According to the governor of the Central Bank of Nigeria, the Securities and Exchange Commission is responsible for regulating cryptocurrencies. However, the governor said the central bank will collaborate with law enforcement agencies and regulators overseeing the Nigerian crypto sector. The Central Bank’s Change of Heart In a surprise announcement, Yemi Cardoso, governor of the […]
Bitcoin News
Dutch Prosecutors Reportedly Charge Tornado Cash Developer With Money Laundering
Alexey Pertsev, a developer for Tornado Cash, has reportedly been indicted by prosecutors in the Netherlands. They accuse him of laundering .2 billion. Pertsev’s attorney confirmed the prosecutors’ intent to charge his client. According to Dutch prosecutors, while a crypto-mixing service is not “inherently illegal,” using it to launder criminal assets is punishable. Dutch Prosecutors […]
Bitcoin News
Runestone NFTs Lead the Charge in Multi-Chain Marketplace Sales
According to the latest data, the Runestone non-fungible token (NFT) compilation has emerged as the leading NFT collection across various multi-chain support marketplaces. As of now, a Runestone NFT’s base price fluctuates between 0.047 and 0.048 bitcoin, which translates to approximately ,163 based on the current bitcoin exchange rates. Runestone NFT Collection Achieves Top Spot […]
Bitcoin News
Top 10 Bitcoin Mining Rigs of 2024: Leading the Charge in Crypto Earnings
Over the past month, the valuation of bitcoin has seen a notable increase, leading to significantly enhanced profits for today’s most sophisticated application-specific integrated circuit (ASIC) bitcoin mining devices. As of March 16, 2024, the top ten ASIC miners focused on the SHA256 consensus algorithm are generating daily earnings ranging from to , assuming […]
Bitcoin News
Bitcoin Bulls On The Charge: Crypto Platform Forecasts $63K Surge By March
Prominent digital asset financial services platform Matrixport has recently issued a bullish projection indicating a potential surge in Bitcoin’s (BTC) value. According to their analysis, Bitcoin may surpass its previously established two-year peak and climb to ,000 by next month.
This bold prediction stems from a confluence of factors poised to exert significant influence on the trajectory of Bitcoin’s price in the coming weeks and months.
Rationale Behind Matrixport’s Optimistic Projection
The primary driver behind Matrixport’s optimistic outlook is the live trading of Bitcoin spot Exchange-Traded Funds (ETFs). According to the report, these spot ETFs have opened the doors for more investors to engage in crypto trading through conventional financial channels.
Additionally, with the increasing demand for these spot ETFs and the daily trading volumes reaching noteworthy levels, signaling growing investor interest in Bitcoin as an asset class, this could help propel the flagship crypto to trade above ,000 by next month, according to the report.
[1/3] Bitcoin ETF Flow – Up to 22 Feb 2024
All data in. +1.4m net flow on 22nd Feb. A strong day. pic.twitter.com/IdrCmgq5u8
— BitMEX Research (@BitMEXResearch) February 23, 2024
Furthermore, the impending Bitcoin halving event, scheduled for April 2024, is anticipated to catalyze further upward momentum in BTC prices. Bitcoin halvings result in a reduction in the rate of new BTC generation, and historically, this leads to a decrease in supply, typically driving up Bitcoin’s value.
Matrixport’s report also mentions the influence of macroeconomic factors on BTC’s price. The expectations of interest rate adjustments following the Federal Reserve’s Federal Open Market Committee (FOMC) gatherings are anticipated to have a significant impact.
Furthermore, the forthcoming uncertainty surrounding the US presidential elections may instigate market fluctuations, leading investors to turn to alternative assets such as Bitcoin to safeguard against potential shifts in economic policies.
Bitcoin Price Action And Expert Sentiments
Meanwhile, despite Bitcoin experiencing a nearly 10% surge over the past 14 days, the asset has witnessed quite a retracement in the previous week, declining by 2.2%. It’s worth noting that despite this setback, the cryptocurrency’s market capitalization remains above the trillion mark.
