Bitcoin plunged to three-month lows under $87K, with a 13% loss in February, as market sentiment shifted to “extreme fear.” Liquidations exceeded $1.5 billion, and while some indicators suggested a potential reversal, concerns about the bull market’s sustainability lingered. Key support is seen around $86,000, with newer Bitcoin whales’ cost basis at $89.2K.
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0 posts last weekCZ considers launching a memecoin inspired by his dog amid speculation
Changpeng Zhao, the former CEO of Binance, is contemplating launching a memecoin inspired by his Belgian Malinois dog, despite previously distancing himself from meme cryptocurrencies. This interest follows the emergence of a memecoin called TORO, claiming to represent his dog, which briefly reached a market cap of $4.8 billion before plummeting. The potential for a CZ dog-themed memecoin to rival established players like Dogecoin and Shiba Inu is fueled by recent positive market sentiment surrounding BNB.
read moreBitcoin Predictions for 2025 by Fund Manager Alistair Milne
Alistair Milne, co-founder and CIO of the Altana Digital Currency Fund, predicts significant developments for Bitcoin in 2025, including the U.S. maintaining its Bitcoin stockpile and smaller nations increasing their reserves. He anticipates Bitcoin prices could reach $200-250k, or even $500k if the U.S. begins buying, driven by a nation-state arms race. Milne also expects a milder bear market, increased corporate engagement, and a liquidity boost from the recovery of major exchanges.
read moreBitcoin ETF Outflows Ease, Momentum Turning for Price Recovery
Bitcoin’s institutional outflows are receding, with Grayscale Bitcoin Trust (GBTC) losing $170 million on March 22. The United States Spot Bitcoin exchange-traded funds (ETFs) have seen declining inflows, while GBTC outflows hit record highs. Analysts are divided on the future of BTC price action, with some expecting a return to price discovery, while others criticize GBTC as Bitcoin’s “biggest headwind.”
read moreBitcoin Reaches New All-Time Highs Against Fiat Currencies, Pound Sterling Next
Bitcoin is reaching new all-time highs against fiat currencies, with the British pound sterling next in line to potentially hit a record high. The UK’s struggling economy, marked by inflation, a stagnant stock market, and a real estate squeeze, is contributing to the pound’s weakness. Additionally, Bitcoin is also setting new records against the Turkish lira and the Japanese yen.
read moreFTX Sells Stake in Grayscale Bitcoin Trust as BTC Market Declines
FTX, a defunct crypto exchange, has sold its stake in Grayscale Bitcoin Trust (GBTC), reducing its ownership to zero. This comes after GBTC’s transformation into a spot ETF and amidst a downturn in the Bitcoin market.
read moreSpot Bitcoin ETFs Approval Could Trigger Volatile Price Movements
The US Securities and Exchange Commission (SEC) has approved 11 spot Bitcoin Exchange-Traded Funds (ETFs), a historic event in the crypto space. Despite this, Bitcoin’s price remained stable around the $46,000 mark, suggesting the approval was already factored into the market price. However, the commencement of trading for these ETFs could cause volatile price movements.Projections for ETF inflows are staggering, with Bloomberg anticipating a record-breaking $4 billion inflow on the first trading day. BlackRock’s ETF is expected to see $2 billion in inflows. Standard Chartered projects that 2024 could see $50-100 billion in spot Bitcoin ETF inflows, potentially pushing Bitcoin’s price to $200,000 by the end of 2025.On-chain analyst Axel Adler Jr. suggests that Bitcoin’s lagging performance may be due to miners taking advantage of the cash inflow into the market. Meanwhile, Raghu Yarlagadda, CEO of FalconX, emphasized the impact of net inflows on BTC’s price in the coming week. If the net inflows are less than $1 to $2 billion, it will have an adverse effect on price, and if it is more, it will have a positive effect.
read moreSpot Bitcoin ETFs: Busting Myths and Dispelling Misconceptions
With the approval of a spot Bitcoin ETF on the horizon, Alistair Milne, CIO of Altana Digital Currency Fund, dispels myths surrounding these ETFs. He clarifies that spot ETFs are legally obligated to invest in BTC, debunking the rumor of “paper Bitcoin” diluting the supply. Additionally, he explains that spot ETFs are driven by inflows and outflows, not discretionary decisions, and that they will increase the proportion of spot BTC traded, making it harder to manipulate prices.
read moreEl Salvador’s $1 Million Bitcoin Visa Program Receives Strong Interest
El Salvador’s $1 million Freedom Visa program, which offers citizenship and residency to individuals who donate in Bitcoin or Tether, has received significant interest since its launch. Despite criticism of its high price compared to other visa programs, the National Bitcoin Office believes it is a fair price and highlights the country’s pro-Bitcoin policies.
read moreEl Salvador Launches Citizenship Program for Crypto Investors
El Salvador has launched the “Adopting El Salvador Freedom Visa Program,” a citizenship-by-investment scheme aimed at attracting the crypto community. Under the program, individuals must invest at least $1 million in Bitcoin or Tether to receive residency and potential citizenship in the country. However, some experts question the viability of such a large investment compared to cheaper alternatives offered by other countries.
read moreEl Salvador Launches Citizenship-by-Investment Program for Bitcoin Enthusiasts
El Salvador has launched a citizenship-by-investment program called the “Adopting El Salvador Freedom Visa Program,” offering residency visas and potential citizenship to individuals who invest $1 million in Bitcoin or Tether. This initiative aims to attract Bitcoin enthusiasts worldwide and could have a significant impact on the perception of cryptocurrency globally. Despite criticisms, El Salvador has seen success in its Bitcoin adoption, with President Nayib Bukele announcing a $3.6 billion profit on the country’s Bitcoin holdings.
read moreBitfinex Whales Close Bitcoin Longs, Market Remains Bullish
Bitfinex whales have been closing their Bitcoin long positions, with a reduction of 3,500 BTC in the past week, bringing the total down to 76,500 BTC. Despite this, the market remains optimistic, as indicated by the subdued short positions and the prevailing bullish sentiment.
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