Raoul Pal, a well-known financial sector figure, predicts a significant expansion of the cryptocurrency market, forecasting its market capitalization could reach 0 trillion due to global liquidity trends and technology adoption. His analysis is underpinned by observations of the global liquidity cycle, which has been influencing asset growth since 2008, along with the rapid adoption […]
Bitcoin News
Nigerian Experts Say Past Central Bank Policies Drove Users to P2P Crypto Platforms
Stakeholders in Nigeria’s cryptocurrency sector argue that the Central Bank of Nigeria’s previous decision to exclude cryptocurrency entities from the banking ecosystem has fueled the growth of peer-to-peer crypto trading. Nigerian authorities are reportedly seeking to ban peer-to-peer crypto trading. One stakeholder has urged participants in the Nigerian crypto space to ‘identify the bad actors […]
Bitcoin News
Donald Trump Could Be Bitcoin’s Biggest Price Booster: Experts
Former President Donald Trump recently voiced strong support for Bitcoin and cryptocurrencies, notably diverging from his previously skeptical stance. This significant pivot, prominently featured in a recent video circulating among crypto enthusiasts and investors, has spurred speculation about the potential implications for Bitcoin and other digital currencies as the US election approaches this November.
How Trump Could Boost Bitcoin Price
The comments made by Trump were discussed by analyst MacroScope on X. The analyst emphasized the importance of Trump’s statements: “By now, you’ve probably seen the video of Trump‘s strident and arguably stunning pro-crypto comments.” MacroScope suggested that the implications of Trump’s newfound support could be profound, particularly because a positive shift in policy from Washington, D.C., regarding cryptocurrencies has not been factored into current market prices.
MacroScope further advised, “In terms of potential price impact on BTC, this should be watched very, very closely in coming months.” The statement reflects a broader sentiment within the financial community that political endorsements can lead to market movements, particularly when they suggest a shift in regulatory approaches. The analyst drew parallels to the market’s underestimation of the impact of the spot Bitcoin ETFs, indicating that a similar scenario might unfold if Trump’s supportive comments translate into formal policy changes.
By now, you've probably seen the video of Trump's strident and arguably stunning pro-crypto comments.
In terms of potential price impact on BTC, this should be watched very, very closely in coming months. It should go without saying that a constructive policy shift in DC is not… https://t.co/KL0RNqawZg
— MacroScope (@MacroScope17) May 9, 2024
Meanwhile, the credibility of Trump’s promises is a critical factor in assessing the potential outcomes of his pro-crypto statements. While Trump is known for making ambitious promises to rally support, MacroScope noted, “Yes, he will promise anything in front of a crowd to get applause. But from various insider accounts, we also know that once he makes a high-profile promise, he’s acutely aware of the attention and approval it got, and he feels obligated to at least show the appearance of following through in terms of policy.”
This behavioral pattern suggests that Trump may continue to champion pro-Bitcoin and crypto policies, at least in appearance, to maintain the favor he has garnered from these statements. Moreover, the political discourse surrounding cryptocurrencies is intertwined with speculations about future leadership at the Federal Reserve. Former Fed Governor Kevin Warsh, who is viewed as a potential successor to Jerome Powell, has previously expressed a nuanced understanding of Bitcoin’s value, particularly in light of a weakening dollar.
In a statement made in 2021, Warsh remarked, “It does make some sense to me,” referring to Bitcoin’s resilience during times of dollar depreciation. The potential appointment of Warsh could herald a more favorable regulatory environment for cryptocurrencies, aligning with Trump’s pro-crypto rhetoric.
Analyzing Trump’s BTC Stance: Julian Fahrer’s Insights
Julian Fahrer, co-founder and CEO of Apollo, also recently offered a nuanced analysis of Donald Trump’s relationship with Bitcoin and crypto, spanning from his presidency to his post-presidential activities. Fahrer’s perspective is crucial in dissecting Trump’s public statements against his administrative actions.
During his presidency, Trump openly criticized Bitcoin and cryptocurrencies, notably after Meta’s attempt to launch the Libra stablecoin in 2019. Trump famously stated, “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
Despite these comments, Trump’s appointments suggest a more complex position towards crypto. He appointed Hester ‘Crypto Mom’ Pierce to the SEC, known for her dissenting opinions in favor of Bitcoin and crypto, and Steve Mnuchin as Treasury Secretary, who viewed cryptocurrencies as a national security threat.
