Bruno Vaccotti, Head of Public Affairs of Penguin, a bitcoin mining company, has referred to the existence of what he called “vulture contracts,” and its effects on developing mining operations in Paraguay. Vaccotti stated that large amounts of energy have been assigned through these contracts that have not been taken advantage of and are blocked […]
Bitcoin News
Flocka Fiasco: Waka Flocka Flame’s Crypto Launch Crashes Into Insider Trading Scandal
The red carpet of cryptocurrency rolled out for rapper Waka Flocka Flame’s FLOCKA token launch on June 17th, but quickly transformed into a red flag for investors. Suspicious pre-launch activity has cast a long shadow over the new coin, sparking accusations of insider trading and raising concerns about celebrity involvement in the volatile crypto market.
40% FLOCKA Disappears Before Takeoff
Blockchain detectives were the first to sound the alarm. Just before FLOCKA’s official debut, a single wallet swooped in and gobbled up a staggering 40% of the entire token supply.
This pre-launch land grab made crypto enthusiasts paranoid, as it hinted at potential market manipulation. The plot thickened when, immediately after launch, the same wallet began rapidly dispersing its FLOCKA holdings across a network of anonymous accounts.
“Interesting how a fresh wallet funded via exchange sniped ~40% of the supply and dispersed to alt wallets,” tweeted ZachXBT, a prominent blockchain investigator. This rapid fire dispersal of tokens fueled suspicions that someone with inside information was playing the market to their advantage.
Huge insider activity on $FLOCKA
Wallet Ag41go sniped 40% of the supply at launch and spread it into 60+ wallets, before Waka Flocka (@WakaFlocka) made the announcement.https://t.co/9tBAFwQWef https://t.co/xq5yddGbDv pic.twitter.com/UyNLPVLqWz
— Bubblemaps (@bubblemaps) June 17, 2024
Platforms like Bubblemaps, which specialize in visualizing blockchain transactions, echoed these concerns. “Huge insider activity,” declared Nicolas Vaiman, CEO of Bubblemaps, highlighting the pre-launch acquisition.
Vaiman went further, criticizing the growing trend of celebrities venturing into crypto without a firm grasp of the underlying technology or market dynamics.
Waka Flocka Flame’s Past Raises Eyebrows
The shadow of insider trading wasn’t the only dark cloud hanging over FLOCKA. Waka Flocka Flame’s past dalliances with the crypto world raised concerns about his motivations.
According to reports, the rapper has a history of promoting questionable crypto projects, often failing to disclose that these were paid endorsements. This pattern of behavior led many to question whether FLOCKA was simply another vehicle for a quick buck, rather than a legitimate cryptocurrency with long-term potential.
Crypto Celebrities: Hype Or Expertise?
The FLOCKA fiasco reignites the debate about celebrity involvement in the cryptocurrency space. While celebrity endorsements can undoubtedly generate buzz and attract new investors, critics argue that this often comes at the expense of investor education and market stability.
These celebrities lack the necessary expertise and understanding, argues Vaiman, pointing out the potential for misleading promotions and unethical practices fueled by a desire for quick profits.
Featured image from Getty Images, chart from TradingView
Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations
The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). The token, promoted by the controversial figure Andrew Tate, has gained traction, surpassing Iggy Azalea’s MOTHER. However, Tate is now accused of some concerning activity for crypto investors.
Andrew Tate Endorses DADDY
On June 11, former pro kickboxer and controversial online figure Andrew Tate started promoting a new memecoin. The DADDY token was marketed as the direct competition to Iggy Azalea’s MOTHER, the most successful celebrity launch.
Before he endorsed DADDY, Tate stated he held zero tokens but was aware there were hundreds of memecoins related to his likeness. Days later, he invited popular crypto trader Ansem to fight him in a boxing match, claiming this was “his cycle.” He also suggested that the loser donates million to a token of the winner’s choosing.
Tate’s approach received mixed reactions from the members of the crypto community. Content creator Jakey jokingly claimed that Crypto Twitter was the new YouTube. Another user stated, “Every day we get further away from god.”
On Tuesday, Tate promoted the Daddy Tate memecoin, which was also received with mixed feelings and some criticism. The promotional posts targeted Azalea’s MOTHER while making sexist “jokes” and using domestic violence as a punchline.
I heard about a coin called mother so now I’m supporting a coin called $DADDY to flip it for the patriarchy. We’re bringing the Gs back make me a fucking sandwich females.
