Dapper Labs, a blockchain technology and digital collectibles company, has reached a favorable settlement in the legal case Friel vs. Dapper Labs, establishing that NBA Top Shot Moments are not securities. The company emphasizes that this significant ruling clarifies the legal status of digital collectibles and ensures the continued decentralization of the Flow blockchain. Dapper […]
Bitcoin News
Analyst Cites Favorable Market Trends That Could See Bitcoin Touch $300,000 This Cycle
Amid the renewed strength recently displayed by Bitcoin, Michael Van De Poppe, a recognized cryptocurrency analyst and trader has offered an intriguing prediction for BTC, highlighting that the crypto asset is likely to reach the 0,000 threshold in this bull cycle.
Bitcoin Price Targetted At Unprecedented Heights This Cycle
Over the past month, the price of Bitcoin has been consolidating and hasn’t been able to sustain its rise beyond its new peak of ,000. However, things could soon be changing, as Michael Van De Poppe expects the coin to surge immensely in the short term.
His forecast coincides with anticipation around the upcoming Bitcoin Halving expected to take place in less than 12 days, fueling optimism within the crypto community.
According to the expert, the largest cryptocurrency asset by market cap is still experiencing significant resistance. Nonetheless, if Bitcoin manages to break out of this zone, the coin could witness a progression towards new all-time highs in the coming months.
Given that BTC achieved the ,000 price level ahead of the halving event, Poppe believes that it is likely to surge to unprecedented levels, particularly topping out at 0,000 in this bull run.
The post read:
Bitcoin still facing crucial resistance. If this breaks, then we will be seeing a continuation towards new all-time highs. Bitcoin at ,000 pre-halving. Likely 0,000 this cycle.
Poppe underscored that the price of Bitcoin returned to ,000 level over the weekend. As a result, he has pointed out bullish indicators that are presently occurring in the crypto landscape.
The analyst also noted that the strength of the cryptocurrency markets has now exceeded our perceptions, and dips in altcoins represent opportunities for good entries. In addition, BTC’s price action demonstrates the potential to reach a new all-time high pre-halving, and the shift in favor of altcoins is on the horizon.
Altcoin Season Set To Kick Off In Weeks
Poppe is super bullish toward an ‘altcoin season’. However, it is important to note that altcoins’ value has frequently coincided with shifts in Bitcoin’s supremacy. But even though Bitcoin’s dominance is still at its peak prior to the halving, Poppe thinks these coins still have a lot of momentum.
He advocates that a new altcoin season will undoubtedly begin in the upcoming weeks. “We always have one, we have seen Meme coins, Solana (SOL) ecosystem, and AI,” he stated.
The expert’s statement suggests that the Solana ecosystem, AI projects, and meme coins in recent months have led the altcoin market. Thus, Michael Van De Poppe has contended that in the impending alt season, crypto initiatives that prioritize the tokenization of Real-World Assets (RWA), the Ethereum (ETH) ecosystem, and the Decentralized Physical Infrastructure Network (DePIN) are likely to be next, paving the way for alts this cycle.
At the time of writing, the altcoin’s overall market excluding Bitcoin and Ethereum was valued at 3.47 billion. This indicates a 2% increase in the market cap in the past 24 hours.
Analyst Thinks Ethereum Will Explode To $15,000, Cites Favorable Technical Formation
A crypto analyst, Elja on X, predicts that Ethereum (ETH) will reach a staggering ,000 by 2025 based on technical analysis. The analyst argues that the current bearish sentiment in the crypto market is “temporary.”
Moreover, Elja notes that the second most valuable coin by market cap follows a similar fractal pattern that fueled its previous major price rally in 2021.
Is Ethereum Ready To Rip Despite The Current Consolidation?
Sharing a screen grab of the current ETH price action, Elja says most people in crypto are “short-sighted” and only focus on immediate price movements. In the analyst’s assessment, traders should look at the long-term to understand the overall price pattern.
Thus far, Ethereum, like Bitcoin (BTC), remains under pressure and struggling to break above immediate resistance levels. Looking at the development in the daily chart, ETH is back at a critical support level of around ,200. Notably, the coin is down 20% from January 2024 highs of about ,700.
ETH is under pressure, at least in the short to medium term. As it is, the coin follows the technical candlestick arrangement visible in Bitcoin.
The altcoin downtrend appears to have been triggered by events following the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). As an illustration, Bitcoin fell from around ,000 to below ,000 this week, weighing down altcoins, including Ethereum.
