harvesting in the Midwest. Schools, insurance companies, and police departments have also suffered from these attacks.
Related Reading | Questions Linger As FBI Recovers Colonial Pipeline Ransomware Crypto Funds
In response to this, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), charged with safeguarding the financial system from illicit use, released a Financial Trend Analysis. FinCEN published the report on Friday, October 15, 2021.
The report analyzed the considerable growth in ransomware payments in the first six months of 2021 and the relative difference from last year.
Ransomware Attacks In The U.S.
U.S. Treasury Secretary Janet L. Yellen recently noted, “Ransomware and cyber-attacks are victimizing businesses large and small across America and are a direct threat to our economy.” According to the report, FinCEN analysis of Suspicious Activity Reports (SARs) filed during the first half of 2021 indicates that it is an increasing threat to the U.S.
Between January 1 and June 30, 2021, 635 SARs were filed, and 458 transactions were reported. This was 30% more than the total of 487 SARs filed for the entire 2020. The total value of suspected ransomware payments during the first half of 2021 was $590 million, more than the $416 million reported for the whole of 2020.
Source: FinCEN Financial Trend Analysis
The U.S. Treasury Department said the average amount of reported ransomware transactions per month in 2021 was $102.3 million. FinCEN identified bitcoin (BTC) as the most common payment method in reported transactions. Approximately $5.2 billion in outgoing BTC payments tied to the top 10 variants over the past three years. It noted that USD figures cited in this analysis are based on the value of BTC when the transactions occurred.
BTC trading at over $60.7K | Source: BTCUSD on TradingView.com
If the trends keep up, hackers could make more from ransomware this year than they did in the previous ten years combined.
The U.S. Government’s Response
The U.S. government has been working to clamp down on attacks from hackers. The Biden administration has made the government’s cybersecurity response a top priority following a series of attacks this year that threatened the U.S. energy and food supplies.
Earlier this month, the Justice Department announced the launch of a National Cryptocurrency Enforcement Team to go after the exchanges that expedite crime-related transactions, like ransomware demands.
Related Reading | U.S. Recovers Millions Paid In Bitcoin For Pipeline Ransomware
In September, Wall Street Journal reported that the Biden administration was “preparing an array of actions, including sanctions, to make it harder for hackers to use digital currency.”
Also last month, the Department of the Treasury’s Office of Foreign Assets Control sanctioned crypto exchange SUEX OTC, S.R.O. (SUEX) for facilitating financial transactions for ransomware actors. This action was the department’s first such move against a virtual currency exchange over ransomware activity.
Coinciding with the release of the report, the Treasury Department released virtual currency guidance. The guidance said, “the virtual currency industry, including technology companies, exchangers, administrators, miners, wallet providers, and users, plays an increasingly critical role in preventing sanctioned persons from exploiting virtual currencies to evade sanctions and undermine U.S. foreign policy and national security interests.”
Featured image by Bitcoin News, Chart from TradingView.com