Tate’s Memecoin Called Out For Insider Trading
On Wednesday, crypto analytics firm Bubblemaps accused the token of having “huge insider activity.” According to the firm, they found suspicious activity before Tate started promoting DADDY.
Bubblemaps revealed that insiders allegedly bought 30% of the token’s supply at launch. On June 9, Daddy Tate’s team sent 40% of the total supply to the former kickboxer, which he promised not to sell. Additionally, he bought ,000 worth of DADDY and burned it.
Despite this, the token seems to “have a catch.” Per the report, 11 wallets are holding 20% of the supply. These wallets were founded through Binance with “nearly identical amounts at the same time.” Moreover, they bought the tokens, worth around million, on June 9, before the team started to promote the token on X.
The firm claims that the timing and amounts “strongly suggest” the wallets belong to the same group. Similarly, two other clusters hold an additional 10% of the supply and seem to be linked through a third wallet.
Bubblemaps urged investors to remain cautious as the insiders “seem to be active on $DADDY and are trying to cover their tracks.” The firm warned that “one of these wallets could nuke the liquidity pool.”
DADDY Surpasses MOTHER
After Tate’s post about DADDY, the crypto community called him out for his posts. Some users suggested he returned when the token was a MOTHER’s level. At the time, Daddy Tate had a million market capitalization and was trading at .1499.
Nonetheless, DADDY gained traction on Wednesday, surging to .36. In 24 hours, the token increased by 143% to a new all-time high (ATH) and reached a 0 million market capitalization. This performance saw the memecoin surpass MOTHER despite the controversial promotion and insider activity allegations.
Since then, the token has retraced to the .24 price level, a 32% decline in the last 12 hours. DADDY had a market cap of 0 million at the time of writing.
Meanwhile, MOTHER saw a 46% surge on Wednesday, which propelled the price from .15 to .22. In the following hours, the memecoin’s price declined 36% to the .14 range before recovering.
As of this writing, Azalea’s token is trading for .17 and has a market capitalization of 9 million. Despite retracing nearly 40% since its June 5 all-time high, MOTHER still exhibits a 1,900% increase from its launch two weeks ago.
Shiba Inu Insider Reveals Top 5 Shibarium Investment Rules
In a post on X (formerly Twitter), Lucie, the marketing lead for Shiba Inu, has provided potential investors with a new set of guidelines for evaluating projects within the Shibarium ecosystem, a dedicated layer-2 blockchain aimed at enhancing the Shiba Inu network. This guidance focuses on critical factors that reflect a project’s contribution to the ecosystem’s growth and sustainability.
Five Investment Rules For Shibarium Projects
1. SHIB Token Burn: Lucie emphasized the importance of SHIB token burning as a primary metric. Token burning, or permanently removing tokens from circulation, is a strategy used to induce scarcity and potentially enhance the token’s value over time. Lucie assesses the impact of SHIB burns on the ecosystem’s overall health and price stability.
2. Metaverse Development: The second rule focuses on whether projects are planning or currently building within the Shiba Inu Metaverse. As SHIB: The Metaverse represents a burgeoning area for development, investments in this space could signal forward-thinking and innovative capabilities within the Shibarium projects.
3. Engagement with BONE Token: BONE ShibaSwap (BONE), serves as the gas token for transactions within Shibarium. Lucie queries whether a project is involved in burning BONE or creating utilities around it that increase its appeal and functional use within the ecosystem. This utility can significantly impact the token’s demand and usage patterns.
4. LEASH Token Utilization: Another crucial factor is the use of Doge Killer (LEASH), another significant token in the ecosystem. Projects’ plans for incorporating LEASH into their functionalities or governance structures reflect their integration depth within the Shibarium network.
5. Verified Contributions to Shibarium: The final criterion involves assessing the tangible, positive contributions a project has made towards improving Shibarium, with a necessity for these contributions to be verifiable on the blockchain. This transparency ensures that the projects not only promise but also deliver real value to the ecosystem.
Examples Of Shiba Inu Projects Meeting Lucie’s Criteria
Lucie named several projects that exemplify her investment rules. WoofSwap, for example, has been a proactive participant in SHIB and BONE burning through its inscription tokens and the launch of its meme coin, DAMN. This activity helps reduce the circulation of key tokens, potentially driving up their value.
Shib Dream and Shib CoOp were cited for their contributions to building within the Shiba Inu Metaverse, a significant area of development that could herald new utility and user engagement within the ecosystem. K9 Finance has been noted for enhancing liquidity and staking mechanisms for BONE, creating more robust economic incentives and utility for the token.
