Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has significantly increased its bitcoin holdings, which have now surpassed 252,011 BTC, representing an approximate notional value of billion. This substantial increase reflects a stronger-than-anticipated influx of retail investor demand, exceeding even the CEO’s initial expectations. Blackrock CEO Larry Fink: ‘I’m Pleasantly Surprised’ […]
Bitcoin News
Litecoin Soars Past $105 – Is LTC Set For Epic Rally This April?
Litecoin (LTC), the “silver” to Bitcoin’s “gold,” has surged in recent weeks, buoyed by a combination of technical factors, strong investor interest, and strategic accumulation by miners.
The LTC price jumped 12% in the past 24 hours, reaching 6.40. This uptick follows a 40% year-to-date gain, with most of the growth concentrated in the last week. Daily trading volume has also skyrocketed by 175%, indicating a significant influx of investors into the Litecoin market.
Will April Be A Good Month For Litecoin?
Analysts are particularly excited by a potential breakout from a multi-year downtrend. If LTC can maintain its position above , some believe it could usher in a new era of sustained growth.
A decisive break and hold above the 2 resistance level could trigger further gains, with some analysts predicting a surge towards 0 or even higher. This price pattern mirrors a successful breakout observed in 2020/2021, adding fuel to the bullish fire.
Popular crypto analyst Rekt Capital has also chimed in, noting the historical significance of similar price breakouts for LTC. He believes a successful retest of the downtrend and subsequent establishment of support could be indicative of a promising uptrend for the cryptocurrency.
Miners Fueling The Rally
One of the key drivers behind the recent surge is the behavior of Litecoin miners. Data from IntoTheBlock reveals that miners have been accumulating LTC at a healthy pace throughout March. They’ve added a whopping 150,000 LTC to their reserves, bringing their total holdings to 2.2 million.
This accumulation strategy reduces the selling pressure of newly minted coins and signals the miners’ confidence in the future price trajectory of LTC.
Open Interest On The Rise
The prevailing bullish sentiment finds reinforcement in the remarkable surge in open interest on Litecoin (LTC) futures contracts. Latest data shows a staggering 45% increase in open interest, signaling a growing optimism among traders regarding the coin’s future trajectory.
This surge in open interest not only reflects heightened confidence in LTC’s potential but also underscores traders’ readiness to explore new positions or bolster existing ones.
Such a robust increase in open interest amplifies the potential for sustained growth, as market participants eagerly position themselves to capitalize on anticipated bullish movements in LTC’s value.
The Road Ahead
Litecoin could be headed to a strong April performance, with strong technical indicators and bullish sentiment driving the current rally. However, responsible investors should always conduct their own research and exercise caution when navigating the ever-turbulent world of cryptocurrency.
Featured image from Pixabay, chart from TradingView
Bitcoin Price Surges Past $71,000: 4 Key Reasons Behind The Rally
The Bitcoin price has soared past the ,000 mark. In the past 24 hours alone, the price of Bitcoin surged by 6.5%, climbing from just below ,500 to reach ,491. This remarkable rally can be attributed to a combination of factors that have collectively contributed to the upward trajectory of the world’s leading cryptocurrency. Here’s a closer look at the four key reasons behind Bitcoin’s latest price surge.
#1 Futures Market Influence
The futures market has played a pivotal role in driving Bitcoin’s price upwards. According to data from Coinglass, the past 24 hours have seen the liquidation of 64,480 traders, with total crypto liquidations amounting to 4 million. Specifically, for Bitcoin, shorts worth .9 million and longs worth million were liquidated.
Byzantine General, a crypto analyst, noted the significant increase in open interest, suggesting that leverage has been a major factor propelling Bitcoin’s price higher. He stated, “I can’t help but have the feeling that BTC is trading like someone knows something. A billion $ in open interest got added in the past couple hours. It’s mostly this leverage that pushed us higher I think.”
Furkan Yildirim, another analyst, cautioned about the sustainability of this rally, pointing out the over .7 billion in open interest built up since yesterday as a sign of overleveraged positions. “The whole truth is that over .7 billion in open interest has been built up since yesterday. We are increasingly seeing the use of overleveraged positions again,” he remarked, raising questions of the sustainability of the move.
