Upon reaching block height 840,000, when the mining pool Viabtc collected 37.626 bitcoin in fees worth .39 million, the expense for onchain transfers climbed, surpassing 0 per transaction. Block 840,003 recorded 16.06 bitcoins in fee payments, and block 840,004 accumulated 24 bitcoins in fees valued at over .5 million. Bitcoin Transaction Fees Skyrocket Above 0 […]
Bitcoin News
Economist Peter Schiff Declares ‘Bitcoin Fad is Over’ as Gold Prices Soar
After the overnight Israeli retaliatory strikes against Iran, gold prices have settled around ,388 per ounce, having briefly touched the ,400 mark right after the events. Over the last five days, gold has increased by 1.85%, while bitcoin has declined by 8% since the onset of the conflict last Saturday, April 13. Following last night’s […]
Bitcoin News
Bitcoin Set To Soar To $200,000 Post-Halving: Skybridge Founder
In a recent interview on the future of Bitcoin, Anthony Scaramucci, the founder and managing partner of Skybridge Capital, has made a compelling prediction that the Bitcoin price could potentially reach 0,000 following its forthcoming halving event. This forecast comes at a time of considerable volatility within the crypto markets, exacerbated by recent geopolitical tensions and broader economic uncertainty.
Bitcoin Poised To Hit 0,000
During the interview, Scaramucci provided insights into the forces he believes will drive Bitcoin’s price in the coming months. “Well, I mean, look, you could get shocks like wars and you could get, you know, God forbid a terrorist calamity or something like that that could take Bitcoin down 10 or 15%,” he explained. Despite potential short-term setbacks, Scaramucci emphasized the underlying demand dynamics bolstering Bitcoin’s price, particularly highlighting the influence of new financial products like ETFs and the growing interest from institutional investors.
He elaborated on his bullish outlook, linking it to the anticipated Bitcoin halving, an event that historically impacts the supply side of Bitcoin economics by reducing the reward for mining new blocks, thereby constraining supply. “But long term with the halving coming this week, I think this thing trades to 0,000, possibly to 0,000,” Scaramucci asserted.
The discussion also veered into the broader implications of Bitcoin’s integration into traditional financial products, such as ETFs. Scaramucci argued that these instruments play a critical role in broadening Bitcoin’s investor base.
He dismissed concerns over the potential for ETFs to lead to centralization of Bitcoin ownership. “In terms of adoption vis-a-vis the ETF, you look out your four-year time horizon. […] It will still be less than 10 % of the overall ownership of Bitcoin. So this whole notion that the ETFs are gonna overly centralize Bitcoin, I don’t buy it. I think what the ETFs are, though, is they’re a great conduit for people that are used to buying them.”
BTC Is Still In The Web 1.0 Era
Scaramucci compared Bitcoin’s trajectory to the early internet era, particularly drawing parallels with significant tech stocks like Amazon during the dot-com bubble. “In 1999, Amazon was an emerging stock on an emerging technology, and it was quite volatile. And you lost 20 to 50 % eight times on Amazon. You lost 80%. Yeah, that one time in March of 2020, it went down 80%. But if you held Amazon over that period of time, ,000 is worth a little over million today.”
He also addressed concerns about Bitcoin’s practical uses, contrasting its current utility with more traditional assets like gold, which also do not offer direct cash flow. Scaramucci highlighted innovative financial practices within the crypto ecosystem that provide returns similar to traditional cash flow, such as yield-generating accounts and borrowing agreements available through platforms like Galaxy Digital.
Regarding potential market downturns akin to the dot-com bust, Scaramucci acknowledged the risks but remained optimistic about Bitcoin’s resilience and long-term value proposition. “I think if we go through a dot-com bust in the broader market in the next year or two, I think you’ll have a price shock in Bitcoin consistent with a dot-com bust. However, if you’re willing to hold that asset, which we are over a rolling four-year period of time, no one has ever lost money in Bitcoin,” he noted, underscoring the importance of a long-term investment horizon.
