Cryptocurrency

At the same time, he took a dig at the second-largest cryptocurrency by market cap, Ethereum.MicroStrategy has been adding large BTC chunks to its balance sheet regularly since August of 2020, and Tether holds Bitcoin among the assets that back the USDT supply issued by it. Michael Saylor’s business intelligence giant now holds an astonishing $8.7 billion worth of Bitcoin, and this, surprisingly, exceeds the company’s market capitalization by $1 billion.Earlier this week, by the way, Michael Saylor called on the cryptocurrency community not to sell their Bitcoin, despite the continuous BTC price plunge that is taking place despite spot ETF approval by the SEC regulatory agency.As for Tether, last quarter, it acquired another Bitcoin stash amounting to $380 million worth of Bitcoin. At the time of this writing, Tether holds 66,465 BTC.Mow stressed the importance of the global flagship cryptocurrency Bitcoin as opposed to the second largest one by market capitalization value – Ethereum.card Mow has recently been tweeting about his expectations for Bitcoin to reach $1 million. Elaborating on that forecast in one of his tweets, the Bitcoiner explained that this prediction should not be expected to be fulfilled instantly, like after the spot Bitcoin ETF was greenlit. What he meant was that the overall market fundamentals for Bitcoin have changed compared to how they stood before.In a tweet published earlier today, Mow stated that the Bitcoin price does not depend on the ETF approval, and it rises of its own accord and at its own pace.This article was originally published on U.Today More

This article was originally published on U.Today More

This article was originally published on U.Today More

This article was originally published on U.Today More

This article was originally published on U.Today More

The mechanism behind Ethereum’s burn is a recent upgrade known as EIP-1559, which introduced a transaction fee burn for every operation made on the network. Uniswap, as the leading DEX, handles a massive volume of transactions, naturally leading to a higher rate of ETH being burned. This burn acts as a deflationary force on the supply of Ethereum, theoretically creating scarcity that could bolster the asset’s value over the long term.ETH/USD Chart by TradingViewHowever, the correlation between burn rate and immediate price action is not linear. While Uniswap’s significant contribution to the burn rate underscores its dominance, the short-term impact on Ethereum’s price is subdued. Over a longer horizon, this deflationary mechanism is expected to establish a supportive base for the price of ETH, as reducing supply, ceteris paribus, should increase the value of each remaining ETH.It is important to note, though, that scarcity alone does not guarantee value growth. The intrinsic value of Ethereum also hinges on its utility, adoption and broader market sentiment. Currently, Ethereum is facing stiff competition from Solana in ecosystem growth, with many traders who favor volatility and risk gravitating toward Solana.A technical analysis of Ethereum’s current price action shows a challenging market phase. Ethereum is attempting to hold support around the $2,400 level. Should it fail to sustain this, the next key support is observed at the $2,300 mark, near the 50-day EMA. A breach below this could see Ethereum test the $2,000 psychological support level. Conversely, if Ethereum can rally past the immediate resistance at $2,500, it could pave the way to retest previous highs near $2,800.This article was originally published on U.Today More

The Glassnode cofounder shares his thoughts in a new tweet, highlighting that liquidity remains key for the BTC price. He offers his analysis, stating that Bitcoin’s recent surge above $42,200 provided liquidity for long positions with a neutral impulse.At the moment, he says the Bitcoin price is moving to fill the liquidity gap above $42,000, indicating potential volatility and about $659 million in liquidations have occurred.Based on this, Negentropic offers his outlook that bullish momentum could trigger $1 billion in short position liquidations, potentially propelling the market upward. This scenario might trigger a “short squeeze,” which happens when the price of an asset sharply increases as a large number of short sellers are compelled to exit their positions.This bullish outlook is consistent with a drop in selling pressure from investors taking profits in Grayscale Bitcoin Trust (GBTC).GBTC outflows appear to be slowing in recent days, and China’s central bank has announced a $140 billion injection into the financial system.The Glassnode cofounder stated in an earlier tweet that the liquidity surge has begun as China attempts to prop up its markets with enormous liquidity. He believes this might be the catalyst that propels the cryptocurrency and equity markets into the first half of 2024.Markus Thielen of 10x Research forecasts that Bitcoin prices could reach $50,000 by the end of the first quarter.”Bitcoin rallied just shy of the 42,800 short-term resistance level implied by the November to January trend channel. While the 43,000–44,000 area probably turns into a minor resistance area, we expect Bitcoin to pierce through and reclaim the 50,000+ level by the end of this quarter,” Thielen wrote in a tweet on Monday. This article was originally published on U.Today More

He suggested the cryptocurrency community should prepare themselves for Bitcoin going parabolic.However, the crypto trader tweeted that the Bitcoin supply shock pressure is already starting to build up. The effect of the upcoming Bitcoin halving is also being strengthened by spot Bitcoin ETF issuers grabbing Bitcoin from cryptocurrency exchanges – BlackRock (NYSE:BLK), Fidelity, Ark Invest, VanEck and others (while Grayscale continues to sell Bitcoin).As reported earlier, prominent Bitcoin maximalist Samson Mow also tweeted several times that he expects a Bitcoin supply shock and Bitcoin demand shock to meet at some point after the halvening takes place.The approval of the Ethereum ETF will potentially cause the ETH price to skyrocket as ETF issuers will also begin to scoop up the second-largest cryptocurrency in large amounts. Crypto YouTuber Lark Davis believes Ethereum is likely to surge to the $4,000 level (a prediction first made by Standard Chartered) on that wave of financial institutions purchasing Ethereum.Besides, Davis suggested that exchange-traded products based on altcoins other than Ethereum are likely to start emerging. He named Dogecoin, Solana, Chainlink and Avalanche coins as the basis for them in particular. These ETFs may be launched by the end of the year, Davis reckons.He mentioned the Franklin Templeton fund, which has been tweeting about Solana recently, and in an interview with Bloomberg, the fund’s rep stated that the cryptocurrency market may see more ETFs coming from them soon. In January, they launched a spot Bitcoin ETF, EZBC.This article was originally published on U.Today More