This week, Bitcoin (BTC) experienced notable price fluctuations. Starting at approximately $53,991 on August 4, Bitcoin saw a dip to around $49,121 on August 5. However, it rebounded to $57,604 by August 7. This volatility reflects ongoing market dynamics and investor sentiment.
Several factors contributed to these price movements. The anticipation of regulatory developments and macroeconomic conditions played significant roles. Investors are closely watching potential policy changes that could impact the broader cryptocurrency market. Additionally, Bitcoin’s resilience and growing institutional interest continue to bolster its prospects. Analysts suggest that Bitcoin could soon challenge its previous all-time highs, given the current momentum and positive market sentiment.
In the broader cryptocurrency market, Ethereum (ETH) faced a slight downturn. Despite the launch of nine spot Ethereum ETFs in July, ETH prices dropped by 3.4% to close at $3,272. This decline indicates that investors might be taking profits after the initial excitement surrounding the ETFs.
Among other major cryptocurrencies, XRP (XRP) emerged as a strong performer, gaining 26.9% in July. Conversely, Toncoin (TON) struggled, though it remains up 21.5% over the past three months. The total market capitalization of the global cryptocurrency market stands at approximately $2.4 trillion, recovering from the lows of the 2022 crypto winter.
As the market continues to evolve, investors remain cautiously optimistic. The potential for Bitcoin to reach new heights and the ongoing developments in the cryptocurrency space suggest an exciting period ahead for digital assets.
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Bitcoin Halving, Stocks, Fundamentals: 3 Things to Watch in BTC This Week | Bitcoin News Today
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With the infamous Bitcoin Halving now less than 8 days away, BTC is approaching the most eagerly anticipated moment in its history, and markets are feeding the excitement after weeks of gains.
Bitcoin is just days away from a historic crossroads this week — what will the coming days have in store for traders and hodlers?
Let’s take a look at the major factors influencing the Cryptocurrency market just over a week before Bitcoin’s third block reward halving.
This immediate 50% drop in supply should have considerable knock-on effects for demand, especially taken against the historical precedent of the previous two halvings.
The impact is neatly summarized by Bitcoin’s stock-to-flow price model, which suggests that major price movements should come 1-2 years after the halving.
Bitcoin continues to exhibit some copycat price behavior which tracks movements on major stock markets.
As of Sunday, futures for the S&P 500 and Dow Jones among others were tanking 3%, which soon translated into a fresh price dip for BTC/USD.
At press time, the pair traded at around $8,700, down 3.7% on the day, having bounced off support at $8,500.
Coronavirus continues to weigh on sentiment, as the United States and China spar over the pandemic’s origins and handling, sparking trade fears.
Bitcoin’s network fundamentals remain on an upward trajectory despite mixed price action.
Hash rate and difficulty are hovering near all-time highs.
The difficulty is set to increase by a modest 1.4% on May 5 and will be the last such increase before the halving seven days later.
The two aspects of Bitcoin go hand in hand for analysts, as Bitcoin’s automatic difficulty adjustment mechanism prevents manipulation of supply rate, regardless of how much BTC is worth in fiat terms.
In other trending Bitcoin News today:
Same Trend That Marked Start of Bitcoin’s $10,000 Run In 2019 Is Back
After a nearly 20% surge last week, Bitcoin’s weekly candle on Sunday evening closed decisively green at $8,900.
This marked the seventh consecutive weekly gain for BTC, which has posted stellar performances ever since the mid-March capitulation lows.
Although the seven consecutive weeks may mean nothing to readers, it is a strong technical occurrence that may signal that even more upside is on the table for the months ahead.
Zack Voell, a market analyst at CoinDesk, recently noted that Bitcoin closing its seventh consecutive weekly gain hasn’t happened since April 2019, when the last bear market ended.
This would suggest that should history repeat itself, the cryptocurrency is on the verge of yet another bull run.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
$BTC-Mex funding+premium index still negative-Above the yearly vwap -Above the 200 DMA -Bullish 1D cloud-Halving in 10 days
You might not call and short THE top but you’ll save yourself a lot of potential headaches by just waiting for a break in 1D market structure.
— HornHairs 🌊 (@CryptoHornHairs) May 2, 2020
Same Trend That Marked Start of Bitcoin’s $10,000 Run In 2019 Is Back
https://cointelegraph.com/news/halving-stocks-fundamentals-3-things-to-watch-in-bitcoin-this-week
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BITCOIN HITTING 0K BY DECEMBER IS NOW ‘CONSERVATIVE’ SAYS TOP CRYPTO ANALYST WILLY WOO!!
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Bitcoin hitting $300,000 per BTC in just one year’s time is “not out of the question,” popular statistician Willy Woo says.
In a series of tweets on Dec. 1, Woo stated that he has “never been so bullish” on Bitcoin’s prospects for 2021.
Discussing potential Bitcoin price trajectory, he confirmed that he was looking at six figures by December next year.