#2 Bullish News For Bitcoin
The rally was further propelled by a series of optimistic news. Notably, the London Stock Exchange (LSE) announced its plan to introduce a market for Bitcoin (BTC) and Ether (ETH) exchange-traded notes (ETNs) by May 28. This decision opens the door to professional investors in Europe and signifies the growing institutional acceptance.
Moreover, the news of Peruvian Nilam Resources expressing intent to purchase 24,800 Bitcoins (worth .7 billion) “at a discounted rate relative to current market prices” through an acquisition strategy involving MindWave, a special purpose entity, has injected a dose of exhilaration and skepticism into the market, given Nilam’s microcap OTC stock status.
#3 Bitcoin ETFs And Coinbase Premium
Another critical factor influencing Bitcoin’s price rally was the dynamics surrounding Bitcoin ETFs and the Coinbase premium. The Coinbase Premium Gap turned positive again yesterday, as observed by CryptoQuant analyst Maartunn, indicating a robust demand for spot Bitcoin ETFs.
Guess who's back? Bitcoin: Coinbase Premium Gap is positive again https://t.co/0C7YyyFe2T pic.twitter.com/b73XbSygbl
— Maartunn (@JA_Maartun) March 25, 2024
Given Coinbase’s custodianship of approximately 90% of Bitcoin ETF assets, the premium emerges as a pivotal indicator of institutional demand for Bitcoin. This was further evidenced by the positive ETF net inflows yesterday, amounting to .4 million after last week saw five consecutive days of net outflows.
Grayscale’s GBTC had 0 million in outflows. Meanwhile, Fidelity’s FBTC started picking up last week’s slack with 1.8 million in inflows. Blackrock had another weak day with only million in inflows. Nonetheless, the Coinbase premium was once again a good indicator.
Yesterday's ETF flows were positive once again after a negative week for .4 million.$GBTC had 0 million in outflows. Fidelity started picking up last week's slack with 1.8 million in inflows.Blackrock only did million.
Price moved from k to above k. A day… pic.twitter.com/HCNwa7L2p8
— WhalePanda (@WhalePanda) March 26, 2024
#4 Technical Breakout
From a technical perspective, Bitcoin’s price breakout from a descending parallel trend channel on the 4-hour chart marked a crucial turning point. The successful retest of the strong resistance zone (red zone) has confirmed the breakout’s legitimacy, leading to a more than 7% increase in Bitcoin’s price. This technical movement has bolstered the confidence of traders and investors alike, contributing to the momentum that has driven the price past the ,000 threshold.
Bitcoin Rockets Past $69,000: Over 60k traders Caught In $200 Million Total Liquidations
The cryptocurrency market recently witnessed significant liquidations, totaling over 0 million, as Bitcoin surged past the ,000 mark.
The Bitcoin price surge led to many short positions being liquidated, causing notable financial repercussions across various trading platforms.
Bitcoin’s Sudden Rebound And Liquidations
The data from Coinglass provide a clearer picture of the impact, showing that around 60,388 traders and counting faced losses exceeding 0 million in just 24 hours.
The distribution of these liquidations varied among the major exchanges, with OKX traders experiencing the highest losses at .19 million, narrowly surpassing Binance’s .40 million in liquidations.
Bybit and Huobi also reported significant figures of .98 million and .05 million in liquidations, highlighting the widespread effect of Bitcoin’s unexpected rally.
The resurgence of Bitcoin to over ,000 was particularly noteworthy, given its position below ,000 in the early hours of Monday. While the exact catalyst for this abrupt rise remains uncertain, it puts Bitcoin a few dollars in value away from reclaiming its previous all-time high of ,000.
Analysts and traders are now closely watching the market for signs of Bitcoin’s next move, with speculation about the potential for new record highs in the near term.
Looking Ahead: Bitcoin Bullish Prospects
Crypto analyst Cryptoyoddha has provided an optimistic outlook for Bitcoin’s future, suggesting that the cryptocurrency is on the cusp of entering a new phase of its cycle that could see it reaching unprecedented heights.
According to Cryptoyoddha, Bitcoin’s historical pattern of accumulation, followed by a parabolic surge, sets the stage for what he terms “Cycle IV,” a period that could potentially elevate Bitcoin’s value to 0,000 or more.