This dichotomy shows that Trump’s administration maintained a somewhat ambiguous stance on crypto regulation, characterized by tightened KYC/AML rules by the Financial Action Task Force, alongside the Commodity Futures Trading Commission’s approval of crypto futures products.
Post-presidency, Trump’s attitude appears to have shifted significantly. His venture into Trump Digital Trading Cards and disclosure of owning .8 million in ETH in 2023 signal a newfound embrace of digital assets. This change could be attributed to strategic shifts or financial incentives.
Furthermore, Trump’s recent interactions, including bringing pro-Bitcoin Vivek Ramaswamy into his circle and positive comments on Fox about Bitcoin, indicate a potential pivot towards a more crypto-friendly posture if he were to secure a second term. Fahrer aptly notes, “The bigger an enemy of Bitcoin and crypto the Democrats seem to be, the more Trump appears to be embracing it.”
This analysis underscores the fluidity between Trump’s rhetoric and his policy actions regarding Bitcoin and cryptocurrencies, with Fahrer concluding that Trump’s evolving stance could lead to a ‘full on Degen Don’ as the November election approaches.
Notably, investment giant VanEck predicted at the beginning of the year that a Trump victory will propel the Bitcoin price to a new all-time high on November 9th and potentially reach 0,000 by December.
At press time, BTC traded at ,024.
Report: 30% of UK Watchdog’s Financial Crime Experts Focused on Crypto Businesses in 2022-23
According to a report, the Financial Conduct Authority, a watchdog for the financial services industry in the U.K., had 30% of its financial crime specialists focused on crypto-asset businesses. Assessments conducted by supervisors in the U.K. found that not only crypto-asset businesses, but nearly all participants in the country’s financial services sector, are susceptible to […]
Bitcoin News
Former Openbazaar Dev Chris Pacia Blasts Lightning Network: Experts Knew It Would Work ‘Like Dog Sh*t’
Chris Pacia, the former lead developer of the now-defunct decentralized marketplace Openbazaar, has criticized the process that led to the proposal of Bitcoin’s lightning network (LN) as a scaling solution. Pacia stated that technical experts lied to the mainstream audience in the blocksize war’s framework, knowing that LN would work “like dog sh*t.” Former Openbazaar […]
Bitcoin News
Bitcoin to Hit $122,000 in 2024, Predicts Finder’s Latest Survey of Experts
Periodically, the product comparison website finder.com releases a new price prediction survey focusing on key cryptocurrencies and gathers a wide array of crypto and fintech experts for their perspectives. According to the most recent report on bitcoin forecasts, the panel of experts anticipates that bitcoin could attain a value in the six-figure range by 2024. […]
Bitcoin News
Experts: Nigeria’s Binance Crackdown Shakes Investor Confidence
The Nigerian government’s crackdown on cryptocurrency exchanges, including its targeting of Binance, has prompted some cryptocurrency firms to reconsider plans to either enter or further invest in the West African nation. A founder of a cryptocurrency exchange stated that the crackdown on Binance raises questions about the fundamental rule of law necessary for any society […]
Bitcoin News
Crypto Experts Predict Massive Price Surge For XRP Price, Is $20 Possible?
Crypto experts continue to be bullish on the XRP price despite the poor performance that the altcoin has exhibited in recent times. Some of these experts see the cryptocurrency’s price rising higher from its current level, with one analyst expecting XRP to rise as high as in the coming bull market.
XRP Price On The Verge Of Breakout
One of the crypto experts that has shown incredibly bullish sentiment toward the XRP price is Matthew Dixon, the CEO of crypto rating platform, Evai. Dixon took to X (formerly Twitter) to share with the crypto community that the XRP trading volume had been seeing positive headwinds in recent times.
At the time, the Evai chart shared by the the crypto CEO showed that XRP had recorded an approximately 42% increase in its daily trading volume to cross .1 billion. Using this increase in trading volume, Dixon believes that it shows the rising interest in the altcoin.
Naturally, increased interest often translates to increased demand, which can be bullish for a cryptocurrency’s price. This was the thought shared by the Evai CEO who believed the surge in trading volume and interest meant that the XRP price was on the verge of a breakout.
However, this does not seem to be the case, at least in the short term, since the XRP price continues to trend around the same level since Dixon first made the post. It is hovering around .61 at the time of this writing, with a0.96% gain in the last 24 hours.
