Cryptocurrency

The report posits that allocating just 1% of the $250 trillion global investable asset base to Bitcoin could potentially drive its price to $120,000. However, the more noteworthy projection arises with a 19.4% allocation, forecasting a potential price of $2.3 million. While these figures may raise eyebrows, they underscore the evolving perception of Bitcoin as a legitimate asset class.Highlighting key catalysts for Bitcoin in 2024, the report places a spotlight on the upcoming halving, expected in April. This event, occurring approximately every four years, historically coincides with the initiation of a bull market. The forthcoming halving will reduce Bitcoin’s inflation rate from ~1.8% to ~0.9%, potentially influencing its value.Institutional acceptance also emerges as a crucial factor, with ARK anticipating a shift in perception from viewing BTC as a speculative instrument to recognizing it as a strategic investment in diversified portfolios. Notably, influential figures such as Larry Fink, CEO of BlackRock (NYSE:BLK), have signaled a change in stance toward Bitcoin’s potential as a “flight to quality.”This article was originally published on U.Today More

The top analyst also showcased the annual returns on the Nasdaq, pegged at about 21% from doing nothing as well. While he initially noted rhetorically that achieving the goal was not easy, he went on to acknowledge how easy hitting the massive Bitcoin surge is when placed side by side with the GMI Total Global Liquidity Index (the global fiat debasement).With major currencies sliding in value over time, the attractiveness of Bitcoin has come to light. Raoul Pal threw a direct jab at Bitcoin critics, who believe a bet on the coin will “end in tears.” He noted that the same narrative has been ongoing for almost a decade now as critics argue that “correlation doesn’t equal causation.”Raoul Pal is confident in the ability of Bitcoin to continually defy the norm as he believes the digital currency will continually see exponential growth while mainstream legacy assets print financial repression.While it maintains some forms of correlation with the Nasdaq 100 at a time, there has been a decoupling over the past few months, with Bitcoin now acting on internal factors like the emergence of spot Bitcoin Exchange Traded Fund (ETF) products.Top investors like Samson Mow see the price of Bitcoin surpassing the $1 million benchmark sometime soon, and other veterans like Ark Invest’s Cathie Wood and SkyBridge Capital’s Anthony Scaramucci are confident in the ability of the coin to keep growing as well.This article was originally published on U.Today More

The 200 EMA serves as an important barometer for the long-term trend and investor sentiment. For XRP, remaining below this level suggests that the asset lacks the bullish momentum needed to shift into an upward trajectory. This inability to secure a foothold above the 200 EMA raises questions about the stability of positive price action in the near term.XRP/USDT Chart by TradingViewTechnical analysis shows that the 200 EMA is a dynamic level of resistance that many traders watch closely. A consistent failure to breach this mark can lead to a self-fulfilling prophecy where the resistance level grows stronger, as more traders set their sell orders around this key price point. The ETH chart reveals a telling pattern; the absence of a new higher high is significant. Typically, in a bullish market phase, the price of an asset creates a series of higher highs and higher lows. However, Ethereum’s inability to push beyond its recent peak may suggest that the bulls are running out of steam and a reevaluation of market sentiment could be underway.Analyzing the chart, the local resistance level has been a tough ceiling for Ethereum to break. This resistance, where sell orders tend to cluster, is acting as a barrier preventing further upward movement. On the flip side, the support level represents a price point with a concentration of buy orders, offering a potential cushion against a price drop. If Ethereum fails to uphold the support level, it could trigger a price breakdown, signaling a shift to a bearish trend.If Ethereum’s price continues to struggle, the scenario could unfold where the asset drops further, testing subsequent support levels. While the underlying fundamentals of Ethereum, such as network upgrades and adoption rates, remain robust, the short-term price action could still be subject to corrective forces.The technical outlook for SOL is looking promising. After a period of bullish activity that piqued the interest of many investors, SOL has hit a snag near the $100 resistance level. This resistance level represents a significant psychological and financial barrier, as it is where sell orders tend to accumulate, putting downward pressure on the price.Despite efforts to rally, the asset has been unable to generate the necessary momentum to overcome this threshold with ease and currently consolidates at it. One of the key factors influencing this lackluster performance could be the market’s tepid reaction to the announcement of Solana phone Saga 2. The news, which might have been expected to inject some enthusiasm onto the market, failed to provide substantial support for Solana’s price.Looking at the chart, the local support levels are clearly delineated. The first line of defense for SOL lies around the $88-$90 price range, where previous dips have found buyers waiting. Should this level fail to hold, the next support may not emerge until it reaches the more robust $70 level, which could act as a stronger foothold for the price.Conversely, resistance beyond $100 is now more formidable than ever. With each rejection, the resolve of buyers weakens, and the $100 level transforms from a mere price point into a crucial psychological level you should not miss.This article was originally published on U.Today More

The motion filed by Genesis late on Friday seeks authority for Gemini to monetize the initial collateral of 30,905,782 shares of Grayscale Bitcoin Trust, Gemini said. Genesis has requested an expedited hearing on the motion on Feb. 8, Gemini said in a statement. This week, Genesis settled a U.S. Securities and Exchange Commission lawsuit over its defunct Gemini Earn lending program. Genesis is moving ahead with a liquidation plan that aims to repay customers in cash or cryptocurrency, depending on the types of currency they had deposited in the Earn program. The Earn program was halted during a crypto market crash in November 2023, and its failure has spurred litigation between Genesis, Gemini, and Genesis’s parent company, Digital Currency Group. More

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