In terms of blockchain-verifiable contributions, projects like LumiBots, Mantra Protocol, NestX, and Shib CoOp assist in NFT adoption on Shibarium, facilitating a broader use case for digital assets within the ecosystem. DEX MARSWAP was highlighted for its role in facilitating Shiboshis staking and supporting new projects within the ecosystem.
Shib Dream responded enthusiastically to Lucie’s endorsement: “All great projects! We have burned over a Billion Shib. Invested over 30K in Shibarium Projects. Building in the Metaverse. Gave back over K to the community. Good Deeds – Over k in Donations. Not using Leash yet going to figure that out. Other things coming soon. SHIBARIUM. Keep Building. Keep Dreaming.”
At press time, SHIB traded at .00002360.
VeChain On The Edge: Insider Says VET Will Reach The Finish Line
A self-acclaimed VeChain (VET) insider has made a bold claim about the token’s price. The insider suggested that VET’s tepid price action is a strategic ploy by the team, and the token will eventually make a parabolic rise when the time comes.
VeChain Will “Reach The Finish Line”
The self-claimed insider known as ‘VeChain Whale’ admitted in an X (formerly Twitter) post that VET’s price is slow but added that the token will “reach the finish line.” He made this statement while comparing VET to a “snail” in terms of price action.
VeChain Whale further revealed that the team could “pump the token” if they wanted but haven’t because of fear of “regulation and other factors.” The claim about regulation looks to be related to the Securities and Exchange Commission (SEC) and the fear that the network could face regulatory scrutiny from the Commission.
The VeChain “insider” also claimed that the team wasn’t worried about VET’s price because they were aware that “90% of tokens will vanish” after the bull run, but VeChain would still be around. That is why they are choosing to play the “snail game,” unlike the other tokens that “do whatever to gain attractions and move up in the ranking at all cost.” VeChain Whale added.
As expected, VeChain Whale’s post attracted criticism from crypto community members who questioned when he became a VeChain insider. In response, VeChain Whale stated that he needed to prove the doubters wrong and suggested that a major announcement was coming in June, which would make those doubting him now offer an apology when the time came.
VET’s Price Set To “Explode”
In a subsequent X post, he mentioned that the team would make many announcements in the next two months, which would cause VET’s price to “explode.” He further assured VET holders that they can expect to see a 10x increase in the token’s price by June.
Meanwhile, crypto analyst Egrag Crypto previously provided some insights into how high VET’s price could rise when the time comes, mentioning that the crypto token could see a 140x increase in its price. However, Egrag failed to say when precisely this parabolic price surge will happen.
Crypto analyst and YouTuber Crypto ZX also once predicted that VET was primed to enjoy significant price increases and further stated that the crypto token could hit new all-time highs (ATHs) if it succeeded in breaking certain resistance levels.
At the time of writing, VET is trading at around .0455, up over 7% in the last 24 hours according to data from CoinMarketCap.
Bitcoin Insider Tip: Expert Signals Key Catalyst That Could Revive BTC’s Rally
Renowned venture capitalist and Bitcoin advocate Anthony Pompliano has recently sparked discussions with his post on X addressing the predictions of Bank of America.
According to Pompliano’s post, the US government may face a .6 trillion annual interest payment by December, should the Federal Reserve persist with its current monetary policies.
This projection has ignited speculation among market observers, with suggestions pointing to a scenario that heralded inflation in the US economy.
Notably, Bitcoin is emerging as a focal point in discussions, touted by some as a potential hedge against inflation and a contender for the future standard of currency if the US dollar falters.
Time for the FED to cut interest rates and let inflation explode higher.
OR
Leave interest rates high and allow annual interest payments to be insanely high thus causing inflation to explode higher.
I will keep stacking #Bitcoin to hedge against this mess.
— Not Larry Fink (@NotLarryFink) April 1, 2024
Insights And Bitcoin’s Varied Perceptions
Meanwhile, during a recent feature on CNBC’s Squawk Box, Anthony Pompliano delved into the multifaceted nature of Bitcoin’s role in the financial landscape. He highlighted the varied perceptions of Bitcoin among different market participants, ranging from a “speculative asset” to a “hedge against inflation and store of value.”
Pompliano underscored the distinction between investors seeking short-term gains through spot Bitcoin exchange-traded funds (ETFs) and those adopting Bitcoin as a long-term hedge against inflation.
Bitcoin provides hope & protection for anyone.