At press time, the BTC price rallied back above ,000.
Transaction Fees Soar on Bitcoin Network as Network Braces for Halving
According to recent data, bitcoin transaction fees have significantly increased since the first week of April. Metrics show that the average fee has escalated to 133 satoshis per virtual byte or .48 per transaction. Bitcoin Fees Climb Steadily as Runes Protocol Launch Nears The cost of sending bitcoin (BTC) onchain is climbing, with the halving […]
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Japanese Firm Metaplanet to Add $659M in Bitcoin to Its Treasury, Shares Soar 90% in Response
According to the latest figures, Metaplanet, a company listed on the Japanese stock exchange, witnessed its share price soar by nearly 90% in just one day. This significant jump came on the heels of the company’s announcement regarding its intention to incorporate 1 billion yen in bitcoin into its balance sheet. Metaplanet Joins Forces With […]
Bitcoin News
Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst
Global investor Dan Tapiero recently shared his optimistic outlook for Bitcoin (BTC), suggesting that the leading cryptocurrency soars above the 0,000 mark might be on the horizon.
Tapiero, known for his investment insights and co-founding roles in Gold Bullion International and 10T Holdings, took to X to express this bullish sentiment.
Catalyst That Could Drive Bitcoin To 0,000
According to Tapiero, a significant macroeconomic factor is expected to drive Bitcoin’s price to new heights, offering investors an opportunity for substantial gains. Tapiero’s bullish stance on Bitcoin’s future price trajectory revolves around a unique correlation he observed in the market.
Particularly, the expert highlighted concerns about “monetary debasement” driven by a notable 60% increase in the Treasury market over the past five years.
This factor leads Tapiero to anticipate a surge beyond 0,000 for the digital gold, Bitcoin. While acknowledging the potential for gold to perform well in such a scenario, Tapiero remains particularly bullish on Bitcoin’s prospects.
Most remarkable macro correlation break I’ve seen in some time.
Suggests extreme concern about monetary debasement driven by 60% Treasury mkt increase past 5yrs.
Theme not yet widely subscribed.
Bullish #GOLD and more so when rates drop.
Vaults #Bitcoin to 200k+
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pic.twitter.com/muI1CNtN0h
— Dan Tapiero (@DTAPCAP) April 8, 2024
Bitcoin’s Recent Performance And Analyst Insights
In the past 24 hours, Bitcoin has exhibited bullish momentum, surpassing and reclaiming the ,000 price level. With a 2.6% increase over the week and a 3.1% surge in the last 24 hours, Bitcoin’s upward trajectory continues to attract attention from investors and analysts alike.
Notably, the current price performance of the asset coincides with a notable event: over 600 BTC of 0,000 strike call options have recently been traded in a Block trade. This significant development, as illuminated by Greek Live, carries a notional value of up to million, with .5 million worth of premiums alone.
Greeks Live further reported that this occurrence has propelled the entire market into a prolonged bullish momentum. In addition, with the halving event on the horizon, the prospect of reaching new all-time highs, including the milestone of 0,000, appears to be within reach.
Bitcoin broke through the ,000 zone without warning, one step away from a new all-time high.
The rapid rise has driven all major term IVs up significantly, with BTC Dvol now over 78%, and market sentiment has quickly reversed to a long atmosphere.
More than 600 BTC of 0,000… pic.twitter.com/JY9QXyzGMi— Greeks.live (@GreeksLive) April 8, 2024
Echoing Tapiero’s optimism, analyst Michael Van De Poppe has also recently emphasized Bitcoin’s potential for unprecedented growth.
According to Van De Poppe, despite encountering resistance, Bitcoin’s ability to break through key levels could pave the way for a surge towards new all-time highs, with projections reaching as high as 0,000 in the current bull run.