An analyst known as Mags has expressed an overwhelmingly bullish sentiment toward Bitcoin, noting that the asset has “never been this bullish.” Mags city’s historical patterns and bullish technical signals reveal that BTC has recently closed a weekly candle above the 0.618 Fibonacci level, a rare occurrence in the cryptocurrency’s four-year cycle.
#Bitcoin has never been this bullish
For the first time ever, BTC is deviating from the 4 year cycle by closing a weekly candle above the 0.618 level before the halving event.
The best part about this deviation is it’s a bullish one, with the rise in demand among institutional… pic.twitter.com/F9xpTbEZ1d
— Mags (@thescalpingpro) February 22, 2024
However, Mike Novogratz, CEO of Galaxy Digital, has cautioned against potential downside risks, speculating on the possibility of a regulatory setback or market sentiment shift that could lower BTC prices to the ,000-,000 range.
Featured image from Unsplash, Chart from TradingView
Ethereum Price Retreats From $3K But Bulls Remain In Charge
Ethereum price spiked above the ,000 resistance before the bears appeared. ETH is correcting gains, but dips might be limited below the ,865 support.
- Ethereum struggled to stay above the ,000 level and corrected lower.
- The price is trading above ,900 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at ,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase unless the bears push the price below ,865.
Ethereum Price Corrects Lower
Ethereum price extended its rally above the ,000 resistance zone. However, the bears were active above the ,000 resistance. A new multi-week high is formed near ,032 and the price started a downside correction, like Bitcoin.
There was a move below the ,000 and ,950 levels. The bulls are now active above the ,865 support. A low is formed near ,865 and the price is now attempting a fresh increase. There was a move above the 50% Fib retracement level of the recent decline from the ,032 swing high to the ,865 low.
Ethereum is now trading above ,900 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the ,950 level. There is also a connecting bearish trend line forming with resistance at ,950 on the hourly chart of ETH/USD.
The first major resistance is near the ,975 level or the 61.8% Fib retracement level of the recent decline from the ,032 swing high to the ,865 low.
Source: ETHUSD on TradingView.com
The next major resistance is near ,000, above which the price might rise and test the ,065 resistance zone. If there is a move above the ,065 resistance, Ether could even rally toward the ,185 resistance. Any more gains might call for a test of ,220.
More Losses In ETH?
If Ethereum fails to clear the ,975 resistance, it could start another downside correction. Initial support on the downside is near the ,900 level and the 100-hourly Simple Moving Average.
The first major support is near the ,865 level. The next key support could be the ,820 zone. A clear move below the ,820 support might send the price toward ,740. Any more losses might send the price toward the ,720 level in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – ,900
Major Resistance Level – ,975
New Wave of Bitcoin ETFs Acquire 264,232 BTC Worth $13.5B in Just 5 Weeks, Blackrock’s IBIT Leads Charge
In the last 37 days, the newly introduced nine spot bitcoin exchange-traded funds (ETFs) have rapidly accumulated a remarkable total of 264,232.74 bitcoin, now valued at .5 billion based on the current exchange rates. Leading the pack, Blackrock’s IBIT ETF holds a substantial 43% of this total, with 115,989.80 bitcoins in its coffers. .5B in […]
Bitcoin News
Bitcoin Technical Analysis: BTC Bulls Charge Ahead Rising Above $47K
In a remarkable display of strength, bitcoin surged to a high of ,526 on Feb. 9, 2024, marking a significant uptrend in its price. With a market capitalization of 1 billion and a 24-hour trade volume of .56 billion, the market sentiment is overwhelmingly positive. Bitcoin Oscillators and moving averages signal a bullish consensus, while […]
Bitcoin News
SEC, DOJ Charge Individuals in $1.9 Billion Hyperfund Cryptocurrency Fraud
The SEC alongside the DOJ, has levied serious charges against key figures in a .9 billion cryptocurrency fraud scheme involving Hyperfund.
SEC and DOJ Crack Down on .9 Billion Hyperfund Crypto Fraud
The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have taken major legal action against individuals involved in a massive .9 billion cryptocurrency fraud, encompassing a wide-reaching scheme known as Hyperfund, also referred to as Hyperverse, Hypertech, and Hypercapital.
