Cryptocurrency

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In the race to get Bitcoin ETF approval, James Seyffart highlighted that both the 19b-4 and S-1 filings are important for full-blown consideration. While he believes securing a green light for 19b-4 will come without much hassle, he said it could take anywhere between a day or two for the approval to begin trading to go live.The Bloomberg analyst said that should the approval for both filings come, the gap between this approval and the proper launch will be small. From current indications, marked by ongoing meetings between the applicants and SEC officials, Seyffart is unsure if the S-1 filings are ready to be approved for now.With the likes of Hashdex and BlackRock (NYSE:BLK) with the SEC this week, Seyffart is convinced both parties can get the details worked out.The demand to get a spot Bitcoin ETF product trading in the United States is more than a decade-long pursuit at the moment. With other countries like Canada, Germany and even Brazil pioneering the launch of this product, many market experts have that a launch of BTC ETF in the U.S. will be the ultimate game-changer the crypto market needs.It is worth noting that a Bitcoin ETF would provide the right vehicle for institutional investors to gain exposure to Bitcoin without the complicated custody stress. Should the product be approved, at least $100 billion worth of products are billed to be injected in, an inflow that can impact the price considerably.This article was originally published on U.Today More

Lennon commented on a video posted by Dennis Porter, cofounder and CEO of Satoshi Action Fund. In the video, Senator Warren’s coauthor of the “Bitcoin Ban Bill,” Senator Roger Marshall, admits that he and Warren asked the American Bank Association for help to craft the legislative act against cryptocurrencies. He admits outright that he does not know much about crypto, apart from the fact that it is allegedly used for criminal purposes.If the law gets passed, it will allow Bank Secrecy Act requirements and KYC rules to be extended to include various cryptocurrency actors, including miners, validators and wallet provider companies.a critical comment on that tweet considering the QI of some lawmakers to be not more than 90, meaning that banks are believed to be the biggest enemies of crypto since cryptocurrencies are here to excel them. In particular, this is related to transaction fees, speed of transactions and control of the way funds are being used by their owners.Lennon is into crypto himself. Earlier this year, he became keen on the Friend Tech project. In 2020, he started advocating the flagship cryptocurrency Bitcoin, pointing out its advantages over traditional currencies and financial assets.Warren believes that without proper oversight, cryptocurrencies may take down the American economy. She does admit that cryptocurrencies have the potential to create financial inclusion for the unbanked. However, the senator mostly sees Bitcoin and other cryptocurrencies as a means for money laundering, tax evasion and other criminal activities. She even claimed that North Korea uses crypto for financing half of its nuclear program – a statement that caused a sarcastic reaction across Crypto X (Twitter) recently.This article was originally published on U.Today More

One such analyst, known as Titan of Crypto, took to X (formerly Twitter) to about Bitcoin’s potential breakout. In a tweet, Titan mentioned that Bitcoin is in the process of progressing within a certain range. According to Titan, BTC successfully broke out and retested both Tenkan and the trend line. He observed that it seems like Bitcoin might make another attempt to break the range to the upside.Another voice in the crypto space, analyst Jelle, shared a similar sentiment. Despite acknowledging recent market gains, Jelle that there is more room for an upward trajectory in the coming year. The analyst encouraged followers to hold steady, emphasizing that the market is far from reaching all-time highs.Bitcoin, often considered a bellwether for the broader cryptocurrency market, has experienced a year marked by fluctuations and contrasting sentiment. Recent from analysts add a layer of optimism for those invested in or closely monitoring the world’s largest cryptocurrency.As Bitcoin’s price hovers around the $43,000 mark, all eyes are on the charts to see if the anticipated breakout materializes, potentially paving the way for a renewed bullish trend on the cryptocurrency market. However, traders and investors are advised to exercise caution and conduct thorough research before making any financial decisions.This article was originally published on U.Today More

