Cryptocurrency

The transfer has raised questions about its potential influence on the redemptions of Grayscale’s Bitcoin Trust (GBTC).Grayscale has not provided a comment on the transfer or its timing in relation to the Bitcoin price drop. However, the correlation between the transfer and the dip in Bitcoin’s price has become a point of discussion among market participants, who are monitoring the situation to gauge the ETF’s strategy and the possible effects on Bitcoin’s liquidity and market stability.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The software company’s team is actively combating this new wave of cybercrime, working tirelessly to identify and remove approximately 80 of these deceptive videos from the platform daily. In response to the threat, Saylor has issued a clear warning to the crypto community, advising individuals to exercise caution and verify the legitimacy of any cryptocurrency-related offers they encounter. He has reiterated that MicroStrategy does not engage in Bitcoin giveaways, a common lure used in digital currency scams.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The HKVAC’s revision of its index also includes the addition of several new assets. NEAR Protocol, Internet Computer, Immutable X, Optimism, and Injective are now part of the index, reflecting the evolving preferences and performance metrics in the crypto market. Furthermore, in another notable change within the top ten rankings, Tron has taken the place of Avalanche (AVAX).Cryptocurrency indices like the one managed by HKVAC are crucial for investors as they provide a benchmark for the performance of digital assets. These indices are often used to track the health of the cryptocurrency market and can influence investment decisions. The inclusion and exclusion of assets from such indices can impact the visibility and perceived market strength of the cryptocurrencies involved.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Saylor revealed that his team pulls down roughly 80 fake AI-generated YouTube videos every day, but scammers continue to create more.The MicroStrategy chairman took to X (formerly Twitter) to express his worry and warn the crypto community about fake podcasts urging users to scan a barcode and send Bitcoin to receive double the amount back. These are typical Bitcoin scam tactics that aim to deceive and steal from unsuspecting victims.In this light, Saylor warns BTC holders that there is no risk-free way to double their Bitcoin, and MicroStrategy does not give away BTC to those who scan a barcode. He also urges them to always verify and not blindly trust.Saylor is not the only renowned crypto personality to be targeted by AI scammers. In November 2023, deep-fake videos of Ripple CEO Brad Garlinghouse promoting fake XRP giveaways emerged on social media.Artificial intelligence (AI) is a sophisticated and quickly expanding technology that can generate realistic and convincing digital content such as photos, videos, audio and text. While artificial intelligence has many positive and beneficial applications, it can also be used for malicious purposes.The crypto community should be aware of the possible risks posed by AI and take action to safeguard their holdings. Some of the best practices for avoiding AI scams include verifying the source and authenticity of any information or offer related to crypto before taking any action. They should also never send crypto to unknown or untrusted addresses or platforms, especially if they promise unrealistic returns or rewards.This article was originally published on U.Today More

Ethereum’s market movement has been extremely dominant following the approval of the Bitcoin ETF, with the asset recently piercing through significant resistance levels. After a sustained period above the 50-day and 100-day EMAs, ETH has shown formidable strength. Currently, Ethereum’s price hovers around $2,600, with the immediate resistance level now likely forming near the $2,700 mark, a point at which sellers previously stepped in. A decisive break above this level could open the gates for further escalation toward the $3,000 psychological barrier.ETH/USD Chart by TradingViewOn the flip side, local support can be identified at around the $2,500 level, where a confluence of the EMAs and historical price reactions provides a safety net against potential pullbacks. Should Ethereum retreat from its current levels, the $2,400 and $2,300 levels stand ready to act as secondary and tertiary support zones, where buying interest has coalesced in the past.The backdrop to this vigorous market movement is the speculation regarding the potential approval of an Ethereum ETF. The recent green light for a Bitcoin spot ETF has amplified discussions around its Ethereum counterpart. Such approval would be a significant catalyst for Ethereum, potentially drawing in a new wave of institutional and retail investment.The primary strength of a spot Ethereum ETF lies in its direct exposure to the actual asset, rather than the derivatives market that futures-based ETFs represent. This means that an ETF would purchase actual Ethereum, providing direct support to its price and reflecting true market sentiment more accurately. Moreover, it would offer investors a way to gain exposure to Ethereum without the complexities of managing cryptocurrency wallets and keys, thereby simplifying entry onto the crypto market.The approval of an Ethereum ETF would not only validate the asset’s maturity and market significance but also solidify its position as a mainstay in the portfolios of diverse investors. Given Ethereum’s foundational role in the development of DeFi and NFTs, an ETF would be a testament to its integral place in the digital economy.The relative calmness in Bitcoin’s price has provided a conducive backdrop for altcoins to shine. Ethereum (ETH) notably breached the $2,500 mark, and Solana (SOL) regained a $100 valuation, underscoring a night of triumph for alternative cryptocurrencies. This decoupling of Bitcoin’s movement from altcoin performance is a phenomenon that has been increasingly observed, suggesting a maturing market where assets can thrive on individual merit and ecosystem developments.The chart at hand paints a picture of consolidation for Bitcoin, with the price hovering around the $45,000 region. The lack of a significant corrective move post-ETF news has lent a supportive floor to the broader crypto market. Trading volumes, alongside price action, indicate a steady holding pattern, a sign that the market is digesting the recent developments without panic or overenthusiasm.Despite the current stability, the market should not discount the potential for an uptick in Bitcoin’s value. Historically, actual capital inflow following such regulatory milestones has been a precursor to upward movements in the cryptocurrency’s price. If history is to serve as a reference, the approval of a Bitcoin ETF may yet act as a delayed fuse, igniting a rally as new capital finds its way onto the market.Investors are advised to maintain cautious optimism. While current market conditions have not triggered the volatility many feared, the introduction of ETFs is a substantial change to the investment landscape of Bitcoin. As traditional investors and institutions increasingly engage with Bitcoin through these new financial products, the potential for a significant impact on the cryptocurrency’s value trajectory is tangible. This article was originally published on U.Today More