The DOJ announced criminal charges against two key figures and the guilty plea of a third in what is being described as a global Ponzi scheme. Australian citizen Sam Lee, residing in Dubai, and promoters Rodney Burton of Miami and Brenda Chunga of Severna Park, Maryland, face charges related to the scheme.
Lee, 35, known as Xue Lee, is charged with conspiracy to commit securities fraud and wire fraud. Burton, 54, also known as “Bitcoin Rodney,” faces charges for operating an unlicensed money-transmitting business. Chunga, also known as Bitcoin Beautee, has pleaded guilty to conspiracy charges and has agreed to settle civil charges by the SEC.
The SEC’s civil action mirrors these allegations, focusing on the fraudulent nature of the Hyperfund scheme, which collapsed in 2022. Investors were promised substantial returns from nonexistent cryptocurrency mining operations.
The scheme, operational from June 2020 through November 2022, enticed investors with daily returns of 0.5% to 1%, purportedly through large-scale crypto mining. However, by July 2021, Hyperfund began blocking investor withdrawals.
Hyperfund reportedly had a fake CEO and amassed nearly billion fraudulently. The SEC alleges that the operation had no legitimate revenue source, using new investor deposits to pay earlier investors, a classic hallmark of a Ponzi scheme.
Lee and Chunga are accused of using investor funds for lavish personal expenses. Chunga’s alleged expenditures include designer clothing, luxury cars, and properties in Maryland and Dubai. Lee is said to have transferred 0,000 in digital funds to a wallet under his control.
Are you satisfied with the government’s response to crypto-based frauds like Hyperverse? Share your thoughts and opinions about this subject in the comments section below.
Blackrock and Fidelity ETFs Lead the Charge in Bitcoin Accumulation, Holding Over $2.6 Billion in Combined BTC Assets
Recent data reveals that Blackrock, the globe’s leading asset manager boasting over nine trillion in assets under management (AUM), now possesses 33,430.56 bitcoin, valued at approximately .34 billion. Similarly, the financial powerhouse Fidelity has increased its bitcoin holdings, with the Fidelity Wise Origin spot bitcoin exchange-traded fund (ETF) now owning 30,169.54 bitcoin, equivalent to around .26 billion in value.
Financial Titans Blackrock and Fidelity Amplify Bitcoin Holdings
The latest figures, as of January 19, 2024, show that Blackrock’s Ishares IBIT spot bitcoin ETF has expanded its bitcoin reserves to 33,430.56 BTC, marking a rise of 4,808.56 BTC since their previous disclosure. The value of this digital currency cache, as of January 22, 2024, is pegged at .34 billion, based on the current BTC exchange rates. Blackrock’s IBIT stands out as the second-largest spot bitcoin ETF in terms of reserves, trailing only behind Grayscale’s GBTC.
Hot on Blackrock’s heels, Fidelity’s FBTC is also on a bitcoin accumulation spree. As reported on their website on January 22, 2024, Fidelity now holds 30,169.54 bitcoin, with a market value of .26 billion.
Both the IBIT and FBTC ETFs impose a 0.25% management fee, with Blackrock offering an introductory fee of 0.12% for the first six months. In contrast, Fidelity’s ETF has a promotional offer of zero fees until July 31, 2024, or roughly six months.
In the meantime, Bitwise’s BITB spot bitcoin ETF witnessed a modest growth from 10,136 BTC to 10,152 BTC. Valkyrie’s BRRR spot bitcoin ETF also recorded a slight increase, from 1,712 BTC to 1,737.23 BTC. BITB is enticing investors with zero fees for the first six months, while BRRR is waiving fees for three months.
Franklin Templeton‘s EZBC fund reported a growth in its bitcoin holdings from 1,131 BTC on January 14 to 1,160 BTC by January 21, 2024. Despite these increases, none of the new spot bitcoin ETFs have yet to reach the reserve levels held by Blackrock and Fidelity.
What do you think about Blackrock’s and Fidelity’s bitcoin caches? Let us know what you think about this subject in the comments section below.