“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question,” one post read.
“The current market on average paid $7456 for their coins. You all are geniuses.”
Woo used his technical Top Cap metric to deliver the forecast. Despite being what his analytics website Woobull calls “experimental,” Top Cap has accurately matched price tops in the past.
Continuing, he eyed the decreasing amount of BTC held on spot exchanges as a sign that bullish price action would be catalyzed in the coming twelve months.
“I’ve never been so bullish for 2021,” he wrote.
“This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”
Lastly, the dollar gain in Bitcoin’s market cap for each dollar invested this cycle has outpaced the 2013 and 2017 bull runs.
“All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop,” Woo concluded.
Is anyone bearish on 2021?
As Cointelegraph reported, Woo is far from alone in his optimistic outlook for post-2020 Bitcoin.
Sky-high price predictions have come thick and fast over the course of the past two months, with quant analyst PlanB’s $100,000 December 2021 estimate now looking decidedly modest.
Beyond technical circles, familiar figures such as serial investor Mike Novogratz have begun taking price predictions to the mainstream. In the case of Novogratz, he told actress Maisie Williams last month that BTC/USD would head to $20,000 and then to $65,000. Williams subsequently invested.
This week, meanwhile, a giant $590,000 price forecast came courtesy of the Realized Profit/ Loss metric, which has returned to its classic bull run launch position.
In other trending Bitcoin News today:
Bitcoin Moves $500K Around The Globe Every Second, Says Samson Mow
Samson Mow, chief strategy officer at Blockstream, says Bitcoin was never about “transactions per second and coffee,” but about value and a “new financial paradigm.”
Blockstream’s Samson Mow wants to move the conversation away from Bitcoin’s (BTC) performance in transactions per second and toward its role in ushering in “a new financial paradigm,” that is, serving as a permissionless medium for the store and transfer of value.
“Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It’s all about value transacted per second and a new financial paradigm. VTPS not TPS. Nothing comes close to BTC”
Mow’s argument is that “VPTS [value transacted per second] not TPS [transaction per second]” is what really counts. Calculations for the video were reportedly made using on-chain data by the editor of the Blockstream engineering blog, who goes by “Grubles” on Twitter.
The editor similarly tweeted that “Bitcoin scales just fine. 1 BTC can store an infinite amount of value.”
The video, according to a follow-up tweet from Mow, “was inspired by a stupid XRP marketing video comparing their sh*tcoin’s TPS [transaction per second] to Bitcoin’s.”
Blockchain.com data shows that as of Dec. 1, the total estimated value of transactions on the Bitcoin blockchain was estimated at $4.627 billion. This figure hit $5.15 billion, close to its all-time-high, on Nov. 5.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Views on 2021 (THREAD):My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question.
The current market on average paid $7456 for their coins. You all are geniuses. pic.twitter.com/5t1pHXwE0b
— Willy Woo (@woonomic) December 1, 2020
#Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It’s all about value transacted per second and a new financial paradigm. #VTPS not #TPS. Nothing comes close to @BTC. 👑 pic.twitter.com/aXfDauPx9b
— Samson Mow (@Excellion) December 2, 2020
https://cointelegraph.com/news/why-one-analyst-says-bitcoin-is-on-the-cusp-of-busting-through-20k
https://cointelegraph.com/news/bitcoin-moves-500k-around-the-globe-every-second-says-samson-mow
https://cointelegraph.com/news/bitcoin-hitting-200k-by-december-2021-is-now-conservative-willy-woo
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BITCOIN WILL SOAR TO ‘$100K IN MONTHS’ AFTER ‘PANIC BUYING’ FRENZY – NEW EXPERT BTC PREDICTION!!!!
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One expert has predicted that a Bitcoin price of “$100k over the coming months is all but certain”. Earlier this month the US SEC revealed its growing interest in four separate Exchange Traded Funds which are linked to BTC futures.
Konstantin Anissimov, Executive Director at CEX.IO states that the approval of these funds by the SEC has helped push the Bitcoin price higher.
“Speculation surrounding the approval of these funds is one of the factors helping push Bitcoin price up.”
The financial director added: “Another reason for Bitcoin’s increase in value is JPMorgan’s recent note to investors.
The company said that the prized crypto-asset seems to be a better hedge against inflation than gold.”
In other trending Bitcoin News today: New tickers and ARK filing shows Bitcoin futures ETF approval imminent: Analyst
Bloomberg’s senior ETF analyst says there are “good” signs that a Bitcoin ETF will soon be approved, pointing to Ark Invest filing for a Bitcoin futures ETF with an assigned ticker and Valkyrie updating its own ETF prospectus with a ticker.
Cathie Wood’s Ark Investment Management LLC filed for a Bitcoin (BTC) futures ETF under the ARKA ticker, while Valkyrie has assigned its BTC futures prospectus with the BTF ticker.
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Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Post Views: 202