According to the analyst, factors such as increased institutional investment, evolving regulatory clarity, and growing public acceptance of digital assets are key drivers of this bullish sentiment.
The real pump will start after the halving next month. pic.twitter.com/eV5FWkzkxX
— Yoddha (@CryptoYoddha) March 23, 2024
Meanwhile, Bernstein analysts Gautam Chhugani and Mahika Sapra recently updated their forecast for Bitcoin’s year-end price, elevating it from an initial ,000 to ,000.
This adjustment was prompted by notable factors such as the robust inflow into Spot Bitcoin ETFs and earnings from mining activities, which have contributed to a more optimistic outlook on Bitcoin’s valuation.
Additionally, they maintained that Bitcoin is on track to reach 0,000 by mid-2025, attributing this anticipated growth to several elements, including the impact of Spot Bitcoin ETFs, which they expect to drive a significant upswing in the cryptocurrency’s price.
Similarly, Standard Chartered has revised its prediction for Bitcoin’s end-of-year value. Moving beyond their original estimate of 0,000, the institution now suggests that Bitcoin could ascend to 0,000 by year’s end, citing the catalytic role of Bitcoin ETFs in fostering their positive outlook on the asset’s future performance.
Featured image from Unsplash, Chart from TradingView
Bitcoin Pushes Past $71,000 to Make a New All-Time High
Bitcoin’s price has reached a new all-time high, surpassing the ,000 mark with the rally still in progress. Over a period of six days, the world’s leading cryptocurrency has seen a more than 40% increase in value, bringing it close to surpassing the ,000 threshold. The milestone comes approximately 39 days before the anticipated Bitcoin […]
Bitcoin News
Bitcoin Price Skyrockets Past $71,000: Here’s Why
With the start of the European trading hour, Bitcoin (BTC) has surged past the significant milestone of ,000, exceeding its previous all-time high set just last week. This surge can be attributed to a combination of factors that have bolstered investor confidence and triggered a wave of buying activity across the cryptocurrency market. Here’s a closer examination of the four key factors driving this unprecedented rally.
#1 London Stock Exchange Embraces Bitcoin And Ethereum ETNs
Reported by Bloomberg just prior to the price surge, the London Stock Exchange (LSE) has announced its plans to accept applications for the admission of Bitcoin and Ethereum Exchange-Traded Notes (ETNs) in the second quarter of the year.
*LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG
— Tree News (@News_Of_Alpha) March 11, 2024
While the exact launch date remains unconfirmed, this move signifies a major step towards mainstream financial markets’ acceptance of cryptocurrencies. The inclusion of crypto ETNs on one of the world’s oldest stock exchanges underscores the growing institutional interest in digital assets and is anticipated to attract a new wave of investors to the crypto market.
#2 The Impact Of A Short Squeeze
Predictions of a short squeeze propelling Bitcoin prices to new heights came to fruition, as forecasted by traditional finance portfolio manager Bitcoin Munger (@bitcoinmunger) on X. “We likely start the week off with a bang, courtesy of the short sellers looking to get squeezed at k. New highs are incoming,” Munger predicted.
We likely start the week off with a bang, courtesy of the short sellers looking to get squeezed at k.
New highs are incoming. Tick tock! #bitcoin pic.twitter.com/OFiNmlmc9Y
— Bitcoin Munger (@bitcoinmunger) March 10, 2024
This was evidenced by the liquidation of approximately .5 million in short positions during Bitcoin’s ascent to ,000, as per Coinglass data.
#3 Tether’s Role In Capital Influx
New money was entering the market over the weekend, and last week. Leading stablecoin Tether (USDT) was minted, as on-chain analysis firm Lookonchain reported: “The Tether Treasury minted 2 billion USDT again [yesterday]! And 5 billion USDT has been minted on Tron and Ethereum in just one week!” reported on-chain analysis firm Lookonchain.
One notable transaction involved a whale or institution receiving 261.6 million USDT from the Tether Treasury and depositing it into the Binance exchange, suggesting substantial preparatory activity for major trading operations.
