Cryptocurrency

Market makers, having taken a step back, have primed the market for a dramatic move; the announcement of the Bitcoin ETF in the following week could catalyze a wick above the all-time high with just a few outsized orders.BTC/USD Chart by TradingViewThe technical analysis of the chart reveals a poised asset, with local resistance being tested and support levels holding firm. A glance at the chart indicates that the 50-day moving average is well below the current price, acting as a strong support level, with the 200-day MA tracing an even steeper ascent, further bolstering the bullish setup. The current price hovers near a critical resistance level, and a convincing break above this level could signal the start of a significant rally.The potential for a short squeeze is high, given the number of open positions betting against . If these shorts start to close en masse — either through traders taking profits or being forced out by stop losses — a massive rally could ensue, pushing prices toward psychological levels of $50,000, $55,000 and $60,000. These round numbers often act as mental barriers for traders and could serve as interim points of resistance; however, once broken, the pathway to higher levels seems clear.Furthermore, the volume profile suggests that there has been considerable accumulation in the current range, which supports the idea of a strong foundation for upward movement. The Relative Strength Index (RSI) is trending in the neutral zone, indicating that there is room for growth before the asset becomes technically overbought.This article was originally published on U.Today More

In a post, the social media platform formerly known as Twitter said that a preliminary investigation showed the account was compromised by a third party gaining access to a phone number associated with the SEC, and that the account did not have two-factor authentication enabled at the time of the breach. The announcement comes just a few hours after the SEC’s official X account issued a post that appeared to say that the regulator had approved the listing of an ETF directly tracking the spot price of Bitcoin. The fake post read: “Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.”Chair Gary Gensler almost immediately responded to the announcement, stating that the official SEC account was compromised and that the post was “unauthorized.” Bitcoin jumped following the original SEC post, but later retreated after Gensler revealed that it was fake. Anticipation has been at a fever pitch over the possible approval of spot Bitcoin ETFs, which proponents of the cryptocurrency argue could spur a deluge of capital inflows into the digital asset.Bitcoin traded down 2.1% at $45,449.9 by 06:42 ET (11:42 GMT), after briefly surging to nearly $48,000 after the fake SEC post. The world’s largest cryptocurrency saw a sharp melt-up in the first week of 2024, fueled by growing speculation that the SEC was close to approving a spot Bitcoin ETF. The regulator is expected to unveil a decision this week regarding applications from several fund managers for the ETF.Aspirants including BlackRock Inc (NYSE:BLK) and Wisdomtree were seen altering their ETF applications last week, following guidance from the SEC.But the securities regulator has so far shot down any attempts at listing a spot Bitcoin ETF, citing a lack of proper protections for investors from price manipulation of the cryptocurrency. Proponents of the cryptocurrency argue that the SEC’s rejections are unfounded, and that the approval of a spot ETF is likely to draw in widespread institutional capital into the token, given that it grants investors exposure to the token without needing to directly invest in cryptocurrencies.But critics have questioned just how much institutional capital will flow into Bitcoin after such an approval, given that current ETF offerings tracking Bitcoin futures on the Chicago Mercantile Exchange have seen dwindling investor interest over the past two years.The broader crypto industry is also struggling with a massive loss of faith following a series of high-profile frauds and bankruptcies through 2022 and 2023. Meanwhile, trading volumes, particularly in Bitcoin, are well below highs seen during a bull run in 2021. Scott Kanowsky contributed to this report. More

Milton “Todd” Ault III, Founder and Executive Chairman of Ault Alliance, commented on this development, saying, “Our confidence in Bitcoin as a sustainable asset class is consistent with the insights from Michael Saylor, Executive Chairman of MicroStrategy, documented in their white papers on the topic. We are aligning our approach to capitalize on this digital asset’s short term and long-term potential.”Ault Alliance, through its wholly owned subsidiary, Sentinum, Inc. (“Sentinum”), has made significant strides in Bitcoin mining, with December 2023 marking the highest single monthly run rate for Bitcoin miners in the Company’s history, as Sentinum mined approximately 151 Bitcoin during the month. Around 77 Bitcoin were mined at Sentinum’s data center in Michigan, while approximately 74 Bitcoin came from mining machines hosted with Core Scientific, Inc. This monthly run rate amounted to about $6.9 million, setting an annual run rate for current Bitcoin mining operations at approximately $83.3 million, based on a Bitcoin price of around $46,000.Kenneth S. Cragun, Chief Financial Officer of Ault Alliance, remarked, “The new accounting guidance will require companies to measure Bitcoin at fair value on their balance sheets with changes recorded in net income each reporting period. Our financial team is well-equipped to manage the new accounting and disclosure requirements related to holding Bitcoin on our balance sheet, ensuring compliance and optimal asset utilization.”This decision underscores Ault Alliance’s commitment to staying abreast of the digital economy’s evolution by strategically adjusting its overall asset management strategy.For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov. More