The report outlines three potential market conditions for Bitcoin over the next decade: a bearish scenario with a price point of $257,500, an average scenario where the price could hit $682,000, and an optimistic bullish scenario that could see the cryptocurrency soar to nearly $1.48 million per unit. The wide range of these projections reflects the inherent volatility and uncertainty in the cryptocurrency market, yet underscores ARK Invest’s confidence in Bitcoin’s long-term growth potential.Wood’s optimism comes on the heels of the SEC’s green light for spot Bitcoin ETFs, a significant development for the cryptocurrency industry. The approval is a milestone for Ark Invest, which has been known for its focus on innovative and disruptive investment strategies. Despite the setbacks and volatility that characterized the crypto sector in 2022, Ark Invest has maintained a forward-looking approach, concentrating on the transformative potential of digital assets.The factors that are anticipated to drive Bitcoin’s valuation include corporate investments and various global economic challenges. These elements are expected to play a crucial role in shaping the trajectory of Bitcoin and the wider cryptocurrency market.Ark Invest’s ETFs, notably ARKK, have previously included substantial holdings in Coinbase (NASDAQ:COIN) Global, indicating the firm’s commitment to the cryptocurrency sector. The latest SEC approval and the ambitious price targets set by ARK Invest signal a steadfast belief in the future of Bitcoin and its integration into the broader financial landscape.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Also, Web3 games will bring the next 100 million active users to the cryptocurrency scene. Regulatory hostility might be on borrowed time as the odds of “pro-crypto” administration in the U.S. coming in 2025 are estimated at 70%.In terms of macroeconomic context, the market will go through an entire rate cutting cycle with rates getting back to 2-3%. Last time, this indicator was below 2% in mid-2022.At the same time, the situation on the cryptocurrency market will not be all roses: Every market participant should be prepared for roller coasters in the next 24 months.It should be noted that Spencer almost managed to exactly predict the date of the Bitcoin ETFs approval. In early July, he opined that they could be green-lit by the end of 2023.Alongside the ETFs saga, the VC investor foresees bright midterm prospects for the DeFi sphere. As crypto prices go up, revenues of DeFi protocols will grow “superlinearly.” At least two major DeFis will cross $1 billion in revenue in the next 24 months.Previously, he foresaw the emergence of the “FAANG of DeFi” that would demonstrate sustainable cash flow and will not be vulnerable to “vampire attacks.”This article was originally published on U.Today More

Per the Lookonchain outlook, another whale, “0x9314” also spent 7.29 million USDT to buy 2,800 ETH today, joining the host of accumulations of the second-largest cryptocurrency about two hours ago. This particular whale has a more robust portfolio, having stacked up a total of 82,780 ETH worth approximately $150.3 million at an average price of $1,816 since Jan 1, 2023.The intriguing switch to Ethereum by these whales complements the $8.2 billion in large transaction volumes according to data from IntoTheBlock. These large transactions, which involve ETH worth at least $100,000, have jumped by 65.99% in the past 24 hours.Ethereum’s whales are notably helping to change the game as the digital currency strives to recoup its lost ground to price action.This approval is boosting sentiment that the spot Ethereum ETF might also be on the way. This has further pushed retail sentiment as well, with Ethereum now notably eyeing the $2,700 benchmark.This article was originally published on U.Today More