After #TetherTreasury minted 2B $USDT, a whale/institution received 261.6M $USDT from #TetherTreasury and deposited it into #Binance.https://t.co/ohBcxqbrzThttps://t.co/Cxs2WfFPCn pic.twitter.com/fvL7Cz5Tvv
— Lookonchain (@lookonchain) March 11, 2024
#4 Surging Demand For Bitcoin ETFs
The enthusiasm surrounding Bitcoin Exchange-Traded Funds (ETFs) in the United States has been extraordinary. “Bitcoin ETFs have attracted more than .5 billion in net new assets since launching in the US on January 11, making many of them among the most successful ETF launches of all time,” noted Matt Hougan, CIO of Bitwise, in a memo to investment professionals.
Hougan further detailed, “At Bitwise, we’ve engaged with registered investment advisors (RIAs), family offices, and venture capital funds among our current buyers. Looking forward, we’re in discussions with major wirehouses, institutional consultants, and large corporations, which represent trillions of dollars in assets.”
This insight underscores a growing confidence in Bitcoin ETFs as a mainstream investment option, with expectations of significant capital inflows from these entities starting in the second quarter of 2024, indicating a bullish outlook for Bitcoin’s future. He stated “Based on current trends, I’d suspect we’ll see our first significant flows from [major wirehouses, institutional consultants, and large corporations] in Q2 2024.”
At press time, BTC traded at ,296.
Bitcoin Blasts Past $70,000 In Wild Week To Register New All-Time High
The price of bitcoin has shattered records by briefly surging past the ,000 mark earlier today, signaling a renewed wave of enthusiasm among investors. The top cryptocurrency experienced a steady climb throughout the week with a sustained 12% rally, aided by the introduction of spot bitcoin exchange-traded funds (ETFs) in the United States.
At the time of writing, Bitcoin has settled within the K level, and trading at ,436 with a 2% gain the last 24 hours, data from Coingecko shows. Bitcoin reached a peak of ,171, surpassing its previous record set earlier in the week.
Notably, the upswing aligns with the opening of the US stock market, indicating a synchronization of significant crypto movements with traditional stock trading hours. This milestone comes as a result of growing market optimism and anticipation surrounding the upcoming halving event.
ETF Surge And Investor Sentiment
The recent introduction of Bitcoin ETFs by prominent financial institutions such as BlackRock and Fidelity has undoubtedly played a significant role in the latest price surge. These ETFs have garnered immense attention and investor interest, with a staggering inflow of 0 million recorded this week alone.
Despite the highly volatile market conditions, the successful launch and functioning of these ETFs have instilled confidence in crypto market enthusiasts, reinforcing their belief in the potential of bitcoin.
Bitcoin Halving Event And Supply Cap
Bitcoin’s upcoming halving event has been a major topic of discussion among cryptocurrency enthusiasts. This event, which occurs approximately every four years, involves cutting the reward for mining new blocks in half.
The purpose of this process is to gradually reduce the rate at which new bitcoins are generated, ultimately capping the total supply at 21 million, as outlined in the cryptocurrency’s original white paper. The anticipation surrounding the halving event has contributed to the positive sentiment and gradual ascent of bitcoin’s price.
Volatility And Market Corrections
While bitcoin’s recent surge to new heights is undoubtedly impressive, it is essential to acknowledge the inherent volatility of the cryptocurrency market. As Antoni Trenchev, co-founder of crypto exchange Nexo, aptly puts it, “Navigating old highs is notoriously tricky, and the bitcoin dam doesn’t tend to burst at the first time of asking.”
The recent sell-off in bitcoin, characterized by sudden price drops, is considered by Trenchev as a healthy and necessary correction before further gains can be achieved. This volatility is a defining characteristic of bitcoin bull markets, and investors should brace themselves for potential sudden fluctuations.
Bitcoin’s Impact On Traditional Markets
It is worth noting that bitcoin’s price movements are increasingly intertwined with traditional stock trading hours, particularly in the United States. The introduction of spot bitcoin ETFs has led to a convergence of crypto and stock market activities during regular trading hours.
This shift has significant implications for investors and traders, as it expands the opportunities for synchronized trading strategies and potentially increases market liquidity.