Featured image from Unsplash, Chart from TradingView
ADA Price Ready To Soar As Cardano Network Hits New 88.6 Million Transaction Milestone
The Cardano (ADA) price looks set for a significant move to the upside. The network recently hit a new milestone in terms of transactions processed so far, in addition to other bullish fundamentals that could also contribute to the price surge.
Cardano Has Processed Over 88 Million Transactions
Data from Cardano’s latest weekly development report shows that the network has processed 88.6 million transactions to date. This is significant as sustained network activity can positively affect ADA’s price. Moreover, ADA has always been criticized as a “ghost chain,” this achievement dispels that notion and proves that people are actively using the network.
Meanwhile, the report revealed that 1,353 projects are actively building on the network, which means the network will keep expanding as more users get onboarded through those projects. Additionally, Cardano’s Fund12 officially launches on April 26, with this decentralized and innovative incubator program set to usher in a new set of developers into the Cardano ecosystem.
That event also underlines Cardano’s potential to experience exponential network growth soon enough. It is also a testament to Cardano founder Charles Hoskison’s statement that the network is growing organically like Bitcoin, seeing as the team has continued to put in the work rather than solely depending on hype.
Considering these bullish developments, ADA’s price could be well primed for a significant move to the upside. This will provide a much-needed relief for ADA holders who have continued to worry about the crypto token’s lagging price action. ADA’s price had remained pretty tepid despite the broader crypto market recording massive price gains.
ADA Price Chart Says Otherwise
From a technical analysis perspective, the Cardano ecosystem is currently bearish. Technical analyst Alan Santana recently mentioned that further price declines are more feasible as ADA’s price has continued to lag. He revealed that ADA’s weekly chart is producing a “break below the EMA10 (Exponential Moving Average) with a very strong bearish candle as the RSI (Relative Strength Index) turns red. “
Santana also suggested that ADA’s price could drop to as low as .34 in a bid to establish support. Therefore, he stated that the “only wise decision is to remain bearish until the chart and market conditions change.” “Once support is found and established, we become bullish again,” the analyst added.
At the time of writing, ADA is trading at around .58, up in the last 24 hours according to data from CoinMarketCap.
Blackrock Spot Bitcoin ETF’s Holdings Soar Past 252K BTC — CEO Says He’s ‘Pleasantly Surprised’ by Retail Demand
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
Solana (SOL) Continues To Soar – How High Can It Go?
The Solana network’s native cryptocurrency, SOL, has been on an upward surge in the past three days, climbing from around 0 to over 0.
Having failed to break its previous low of 2.74, the coin, which is currently ranked 5th in the crypto market with a total supply of 441 million and a market capitalization of over billion, SOL is showing no signs of stopping.
Will Solana Continue To Surge Upward?
At the time of writing, Solana has been up by 6.25% trading around 8 in the past 24 hours, and has broken above the previous resistance level of 5. The price is also trading above the 100-day moving average on the 4-hour chart of the SOL/USD pair. If the price continues to move upward, it might break above its major resistance level of 0 and move even higher to create a new high for the year.
All these can be seen in the image below:
Looking at the chart with the help of the RSI (Relative Strength Index) indicator in the image above, we can see that the RSI line is trending above the 50 level. This is an indication that the price of SOL is still in a bullish zone and could even surge further upward.
A further look at the 4-hour timeframe chart with the help of the MACD indicator, we can see that the MACD is on the bullish side as the MACD line, the signal line, and the MACD histogram are all trending above the zero line.
Finally, using the bull vs bear power histogram indicator, it appears buyers have taken over the market with powerful momentum and are ready to push the price even higher.
We can confirm this in the image below:
With the momentum that Solana is moving with, there is a possibility that it could break above its previous resistance level of 0.27. If this manages to happen we could see prices soaring higher especially with the level of demand momentum in the market
Could SOL Dip?
