Category: Cryptocurrency News

The Bitcoin price has experienced a slight uptick in the past 24 hours as bulls defended critical support. The number one cryptocurrency by market cap might try another run north of critical resistance, but recent data points towards further sideways price action. Related Reading: Terra Luna Token Burn Proposal Greenlit – Could $1 Be Hittable? As of this writing, Bitcoin trades at $29,400 with a 2% profit in the past day. Over the past week, the cryptocurrency has recorded similar profits while the rest of the market stalls or sees losses. Key resistance stands at around $30,000, but BTC failed to breach it on every recent occasion. Bitcoin Price Prepares… For Monotony? Over the past two years, the Bitcoin price has been moving in tandem with macroeconomic forces. In particular, BTC reacts to the tension from the U.S. Federal Reserve (Fed) and its interest rates hike program. The financial institution is entering a quiet period due to summer vacations. As a result, according to crypto analysis firm Blofin, Bitcoin and the crypto market will likely stay within their current range until September. Over this period, price movements and volatility spikes will continue to decline as the low liquidity environment impacts price action, and institutions hedging their positions impact volatility, Blofin stated. Furthermore, the report claims that potential interest rate hikes are “somewhat priced in” and could be inefficient in propelling BTC above $30,000. The current macroeconomic landscape could persist until May 2023 as inflation, the key reason behind the interest rates hike, becomes sticky. The above could translate into sideways price action until that period or until the U.S. Fed decides to cut interest rates paving the way for more risk appetite across the sector. Blofin stated: (…) investors seem to have become accustomed to daily life at high interest rates. The lack of liquidity has left investors with little interest in “trading”. Most investors are sitting on the sidelines. Bitcoin Investors Brace For Impact The chart below shows monthly trading volume across crypto exchanges has declined since July 2022. The report stated that this status quo reflects investors’ lack of interest in crypto, with BTC recording intraday price movements of around 0.1%, a first for the cryptocurrency in such an extended period. Related Reading: Bitcoin Miners Show Accumulation Again, Bullish Sign? In that sense, the crypto research firm believes that, due to the lack of strength around BTC and ETH, prices are likely to see a dip: (…) it is not difficult to find that when the price of BTC is around $30,000, and the price of ETH is around $2,000, both will lose further upward momentum here, hovering for a while, and then fall. The time to hit both levels was short or long, but further price breakouts did not occur. There seems to be an invisible ceiling around these two levels (…) Cover image from Unsplash, chart from Tradingview

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In recent developments, Hong Kong regulators have issued cautionary warnings to crypto investors, asking them to be careful of potential investment risks. According to the city’s chief regulatory agency, some cryptocurrency trading platforms have been making erroneous claims about meeting the regulatory requirements for digital assets.  Investors Beware Of False Claims From Crypto Firms The Securities and Futures Commission (SFC), the chief regulatory body of Hong Kong, released the alert on August 7. In the statement, the commission noted that some unlicensed exchanges in the city were engaging in “improper practices.”  Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF According to the body, unlicensed Virtual Assets Trading Platforms (VATPs) are falsely claiming to have submitted license applications to the body, which would enable them to conduct transactions legally in the special administrative region of China.  Such fraudulent claims were designed to “give the public a false sense of assurance” and were targeted at “inducing another person to trade in virtual assets.” Making such claims amounts to a punishable offense under the city’s Anti-Money Laundering and Counter-Terrorist Finance Ordinance, the regulatory body said.  Furthermore, the SFC will consider any likely misrepresentation made by an unlicensed Virtual Asset Trading Platform when deciding whether or not to grant them a license. The SFC may view as unfavorable any non-compliant actions that would need the reversion of client withdrawal or transactions that could have been reasonably avoided.  The Securities and Futures Commission said it will evaluate a Virtual Asset Trading Platform’s application based on its ability to show genuine intention to correct previous non-compliant actions, including the gradual unwinding of impermissible transactions.  Virtual Assets Trading Platforms that do not meet the agency’s requirements must make efforts to meet the regulatory and legal obligations of licensed VAPTs, the SFC clarified. Total market cap recovers to $1.133 trillion | Source: Crypto Total Market Cap on Tradingview.com Hong Kong’s Regulatory Framework Hong Kong’s Securities and Futures Commission (SFC)  recently released guidelines for Virtual Asset Trading Platform operators in the country to provide more regulatory certainty for the crypto industry in the country and help protect investors’ interests.  The SFC laid down rules that would enable centralized exchanges to provide services to retail clients, provided they are authorized by a license obtained from the Securities and Futures Commission.  Under Hong Kong’s VASP regime, which kickstarted on June 1, 2023, a one-year grace period commencing from June 1, 2023, allowed exchanges with an existing large presence in the city to continue operations while making changes to their businesses to ensure compliance with the new SFCs rules.  Related Reading: PayPal’s PYUSD Launch Triggers Calls For Stablecoin Bill Platform operators that had not commenced operations before June 1, 2023, had to be SFC-licensed before they could operate. However, it seems that certain exchanges are already violating the rules provided under the new regime.  According to SFC, investors participating in trading on unregulated virtual asset exchanges are likely to face “losing their entire investment” on the exchange if it “ceases operation, collapses, is hacked,” or “suffers from any misappropriation of assets.”  Following this, many exchanges have publicly pledged to submit licensing applications with the SFC, including Huobi and OKX, two popular exchanges in Asia.  Featured image from PayBito, chart from Tradingview.com

