|All Time High:
|The price of #BTC today is $54,637 USD.
The lowest BTC price for this period was $0, the highest was $54,637, and the exact current price of one BTC crypto coin is $54,637.07129.
The all-time high BTC coin price was $68,781.
Use our custom price calculator to see the hypothetical price of BTC with market cap of XRP or other crypto coins.
|The code for Bitcoin is #BTC, and the symbol for #BTC is ₿.
Bitcoin is 10.8 years old.
|The current market capitalization for Bitcoin is $1,072,995,916,057.
Bitcoin is ranked #1, by market cap (and other factors).
|The trading volume is huge during the past 24 hours for #BTC.
Today's 24-hour trading volume across all exchanges for Bitcoin is $29,333,037,380.
|The circulating supply of BTC is 19,638,606 coins, which is 94% of the maximum coin supply.
A highlight of Bitcoin is it's limited supply of coins, as this supports higher prices due to supply and demand in the market.
|BTC is well integrated with very many pairings with other cryptocurrencies and is listed on at least 179 crypto exchanges.
View #BTC trading pairs and crypto exchanges that currently support #BTC purchase.
More Bitcoin (#BTC) News
|Crypto Analyst Sounds Warning Alarm: Last Chance To Buy Bitcoin And Ethe...
Crypto analyst Rager recently provided valuable insights to Bitcoin and Ethereum investors ahead of the imminent bull run. As part of his statements, he revealed the best time to go all in on the two largest crypto tokens by market cap, Bitcoin and Ethereum.
“Last Great Opportunity For This Cycle”
Rager opined in an X (formerly Twitter) post that the “last great opportunity for this cycle” will come around the Bitcoin Halving. In line with this, he also stated that he was still holding spot in positions and waiting for the “BTC and ETH pullback”, which he explicitly predicts will happen between now and May.
Going by Rager’s opinion, this “nice dip” presents the perfect time for crypto investors to position themselves ahead of this cycle’s bull run. His statement also suggests that Bitcoin and Ethereum (and possibly other crypto tokens) will run massively after that pullback occurs. Interestingly, analysts have continued to identify this event as what will kickstart the next bull run.
Bitcoin Run To $60,000 Might Be Close
In a subsequent X post, Rager gave an idea of what price level Bitcoin could drop to when the crash occurred as he hinted that he wouldn’t invest until Bitcoin dropped to $48,000. He also provided an analysis of Bitcoin’s current price action, noting that it has been “composed of a few days of strong price action followed by a lot of chop and pullbacks.”
He added that...
|Bitcoin Rally: Crypto Analyst Says New Peak Is Within Arms' Reach
With the price movement of Bitcoin becoming less volatile and the markets becoming unstable once more, some people think a crash is imminent for BTC, while some believe and anticipate a potential for further upward surge.
New All-Time High For Bitcoin Is Within An Arms Reach
In a recent development on the social media platform X (formerly Twitter), Cryptocurrency analyst and investor, Crypto Jelle, has shared a bold prediction regarding Bitcoin - the leading crypto asset.
The crypto expert's analysis came in light of the bearish speculations within the community around the price action of BTC. According to him, many people are discussing the bearish signs, pullbacks, and corrections that BTC could witness in the near future.
However, Crypto Jelle has asserted that despite the negative sentiments it 'does not change anything about the bigger picture' for BTC. Furthermore, he has urged investors to 'stick to the plan,' noting that a new all-time high is just 'within arms reach.'
The post read:
Lots of people talking about bearish signs, pullbacks, and corrections, but these things change nothing about the bigger picture. Stick to the plan, all-time highs are within an arms reach.
Jelle has also highlighted another reason why he is bullish on Bitcoin and sticking with the digital asset. In another X post, Jelle stated that BTC is still holding above $50,000, with the entire crypto market cap approaching $2 trillion.
Nonetheless, the 'average Joe still does not care,' prompting...
|Bitcoin ETFs Could Grow Larger Than Gold ETFs Within Two Years: Bloomber...