On-chain data shows that Grayscale Investments has been unloading thousands of coins behind Grayscale Bitcoin Trust (GBTC). Subsequently, there has been a sell-off in Bitcoin and across the altcoin scene. The situation has been made worse for Ethereum following the United States SEC’s decision to postpone the approval of spot Ethereum ETFs.
While these developments have negatively impacted sentiment, Elja believes they will not derail Ethereum’s long-term growth trajectory. Specifically, the analyst notes that ETH is consolidating, a “healthy sign.”
ETH To ,000: Will Fundamental And Technical Factors Help?
Elja added that when crypto prices consolidate, it could suggest that whales are accumulating their position. Once this ends, ETH prices could trend higher. From the analyst’s chart, the coin will break above ,000 to ,000 in the coming sessions.
When making this prediction, the analyst compared the Ethereum price action to the fractal pattern that propelled ETH from around 0 to ,800 in 15 months from 2019 to 2021. Extrapolating from past price action, Elja believes Ethereum is on a similar path. Based on analysis, the coin will likely break above November 2021 peaks.
Beyond technical factors, ETH supporters cite the decreasing issuance rate. According to Ultrasound Money data, the network has been burning thousands of ETH, reducing supply. Additionally, Larry Fink, the CEO of BlackRock, believes Ethereum will be the choice network for tokenizing real-world assets (RWAs) in the years ahead.
Grayscale’s 4K Bitcoin Transfer, Blackrock CEO Favorable on Bitcoin, Ripple’s XRP Ousted, and More — Week in Review
Grayscale stirred speculation by transferring 4,000 bitcoins, while Blackrock CEO Larry Fink endorsed bitcoin as “digital gold,” surpassing government influence. In regulatory news, Ripple’s XRP was removed from Hong Kong Virtual Asset Consortium’s top crypto index. Meanwhile, Elon Musk reaffirmed his commitment to Dogecoin, along with revealing that his company Spacex holds a substantial amount of bitcoin.
Grayscale’s 4,000 Bitcoin Transfer Worth 5M Stirs Speculation
Recent blockchain analytics reveal that 4,000 bitcoins, valued at approximately 5 million, have been transferred from addresses believed to be controlled by Grayscale’s Bitcoin Trust, commonly referred to as GBTC.
Blackrock CEO Larry Fink on Bitcoin: I’m a Big Believer
Larry Fink, the CEO of Blackrock, the world’s largest asset manager, says he has become “a big believer” in bitcoin, emphasizing that it is “bigger than any government.” Calling the cryptocurrency “digital gold,” the executive stressed: “Unlike gold, where we manufacture new gold, we’re almost at the ceiling of the most of the amount of bitcoin that could be created.”
Ripple’s XRP Ousted From Hong Kong Top Crypto Index
As Hong Kong strengthens its crypto regulatory framework and embraces ETFs, the Hong Kong Virtual Asset Consortium (HKVAC) has updated its top crypto indexes, showing a preference for tokens with market performance and growing industry partnerships.
Elon Musk Still Owns Dogecoin — Spacex Owns Bitcoin
Tesla CEO and Spacex chief Elon Musk has revealed that he still owns “a bunch of dogecoin,” affirming his commitment to keep buying and supporting the meme cryptocurrency. Musk additionally revealed that his company Spacex still owns “a bunch of bitcoin.”
Do you think the bulk of GBTC bitcoin reallocation is done, or is there more selling into other spot bitcoin ETFs to come? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Enjoys Growing Favorable Conditions, Top Analyst Says
Bitcoin analyst and fervent BTC advocate, Will Clemente, has recently shed light on a compelling macroeconomic landscape unfolding, potentially favoring the world’s leading cryptocurrency.
Clemente suggests that the United States is currently facing an unavoidable predicament, where it must increase its money supply significantly to manage its mounting debt burden. This, he argues, sets the stage for substantial currency debasement in the near future.
Clemente’s analysis hinges on the growing probability of the United States further expanding its money supply over the coming years. With the relentless trend of rapid money printing, he raises a critical question: Which assets will emerge as the top performers in this volatile financial landscape? Among the contenders, including the stock market, commodities, real estate, and venture/angel investing, Clemente’s resounding answer is Bitcoin.
Despite being down nearly 70% from its 2021 highs, there is still a high likelihood that Bitcoin succeeds.