Looking Ahead
With bitcoin’s recent surge beyond ,000, the cryptocurrency market is buzzing with anticipation. As the world’s first-ever digital currency continues to mirror optimism and gradually approaches new heights, investors and enthusiasts keep a close eye on the progress..
Featured image from Pexels, chart from TradingView
BREAKING: Bitcoin Hits New All-Time High, Surging Past $70,000 For The First Time In History
Bitcoin (BTC), the dominant cryptocurrency, has made history by briefly breaking its consolidation phase and reaching an all-time high of ,000. Despite encountering resistance near this level, Bitcoin’s market capitalization has reached .3 trillion, showcasing its continued upward momentum.
However, as the cryptocurrency faces a double top in the same price zone after almost three years, it must overcome a significant hurdle to consolidate above ,000 and pave the way for further price gains.
Bitcoin Sets New Record
In the past 24 hours, Bitcoin experienced a 2% uptrend, propelling it to breach the ,000 milestone for the first time. The cryptocurrency had previously reached ,300 on Tuesday, indicating the growing strength of its upward trajectory. However, the ,000 mark has proven to be a formidable resistance level, leading to increased volatility once breached.
The double-top formation in this price zone over a three-year period adds further complexity to Bitcoin’s consolidation efforts. Breaking through this resistance is crucial for Bitcoin to establish a solid foundation for future price gains and sustainably consolidate above ,000.
The success of Bitcoin spot exchange-traded funds (ETFs) within a short span of two months has bolstered investor confidence and generated anticipation for future price appreciation.
With investors betting on Bitcoin’s long-term prospects, it appears to be only a matter of time before the cryptocurrency overcomes its current resistance level and continues its upward trajectory. This positive sentiment provides a favorable backdrop for Bitcoin’s potential breakthrough.
Following its brief touch of ,000, Bitcoin experienced a rapid retracement to the ,000 level. The timing and extent of its consolidation above the resistance mark remain uncertain. However, market observers are closely monitoring Bitcoin’s performance, anticipating a potential breakthrough that could fuel additional price gains.
Featured image from Shutterstock, chart from TradingView.com
Australian Crypto Love: Value of Digital Assets Held in Super Funds Surges Past $650 Million
In just three years, Australian self-managed super funds saw the value of their respective crypto asset holdings rise from just over 9 million to over 0 million. According to an executive with a local crypto exchange, many Australians are seeking to “allocate at least a percentage of their retirement funds to cryptocurrencies.” Crypto Assets Held […]
Bitcoin News
Ethereum Price (ETH) On The Path To Rally Past $4K
Ethereum price extended its increase toward ,950. ETH is now consolidating gains and might aim for a move above the ,000 resistance.
- Ethereum traded to a new multi-month high above ,940.
- The price is trading above ,850 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bullish flag pattern with resistance at ,830 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its increase if it clears the ,940 resistance zone.
Ethereum Price Remains In Strong Uptrend
Ethereum price extended its rally above the ,850 level, unlike Bitcoin. BTC failed to extend gains above the ,000 zone and is now consolidating gains. However, ETH silently moved higher above ,850.
There was a break above a short-term bullish flag pattern with resistance at ,830 on the hourly chart of ETH/USD. The pair broke the ,900 resistance zone. It traded to a new multi-month high above ,940 and recently started a consolidation phase.
There was a pullback below the ,900 level. The price tested the 23.6% Fib retracement level of the recent increase from the ,716 swing low to the ,943 high.
Ethereum is now trading above ,850 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the ,920 level. The first major resistance is near the ,940 level. The next major resistance is near ,000, above which the price might gain bullish momentum.
Source: ETHUSD on TradingView.com
The next stop for the bulls could be near the ,080 level. If there is a move above the ,080 resistance, Ether could even rally toward the ,220 resistance. Any more gains might call for a test of ,350.
Are Dips Limited In ETH?
If Ethereum fails to clear the ,940 resistance, it could start another downside correction. Initial support on the downside is near the ,850 level.
The first major support is near the ,800 zone or the 76.4% Fib retracement level of the recent increase from the ,716 swing low to the ,943 high. The next key support could be the ,720 zone. A clear move below the ,720 support might send the price toward ,550. Any more losses might send the price toward the ,400 level.
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 above the 50 level.
Major Support Level – ,720
Major Resistance Level – ,940