Cryptocurrency

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

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

The distribution of this sell-off was as follows: 297,454 ETH ($656.5 million) moved to Coinbase (NASDAQ:COIN) Prime, 146,507 ETH to Paxos Treasury and smaller amounts of 7,800 ETH each, totaling $17.2 million, were transferred to FalconX and Coinbase. Despite this massive transfer, Celsius reportedly retains a reserve of 62,468 ETH, worth around $139 million.Such a colossal sale exerts immense pressure on Ethereum’s price and could significantly sway market sentiment. The immediate concern for investors and traders is whether Ethereum’s liquidity and market capitalization can absorb such a hit without triggering a broad market downturn.From a technical analysis standpoint, the massive outflow from Celsius is a bearish signal, likely to test Ethereum’s local support levels. A crucial support to watch is around the $2,000 price range, a psychological and technical support level, which, if breached, could see the price tumble to the next significant support at $1,800. This level has historically acted as a strong buy zone and may serve as a robust defense against further declines.Conversely, resistance levels have become more formidable due to the sell-off. Any potential recovery will have to confront the resistance at $2,200, which previously acted as a support level. A break above this could see Ethereum attempt to reclaim higher price levels, possibly testing the $2,400 resistance.The substantial sell-off initiated by Celsius has placed Ethereum in a problematic position. Although the Ethereum network’s fundamentals remain robust, the asset’s price resilience in the face of such a significant sell-off shows the actual state of the market.This article was originally published on U.Today More

With all eyes on Bitcoin, the latest correction might be a result of the Jim Cramer effect. Based on precedent, crypto proponents on X have identified a pattern that sees Bitcoin move in the opposite direction from what Jim Cramer identifies. As the CNBC Mad Money Host noted on X on Jan. 24, he pointed out that Bitcoin was off to a strong start in defiance of his earlier call that the coin’s floor might still be far away.When this statement was made, Bitcoin was trading at about the $40,000 price mark, and its correction at the time of writing suggests the Jim Cramer theory might be accurate after all. The launched spot Bitcoin Exchange Traded Fund (ETF) product has not produced enough impact, as projected by top market veterans like Samson Mow. While there is enough time to hit the $1 million price projection from Mow, Bitcoin’s outlook since the product started trading has been relatively gloomy.With the Bitcoin halving event now ahead, the market is choosing to lean on another network fundamental to anticipate a massive bullish resurgence in the price of the digital currency. According to top analysts like Benjamin Cowen, BTC is poised to enter the bull market ahead of the forthcoming halving.This article was originally published on U.Today More

Samson Mow’s core projection for the BTC price to touch $1 million someday hinges on the capital inflow into spot Bitcoin ETF products. Beyond this, he noted that the network hashrate is also worth watching. With this metric cruising to a new high in recent times, higher growth is expected ahead of the next halving event.Next on his list is the Finex whale accumulation metric and the 200 WMA trend. Surprisingly, he listed the Tether (USDT) Asset Under Management (AUM) as an essential indicator to watch as the stablecoin forms the key liquidity base for the coin.Besides these on-chain indicators, Samson Mow also named the government’s interest payments on debt, the Debt GDP ratios, nation state Bitcoin adoption, real inflation and M3 Money. All of these indicators have a convergence point to influence the BTC price outlook in the long term.At the current price level, Bitcoin is now down 38.9% from its all-time high (ATH) of $68,789.63. To proponents like Samson Mow, the forthcoming halving event will complement the spot BTC ETF products to help revive the price of Bitcoin in the most dramatic way ever.This article was originally published on U.Today More

The Federal Reserve’s decision on interest rates is a critical economic lever that traditionally influences traditional markets and, as has been seen, the cryptocurrency market as well. An unchanged interest rate could maintain the status quo, possibly keeping investment steady in assets like Bitcoin and Ethereum. A cut, however, could signal economic caution, potentially reducing the attractiveness of risk assets like cryptocurrencies or, conversely, could lead investors to seek higher returns in the crypto market if traditional investments falter.BTC/USD Chart by TradingViewAnalyzing the Bitcoin chart, there is a distinctive “war” between the bulls and bears. The immediate resistance level to watch is around the $42,500 mark, which Bitcoin has been testing recently. This level is crucial because a decisive close above it could signal increasing bullish momentum. On the downside, the support level at approximately $39,528, aligning with a psychological round number and a previous area of interest, is one that traders are likely to defend vigorously.The upcoming Fed decision could serve as a catalyst for Bitcoin’s next big move. If interest rates remain unchanged, Bitcoin could continue to test the resistance level, and a break above could confirm a bullish reversal. However, should rates decrease, Bitcoin’s reaction might be even more unpredictable.This article was originally published on U.Today More