With the market going sideways, Bitcoin volatility near all time lows, and me losing my mind, decided to compile a few thoughts on why:
It is widely known that Bitcoin… pic.twitter.com/kNo9RBvyiR
— Will Clemente (@WClementeIII) September 19, 2023
Bitcoin: The Digital Safe Haven
As Clemente delves into his rationale, he highlights the unique attributes that make Bitcoin stand out in this tumultuous economic climate. He emphasizes that while gold has long been considered the go-to asset during periods of currency debasement, Bitcoin’s upcoming halving event will significantly bolster its stock-to-flow ratio, surpassing even that of gold and silver.
Furthermore, Bitcoin’s advantages of being highly transportable, divisible, verifiable, and provably scarce position it as a superior alternative to traditional commodities.
The sentiment surrounding Bitcoin’s potential is not limited to crypto enthusiasts and analysts. Best-selling author of “Rich Dad Poor Dad,” Robert Kiyosaki, has echoed similar sentiments. Kiyosaki emphasizes the urgency of taking action in the current economic climate.
He dismisses questions about future price predictions for Bitcoin, gold, and silver in 2025 as “silly.” Instead, he urges individuals to focus on their present holdings, emphasizing that time is running out to seize the opportunities presented by these assets.
Act Now Before Prices Surge
Kiyosaki contends that Bitcoin, gold, and silver remain relatively affordable investments at present but warns that this window of opportunity is closing fast. He predicts that as more people recognize the potential of these assets and rush to acquire them, prices will inevitably surge.
I am constantly asked “What price will gold, silver, or Bitcoin be in 2025. My reply is that is a silly question. More important question is how many gold, silver, Bitcoins do you have TODAY? Gold, silver, Bitcoin are bargains today… but not tommow. America is broke. Buy GSBC…
— Robert Kiyosaki (@theRealKiyosaki) September 19, 2023
As Bitcoin’s current price hovers around ,028.81, the recent 2.8% seven-day increase underscores the growing interest in these digital and precious metal assets.
The macroeconomic stage appears to be set for Bitcoin to shine amidst concerns about the U.S. economy. Analysts like Will Clemente and financial experts like Robert Kiyosaki are sending a clear message: the time to act is now, as the future of Bitcoin and precious metals becomes increasingly promising in an uncertain financial world.
Featured image from Inside Bitcoins
Shiba Inu (SHIB) Buildup At This Price Level Could Be Favorable
Shiba Inu (SHIB) price hovers above 20 EMA and 50 EMA with the bulls taking control of the pace.
- Shiba Inu showing an intense bullish trend
- SHIB trailing above 20 EMA and 50 EMA
- SHIB retests at the .0126 mark; hints at high volatility
SHIB has seen a robust buying activity for the past month with the popular dog meme coin seen to be leveling off in the .01239 to .0126 range.
SHIB Soars by 2.38%
According to CoinMarketCap, Shiba Inu is soaring by 2.38% and trading at .00001259.
At this point, if buying activity gets stronger to retest .0126, a bullish breach may be expected following a slow phase.
Buyers are facing hurdles in the supply zone that attempt to prevent the dog meme coin’s recovery. On the other hand, the bulls are not letting their guard down and amplifying pressure that came in patterns of higher lows as seen in the past couple of weeks.
The 20 EMA and 50 EMA are poised as support following the bull run. With the SHIB price hovering into the EMAs for quite some time, the coin is looking to breach the squeeze point and shift into high volatile waters in the next coming days.
More so, as seen on its four-hour chart, Shiba Inu revealed an ascending triangle pattern giving away a bullish streak. However, the trading volumes were greatly reduced and are hitting a downtrend.
SHIB To Retest .0126 Zone
A close that hits above .0126 will validate the chances of a breach. When this happens, SHIB can recover and move towards the .0131 to .0133 zone. However, if SHIB can’t afford to close anywhere above this range, then this would precipitate a movement closer to the EMAs.
RSI has also been soaring for the past two days. Now, the buyers should breach the 59-level limits to increase recovery. While DMI has been strong and supports the bullish movement of SHIB, the ADX or altcoin’s directional trend looks rather weak.
With the bullish standpoint spotted close to the resistance level of .0126, the buyers are looking to intensify their activity in the next sessions. Now, reversals that occur from the burrowing resistance may imply a sluggish phase, and the targets may not move as intended.
