Cryptocurrency

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Noting that BTC remains trapped in a series of lower highs and lower lows, Brandt pointed out that only a close above the July highs would officially break this pattern and complete the six-month expanding triangle that has formed. Until that point is reached, he believes the pattern remains in play.It is worth noting that at the time of Brandt’s assessment, Bitcoin (BTC) was valued at $63,695. Just 24 hours later, the price had shot up to $66,200, raising questions for some observers. Some wondered if this change in price would change the way traders think about the top cryptocurrency. Still, Brandt said that Bitcoin still needs to break through the July high of $70,000, which would require another 5.5% gain, to invalidate the series of lower highs and lows. This is despite the fact that BTC has already gained 12% since the beginning of September.It has been perfectly in line with the behavior of BTC over the past few months, keeping traders on their toes as the price action unfolds.Meanwhile, the August low of $49,000 is a key support level that is still a focal point for any downside risk. It is still up for debate whether Bitcoin will move higher or retest its previous lows, but it is clear that the bulls have the advantage for now – as long as the price remains well above critical support.This article was originally published on U.Today More

As of today, the hedge fund’s total cryptocurrency holdings amount to 362,193 BTC, or the equivalent of $23.79 billion. For comparison, this is over 100,000 BTC more than the amount held by the nearest competitor, Grayscale.There is no mystery behind such groundbreaking activity from BlackRock’s side toward the major cryptocurrency. As the fund’s head of digital assets recently revealed, for them, Bitcoin is not a risky gamble, but rather a scarce, global, decentralized, nonsovereign asset that has no country risk and no traditional counterparty risk. From the perspective of a $10 trillion asset management firm, BTC is more like digital gold than a beta to the NASDAQ and tech stocks in general.BlackRock’s interest in cryptocurrencies does not end there, however, as the fund recently launched its spot Ethereum ETF solution. These ETFs have not seen the same hype as those focused on Bitcoin, but the number of ETH in BlackRock’s wallet is growing regardless. It remains to be seen if we will see the appropriate level of acceptance for Ethereum from the financial giant, but at least the trend seems to be there.This article was originally published on U.Today More

Pal shared that his main crypto bets are Solana (SOL), which he sees as the “main game,” Sui (SUI), which he is betting will continue to do well, and meme coins like Smoking Chicken Fish (SCF) and Dogecoin (DOGE). In addition, the trader mentioned that he is also focusing on cultural NFTs as part of his long-term portfolio.Michael Saylor responded to Pal’s post, noting that Bitcoin misses him, suggesting that Pal is less focused on the leading cryptocurrency.Pal’s response was that he does not have the same financial standing as Saylor, and while he still believes in Bitcoin’s future, his current role requires him to take risks and invest in other assets. He explained that he is now focused on generating the highest returns, which means investing in riskier assets and moving away from a Bitcoin-centric strategy.Thus, he revealed that he was an early Bitcoin investor, buying his first BTC when it was priced at $200. Pal then claimed that he has outperformed Bitcoin since his initial investment and continues to prioritize returns over loyalty to any particular crypto asset.In another branch of this debate, Raoul Pal emphasized that the only goal is to generate profit while contributing to the growth of Web3 and clarified that there is no Ethereum (ETH) in his portfolio aside from NFTs.This article was originally published on U.Today More

