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 WAVE 2 PROJECTED PEAK OF $84K NOVEMBER 9TH-15TH IN PLAY!! NASTY BTC CRASH PREDICTION!!
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Bitcoin closed October 2021, with 40% gains, the best BTC price action since December 2020, even beating the Q1 bull run.Â
After a highly anticipated end to âUptober,â Bitcoin bulls are now looking to November to provide the next phase of massive BTC gains.
Plan B, creator of the Bitcoin stock-to-flow model predicts BTC price closing the month of November above $98K while other crypto analyst predict $84K within the next couple weeks.
âWave 2 projected peak of 84k Nov 9th-15th is still in play.âÂ
In other trending Bitcoin News today: Hereâs When the Next Nasty Bitcoin Correction Could Happen, According to Crypto Analyst Nicholas Merten!
The analyst says that the $100,000 level will probably act as a massive point of resistance for Bitcoin, and potentially trigger a significant correction should it be hit.
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K BITCOIN PRICE WILL TRIGGER A GLOBAL FOMO PANIC-BUYING SPREE SAYS MAX KEISER!! BTC PREDICTIONS!!
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âI think $50,000 Bitcoin price will trigger a global FOMO panic-buying spree that will destabilize the global banking system fatallyâ, shared BTC pioneer Max Keiser in a recent Tweet.
Heisenberg Capital founder Max Keiser says that Warren Buffett has missed out on numerous prosperous investments such as Apple and Amazon as âhis timing is poor.â
At the same time, Buffett âshunned Gold for 20 years while Gold outperformed Buffett for 20 years.â
As such, Keiser asserted that Buffett and another Bitcoin basher â Peter Schiff â will eventually catch on with BTC and start accumulating.
âMy guess is that Buffett (or whoever takes over after he passes) will start panic-buying Bitcoin at $50,000, just like Peter Schiff will do.
The only major player in the money management business that knows what theyâre doing is Paul Tudor Jones who I expect will take his Bitcoin allocation up from the current 2% of the portfolio to 10% in the near term.â
Although the prominent US investor Warren Buffett has never been a fan of gold in the past, he recently made a sizeable investment in Barrick Gold Corp while reducing his exposure to his favorite sector, banks.
Similiar with gold, Buffett has been bashing âthe new gold,â Bitcoin, and this raises the question of whether he may change his mind on the primary cryptocurrency at some point in the future.
The soon-to-turn 90-year old chairman and CEO of Berkshire Hathaway have never displayed any favoritism regarding gold and its role as an investment tool.
In his 2019 letter to Berkshire Hathawayâs shareholders concerning an upcoming financial apocalypse, Buffett refers to the ones planning to accumulate gold as a hedge instead of making investments in âAmerican businesses,â their portfolio would be much smaller:
âAnd what would that supposed protection [gold] have delivered? You would now have an asset worth less than 1% of what would have been realized from a simple unmanaged investment in American business. The magical metal was no match for the American mettle.â
Another asset, quite similar to gold in terms of fixed supply and recent price movements that Buffett hasnât been fond of, is Bitcoin.
Previously, he had referred to the primary cryptocurrency as a ârat poison squared,â and a âgambling device,â and even a lunch with Justin Sun, CEO of TRON, and other leading crypto figures couldnât change his mind.
But what if the American investor somehow changes his attitude about Bitcoin like JPMorgan CEOÂ Jamie Dimon did?
And, what if Buffett starts allocating funds into the primary cryptocurrency, like Paul Tudor Jones III and MicroStrategy did?
Such a drastic change of heart could not only push BTCâs price into the stratosphere but also start a snowballing effect that will ultimately enhance the assetâs adoption rates among the masses.
In other trending Bitcoin News today:
Why Experts Feel Bitcoin IS Going to Cross The 100K Mark In 2020
Many experts feel that sometime in the future, the prices of bitcoin will go as high as $100,00 landing it to the six-digit zone.
However, the prices are being said can even be higher than 100k.
There are plenty of insiders in the industry who are analysts and experts who believe that the price of BTC will very easily touch $100,000.
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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.
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JP Morgan Says Bitcoin Is 25% Below Its Intrinsic Value Of Around ,500 | BTC Risk Falling to K
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Although JP Morgan may not trade Bitcoin (BTC) or offer crypto-specific services to its clientele, the company does analyze this nascent market once in a while.
This much was made clear very recently. One individual this week shared a report from JP Morgan, dated May 22nd, that included a post-halving analysis of the Bitcoin mining scene.
Analysts at the multinational financial institution found that through their analysis of Bitcoinâs intrinsic value, BTC is currently trading â25% below what the intrinsic price would be after the halving.â
The intrinsic price JP Morgan found was derived through the average cost of mining one BTC.
While the analysts suggested that no concrete signals can be garnered from the fact that the cryptocurrency is below its intrinsic value, analysts think BTC will eventually catch up.
As it stands according to JP Morgan analysts, Bitcoinâs intrinsic value sits somewhere around $11,500 â over $2,500 higher than the current market price.
While this price may seem miles away, itâs attainable due to fundamental trends.
Blockchain insights firm Santiment shared on May 21st that Bitcoinâs Network Value to Transactions Ratio (NVT) remains âhealthy,â suggesting prices may soon resume higher despite the recent drop:
âIn spite of BTCâs mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. The amount of unique tokens being transacted on Bitcoin network is slightly above average for in May, according to where price levels currently sit,â Santiment wrote.
BlockTower Capital, a cryptocurrency and blockchain investment fund, echoed the optimism.
In a note, the firm said that the âmacro caseâ for BTC has ânever been more obvious.â
It attributed its optimism to multiple trends, such as growing distrust in central banks, the worldâs adoption of digital technologies amid the ongoing illness, and growing geopolitical tensions as economies break down.
JP Morganâs latest report about Bitcoin comes as JPMorgan & Chase â the banking division of the firm â has begun to service âcrypto-nativeâ clients for the first time ever.
As reported by the Wall Street Journal ten days ago, the bank has taken on two top Bitcoin exchanges, Coinbase and Gemini Trust, as clients.
âPeople familiar with the matter,â said that the accounts were opened and approved in April, and transactions through the account have just started to be processed.
âThe bank is primarily providing cash-management services to the firms and handling dollar-based transactions for the exchangesâ U.S.-based customers, according to the people.â
According to Mike Novogratz â CEO of Galaxy Digital and a former partner at Goldman Sachs â this news is a massive deal, a âbig dealâ in fact.
The Wall Street investor remarked that the firmâs acceptance of cryptocurrency clients is a sign of ârecognition that the future will include crypto currencies, digital assets, and blockchain based systems.â
In other trending Bitcoin News today:
Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential âBig Shortâ
A bearish fractal in the S&P 500 that historically leads the index lower may prove equally fatal to Bitcoin.
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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:
The JPM announcement that they will provide banking services to Coinbase and Gemini is a big deal. Go $BTC. It is recognition that the future will include crypto currencies, digital assets, and blockchain based systems.
â Michael Novogratz (@novogratz) May 12, 2020
Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential âBig Shortâ
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