The US dollar has lost 25% of its purchasing power in 4 years, while bitcoin has gained over 800%.
We are watching a global store of value be adopted.
Here is my full segment on @SquawkCNBC this morning. pic.twitter.com/XvO0B4yE0o
— Pomp
(@APompliano) April 1, 2024
Drawing on global examples, Pompliano elucidated how individuals in different regions, such as Nigeria and Argentina, are leveraging on buying BTC and stablecoins, respectively, reflecting diverse strategies in response to economic circumstances.
Pompliano noted:
You don’t have to go to emerging market to find out why people want to buy this. If you look at the United States Dollar it has lost 20% of its purchasing power since 2020, Bitcoin is up 800% during that same time period.
Bitcoin Recent Performance
It is worth noting that despite recent market volatility, characterized by Bitcoin’s notable decline over the past week, Pompliano’s remarks shed light on Bitcoin’s resilience and potential for future growth.
Notably, Bitcoin has experienced a significant pullback, losing nearly 10% of its value over the week and further declining by 6% in the past 24 hours alone. Its current market price hovers around ,234.
Market analysts attribute this downturn to diminishing expectations of Federal Reserve interventions and waning demand for spot Bitcoin ETFs, as highlighted in a Bloomberg report.
Stefan von Haenisch, who serves as the Head of Trading at OSL SG Pte., remarked on the prevailing pessimism regarding potential rate cuts, stating that it has significantly impacted the crypto space. He noted a sell-off occurring as the week commenced, affecting various sectors, particularly those with better performance than Bitcoin over the last six months, such as meme-based cryptocurrencies.
Featured image from Unsplash, Chart from TradingView
SEC Insider: Bitcoin ETF Approval Probability Surges Beyond 99% As BTC Hits Fresh Yearly High
In the countdown to the deadline for the long-awaited Bitcoin ETF applications by major asset managers worldwide, predictions regarding the rate of approval have significantly improved.
Inside sources from the US Securities and Exchange Commission (SEC) indicate that Bloomberg’s initial 90% chance prediction of approval has now surged beyond 99%.
This development has heightened the excitement surrounding this investment vehicle, which has the potential to bring substantial inflows of capital into the Bitcoin market and further amplify its year-to-date gains of over 153%.
Market Sentiment Soars As Bitcoin ETF Approval Probability Surpasses 99%
Andrew, an SEC insider, shared an update on X (formerly Twitter), stating that the 99% probability of a Spot Bitcoin ETF being approved is no longer deemed high enough.
While acknowledging that nothing is ever certain, the source emphasized that the current likelihood of approval surpasses the 99% estimate from the previous week.
The sentiment in the market is clearly reflected in the price movement of Bitcoin, as it continues to establish new yearly highs and display unwavering bullish momentum.
Currently trading at ,900, Bitcoin recently reached a fresh annual peak of ,400 on Tuesday. Over the past 24 hours, the largest cryptocurrency has surged by 4%, and it has witnessed a remarkable increase of over 14% in the past seven days.
It is worth noting that the prospect of a Bitcoin ETF being approved has captured the attention of investors and industry participants alike. If approved, the ETF would provide a regulated and accessible investment vehicle for institutional and retail investors, potentially bringing significant liquidity to the cryptocurrency market.
The spike in approval forecasts to over 99% has further fueled optimism that this milestone decision is imminent. While nothing can be guaranteed, the growing confidence in Bitcoin ETF approval and the cryptocurrency’s impressive price performance underscores the potential for a significant positive impact on the market.
As the final deadline approaches, market participants eagerly await the SEC’s decision, anticipating a potential game-changer for the Bitcoin ecosystem and its ongoing growth.
BTC Faces Crucial Range High Resistance
Renowned crypto analyst Rekt Capital has shed light on Bitcoin’s recent price action, emphasizing the significance of key support and resistance levels within a specific price range.
In late November, Rekt Capital identified a range between ,120 and ,200, highlighting the importance of the lower boundary for a potential upward move.
Bitcoin successfully tested and held the range’s lower boundary as support, resulting in a substantial rally in recent days. The primary objective now, according to Rekt, is to revisit the upper boundary, known as the black ,900 range high resistance, as seen in the chart below.
Rekt Capital underscores the importance of the black Range High resistance as a crucial reference point for Bitcoin’s price. During the parabolic phase of the 2021 Bull Market, Bitcoin managed to break above this level relatively easily.