“We’re going to fight like cats and dogs to win market share” once spot Bitcoin ETFs are approved, Galaxy Digital CEO Mike Novogratz told shareholders.

ARK Invest CEO Cathie Wood has sparked speculation with her recent prediction that the United States Securities and Exchange Commission (SEC) may potentially grant approval for multiple Spot Bitcoin exchange-traded funds (ETFs) simultaneously. Deviation From The Norm For Spot Bitcoin ETFs In a recent interview with Bloomberg on August 7, Cathie Wood shared her insight that the SEC might opt for a groundbreaking strategy by approving more than one Bitcoin ETF at the same time. Related Reading: PayPal’s PYUSD Launch Triggers Calls For Stablecoin Bill Wood’s assertion, “I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once,” has captured attention, especially given her prior assurance that her firm would lead in securing approval for a spot Bitcoin ETF. Wood’s projection deviates from the conventional practice of sequential ETF approvals. By envisioning a simultaneous approval scenario, she introduces a novel approach that could streamline the regulatory process. This potential shift aims to foster a balanced and inclusive investment landscape, catering to an expected demand of over $50 billion. Implications For The Cryptocurrency Industry Historically, the SEC has not granted approval for spot Bitcoin ETFs, while permitting the listing of ETFs tied to crypto futures. Wood’s forward-looking statement emerges amidst a surge in applications from major players like BlackRock Inc, Fidelity, WisdomTree, VanEck, and Invesco, all vying for the approval of similar crypto ETFs as ARK.  Wood’s forecast also emphasizes the significance of strategic marketing. Given the anticipated resemblance among various funds, Wood suggests that issuers’ marketing prowess will be crucial in setting them apart as a race for dominance is expected. This insight underscores the competitive edge sought by applicants in a rapidly evolving sector. BTC price recovers as positive sentiment grows | Source: BTCUSD on Tradingview.com As Cathie Wood’s prediction reverberates through the financial realm, industry observers await  SEC’s response. With a significant deadline for ARK’s application looming on August 13, amidst speculation of potential delays, Wood suggested that the deadline might pass and be extended but then the date will be eagerly waited on.  Although Ark Invest filed for its spot Bitcoin ETFs application on May 15, earlier than others like BlackRock who filed its application on June  15, this was thought to be a race for winners or losers according to Cathie’s “first in line” phrase to favor Ark Invest. However, her revised view makes the race for Spot Bitcoin ETFs and SEC ruling more interesting. This innovative forecast accentuates the intersection of forward-thinking and regulatory dynamics, highlighting an era where digital assets are increasingly integrated within traditional financial frameworks, especially the recent push for ETFs. Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF Wood is known for her unwavering conviction in disruptive innovations and the companies behind them with her investment management firm ARK Invest boasting numerous high-value stocks like CoinBase Global (COIN), Tesla(TSL), and Block (SQ), among others.  Wood also reportedly bought $100,000 worth of Bitcoin years ago when it was sold for $250 apiece and the CEO revealed that she has never sold a single BTC. Featured image from MarketWatch, chart from Tradingview.com