On the brighter side, SHIB shares an 88% 30-day spike with the king of crypto Bitcoin. With that in mind, Bitcoin’s movement will impact SHIB’s performance and overall market sentiment.
SHIB total market cap at .8 billion on the daily chart | Source: TradingView.com
Featured image from The Motley Fool, Chart from TradingView.com
NewsBTC
Puerto Rico To Become Cryptocurrency Capital Due To Favorable Tax Laws
One of the controversial topics in recent times is the payment of tax on cryptocurrency gains. In the USA, the IRS termed virtual currencies as property which means that holders will pay taxes like holders of fundamental properties or stocks.
The agency even sent a subpoena to many centralized cryptocurrency exchanges to give up the information of non-compliant taxpayers.
Even though many people in the cryptocurrency community frown against such taxes, the government is bent on ensuring compliance. Presently, non-compliance to the crypto tax payment requirement attracts legal action. So, it is not surprising that cryptocurrency investors seek a tax-free state to operate without limits.
Puerto Rico Becomes Tax Haven For Investors
As the United States clamped down on non-compliant citizens, the top affluent crypto investors moved to Puerto Rico to avoid taxes. The territory, though in the USA, is not charging federal income tax on crypto gains.
The cryptocurrency market is down in red zone | Source: Crypto Total Market Cap on TradingView.com
According to its local law Act 22, residents of Puerto Rico are exempted from paying taxes on capital gains, interests and dividends. So, people are free to keep all their profits to themselves at least for six months.
Related Reading | Monero Featured In Last Week Tonight, Essential Tool In “Ransomware Economy”?
Many people were not aware of this provision until Frances Haugen let the cat out of the bag. The whistleblower moved to the territory a few months back and disclosed this great news to the community. The Act has been in play for a long time, but many people were unaware of it.
Following Haugen’s move, another media mogul, Logan Paul, moved to Puerto Rico and occupied a mansion on the island. When our sources asked him for a reason, he pointed out that the tax exemption is part of it.
Cryptocurrency Businesses Move To Puerto Rico
Apart from these individual players, some businesses have left their location to move to the island. For instance, Pantera Capital –a hedge fund – is now operating on the island.
Also, SuperRare, an NFT marketplace previously operating in Silicon Valley, has moved to the island as well. We also gathered that another hedge fund mogul John Paulson is now living in Puerto Rico.
Due to this, the Blockchain Trade Association in the Island plans for its first Blockchain week, which will come in December his year. This program aims to drive more people and businesses to move to the island. With all these moves, it’s not surprising that Puerto Rico’s economic growth is taking a new level.
However, there is ongoing competition between Puerto Rico and El Salvador as the latter has allowed crypto investors to trade without paying income tax and capital gains tax on Bitcoin.
Related Reading | Over Billion In BTC Paid In Top 10 Ransomware Variants, Says U.S. Treasury
Apart from these two places, crypto investors can enjoy the same freedom in places like the Cayman Islands, Malta, Switzerland, Nevis, and Portugal, where miners and traders don’t pay income tax.
Featured Image From Pexels and Chart From TradingView.com
NewsBTC
OKEx Registers Surge in Traffic, Are Traders Finding It More Favorable than the Rest?
The cryptocurrency market has been going through some tough times in recent months as the coronavirus pandemic continues to affect the entire world. However, the prevailing conditions in the industry are far better than the conventional global financial markets.
While the entire world stares at an inevitable recession in the coming days, many investors have started investing in some of the leading digital currencies as a measure to minimize the impact on their finances. These decisions are based on the fact that Bitcoin and a significant number of altcoins exhibited a limited direct correlation with the traditional market instruments. Meaning, as the value of stocks continues to plummet, cryptocurrencies have held their ground registering a small percentage fall in their valuation.
Meanwhile, the crypto trading community hasn’t lost its hopes either, as one thing that has remained constant during these trying times is the volatile nature of these digital assets. As the interest in investing and trading in cryptocurrencies continues to increase, so does the search for the right platform that can satisfy all their trading requirements.
Changing Traffic Patterns on Crypto Platforms
A recent analysis of web traffic data shared by ICO Analytics shows that the number of users on a handful of crypto platforms has increased while the rest of them registered a decline. The comparison was made between the web traffic registered by these leading platforms in the months of March and April 2020.
