Cryptocurrency
Can Bitcoin Hit $80k This Month as Bitcoin Minetrix Nears IEO
Bitcoin (BTC) remains a hot topic this week, with the leading cryptocurrency now trading above $72,000.
Speculation is mounting that BTC could be gearing up for another upward leg soon, potentially pushing past $80,000 by the end of the month.
Adding fuel to this bullish narrative is the imminent Initial Exchange Offering (IEO) of Bitcoin Minetrix’s native BTCMTX token following its highly successful presale phase.
Bitcoin Blasts Past $73k, But Is $80k Next?
Bitcoin is showing incredible strength, with the crypto king breaking past $73,000 for the first time ever earlier today.
While a typical round of profit-taking caused a slight dip, Bitcoin quickly rebounded.
But can it reach the ambitious $80,000 milestone in March?
Several factors are lining up that could lead to such an enormous milestone.
For one, demand for spot Bitcoin ETFs has been off the charts, with billions of dollars being funneled into simply obtaining BTC exposure.
Additionally, the highly anticipated “halving” event, during which Bitcoin’s new supply issuance will be cut in half, is just around the corner in April.
Historically, this deflationary occurrence has preceded massive bull runs as market pricing adjusts to tighter supply conditions.
With whales relentlessly accumulating BTC and retail investors maintaining buying pressure, Bitcoin seems poised to crack the psychological barrier of $80,000.
Coinbase Bond Issue & Saylor’s Comments Lead to Investor FOMO
Beyond Bitcoin’s strong fundamentals and the upcoming supply reduction from the halving, several other developments could accelerate BTC’s momentum.
Most notably, Coinbase – the largest US-based crypto exchange – recently announced plans to raise $1 billion through a bond offering.
The crypto behemoth hasn’t revealed what the funds will be used for, yet speculation is rife that some could be directed towards BTC purchases.
Such a massive accumulation from a mainstream, publicly traded company would inevitably put upward price pressure on the coin.
Additionally, Michael Saylor – the famous Bitcoin bull and CEO of MicroStrategy – has been beating the drum even louder lately.
In a recent interview with CNBC, Saylor doubled down on his “Bitcoin will eat gold” narrative, claiming that the coin’s superior properties will see it siphon massive amounts of capital from the precious metal throughout 2024.
Combined with BlackRock making strides to offer BTC exposure across its fund selection, this sort of endorsement from Saylor could lead to more FOMO.
Ultimately, with so many forces converging at the same time, a run at the $80,000 level in March doesn’t seem so farfetched.
Bitcoin Minetrix’s Native BTCMTX Nears Highly-Anticipated Exchange Debut
With broader catalysts setting the stage for Bitcoin to potentially explode higher, another event that could add fuel to the fire is the upcoming exchange launch of Bitcoin Minetrix’s native BTCMTX token.
For those unaware, Bitcoin Minetrix is introducing a novel “Stake-to-Mine” ecosystem built on the Ethereum blockchain.
This allows anyone to earn BTC rewards by staking BTCMTX – no mining rigs or technical knowledge is required.
Here’s how it works in simple terms: Investors purchase and stake BTCMTX tokens, which are then used to mint cloud mining credits through a smart contract.
These credits essentially represent a share of Bitcoin Minetrix’s enormous mining power.
By burning those cloud mining credits, users will receive a cut of the mining rewards from Bitcoin Minetrix’s cloud mining operations, which are paid out in BTC.
It’s cryptocurrency mining, but it’s accessible, secure, and affordable for the average person.
Alongside the Stake-to-Mine feature, the platform even has another staking protocol offering yields of 57% per year.
After a wildly successful presale event, Bitcoin Minetrix is now nearing the $15 million funding target.
Once that target has been hit, the development team intends to list BTCMTX on several CEXs.
Members of Bitcoin Minetrix’s Telegram channel are looking forward to these listings, believing they could spark a significant price surge for BTCMTX.
Visit Bitcoin Minetrix Presale
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Cryptocurrency
2 Bullish and 2 Bearish Shiba Inu Signals as the SHIB Price Consolidates
TL;DR
- Shiba Inu’s spike in large transactions and increase of investors currently in profit suggest the meme coin could be headed for further gains in the near future.
- On the other hand, slight drop in network growth and a 50% decline in SHIB’s burn rate indicate potential challenges ahead for price momentum.
Showing Mixed Signals
Shiba Inu (SHIB) has been rallying in the past week, witnessing a price jump of around 9% for that period. However, it stalled its progress in the past few days and even flashed red on a daily scale. Currently, it trades at around $0.00001441 (per CoinGecko’s data).
There are two factors hinting that the meme coin may soon head north again. The first is the spike of large SHIB transactions volume (where each transaction exceeds $100,000). According to IntoTheBlock, the figure surpassed $20 million in the past 24 hours, representing a 170% increase compared to the amount observed on September 23.
Such large transactions often indicate the involvement of whales. Increased activity from those investors with significant holdings can be seen as a positive sign from smaller players and encourage them to enter the ecosystem, hence injecting fresh capital.
The next bullish sign is the “In the Money” metric, which is up 4.3%. The technical analysis tool measures the change in the number of SHIB investors currently sitting on paper profits. As of now, 48% of all Shiba Inu investors are in the green, while 51% are underwater. Only 1% of those exposed to the meme coin are break-even.