Brandt’s chart, humorously labeled “The Gensler Grunt,” shows a stark candlestick formation that characterizes the wild event. The pattern indicates a significant sell-off following the peak, as traders realized the ETF approval announcement was a hoax. What stands out in Brandt’s analysis is the market’s knee-jerk reaction to the news, and the following correction aligns with the classic “buy the rumor, sell the news” behavior.From a technical standpoint, the chart reflects local strengths and weaknesses of Bitcoin. Before the surge, Bitcoin was showing a consolidation pattern, trading sideways as the market sought direction. The abrupt spike, followed by an equally rapid decline, illustrates the fragility of the current market sentiment, heavily influenced by news and rumors.The “pattern” depicted by can be seen as a short-term bullish trap, where early buyers anticipating a positive outcome from the fake news were caught off guard by the sudden reversal. This could indicate weakness on the market, as there was not enough bullish momentum to maintain higher price levels once the fake announcement was debunked.What this chart and Brandt’s interpretation suggest is that is yet to be truly tested. The quick recovery from the dip shows resilience, but the inability to hold onto the gains suggests caution. Traders should be wary of the market’s current sensitivity to news, which could lead to overreactions in both directions.Despite the joking nature of the tweet, it accurately reflects the entire situation and how it was resolved. However, investors and traders should view the provided chart with a bit of irony and avoid making any serious investment decisions based on it.This article was originally published on U.Today More

Renowned Bitcoin and crypto skeptic has chimed in with a cautionary warning on the situation. Schiff suggests that with the market’s anticipation of an actual ETF approval looming, the recent volatility might be a precursor to a more substantial market disappointment.He posits that the hack-induced spike and subsequent correction may not be an isolated incident and that the market’s tendency to defy speculative expectations could mean that the actual approval, if it happens, will not necessarily translate into the bullish run investors are hoping for.Schiff’s advice to investors is to consider selling today, rather than waiting for the market to potentially “disappoint” upon the real news. This stance, while typically bearish and in line with Schiff’s overall sentiment toward , may resonate with traders who try to avoid unnecessary risks.Schiff’s warning points to the possibility of an “overbought” scenario where the hype leading up to the approval has already been priced in, and the actual event could trigger profit-taking rather than further buying.The underlying message in Schiff’s warning is one of caution. Traders and investors might do well to consider the preexisting market dynamic and the fact that the crypto market has often moved counter to the majority’s expectations, especially in the context of high-stakes regulatory developments.The next few days could prove to be a critical test of whether can sustain its rally after the approval of the long-awaited product or, as Schiff suggests, the market is setting up for a letdown.This article was originally published on U.Today More

With trust in the SEC’s X account now compromised, it remains uncertain whether today’s projected timeline for spot Bitcoin ETF approval is still feasible. However, Fox Business Network’s Senior Correspondent Charles Gasparino that, based on precedent, it would be quite rare for the market regulator to get as far as and deny the proposals altogether.In line with the hack, many in the crypto ecosystem are nursing the idea of a conspiracy theory, noting that the accident might have been orchestrated so that there would be new grounds for denial of the spot Bitcoin ETF application. While this school of thought will be substantiated in the launched investigation, the expectation is that the approval will proceed as planned.One of the core projections for a Bitcoin price surge came from Samson Mow, who in the long term.This article was originally published on U.Today More

Notably, , the acclaimed author of the best-selling book “Rich Dad Poor Dad,” reacted to the news with significant commentary. Expressing enthusiasm for the prospect of a Bitcoin ETF, Kiyosaki highlighted his satisfaction with having invested in Bitcoin years ago. He boldly predicted a surge in Bitcoin’s value to $150,000 shortly. Kiyosaki also foresaw a bullish trajectory for gold, attributing it to central banks’ accumulating and holding the precious metal. In contrast, he anticipated a decline in silver prices as some sellers might liquidate their holdings to meet financial obligations amid rising inflation.Interestingly, Kiyosaki’s optimistic outlook took a more cautious tone, suggesting a potential silver market crash. Despite the uncertainty, he declared it as a buying opportunity for silver stackers. Notably, had earlier made even bolder forecasts, speculating that Bitcoin’s price could soar to an unprecedented $1 million.This article was originally published on U.Today More

Founded in 2011, BitPay has come a long way from its origins as a Bitcoin-centric platform. Having secured over $70 million in funding from investors, BitPay has broadened its scope to accommodate a diverse range of digital currencies. The CEO, Stephen Pair, has highlighted BitPay’s dedication to making crypto payments more accessible globally.In addition to facilitating purchases at luxury retailers, BitPay’s service portfolio caters to substantial transactions, including those for high-value items like cars and homes. Moreover, the company has enhanced its Bill Pay feature to support major banks and auto financiers, reflecting the growing trend of integrating cryptocurrencies into everyday financial activities. This expansion by BitPay underscores the cryptocurrency industry’s ongoing efforts to diversify the practical uses of digital currencies in various transactions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More