Browser-based cryptocurrency mining is a method of mining digital currencies using a web browser instead of specialized hardware. This approach allows users to leverage the computing power of their web browsers to mine cryptocurrencies like Bitcoin, Monero, and others. It …
The post Unleashing the Power of Browser-Based Cryptocurrency Mining: A New Frontier in Digital Currency appeared first on Coinbackyard.
Data shows the Bitcoin Coinbase Premium has remained positive since the start of the year, a sign that institutional traders may be buying. Bitcoin Coinbase Premium Gap Is Still At Positive Levels CryptoQuant community manager Maartunn explained in a Quicktake post that there has been significant demand for Coinbase since the start of 2024. The […]
As the Bitcoin price has regained previously lost territory, following reports suggesting that the US Securities and Exchange Commission (SEC) would reject the long-awaited Bitcoin spot exchange-traded funds (ETFs), new developments have reignited hopes among investors. Although the approval of these index funds is not expected to occur on Friday, sources indicate that the upcoming week may bring positive news. ETF Approval To Drive Gradual Bitcoin Price Surge To $500,000 FOX journalist Eleanor Terret reports that amended 19b-4 filings and last-minute phone calls regarding comments on S-1s and possible launch dates are expected in the coming days. While approvals seem likely in the next week, according to Terret, the timeline ultimately depends on the SEC’s ability to review the comments and amendments submitted efficiently. Terret describes the current situation as a meticulous process of “dotting the i’s and crossing the t’s,” emphasizing the attention to detail required for regulatory clearance. Related Reading: Ethereum Layer 2 Networks Just Set A New Record On the other hand, crypto analyst Adam Cochran offers valuable insights into the potential impact of Bitcoin ETFs, as all signs point to the imminent approval of these investment products. Cochran suggests that many may “overestimate” the short-term effects of ETF approval while underestimating its long-term implications. In the immediate aftermath, market flows may not witness a significant surge. However, Cochran believes that investment advisors will review their clients’ portfolios over the next year and recommend diversifying even a small percentage, such as 1%, into the ETF. Cochran emphasizes that the Bitcoin price performance, with a remarkable 157% return in the latter half of 2023, will be a key factor driving investor interest. Cochran envisions a gradual upward trajectory for the Bitcoin price, characterized by persistent growth and occasional market volatility. Ultimately, Cochran’s long-term forecast indicates a potential Bitcoin price surge to $500,000 per coin, leaving sidelined investors regretfully waiting for a substantial market correction. Cochran further noted: Also, ETFs result in spot buys, not leverage, which improves system health. And are long-term holders, less likely to sell volatility. So it creates a slow grind up of underlying market health. Like the best DCA you could ask for. Bitcoin ETF Pricing Potential Not Fully Realized Crypto analyst Ali Martinez suggests that the pricing potential of a Bitcoin ETF may not have been fully realized, providing insight into the current state of the Bitcoin market. Martinez points to a decline in the estimated leverage ratio across all exchanges, reaching a two-year low. This indicates that Bitcoin traders are adopting a more cautious approach, reducing their use of borrowed funds as they await regulatory clarity on the ETF. Related Reading: Ethereum Mega Whales Continue To Buy: Do They Know Something You Don’t? Furthermore, Martinez emphasizes the significance of Bitcoin’s price above $41,800. According to Martinez, Bitcoin’s ability to maintain its position above $41,800 is crucial for establishing a bullish outlook. This level is reinforced by approximately 2.41 million addresses holding over 1 million BTC, creating a substantial support zone. The significant number of addresses with substantial Bitcoin holdings suggests a strong interest in maintaining the cryptocurrency’s value and provides a foundation for market stability. Martinez notes that the resistance levels ahead for Bitcoin appear relatively minor. This implies that fewer significant barriers are impeding potential price increases. With reduced resistance, the market conditions become more favorable for stable or rising prices, further supporting the bullish sentiment. Featured image from Shutterstock, chart from TradingView.com
The Bitcoin (BTC) network has experienced a significant uptick in high-value transactions, a phenomenon not seen in nearly two years. Crypto analyst Ali has highlighted this trend, noting 16,900 transactions, each exceeding $100,000. This surge is a critical indicator of increased activity by Bitcoin whales – entities holding large amounts of BTC – and provides valuable insight into their strategic maneuvers in the current market landscape. In the past 24 hours, #Bitcoin experienced its largest spike in transactions over $100,000 in nearly two years. The 16,900 large transactions serve as a proxy for $BTC whale activity, offering insights into how these major players might be positioned in the #crypto market. pic.twitter.com/CCnaoBOK0F — Ali (@ali_charts) January 5, 2024 Bitcoin Recovery Following Matrixport Reports Saga This flurry of whale activity arrives amid a backdrop of intensified market volatility. Bitcoin, the bellwether of the digital currency world, recently underwent a price correction, dipping below the $41,000 mark. Related Reading: From Bullish To Bearish, Bitcoin Plunges More Than 6% Amid Matrixport’s Contradictory Reports This downturn has been attributed to various factors, particularly the controversial report from Matrixport, which gave reasons why the US Securities and