Within the ever-evolving world of cryptocurrencies, the emergence of decentralized finance (DeFi) has introduced a novel method of conducting financial transactions. A key component of DeFi, yield farming has drawn interest from cryptocurrency fans by allowing them to increase their …
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The post Demystifying DeFi Yield Aggregators: A Gateway to Unprecedented Crypto Profits appeared first on Coinbackyard.
Bitcoin (BTC) began 2024 on a positive note gaining by 3.18% in the first week of the year, according to data from CoinMarketCap. The premier cryptocurrency is expected to herald in a bull crypto season, with many investors expecting immediate approval of Bitcoin spot ETF proposals by various asset managers. However, regardless of the decision of the US Securities and Exchange Commission (SEC) in the next few days, crypto analyst Ali Martinez believes Bitcoin is still poised for massive gains in 2024 as there is another bullish factor in play. Related Reading: Bitcoin Price Forecast: Analysts Caution Against Missing Out As BTC May Surge To $500k With ETF Launch Bullish 2024 For Bitcoin With Or Without ETF Approval – Analyst In an X post on January 6, Martinez expressed much optimism about Bitcoin’s potential price performance in 2024. He stated that irrespective of developments in the Bitcoin spot ETF saga, BTC is still set for major price surges due to another bullish narrative – namely, the Bitcoin Halving. To explain, the Bitcoin Halving is an event in which the block rewards for miners are reduced by 50%. It happens every four years, with the first occurrence being in 2012. The halving event causes a reduction in BTC supply in comparison to demand, causing scarcity which leads to a price increase. Martinez highlighted this fact stating that historically, there has been a significant increase in Bitcoin’s price following past halvings. When the first halving occurred on November 28, 2012, BTC was trading at around $12. In the next year, the token had attained a new price of $1,000. A similar phenomenon was noted after the second halving on July 9, 2016, at which Bitcoin was valued at $670. However, By December 2017, BTC had surged to an all-time high of $19,700. The third halving event took place in May 2020, with Bitcoin being traded at $8,821. By November 2021, BTC had surged by 700%, attaining its current all-time high of $68,783. Based on this price history, Martinez believes that BTC investors are well placed to reap large profits in the coming months as the next Bitcoin halving is set for April 2024. He postulates that these cyclical gains should remain constant, notwithstanding the SEC’s approval for Bitcoin spot ETF or not. Related Reading: 3 Under The Radar Altcoins Expected To Hit $100 Before The Bitcoin Halving BTC Price Overview At the time of writing, Bitcoin trades at $43,665, experiencing a slight decline of – 0.30% in the last 24 hours. On a larger scale, the leading cryptocurrency has demonstrated resilience over the past seven days, posting a noteworthy gain of 4.07%. Over the last year, BTC’s performance has been remarkable, witnessing a substantial surge of 159.94%. However, amidst market fluctuations, there is a noticeable dip in daily trading volume, down by 22.25%, which is currently valued at $26.8 billion. BTC trading at $43, 691.10 on the hourly chart | Source: BTCUSDT chart on Tradingview.com Featured image from Mint, chart from Tradingview
BTC’s dominance over the market has increased by more than 2% in days.
In the latest development, about a dozen Bitcoin spot ETF (exchange-traded fund) applicants have submitted 19b-4 amendment documents. These submissions come with the deadline for the United States Securities and Exchange Commission (SEC) to approve the investment product just days away. Will Bitcoin Spot ETF Be Approved Next Week? On Friday, January 5, 11 asset […]
The popular ChatGPT rival said an approval could be right around the corner.
In a stern warning to the US Securities and Exchange Commission (SEC), Dennis M. Kelleher, Co-Founder and CEO of Better Markets, a non-profit organization that focuses on advancing public financial interest, has issued a statement vehemently opposing the approval of Bitcoin spot ETFs. This development comes amidst widespread optimism among market analysts that the SEC […]
Could Bitcoin’s value approach the $100,000 mark following the approval of the ETF? Let’s take a look at this Bitcoin price article
The crypto market is currently charged with tension, anticipating the U.S. Securities and Exchange Commission’s impending decision on the first spot Bitcoin ETF. Amidst divided opinions over whether the SEC will approve the ETF in the coming days or postpone the decision again, a close analysis of Deribit’s Bitcoin options market reveals traders bracing for […]
The post Investors hedge bets on Bitcoin with $50K call options before ETF decision appeared first on CryptoSlate.
There is uncertainty regarding whether SEC will announce the ETF approval simultaneously or in separate batches. Let’s take a look at this Bitcoin ETF news
John Bollinger, a legendary Bitcoin (BTC) trader known for creating the Bollinger Bands strategy, has recently shared an optimistic view on Bitcoin’s future. Bitcoin Poised For Further Surge? In a post on X, John suggest that Bitcoin’s price is likely to “break higher” from its current levels. This prediction is based on his analysis using the Bollinger Bands chart, a popular technical analysis tool he developed. For context, Bollinger Bands are a type of statistical chart characterizing the prices and volatility of an asset over time. Related Reading: Bitcoin At A Crossroads? Economist’s Doom Prediction Clashes With Spot ETF Approval Hopes They consist of a set of three lines: the middle line typically represents the simple moving average of the asset’s price, and the other two lines are plotted at a standard deviation above and below the average. This tool helps traders to assess market conditions and potential price movements. I think it breaks higher. $btchttps://t.co/vH9yoFa2Ut — John Bollinger (@bbands) January 4, 2024 Bollinger’s prediction using this methodology indicates a positive outlook for Bitcoin, especially significant in light of the recent market turbulence. Bitcoin’s Recovery And $50,000 Price Target So far, Bitcoin’s journey in the crypto market has been marked by resilience, as evidenced by its recovery from a notably down turn in the market that resulted in the asset to trade in the $40,000 region. Currently trading above the $43,000 mark, Bitcoin has shown a 3% growth in the past 7 days. This rebound is particularly noteworthy following a bearish report from Matrixport concerning a rejection of spot Bitcoin exchange traded funds (ETFs) by the US Securities and Exchange Commission (SEC). Joining Bollinger in bullish predictions is Dan Gambardello, another well-respected analyst in the crypto space. Gambardello has projected an upward breakout for Bitcoin, potentially leading the digital currency to reach the $50,000 mark in the short-term and $60,000 in the long term. Related Reading: Bitcoin’s Unshakable Bottom: Analyst Reveals The Price BTC Won’t Drop Below This projection is tied to the anticipation of a spot Bitcoin ETF approval, which could serve as a significant catalyst for Bitcoin’s price movement. Gambardello explains that this upward trend would represent a historical breakthrough for Bitcoin, especially in terms of breaking through the lower highs of its Fibonacci level. Bitcoin ETF Ticking Time Bomb! Approval Could Trigger Historic Crypto Rally! Intro 00:00 Big Grayscale news 1:10 Bitcoin ETF final stretch 2:30 BTC price pressure building 3:15 $50k Bitcoin target 5:10 BTC attempting something it’s never done 6:30 Bitcoin dominance and altcoins… pic.twitter.com/uZZ2YrblCO — Dan Gambardello (@cryptorecruitr) January 4, 2024 Notably, it is evident that the predictions from both Bollinger and Gambardello hinge significantly on the US SEC decision regarding the approval of a spot Bitcoin ETF. While optimism prevails, Gambardello has also cautioned that a rejection could lead to a decline in Bitcoin’s price, potentially dropping below $40,000 to find support around $37,000. Featured image from Unsplash, Chart from TradingView