A quick glance at the numbers shows a list of 20 most popular cryptocurrency exchange platforms, out of which only three have witnessed increased activities compared to their peers. These three platforms include OKEx, CoinsBit, and ZBcom with 147%, 33% and 18% respectively. On the other hand, the highest drop in web traffic in the month of April as compared to March 2020 was experienced by BitMEX at 40%. The web traffic trend favoring just 3 out of 20 exchanges may indicate that new traders are perceiving these 3 exchanges to be more reliable, trustworthy, and maybe even easier to access compared to others. Another possibility involves some of the existing traders favoring them over the rest due to favorable trading terms, supported assets, or a lot of other reasons.
Web traffic dynamics of some of the most popular crypto exchanges in April 2020 vs March 2020. In total a traffic dropped by 12% among analyzed exchanges. Other financial markets showed the same trend in terms of web traffic in April. pic.twitter.com/xCMxnbhoKs
— ICO Analytics (@ICO_Analytics) May 8, 2020
Image by John Howard from Pixabay
NewsBTC
Taiwan Pursues Favorable Crypto and Blockchain Regulation, Next Major Market?
Asia’s seventh largest economy Taiwan has pursued friendly regulation for crypto and blockchain companies, as the government recognized the potential of blockchain technology in bolstering the economic growth of the country.
This year, Malta, described as the “Blockchain Island,” established a new trend of implementing favorable policies for crypto startups to enlarge the cryptocurrency market. Within a few months, Binance and Bittrex, two of the biggest multi-billion dollar digital asset exchanges in the world relocated to Malta.
The forward-thinking approach in regulation of Malta led major cities in South Korea, Japan, and Europe to adopt similar regulatory frameworks to lure in cryptocurrency companies.
Taiwan is the Next Major Market
The government of Taiwan has not drafted or passed any official legislation covering cryptocurrency and blockchain legislation. But, led by congressman Jason Hsu, government officials and major cryptocurrency companies created Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO), to set quality industry standards and practices.
Similar to Busan and Jeju Island in South Korea, Taiwanese government officials have taken an early approach to self-regulate the local cryptocurrency and blockchain sector to streamline the process of regulating the market for the government.
For many years, Taiwan was criticized by the international technology sector for its lack of regulations in the fintech and technology markets. Unlike Japan, which acknowledged its weakness in the area of fintech and technology, the government of Taiwan has struggled to embrace emerging and disruptive technologies.
But, the approval of the Financial Technology Innovations and Experiment Act, that allows blockchain and crypto startups to operate for years without regulatory risks, marked the first major step towards practical regulation in fintech in the country’s history, which may speed up the process of passing a potential crypto and blockchain regulatory framework in the near future.
Hsu, the crypto-supporting congressman of Taiwan, has held discussions with the largest companies in the global cryptocurrency sector including Binance, to ensure that the local cryptocurrency sector can continue to grow at a rapid rate with the approval and support from the government.
I am proud to announce the launch of #Taiwan Parliamentary Coalition for #Blockchain and industry #SRO Together we will foster healthy ecosystem growth and progressive #cryptocurrency regulations. Let’s make Taiwan #blockchainisland and #CryptoNation pic.twitter.com/wHiFDW8vwI
— jason Hsu (@augama) May 23, 2018
Crypto Will be Beneficial For Taiwan
Japan and South Korea, the second and fourth largest economies in Asia, have seen exponential growth in their respective cryptocurrency and blockchain industries, primarily due to the implementation of friendly regulatory frameworks.
As NewsBTC previously reported, the Financial Services Agency (FSA) has recently expanded its crypto team to ensure it can meet the growing demand for cryptocurrencies by local businesses.
Moreover, as Leo Lewis, a Tokyo Correspondent for FT and a financial analyst based in Japan reported, Nobuchika Mori, Japan’s longest-serving finance minister and a regulator at the FSA, has continued to call for open-minded regulation in the cryptocurrency and financial sector.
“Mr Mori knew, intimately, that Japan’s financial sector had fallen behind in IT, fintech, blockchain and its general embrace of the digital. Faced with an exciting, emerging genre that had already captured the imagination of the Japanese public, it must have been tempting to overlay on to crypto a load of pre-existing national ambitions centred on tech start-ups, fintech and encouraging more retail cash to flow around the system,” Lewis explained.
Analyst expect the efforts of Japan, South Korea, and major economies in Asia in standardizing regulatory frameworks will lead Taiwan, India, and other countries with unclear cryptocurrency policies to solidify their stance on the emerging technology.
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