Bitcoin price has been ranging around $30,000 for most of 2023, taking even the highest timeframes down to a record low volatility state — something highly unusual for cryptocurrencies. As a result, Historical Volatility in the 6W BTCUSD chart has fallen to the second lowest ever reading. The last time this signal appeared, it awakened a behemoth rally. Prices soared in the short- and long-term. Keep reading to find out by how much. Low Volatility Suggests Behemoth Bitcoin Rally Could Be Coming NewsBTC has extensively covered the lack of volatility in Bitcoin using the Bollinger Bands. The Bollinger Bands are part of a trend-following, band-breakout trading system that also can be used to measure volatility. But it’s not the only way to read it. Other volatility metrics include Implied Volatility, which uses the VIX to potentially predict future volatility, and Historical Volatility (HV). HV, just like it sounds, looks at volatility from the past. Related Reading: Why Low Volatility Bitcoin Could Last A Lot Longer The 6W Historical Volatility in BTCUSD is now at its second-lowest level ever. This is important because when an extended sideways phase ends, it ends by awakening a monster rally or decline. Historical Volatility is the second lowest ever | BTCUSD on TradingView.com Is Another Monster 4,000% Move In BTCUSD Possible Considering it’s only happened once before, the sample size is too small to come to a conclusion about which direction prices might head. However, the last time the 6W Historical Volatility got this low, and then broke out, the direction was up. Related Reading: Bitcoin Bollinger Bands Are The Tightest Ever, What Happens Next? Not only was it up, but it was an immediate more than 60% move higher in a single 6W candle. The move that began around March 2016 also kicked off a more than year-long bull market that ended with more than 4,000% ROI following the period of inactivity. The power of volatility once it returns to an asset long trending sideways cannot be understated. Another 4,000% is unlikely after seven years of adoption, but something massive is waking up regardless of the final numbers and direction. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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The limitations set out in the Federal Reserve’s new Program provides additional measures to its original policy statement laid out in January.

Since the Bitcoin bull market began, one discussion that has never left the crypto community is when the next bull rally will commence and if it would follow the previously established trend around the halving events. To this end, a crypto analyst, Lark Davis, has taken to X (formerly Twitter) to share his forecast around the next bull market. What Could Happen If History Repeats Itself All of the previous Bitcoin bull markets have always begun after the BTC halving event which cuts block rewards in half. However, this time around, there have been dissenting views regarding the digital asset’s tendency to follow this established trend once more due to deviations in various Bitcoin metrics. But Davis has shared a possible scenario for BTC if the bull market begins after the rally once more. Related Reading: Litecoin Hashrate Taps New All-Time High, Will LTC Price Follow Suit? In the chart shared by the analyst on X, he points out a long period of accumulation. This is when investors fill up their bags with BTC as it is possibly the lowest that the price of the digital asset would get during the bear market. BTC could reach $180,000 if the bull market follows halving cycle | Source: Lark Davis on X Next comes the Bitcoin halving event, at which time, the price of Bitcoin and other cryptocurrencies in the market start to pick up steam. This is when the bull market starts to take shape, leading to the next part of the trend which is when prices explode. In Davis’ post, he shows that the price of the digital asset could rise as high as $180,000 during this time. If the cryptocurrency does touch this price mark, it would mean that the price of BTC would almost triple from its current all-time high of $69,000. How This Can Happen For Bitcoin As clarified by the analyst in his X post, for any of this to happen, it would mean that BTC would have to completely follow the trends of the previous bull cycles. This would mean the bottom could likely be reached in early 2024, but it would also be the same year for the start of the bull run. Even if Bitcoin does follow this trend though, it would not always be ‘up-only’ for the market. It would mean that the bull market would top out sometime in 2025 and then there would likely be a market crash that sends BTC spiraling in the following year. As Davis points out, the digital asset could tumble 70% to reach $50,000 again. Related Reading: Ethereum Price Could Break Above $2,000 If This Happens However, even with the obvious bear market that would follow this trend, it is still an incredibly bullish scenario for Bitcoin and the crypto market at large. The bull market would last around one year, following historical data, providing ample opportunity for investors to make the most of the market. The next Bitcoin halving is expected to take place in April 2024, and if history is anything to go by, this is around when the bull market should be expected to start back up. BTC price adds $300 | Source: BTCUSD on Tradingview.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com