The company’s approach has been quite simple: acquire Bitcoin at different prices independent of the state of the market and retain it as a reserve asset. Due to their consistent buying of Bitcoin during market downturns, MicroStrategy has demonstrated a methodical approach to dollar-cost averaging. By using this strategy, they can spread out their investments over time as opposed to making large one-time purchases. Their total dollar-cost average thus remains significantly below the current market price, providing them with a buffer against volatility. Timing-wise, MicroStrategy has made purchases at pivotal times in the market, following both substantial corrections and bullish trends. This strategy is consistent with their long-term view of Bitcoin as a hedge against inflation and a store of value. Significantly the portfolio tracker demonstrates that in spite of a few transient setbacks, the approach has put them in a very profitable position as Bitcoin keeps rising.The value of MicroStrategy’s holdings could increase exponentially as a result of Bitcoin, which is currently trading at $65,000 and appears to be headed higher, particularly if it breaks $70,000. This is especially significant because it increases demand as more institutional investors view Bitcoin as a real asset class.This article was originally published on U.Today More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce that it has been granted a full license by the Astana Financial Service Authority (AFSA). This significant milestone enables Bybit to operate as a fully authorized market institution in Kazakhstan, marking another step in the company’s global expansion.Under full authorization from AFSA, Bybit Kazakhstan will offer a comprehensive range of services, including operating a digital asset trading facility, providing custody, dealing in investments as both an agent and principal, and managing investments. Bybit’s new licensing opens many opportunities for users in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.This new chapter for Bybit in Kazakhstan solidifies the company’s commitment to fostering innovation and growth within the global cryptocurrency landscape. With a fully regulated platform, Bybit is poised to deliver enhanced services that meet the highest standards of compliance and security. Bybit looks forward to building strong relationships with traders in Kazakhstan and across the CIS region, empowering them to navigate the dynamic world of digital assets with confidence.About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, users can visit Bybit Press. For media inquiries, users can contact: media@bybit.comFor more information, users can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

Back seems set for a green month ahead, as his latest post on X (formerly Twitter) states that he is preparing for the so-called “Uptober.”In support of the suggestion that the crypto market, or at least Bitcoin, can expect to rise in the next little over 30 days is the price history of the main cryptocurrency. Thus, the average value of BTC profitability for all Octobers in its history – and there are almost 13 of them – is 15.5%. Even more strictly measured, the median value is kept at 14.9%.The argument being made is that September is also traditionally considered a weak month for the price of BTC, but this time the statistic was rejected and Bitcoin rose by double-digit percentages.This could signal that October and September have switched places, maybe due to the frontrunner of this very “Uptober” narrative, and now at least the first half of the coming month will be stagnant.One may agree or disagree, but such a catch would definitely be in the spirit of the crypto market.This article was originally published on U.Today More

The original cryptocurrency is back to levels not seen since July, boosted by a stock market rally fueled by upbeat U.S. labor market data and economic stimulus moves from China.The more immediate boost came from China, where authorities are reportedly considering injecting up to 1 trillion yuan into the country’s largest state banks to help revive the struggling economy.Risk-correlated assets, including crypto and equity markets, gained momentum after China announced plans for further economic stimulus, and U.S. jobless claims fell by 4,000 to a four-month low of 218,000. Moreover, China’s Politburo committed to ramping up fiscal spending and implementing “forceful” interest rate cuts to boost the economy.Bitcoin’s rally started last week after the U.S. Federal Reserve made its first interest rate cut since the Covid pandemic, reducing rates by 50 basis points instead of the expected 25. Traders are now betting on another cut at the Fed’s upcoming meeting on Nov. 7, with many expecting another 50 basis point reduction, according to the CME FedWatch Tool.As Bitcoin’s price climbs, U.S. spot bitcoin exchange-traded funds saw total daily net inflows of $365.57 million on Thursday, the largest since late July. Leading the surge was Ark Invest and 21Shares’ ARKB, which attracted $113.82 million in inflows, followed by BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT), the largest spot bitcoin ETF by net assets, with $93.38 million. Fidelity’s Wise Origin Bitcoin Fund (NYSE:FBTC) also recorded $74 million in inflows, reversing weeks of flat or negative flows as Bitcoin’s price had been struggling.Elsewhere, risk appetite made a comeback after months of caution, with dog-themed memecoins leading the charge in the broader crypto market. Even lesser-known dog-themed tokens built on the less popular Bitcoin Runes protocol saw gains, signaling that investors are becoming more willing to take riskier bets. More