Can Price Get To ?
Predictions for the XRP price going into the next bull market have had a wide variety, from very conservative to very ambitious. For many, though, the expectation is that the XRP price will rise very quickly as regulatory clarity from the Ripple vs SEC case is fast approaching.
Crypto analyst Armando Patoja takes the ambitious route with his own prediction, forecasting an over 3,000% price increase for XRP. According to Patoja, the predictions that put XRP’s future price at severely underestimate the ability of the altcoin.
On his own, the crypto analyst believes that the XRP price has the potential to rise even further to reach between to . Patoja posits that saying XRP will reach just is like expecting Bitcoin to top out at ,000 in 2015.
There people saying #XRP will reach are significantly underestimating.
This is similar to predicting #Bitcoin would cap at ,000 in 2015. XRP is on a trajectory akin to Bitcoin’s in 2015, with a rapidly growing network effect.$XRP prediction: -. Thoughts?
— Armando Pantoja (@_TallGuyTycoon) April 6, 2024
Despite the growing XRP community, it is no doubt that Patoja’s prediction has been received with a grain of salt. One community member responded to the post saying XRP could not possibly rise that high because major projects who were building on the XRP Ledger have been abandoning it for other chains because it is a dead chain. Due to the lack of builders, they do not believe that XRP has the steam to run that high.
Panel Of Experts Reveal When The Cardano Price Will Reach $3
Panelists at global fintech company Finder have relayed a series of projections on the Cardano native token ADA. Despite the cryptocurrency’s slow growth recently, various crypto experts have predicted the price of ADA to surge to record highs soon.
Cardano Expected To Rise Above by 2030
A recent survey of panelists at Finders has revealed the future outlook for the price of ADA. According to the report, Cardano is expected to witness a significant surge between the average of .37 and .15 by the end of the decade.
Supporting the cryptocurrency’s potential price growth, the Chief Operating Officer (COO) of Layer One X, Matiu Rudolph has predicted that the price of ADA could increase to .50 or higher by 2025. He has also predicted that the cryptocurrency could witness a rise to new all-time highs of by 2030.
The COO has based his predictions on Cardano’s burgeoning ecosystem and robust community of supporters. He disclosed that the cryptocurrency’s loyal community was one of its greatest assets, fostering global adoption and boosting the value of the cryptocurrency.
Also speaking about Cardano’s future price outlook, the founder of Omnia Markets, Mitseh Shah has projected the price of ADA to surge to .75 by 2025. The fintech founder has given reasons for his price prediction, stating if the crypto market enters a bull run, Cardano could see its price rising to new highs.
“If next year’s Bitcoin halving leads to a bullish crypto market Cardano could well be taken along for the ride,” Nick Ranga, senior cryptocurrency and forex analyst at ForexTraders stated.
In a similar light, another panelist, Ruadhan O, creator of Seasonal Tokens has remained bullish on Cardano, expecting the cryptocurrency to surge to by 2030. The crypto investor has disclosed that Cardano is likely to witness significant gains from Ethereum’s market share during the next crypto bull run.
Overall, predictions regarding Cardano’s price outlook seem to depend on the market’s performance and the possibility of a bull run. At the time of writing the cryptocurrency is trading at .65, reflecting an increase of 3.63% over the past week, according to CoinMarketCap.
ADA To Witness Major Price Drop
Despite the optimistic forecast from a considerable number of Finder’s panelists regarding Cardano’s price, others have expressed opposite views, highlighting Cardano’s underperformance and inability to keep up with market expectations.
Josh Fraser, co-founder of Origin Protocol, Cardano and Joseph Raczynski, a futurist have predicted that the price of Cardano could plummet to zero by 2030 and 2025 respectively. Numerous other panelists who share similar pessimistic sentiments have revealed that Cardano’s lack of decentralized applications and failure to achieve global adoption was one of the key factors behind its foreseeable limited price growth.
Bitcoin Price Crashes To $60,800: Is The Worst Over? Experts Weigh In
Bitcoin has experienced a sharp decline from its March 14 high of over ,600 to today’s low of under ,800, translating to a -17% loss in value. This significant drop has prompted a flurry of activity on social media platforms, particularly X (formerly Twitter), where crypto experts have been fervently discussing the potential reasons behind this downturn and speculating on what the future holds for the world’s leading cryptocurrency.
