Aurelia Butler

The expert’s optimism is fueled by the recent approval of spot-based Bitcoin ETFs by the Securities and Exchange Commission for multiple companies.Addressing the current state of Bitcoin ETFs, Mow notes a period of market adjustment. The recent launch of Bitcoin ETFs with billions in trading volume and BlackRock (NYSE:BLK)’s acquisition of 11,500 BTC have contributed to the ongoing recalibration. Meanwhile, GBTC holders are exiting positions, creating sell pressure and pushing prices down. Mow believes this process will not be prolonged, as many are hesitant to sell due to substantial tax implications, eventually leading to Grayscale’s fee capitulation.As 2024 unfolds, Mow’s bold prediction adds an extra layer of anticipation and excitement to Bitcoin. The crypto community eagerly awaits to see if the expert’s foresight will indeed materialize in the imminent time.This article was originally published on U.Today More

There have always been some forms of criticism about Bitcoin, especially from prominent figures like CNBC’s Mad Money Host Jim Cramer, JPMorgan CEO, Jamie Dimon and Peter Schiff. The network statistics presented by the Ark Invest CEO validate the counterargument that shows Bitcoin has value, and most importantly, that it has a high level of security.Cathie Wood noted that Bitcoin’s intricate network is “orders of magnitude larger than the combined size of the clouds that Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT) have built over the last 15-20 years.”These comments were a direct response to the post from Yassine Elmandjra, Ark Invest’s director of digital assets, who highlighted that Bitcoin’s hash rate has hit an all-time high (ATH) of 500 exahashes/s this month. Yassine shared insane statistics, including how Bitcoin, by the number of raw operations per second, performs approximately 500x more than the world’s most powerful supercomputer.However, the ecosystem has continued to grow, with the United States Securities and Exchange Commission (SEC) validating this growth when it approved 11 spot Bitcoin Exchange Traded Fund (ETF) applications from the likes of Ark Invest and BlackRock (NYSE:BLK).While this move has given corporate investors exposure to the protocol, the forthcoming Bitcoin halving event is also a major indicator that the coin is designed with much intentionality in hopes of making it as valuable as it is turning out to be today.Amid all the positive trends surrounding it, Bitcoin has dropped by 3.38% in 24 hours to $41,401.15 to lead the ongoing market’s bearish consolidation.This article was originally published on U.Today More

Back then, Buterin had responded to a question about the possibility of building Ethereum on top of Bitcoin, expressing concerns about potential conflicts with Bitcoin’s development team. He cited fears that protocol rules might change, making it difficult for him to build on a base protocol at odds with his vision.Fast forward to January 2024, and Wright seized the opportunity to comment on Buterin’s past remarks. He argued that Ethereum only exists due to centralized development teams that have the power to alter the protocol. Wright mused about the hypothetical scenario of having everything built on Bitcoin, envisioning a more streamlined and less fragmented system.While Ethereum has achieved considerable success as a platform for smart contracts and applications, Wright argues for the stability and originality of Bitcoin’s protocol.Moreover, it revives the centralization debate in both cryptocurrency ecosystems. On the one side is OFAC’s censorship of ETH transactions; on the other side is the enormous concentration of BTC in the hands of whales and miners.This article was originally published on U.Today More

The network’s dynamic difficulty adjustments play a key role in maintaining a consistent block discovery rate, despite the surge in hash rate. This mechanism ensures that the time required to discover new blocks and process transactions remains stable. This achievement is not just a technical feat; it also serves as a testament to Bitcoin’s computational prowess, which now exceeds that of some of the world’s most powerful supercomputers. The milestone is viewed as a positive indicator of investor confidence, reflecting trust in the resilience and capability of the Bitcoin network.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The breakdown was signaled as SHIB prices breached the key support level at $0.000009, which had previously acted as a reliable floor for the price during consolidation phases. Following this, SHIB prices tumbled further, slicing through subsequent support near $0.0000087. This price action marked a decisive shift in market sentiment from accumulation to distribution.SHIB/USDT Chart by TradingViewThe next support level to watch is at $0.0000082, where SHIB may find a temporary reprieve from the selling pressure. If this level fails to hold, the next critical support lies at $0.0000076, which could serve as the last line of defense before a more significant drop.For a reversal to occur and for SHIB to regain its upward momentum, it would need to reclaim previous support levels and transform them back into supports. This would require a substantial influx of buying pressure, potentially sparked by positive developments within the Shiba Inu ecosystem or broader cryptocurrency market rallies.The first sign of a possible reversal would be a return above $0.0000087, followed by a sustained move above the $0.000009 price level. A breakout above these levels, accompanied by increasing volume, could indicate that the downtrend is losing steam and that bulls are regaining control.The significance of this pattern lies in the momentum it could provide for SOL. Should the price action remain strong within the upper half of the channel, and particularly if it challenges the upper trendline, we could see Solana break through and embark on a more aggressive rally. Such a bullish scenario would likely be supported by increased trading volume and positive developments within the Solana ecosystem, such as new project launches or updates that enhance network performance.The immediate local resistance stands at around $55, and a confident push beyond this could confirm bullish sentiment. Inversely, if Solana’s price dips below the channel’s lower boundary, around $48, it could indicate that a bearish narrative is taking hold.The provided chart illustrates Ethereum’s struggle to maintain its grasp on the market. The price has been on a downward trend, edging closer to the local 26-day Exponential Moving Average. This level, currently near $2,465, is critical; if Ethereum fails to hold this line, we might see it descend to test the more significant 50 EMA, which stands around the $2,300 mark.The 26 EMA serves as a short-term sentiment gauge, and its breach could signal a lack of immediate bullish support. Should this level fail to act as a springboard for price recovery, Ethereum’s next stop could indeed be the 50 EMA. A breach below this longer-term moving average could potentially open the gates for a test of lower support levels, highlighting the need for investors to brace for more volatility.Market participants are now recalibrating their expectations, understanding that the road to sustainable gains is a long-term journey.This article was originally published on U.Today More