Conversely, two bearish elements suggest that SHIB’s valuation might be poised for a correction. For instance, Net Network Growth (a momentum signal that gives “a pulse of the true growth of the token’s underlying network”) is down 0.17%.
Shiba Inu’s burning mechanism is also on a downtrend. The burn rate has fallen by almost 50% in the past 24 hours, resulting in less than 8 million tokens sent to a null address.
The program’s ultimate goal is to reduce the huge circulating supply of SHIB and thus propel a price increase (assuming demand keeps its levels or rises). Currently, there are over 583 trillion tokens in circulation, with 410 trillion already destroyed over the past few years.
SHIB Predictions
Some analysts are quite optimistic about Shiba Inu’s future, envisioning somewhat wild targets. JAVON MARKS recently argued that the asset’s uptrend witnessed after the US Federal Reserve lowered interest rates could be the starting point for a rally to as high as $0.000081.
Another X user, using the handle pepa, was even more bullish, claiming SHIB might erase two zeroes from its valuation in the near future based on the formation of a specific triangular shape on the price chart.
It’s important to note that for this kind of massive surge to happen, the market capitalization of the meme coin would need to hit around $800 billion.
Currently, Bitcoin (BTC) is the only cryptocurrency that exceeds that level, making this prediction very improbable.
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Cryptocurrency
This Is Why Bitcoin Surged Above $64K, Can it Go Higher? (Bitfinex)
Last week, the Federal Reserve reduced its interest rate by 50 basic points, allowing increased cash flow in the United States. Two days after the rate reduction, bitcoin’s price surged past $64,000, reigniting confidence in the market.
According to Bitfinex’s latest weekly report, the jump in BTC price was influenced by increased activities within the futures and perpetual markets rather than the spot market.
What Triggered Bitcoin’s Latest Price Surge?
The report noted that bitcoin’s open interest drove the latest surge instead of spot trading, implying that the futures and perpetual markets saw the most investor engagement. The exchange’s analysts added that the crypto asset’s open interest “outpaced the price gains of BTC itself.”
According to on-chain data from the blockchain analytics platform Coinglass, bitcoin’s open interest recently attained $34.9 billion, the highest seen since early August.
Bitfinex analysts added that an increased engagement with the spot Bitcoin exchange-traded fund (ETF) could drive the leading cryptocurrency to reclaim prices closer to its peak value of $73,800. Over $397.2 million flowed into the U.S.-traded spot Bitcoin ETFs in the past week, proving that BTC price may follow in the uptrend.
The market report explained that the leading crypto asset could unlock the $65,200 price resistance from late August if this trend of Bitcoin ETF inflows continues.
“Should Bitcoin breach the key resistance levels from late August, this could propel the asset towards new highs, coinciding with the end of summer’s low liquidity. However, without sustained spot buying, consolidation or a partial correction seems the most likely scenario,” the analysts said.
Altcoins See Price Increases
Aside from bitcoin, other crypto assets have seen considerable increment within the past month. Bitfinex referenced SUI and AAVE as altcoins that unlocked a 100% price increase in August and September.
On the other hand, altcoins that do not belong to the top 10 coins by market capitalization have not increased, as revealed in an index showing the data. Still, open interest in these assets has soared from $10.74 billion in August to $11.48 billion.
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Cryptocurrency
Bitcoin (BTC) Price Eyes $64K, NEAR Protocol (NEAR) Soars 20% in 2 Days (Market Watch)
Bitcoin’s price tumbled below $63,000 yesterday, but the bulls seem back in control as they have pushed the asset toward $64,000 once again.
Most larger-cap altcoins are sluggish on a daily scale, aside from ADA, which has jumped by over 4%, and DOT, which has added just under 4%.
BTC Aims at $64K
After the slow start to the previous week, when it dropped to $57,600, bitcoin experienced a true rollercoaster by the end of the five-day trading period that ended on Friday, especially during and after the Wednesday FOMC meeting, in which the US Fed announced a 0.5% reduction in the key interest rates.
BTC recorded several substantial price moves before it headed north decisively. In just a few days, it peaked above $64,000 before it lost some ground during the weekend and remained around $63,000.
The bulls went at it again on Monday morning and drove the asset to its highest price level in over four weeks of $64,800. However, it failed to conquer that level and the subsequent rejection pushed it south to under $63,000 yesterday.
Nevertheless, the cryptocurrency has gained around a grand since then and is now close to $64,000. Its market cap has neared $1.260 trillion on CG but its dominance over the alts is just shy of 54%.
NEAR Sees Double-Digit Gains
Binance Coin, Solana, and Cardano have emerged as the top performers from the larger-cap alts today. BNB has reclaimed the $600 level after a 2.6% daily increase, SOL is close to $150 after gaining 3%, while ADA has soared by 5% and stands at $0.36.
Although the rest of the larger caps are also in the green, their gains are a lot more modest. NEAR Protocol’s native token has jumped by 8% on a daily scale and 20% since Sunday and now trades above $5.2.
Other impressive gainers from the top 100 alts include AR (16%), TIA (15%), WIF (11%), LDO (9%), ICP (9%), and STX (9%).
The total crypto market cap has added another $20 billion overnight and is at $2.340 trillion on CG.
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