On two occasions, the cryptocurrency surged beyond the black level, with the first instance followed by a retest of the level as a new support, leading to further upward momentum.
The second instance occurred later in the year when Bitcoin successfully retested the black level as short-term support before continuing its ascent.
However, late in 2021, Bitcoin lost the black level as support (first red circle from the left) and experienced a fake breakout above it, subsequently entering a multi-week downtrend.
Rekt Capital highlights that Bitcoin’s historical performance suggests the cryptocurrency needs to successfully retest the black ,900 level as support to pave the way for further upward movement.
Featured image from Shutterstock, chart from TradingView.com
‘Vitalik Slept On My Couch & Copied My Inventions’ Ethereum Insider Says
An Ethereum insider has made startling allegations against Ethereum Founder, Vitalik Buterin, stating that the Russian inventor had copied his creations.
Nerayoff Accuses Buterin Of Invention Replication
Former Ethereum Advisor, Steven Nerayoff has taken to X (formerly Twitter) to accuse Ethereum Founder, Vitalik Buterin of copying his inventions. Nerayoff criticized the intelligence of the current Ethereum leadership, making contentious remarks about Buterin and co-founder of Ethereum, Joseph Lubin.
“Vitalik slept on my couch & copied my inventions. He and SBF are images. They’re not smart because something seems off, something is off. The recording shows his and Joe’s stupidity and ignorance. Hear who understood Ethereum, me or them,” Nerayoff stated.
The former ETH Advisor continued on his tirade of allegations, casting doubts on Buterin’s contributions to the network. He stated that Buterin had never invented anything substantial and that the ETH founder was the sole reason behind the network never scaling.
The accusations also suggested that the only significant achievement in the Ethereum ecosystem was the issuance of utility tokens on ICOs, which Nerayoff claimed he had invented.
Nerayoff also made startling revelations, accusing Buterin and Lubin of deliberately damaging the cryptocurrency by focusing on issuing fraudulent ICOs to unsuspecting investors and potentially harming them.
“Did Vitalik invent anything? No, he did not. Ethereum never scaled bc of him. The only killer app was issuing Utility Tokens on ICOs, both of which I invented. Vitalik & Lubin sabotaged crypto. Their focus was merely to issue hundreds or thousands of fraudulent ICOs fleecing people,” Nerayoff stated.
Ethereum Founder’s Scalability Competence Questioned
In an X post on Tuesday, Stephen Nerayoff presented thought-provoking questions to the crypto community about Vitalik Buterin’s Ethereum scalability capabilities.
Nerayoff released a video on X by a community member, Mr. Huber which featured Vitalik Buterin describing plans for the ETH Network. He told the crypto community to remember the video when he eventually released evidential recordings of his conversation with Buterin about his ideas for ETH 2.0.
“Remember this video when I drop the recording and what I tell Vitalik about 2.0 and to fix misaligned incentive structures. Is Vitalik the savior they bill him as to make Ethereum scale or is he the reason it never scaled? Decide for yourselves,” Nerayoff stated.
The question raised by the former ETH Advisor has sparked debates and differing opinions about the Ethereum Founders. Although no proper evidence has been presented regarding the accusations laid against Buterin, the crypto community continues to watch and analyze the situation as it unfolds.
Countdown to Chaos: Ethereum Insider To Expose ETH Founders’ Fraud In Weeks
Ethereum insider, Steven Nerayoff has vowed to expose alleged fraud schemes which he claims are operating within the Ethereum network. As a result, the crypto community is keeping a close watch and Neyaroff has promised to reveal proof of his accusations in the coming weeks.
Unmasking The “Truth”
Former Ethereum Advisor, Steven Nerayoff has announced his intentions to unveil evidence regarding the recent allegations he made against Ethereum Founders, Vitalik Buterin and Joseph Lubin in a few weeks.
Nerayoff stated that his legal team is working towards ensuring all information regarding the fraud claims is published properly. He said that he had developed a platform that would allow him to release all evidence without being censored.
“We are making a lot of progress. Information should start flowing within weeks not months. My intent is to make everything I can public. Each can decide for themself. I created another platform that can’t be censored so I’ll publish here and there,” Nerayoff stated.
Nerayoff first hinted at possible fraudulent activities at Ethereum in an X (formerly Twitter) post following news of FTX founder, Sam Bankman-Fried being convicted of fraud and conspiracy.
He alleged that the founders of the blockchain network have been directly involved with corrupt United States government officials and has vowed to expose the individuals involved, providing proof of his accusations to the public through legal and social channels.