If the price of Solana fails to break above the resistance level of 0, it could start a downside correction to its initial support level of 162. If the price closes below this support level, it could decline even further and probably start a downward trend.
Solana Tokens Among Top Gainers: JUP and WEN Soar Over 12%, WIF Hits New ATH
The Solana ecosystem has experienced notable growth, and SOL’s price has turned many experts bullish on it. Similarly, the Solana-based tokens are showing impressive performances during this bull run, with many being among the top gainers in different timeframes.
Solana Chain Driven By Memecoins?
According to CoinGecko data, Solana is currently the 5th largest blockchain by Total Value Locked (TVL), registering over 12.8% growth in the past day. During this timeframe, Solana has outperformed its competitors, including Ethereum, which has registered a 2.2% decrease since yesterday.
In the 7-day and 30-day timeframes, Solana has seen a TVL growth of 35.3% and 89.8%, respectively. As displayed in the chart below, it surpassed the performance of the four chains above it.
Franklin Templeton Digital Assets shared its perspective on the value of memecoins and their native networks. The financial giant considers that there’s a strong relationship between memecoins and the performance of their native chains.
In the last year, crypto markets have seen multiple meme coins parabolically surge, most notably, Solana based BONK during Q4 2023. Solana daily active user addresses were up 75% quarter over quarter from Q3 to Q4 2023.
The asset management firm deems that the connection between the two is further alluded to because “the Solana network captured a large percent of the activity of all the active addresses during the same time that BONK saw a price surge” during Q4 2023.
According to CoinMarketCap data, the market capitalization of the Solana-based tokens increased by 5.5% from yesterday to over 2.36 billion. The performance of the memecoins seems to have put a notch on the network’s belt.
Performance Un-like Cats and Dogs
Tokens in the Solana chain have registered massive performances recently, and the newest tokens around the block (dogwifhat, Wen, Jupiter) continue to shake the crypto market ground.
Notably, dog- and cat-themed tokens continue to be hot topics in the community. According to CoinGecko Data, the Solana-based Myro, Bonk, and Popcat are trending tokens in their sub-categories.
Las Vegas Puts Its Hat On
Since the launch of dogwifhat (WIF), the token has gone from being a “cute dog with a crochet hat on to gathering a robust community seemingly able to back it up.”
SPHERE UNLOCKED
dog $wif hat, in all $SOL colors, coming to your local LAS VEGAS SPHERE
HAT STAYS ON@dogwifcoin pic.twitter.com/NR1kln4X4u
— Curb◎ (@CryptoCurb) March 13, 2024
The over 0,000 raised for the “wif on sphere” fundraiser campaign could serve as evidence of the community’s support. As a result of the campaign, the Las Vegas Sphere will display WIF’s icon for a week on the world’s largest LED screen.
Since the news, the token skyrocketed to a new all-time high (ATH) of .36 this morning, representing a 42.3% increase in the last 24 hours. At writing time, WIF changes hands at .1, just 4.3% lower than its ATH.
Space Suit On, Wen Goes To Jupiter
Jupiter (JUP) recently announced its partnership with the cat-themed token WEN. The latest Jupiter Work Group (JWG) will collaborate with the WEN Work Group. According to the announcement, it “will be focused on contributing awesome vibes and content to amplify crucial Jupiter message.”
Jup
Wen
Wen has a spacesuit for a reason, this cute cat is headed to Jupiter
https://t.co/7k7h2AIdvk
— Wen (@wenwencoin) March 13, 2024
The community seemingly took the partnership positively. After the news, both tokens surged. WEN’s price rose above .00040 in the early hours of the day, and it’s currently trading at .00038, a 12.5% increase in the last 24 hours.
JUP propelled to a new ATH of .988, almost hitting . At writing time, the token is trading at .948, representing a 12.8% price surge in the 1-day timeframe. Similarly, its daily trading volume increased over 58%, with 8.04 million being traded in the past day.