Exchange Commission (SEC) may reject several spot Bitcoin exchange-traded funds (ETFs) applications this month. Despite these factors, Bitcoin has shown resilience as it has begun to regain ground, hovering around the $43,000 mark. The asset has demonstrated a 2.5% increase over the last week. BTC To $50,000? Several analysts have weighed in with predominantly bullish forecasts in the wake of Bitcoin’s recovery from the week’s earlier downturn. Dan Gambardello posits that Bitcoin might be on the cusp of “breaking out from a symmetrical triangle pattern.” This technical formation, often characterized by decreasing volatility and converging trendlines, hints at potential price escalation. Gambardello asserts that this breakout could catapult BTC to the $50,000 mark, especially with the anticipated approval of a spot Bitcoin ETF. Related Reading: Bitcoin’s Road To Record Heights: Analysts Forecast Post-Halving Surge A symmetrical triangle, recognized by its oscillating price movements between converging upper and lower trendlines, signifies a standoff between buyers and sellers. Should BTC shatter the upper boundary of this pattern, as Gambardello suggests, it may indeed embark on an unprecedented trajectory, surpassing critical resistance levels within its Fibonacci sequence. 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 Another voice in the chorus of bullish predictions is Adrian Zduńczyk, a renowned crypto trader. Zduńczyk shares an optimistic outlook, forecasting that BTC could reach new all-time highs following its upcoming halving event. 4/ With the 4th halving in mid April, $BTC can be a hot speculation topic, backed by the hopes of the ETF approvals. Besides, BlackRock’s iShares $IBTC Bitcoin Spot ETF can set an example for many institutions to follow. Trillions of dollars are estimated to flow into crypto. pic.twitter.com/vYQ2F6c36w — Adrian Zduńczyk, CMT (@crypto_birb) January 1, 2024 Featured image from Unsplash, Chart from TradingView
An analyst has explained that the outlook for Bitcoin should remain bullish as long as the cryptocurrency’s price remains above this level. Bitcoin Has Strong On-Chain Support Above $41,800 In a new post on X, analyst Ali talked about the various BTC support and resistance levels from an on-chain perspective. In on-chain analysis, the strength of any support or resistance level depends on the amount of Bitcoin that the investors bought at said level. Related Reading: Analyst Predicts 76% Lido DAO Rally If This Ascending Triangle Break Happens The chart below shows what the distribution of the different BTC price ranges currently looks like based on the concentration of holder cost basis that they carry. How the various price ranges near the current spot price are looking like in terms of support and resistance | Source: @ali_charts on X As displayed in the above graph, the $41,800 to $43,100 range hosts the acquisition price of most Bitcoin out of all the price ranges listed. To be more specific, about 2.4 million addresses acquired 1 million BTC within this range. The cost basis is naturally of immense significance for any investor, as the spot price retesting can flip their profit-loss situation. As such, holders become more likely to show some move when a retest like this happens. A holder in profit before the retest might tend to buy more when the retest happens, as they might believe this same level that proved profitable earlier would do so again. On the other hand, loss holders might want to sell at their break-even level since they may fear the cryptocurrency going down again, putting them underwater again. These buying and selling moves aren’t enough to move the market when just a few investors are making them, but if a large number of investors have their cost basis inside a narrow range, the reaction could become significant. Since those above $41,800 to $43,100 range is dense with investors, it should be an essential on-chain range. The spot price is floating above the range so that these prices could act as a support barrier for the asset. Based on this, Ali explains, “as long as Bitcoin maintains its position above $41,800, the outlook remains bullish.” Related Reading: Ethereum Mega Whales Continue To Buy: Do They Know Something You Don’t? The chart shows that the Bitcoin ranges above the price aren’t carrying the cost basis of that many investors. This could imply that there isn’t much resistance ahead for the coin. The analyst notes that this lack of major resistance also strengthens the potential for the cryptocurrency to stay at the current levels or push towards the higher ones. BTC Price Bitcoin has been gradually making its way back up after the recent crash, with its price climbing towards the $43,800 mark. The below chart shows how the asset has performed during the last few days. BTC has gone through a bit of a rollercoaster since the new year has started | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com
In a recent report by TRM Labs, it has been revealed that hackers linked to North Korea conducted significant crypto thefts in 2023, amassing at least $600 million. If additional hacks in the final days of the year are confirmed to be the work of North Korea, the total stolen amount could reach around $700 […]
VanEck’s latest pledge could make it one of the top donors to Bitcoin’s maintainers.
Bloomberg reported on Jan. 5 that the U.S. Securities and Exchange Commission (SEC) has told several ETF participants to submit updated filings. According to four of Bloomberg’s sources, the SEC has instructed exchanges and issuers to submit final versions of 19b-4 filings as soon as Friday. Two of Bloomberg’s sources added that SEC staff had […]
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Hayes predicts a short-term Bitcoin pullback triggered by central bank actions, but his long-term outlook remains bullish.
The Nasdaq also filed an amendment for Valkyrie’s spot Bitcoin ETF as well.