Category: Cryptocurrency News

Five members of IBM Consulting created a list of points that the European Commission could consider to optimize its proposed digital euro legislation.

The world’s largest asset manager has been waiting to offer an exchange-traded fund for its iShares Bitcoin Trust in the United States.

In his recent interview, Mike McGlone, Bloomberg Intelligence’s Senior Commodity Strategist, predicted Bitcoin’s potential fall amid the ongoing market downturn. However, it wasn’t all gloom from the seasoned analyst, as he also touched upon the longer-term prospects of the flagship cryptocurrency. Will Bitcoin Touch $8,000? It is worth noting that Bitcoin has undergone a fair share of price fluctuations since its inception. In the interview, McGlone compared Bitcoin’s volatile nature to the days of the stock market. His predictions, grounded in his analytical observations, also prompted apprehension and agreement. Related Reading: Long-Term Bitcoin Holders Keep The Faith: 40% Supply Remains Untouched For Over 3 Years Mike McGlone’s interview was rife with insights into the cryptocurrency market, but one statement stood out: his belief that Bitcoin could plunge to a low of $8,000 in the current bear market. McGlone emphasized that despite the potential for such a drastic drop. Bitcoin remains the world’s top-performing asset.  McGlone stated that Bitcoin hasn’t exhibited deflationary characteristics like Treasury bills and gold. Instead, he pointed out that macroeconomic elements, particularly the Federal Reserve’s ongoing tightening policies, continue to have a pronounced effect on Bitcoin’s price. Institutional Influence: Not the Immediate Boost Many Anticipate? Another popular belief within the crypto community is that spot ETF approvals, and an influx of institutional investors would catapult Bitcoin’s price to new heights. McGlone, however, expressed skepticism regarding this sentiment. In his view, while a spot ETF approval may sway market sentiment, it might not substantially impact Bitcoin’s price trajectory. McGlone suggested that the earliest spot ETF might not see daylight until next year. On which spot ETF could potentially make the first move, McGlone’s bet is on BlackRock. Citing the institution’s commanding presence in the market and its reputation as the world’s leading asset manager, he believes BlackRock might lead the pack in the spot ETF space. McGlone maintained confidence in Bitcoin’s long-term bullish prospects despite these short-term projections. He reaffirmed his vision of the crypto giant eventually reaching a value of $200,000. Related Reading: XRP Lawyer Reacts: Grayscale’s Triumph Paves Way For Bitcoin’s Next Big Thing Meanwhile, following the announcement of Grayscale’s legal victory against the US Securities Exchange and Commission (SEC), Bitcoin has retraced noticeably from its Tuesday peak of $27,974, dropping to $26,885 at the time of writing. Bitcoin’s daily trading volume has also dipped along with its price, dropping from last Thursday’s peak of $12 billion to $10 billion in the past 24 hours. Notably, Bitcoin’s market cap currently sits at $523 billion when writing. Featured image from Unsplash, Chart from TradingView

This dip is a gift ETFs will instantly 10x crypto and another year another 10x this is the modern day good Rush… ETHEREUM! My fav btc ok submitted by /u/Free_Depth_6710 [link] [comments]

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On-chain data shows that Ethereum traders are capitulating following the slowdown of the rally, something that may turn out to be positive. Ethereum Traders Are Selling At A Loss Right Now According to data from the on-chain analytics firm Santiment, ETH investors are getting increasingly frustrated as they are now participating in significant loss-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name already implies, compares the profit-taking volume to the loss-taking volume for any given cryptocurrency. This metric works by going through the on-chain history of each coin being sold/transferred to see the price at which it was previously moved. If this last selling price for any coin was less than the current spot price, then that particular token is now being sold at a profit. Naturally, the sale of this coin would count under the profit-taking volume. Similarly, the opposite type of coins would contribute towards the loss-taking volume. Now, here is a chart that shows the trend in this ratio for some of the top assets in the cryptocurrency sector over the past few months: Looks like the value of the metric has been negative for most of these coins in recent days | Source: Santiment on X When the value of this metric is positive, it means that the profit-taking volume outweighs the loss-taking volume right now. On the other hand, negative values suggest the dominance of loss-taking in the market. From the chart, it’s visible that many of these top assets have seen negative values of the indicator recently as the rally that began following the Grayscale news has slowed down. Related Reading: Bitcoin Sentiment Returns To Neutral, Will Traders Embrace Greed Next? Ethereum, however, stands out among these coins as the indicator’s value for the asset is significantly more negative than the likes of Bitcoin and Cardano, who are observing loss-taking volumes that are only mildly more than the profit-taking ones. At the metric’s current value, the Ethereum investors are making loss-taking transactions at a rate nearly double that of the profit-taking ones. This difference between ETH and the other top assets would suggest that the coin traders are showing the least amount of patience. This could be because they don’t think the cryptocurrency would continue its rally anymore, or if it does, the profits wouldn’t be as large as for some of the other altcoins, so they may be exiting here at losses to go to greener pastures. This high amount of loss-taking could, however, actually turn out to be beneficial for Ethereum. Historically, whenever investors have participated in capitulation, rebounds in the price have become more probable. Related Reading: $28,100 Next Level To Break For Bitcoin, Here’s Why The likely explanation behind this pattern may be the fact that investors pick up the coins that these relatively weak hands sell with a stronger conviction, who provide a better foundation for a sustainable price surge. It remains to be seen whether Ethereum can use this capitulation to bounce off towards higher levels or if the rally will remain muted for a while longer. ETH Price At the time of writing, Ethereum is trading around $1,700, up 3% in the last week. ETH has been moving sideways since the surge | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

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