Unpacking The Bitcoin Crash: Expert Opinions
Alex Krüger, a respected figure in both macroeconomics and crypto, was quick to identify the primary factors contributing to Bitcoin’s price collapse. According to Krüger, the crash can be attributed to several key factors: excessive leverage in the market, Ethereum’s negative influence on overall market sentiment due to ETF speculations, a notable decrease in Bitcoin ETF inflows, and the irrational exuberance surrounding Solana memecoins, which he refers to disparagingly as “shitcoin mania.”
Reasons for the crash, in order of importance
(for those who need them)
#1 Too much leverage (funding matters)#2 ETH driving market south (market decided ETF not passing)#3 Negative BTC ETF inflows (careful, data is T+1)#4 Solana shitcoin mania (it went too far)
— Alex Krüger (@krugermacro) March 20, 2024
WhalePanda, another influential voice within the crypto space, pointed out the alarming rate of ETF outflows, with a record 6 million leaving the market yesterday. This movement has been particularly detrimental to GBTC, which saw outflows of 3.5 million.
In contrast, Blackrock’s inflows stood at a mere .2 million, marking its second lowest to date. Also, Fidelity saw just .6 million in inflows. “Not much to say, this is bad for the price and we’ll probably see lower now because this news affects the sentiment as well. Let’s see what the flows are tomorrow. Positive thing is that we’re roughly 30 days from halving, and GBTC is getting rekt,” he remarked.
Yesterdays ETF flows by @FarsideUK.
We had 6 million in outflows. Biggest outflow to date.
Blackrock didn't save us from $GBTC, which kind of was obvious with the price action.$GBTC had 3.5 million outflows, Blackrock had .2 million inflows, their 2nd lowest to… pic.twitter.com/hIingoYMly
— WhalePanda (@WhalePanda) March 20, 2024
Charles Edwards, founder of crypto hedge fund Capriole Investments, provided a historical perspective on Bitcoin’s recent price move, suggesting that a 20% to 30% pullback is within the norm for Bitcoin bull runs.
“A normal Bitcoin bullrun pullback is 30%. Back in December, we were already in the longest winning streak in Bitcoin’s history. A 20% pullback here takes us to K. A 30% pullback would be K. These are all levels we should be comfortable expecting as possibilities,” he stated.
Rekt Capital provided an analysis of Bitcoin’s price retracements since the 2022 bear market bottom, noting that the current pullback is only the fifth major retrace, with all previous ones exceeding a -20% depth and lasting from 14 to 63 days. In sum, there are two key takeaways about this current retracement
The closer Bitcoin gets to a -20% retrace, the better the opportunity becomes.
Retraces need time to fully mature (at least 2-3 weeks, at most 2-months).
Since the November 2022 Bear Market Bottom…
Bitcoin has experienced the following retraces:
• -23% (February 2023) lasting 21 days
• -21% (April/May 2023) lasting 63 days
• -22% (July/September 2023) lasting 63 days
• -21% (January 2023) lasting 14 days
This… pic.twitter.com/cQyQOLA5Zv
— Rekt Capital (@rektcapital) March 19, 2024
Alex Thorn, head of research at crypto giant Galaxy Digital had previously warned of the likelihood of significant corrections during bull markets, suggesting that the current retrace is relatively standard. “Two weeks ago i warned that big corrections aren’t just possible but *likely* in Bitcoin bull markets. At -15%, this is pretty standard historically. Bull markets climb a wall of worry.”
Macro analyst Ted (@tedtalksmacro) focused specifically on the implications of the upcoming Federal Open Market Committee (FOMC) meeting. He highlighted the massive outflows from spot BTC ETFs, attributing them to traders’ cautious stance ahead of the FOMC decision and the potential impact of tax season in the US.
However, following the drop to ,800, Ted suggested that the market might have fully priced in the worst-case scenario, hinting at a potential bullish reversal if the FOMC’s decisions align with market expectations for interest rate cuts by the end of the year. He stated:
Time to bid. FOMC hedging done, worst case priced. Only thing that happens from here is that those protective positions unwind into or on the event today. Bulls should step up here soon. […] The market has fully priced in another hold from the Fed at today’s meeting, and is pricing 3 rate cuts from them by the end of the year. Anything that strays away from this from today’s new economic projection / dot plot material will make the market move sharply.
At press time, BTC traded at ,979.