“I believe these corrupt government officials will be unmasked and what we all know the public will learn,” Nerayoff stated.
While many individuals in the crypto community are looking forward to the evidence Nerayoff has announced will be disclosed in a few weeks, many community members remain skeptical, wondering if the former Ethereum Advisor has been acting out of spite or looking to gain online popularity through his claims.
One crypto user had asked if Nerayoff’s case existed and why he had not filed it yet. Nerayoff’s Attorney, Michael Scotto responded “Yes, Steven Nerayoff has a case. IT EXISTS. We will be releasing all his filings in the near future. Although I won’t go into details I will say everything he has said is true and he has the receipts to prove it.”
Nerayoff has also called out people who have relayed their doubts about his claims, stating that his court filings are under the control of his legal team and would not be published on X for legal reasons.
“For those saying you haven’t seen anything from me yet you’re either trolling or blind. Plus you didn’t read my court filings. Next court filings are in the hands of my legal team, not X,” Nerayoff stated.
Ethereum Insider Fearless Stand
In a rather lengthy X post, Nerayoff outlined all his reasons for stating his fraud accusations against Ethereum Founders, Vitalik Buterin and Joseph Lubin. The former Ethereum Advisor stated that he was not making the fraud claims for his own benefit, rather his speaking out had a counterproductive result by making him a target and potentially endangering him.
“None of this disclosure in any way benefits me!! It only makes me a target & hated by a lot of people (until they realize I was trying to save them). But I don’t even care about being a target, I’m numb & determined nothing will stop me,” Nerayoff stated.
Nerayoff has disclosed that he would continue his pursuit to expose Ethereum and its founders, and he would not be deterred until he accomplishes his goal and justice is achieved.
Bitcoin Mania: EY Insider Reveals Demand From Wall Street Titans, $40,000 Soon?
Paul Brody, a prominent figure in the blockchain community and the Global Blockchain Leader at Ernst & Young (EY), recently shed light on the burgeoning demand for crypto, with Bitcoin taking the limelight. Earlier today, during a CNBC interview, Brody emphasized the heightened interest, particularly from family offices.
Family Offices Lead The Charge
According to Brody, family offices, which typically manage the vast wealth of affluent families, are increasingly diversifying their portfolios with cryptocurrencies. This is not entirely surprising, given the meteoric rise of Bitcoin and its potential as a hedge against inflation and economic uncertainty.
However, while family offices are diving headfirst into the crypto pool, institutional investors are more cautious.
Brody mentions that these larger entities, controlling over 200 trillion dollars in assets, are awaiting regulatory clarity, such as the approval of a Bitcoin ETF by the US Securities and Exchange Commission, before committing significant resources.
Bitcoin, despite comparisons, is distinctly different from traditional assets like gold. Brody highlights a unique trait of Bitcoin: its price does not result in increased issuance. Instead, the issuance of new Bitcoin reduces over time due to halving events.
This property makes its price more “rigid,” especially compared to other assets traditionally used as inflation hedges.
Moreover, the purpose behind acquiring Bitcoin varies among its buyers. Brody points out:
If you look at people who are buying Bitcoin, they are buying it as an asset. They are not buying it as a payment tool.
Brody further notes that Ethereum, another major cryptocurrency, is mostly acquired for its utility as a computing platform, particularly for business transactions and decentralized finance (DeFi) solutions.
Bitcoin To ,000?
So far, Bitcoin has showcased a bullish trend, witnessing a near 10% increase over the past week and a 4.7% uptick in the last 24 hours. This surge has propelled Bitcoin to trade beyond the ,000 mark, reaching ,824 recently.
Observing the asset’s chart in the 1-day timeframe, BTC seems poised for even higher gains. As shown below, the asset has recently tapped into an order block and could continue its reversal to the upside, reaching a notable high.
Additionally, considering the strong institutional demand for BTC, as revealed by Brody, coupled with the potential approval of a spot BTC ETF, a rally to the ,000 mark seems to be on the horizon.
Furthermore, peering into the future of the financial landscape, Brody believes that traditional fiat currencies will continue to hold their ground.
However, with the ongoing discussions around Central Bank Digital Currencies (CBDCs) and the growing adoption of payment stablecoins, the crypto realm may be poised for evolution.
With global political developments unfolding and pivotal elections on the horizon, Brody foresees Bitcoin and the broader crypto space experiencing accelerated growth in adoption and recognition.
Featured image from iStock, Chart from TradingView