Amid these broad-based price actions, an intriguing event happened on-chain – Bitcoin’s profitability hit 84.84%, sending more addresses into the money. to data from IntoTheBlock, current metrics place addresses in the money at 43.74 million, a figure that compares to just about 5.98 million in loss and 1.83 million addresses at their break-even points.Thus far this year, there has been a drastic shift in Bitcoin’s profitability, which dropped as low as 60% at some point. However, improved sentiment on the market and the event have proven to be a key reminder of why Bitcoin is the biggest asset in the crypto world by market capitalization.As by many experts in the industry, the Bitcoin ETF might be the ultimate game-changer that will confirm full propulsion into the bull market cycle. Already, Wall Street is into the product if approved, a move that might trigger a mega run in price moving forward.Despite its uncertainty, market players are beginning to price in the impact of spot Bitcoin ETF, hence, the jump in price seen today.This article was originally published on U.Today More

In the world of technical analysis, a bullish divergence emerges when the RSI reflects an oversold reading followed by a higher low, coinciding with lower lows in the price. Conversely, a bearish divergence occurs when the RSI hits an overbought reading followed by a lower high, aligning with higher highs in the price.Brandt’s stark perspective contends that is overbought, and the presence of not just one, but three consecutive divergences underscores the extreme overheating of its price. However, dissenting voices may argue that the crypto market, though a decade old in the realm of exchange trading, remains young and is characterized by volatility.Often dubbed the “Wild West,” the crypto market continues to defy conventional financial analysis. Its unpredictable dynamics challenge classical approaches, where attention often surpasses fundamentals in influencing asset values. , while compelling, may encounter skepticism due to the crypto market’s notorious unpredictability.Brandt’s viewpoint, undeniably robust, highlights the increasing divergence within the community on the reliability of traditional market analysis methods in a space known for its unpredictable and sometimes improbable events.This article was originally published on U.Today More

According to Ali’s tweet, ETH is presently in the process of retesting its breakout zone from an ascending triangle, suggesting a potential setup for significant upward movement. The analyst pointed to a specific price range, indicating that the zone between $2,150 and $1,900 could serve as an ideal area for accumulation before Ethereum aims for a higher target of $3,500.As of the latest , Ethereum is currently trading at $2,218. Despite experiencing a marginal 1.05% dip in the last 24 hours, the cryptocurrency has shown remarkable resilience over the past month, boasting a notable 9.51% increase. This positive trend has captured the attention of investors and analysts who are closely monitoring Ethereum’s movements in anticipation of a potential breakout.The cryptocurrency market has been characterized by heightened volatility in recent months, with Ethereum being a focal point for many traders. The potential breakout to $3,500, as suggested by analyst Ali, could signify a significant bullish sentiment and attract further interest from the broader market.It is important to note that the cryptocurrency market is influenced by a myriad of factors, including , macroeconomic trends, regulatory developments and technological advancements. As Ethereum approaches this critical juncture, market participants are advised to exercise caution and stay informed about potential catalysts that could impact the digital asset’s price movements.This article was originally published on U.Today More

The focus is particularly intense on Solana, which, alongside Bitcoin, has been labeled the biggest winner by several analysts. This sentiment is driven by Solana’s recovery from the FTX collapse, with the SOL/ETH price ratio seeing a strong reversal. Despite bearish sentiment toward Ethereum due to its beta nature, many analysts continue to hold ETH in their portfolios, signaling a cautious yet hopeful outlook.Render Token (RNDR) has captured significant attention, with analysts like Maartje and Seth listing it as their biggest winner. This token, which powers a distributed GPU rendering network, is believed to be at the forefront of combining blockchain with powerful AI and graphics processing capabilities.Innovation in decentralized AI has been pegged as crypto’s next killer app, with analysts like Dustin and Mihai bullish on AI x Crypto, particularly tokens like OLAS, AKT, TAO and . They cite the potential for zk-coprocessors and on-chain cognitive frameworks to revolutionize the space, drawing parallels with the functionality and performance of Web2 applications.Despite the enthusiasm for these selected tokens, the analysts remain conscious of the risks. More than 90% of meme coin traders lose their money, highlighting the randomness of the whole meme coin “industry.” The recovery and growth of the Shiba Inu ecosystem, for instance, is deemed a questionable venture for the foreseeable future, given its recent poor performance on the market.Price analysis of Shiba Inu shows a token struggling to make substantial gains. With the price of SHIB stagnating, it underscores the challenges ahead for meme coins and tokens attached to specific applications or themes.The potential of AI and blockchain convergence, along with the solid fundamentals of projects like Solana and Bitcoin, appear to be the primary drivers of their optimism.This article was originally published on U.Today More