Category: Cryptocurrency News

The price of Bitcoin has fluctuated over the past month, but BitMEX co-founder Arthur Hayes is the latest crypto expert to make a bullish forecast for the asset. According to the former CEO of the cryptocurrency exchange BitMEX, Bitcoin could reach $70,000, and the only reason the asset is not yet at this price is because investors are fixated on the Fed’s nominal rate. Bitcoin Can Still Rise 150% Various predictions have come in regarding Bitcoin, with some being more bullish than others. As for Hayes, he made his case regarding BTC in his Crypto Trader Digest blog post in light of various actions by the US Federal Reserve to curb inflation.  Related Reading: This Latest Move Suggests SEC Lawsuit Against Ripple Is Pushing The Crypto Firm Outside The US Since March 2022, the Fed has raised interest rates multiple times, causing many investors like Hayes to reconsider their predictions regarding the outlook of Bitcoin. What happens if the Fed keeps raising rates? Can the $BTC bull market gain steam? “Are We There Yet?” is an essay exploring that question.https://t.co/OGkVQreIBg pic.twitter.com/FTYR3HBq1a — Arthur Hayes (@CryptoHayes) September 11, 2023 In the blog post, Hayes shared several metrics relating to the US treasury yield and GDP growth. Hayes began adjusting his forecasts by disputing the widely held belief that BTC’s value is negatively correlated with rising interest rates.  A new outlook shows that the government’s spending rates and the current growth of GDP have driven down the actual treasury yield on 5% government bonds closer to 4%, making risky assets like BTC and stocks still attractive.  Hayes believes the Fed will be able to continue down this path of raising rates, and investors’ search for positive real yields in response to this has translated into a bullish market for Bitcoin which began in March 2023.  However, although Bitcoin is up by close to 29% since then, most of the market is still yet to catch on as everyone is focused on the nominal Fed rate and not the real rate. “The reason why we aren’t at $70,000 is that everyone is focused on the nominal Fed rate, and not on the real rate when compared to the U.S.’s eye-poppingly high nominal GDP growth.” BTC price trending above $26,300 | Source: BTCUSD on Tradingview.com BTC Price To $70,000? While speaking at the Korea Blockchain Week, Hayes mentioned that the next Bitcoin bull market started on March 10, the day the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank (SVB).  Hayes has actually made similar predictions regarding Bitcoin. Back in March 2020, the pundit made a prediction Bitcoin could rise from $8,000 and reach $20,000 by the end of the year. BTC’s price would later close the year 2020 at around $27,000.  Related Reading: SEC Boss Gary Gensler Completes Senate Hearing: Here’s What Crypto Investors Should Know The BitMEX co-founder has previously expressed his discomfort on Spot Bitcoin ETF, from investment companies like BlackRock, calling them “crypto gatekeepers” who are only looking to balance their deposit base. However, Hayes believes a catchup by the market would Bitcoin survive more interest rate raise from Fed to skyrocket more than 150% from its current level by early 2024.  At the time of writing, Bitcoin is trading at $26,320 and is up by 2.27% in a seven-day timeframe. Featured image from Breet, chart from Tradingview.com

Google Cloud told Cointelegraph that the partnership was done in light of increasing interest from clients exploring blockchain workloads on Google Cloud.

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Solana (SOL) has recorded a 5% gain in the last 24 hours amidst certain concerning developments in the crypto space. On Wednesday, the United States published its Consumer Price Index (CPI) data for August, which shows that inflation rose from 3.2% to 3.7%, higher than the predicted outcome by analysts. In addition, the bankrupt FTX exchange obtained court approval to liquidate its crypto holdings worth $3.4 billion as it looks to offset its debt. Normally, developments such as this are expected to induce a selling pressure on crypto assets.  However, the majority of the market is staying afloat with slight gains in the last few hours, while Solana has even embarked on a rally, drawing much attention from investors.  Interestingly, popular crypto analyst Michaël van de Poppe has given possible reasons as to why the crypto market may not be moving as widely expected.  Most of FTX’s Solana Are Staked And Inaccessible – Analyst Explains According to an X post on Wednesday, Michaël van de Poppe states that there should not be much reaction from the crypto market despite the latest CPI data and the court approval for FTX’s liquidation. Related Reading: Solana Potential Rebound: Can Bulls Hit Their $30 Target? The analyst explains that most of the Solana, which makes up the bulk of the FTX crypto holdings, with a value of $1.2 billion, is currently staked and thus cannot be liquidated. Van de Poppe states that only 7 million SOL is available to FTX for liquidation, and most of these tokens have been sold in the past week. Given these circumstances, the analyst predicts a “sell the rumor, buy the news” scenario would likely occur. In relation to the other crypto holdings of FTX, Michaël van de Poppe states the exchange is only allowed to sell $200 million worth of assets per week.  Furthermore, the current market prices have been factored on during the calculation of this liquidation rate; thus, it will likely not produce a high level of selling pressure.  In addition to Solana, FTX also looks to liquidate other assets such as Bitcoin (BTC), Ethereum (ETH), Aptos (APT), and XRP, among others. Van De Poppe’s Take On CPI Report Explaining the crypto market’s response to the latest CPI data, Michaël van de Poppe explains that while inflation rates rose higher than predicted in August, the core CPI value was 4.3% as expected, which is lower than July’s value of 4.7% Related Reading: SOL Price Prediction: Solana Takes Hit and Could Dive To $15 Therefore, the analyst postulates that the US Federal Reserve would likely not be introducing any interest rate hike. This is because the Fed is known to focus more on core CPI data, which provides a long-term outlook on the nation’s inflation rate.  At the time of writing, Solana trades at $18.69, with a loss of 0.29% in the last hour based on data from CoinMarketCap. Meanwhile, the token’s trading volume is up by 47.89% and is now valued at $446.52 million.  Solana (SOL) trading at $18.77 on the hourly chart | Source: SOLUSDT chart on Tradingview.com Featured image from The Economic Times, chart from Tradingview

According to Goldman Sachs, the current period is the early phases of a new technology cycle, which is poised to deliver additional strong performance.

Bull Bitcoin forms a partnership with SINPE Movil, Costa Rica’s principal fiat payments system, and Bitcoin Jungle, a local crypto wallet solution.

BTC price strength marches on despite the curveball CPI print and FTX liquidation go-ahead, and Bitcoin traders are hopeful for long opportunities.

Chun’s reservations about whether to return the funds to Paxos stems from him being “annoyed” that “the person claiming it (the funds) kept saying EST instead of EDT/UTC.”