Could Bitcoin ETFs become larger investment vehicles than gold ETFs? Bloomberg analysts say it might happen in as quickly as under 24 months.
Will Bitcoin Pass Gold?
In a post to X on Monday, Bloomberg ETF analyst Eric Balchunas outlined how Gold ETFs have been gutted in recent weeks precisely as Bitcoin ETFs have absorbed over $5 billion of inflows following their launch last month.
In a note co-authored with Andre Yapp of Bloomberg Intelligence, the analysts wrote:
“The Bitcoin ETFs, though barely six weeks old, have taken in over $8 billion more than gold peers, already have 40% as much in assets and could pass them in size in less than two years.”
According to BitMEX Research, Bitcoin ETFs held over $37.3 billion in assets as of Friday. By comparison, data from VettaFi shows that gold ETFs hold roughly $88 billion, most of which is held by the SPDR Gold Shares (GLD) fund.
Gold funds have suffered $3.6 billion of net outflows since January 11. Balchunas believes that very little of those funds likely flowed directly into the new Bitcoin spot ETFs, but that the mere existence of the investment products is likely creating competition for precious metals at large.
“Gold ETFs could struggle to keep their $90 billion in assets partly due to performance,” the analysts continued. The metal’s price per ounce has stayed roughly flat around $2000 for a month, while BTC has surged 28% over the same time frame.
Bitcoin's Potential To Rise
On Monday, the l...
|Bitcoin Explodes to New 26-Month High of Over $53,500, Leaving Almost $2...
The price of the largest cryptocurrency by market cap took a sudden liftoff and shot up by more than two and a half grand in minutes to a new 26-month peak of over $53,500.
The altcoins have also turned green, with ETH soaring even further above $3,100 and BNB nearing and briefly surpassing $400 for the first time since May 2022.
BTCUSD. Source: TradingView
CryptoPotato reported earlier that BTC's price had stalled as the asset was unable to overcome $52,000 during the weekend despite a few attempts.
As such, Bitcoin had declined to $51,000, and it seemed like the consolidation around that level would continue.
However, that wasn't the case. The bulls took charge of the market minutes ago and initiated a massive leg-up that resulted in BTC soaring by nearly three grand.
Consequently, the cryptocurrency jumped to $53,750 (on Bitstamp) for the first time since December 2021.
Despite losing some ground since then, BTC still trades above $53,000, and its market cap has exploded to $1.050 trillion.
Many altcoins have turned green as well. Ethereum, which soared past $3,100 earlier today, is now trading above $3,150 following a 3.5% daily increase.
Binance Coin briefly surpassed $400 to chart a new multi-year peak as well. MATIC, NEAR, XMR, and INJ are up by more than 5% on a daily scale.
This volatility has resulted in pain for over-leveraged traders as the 24-hour value of all wrecked positions has gone to $172 million, according to CoinGecko. Naturally, the majority of them come...
|BTC Dropping to $48K or Pushing to $55K: Which One Comes First? (Bitcoin...
Bitcoin’s price has been making higher highs and lows consistently over the past few months. However, the market is currently consolidating around a key resistance level, failing to continue higher.
The Daily Chart
On the daily timeframe, the price has been breaking through several resistance levels since rebounding from the $40K support zone. Yet, the market is currently hovering around the $52K resistance level.
While there are no serious signs of climbing at the moment, the Relative Strength Index shows values above 50% that indicate higher prices might be achievable in the short term. Therefore, a breakout above the $52K resistance level is still probable.
The 4-Hour Chart
Looking at the 4-hour chart, it is evident that the price has been consolidating around the $52K level over the last couple of weeks.
In case of a correction, Bitcoin might pull back toward the $48K support level before potentially continuing higher. The Relative Strength Index has also dropped below the 50% level, hinting at a potential correction in the near future.
Bitcoin Long-Term Holder SOPR
Bitcoin’s price has been rallying aggressively over the past few months and is approaching its all-time high of $69K. It would be beneficial to evaluate market sentiment to analyze supply and demand dynamics.
This chart demonstrates the Bitcoin Long-Term Holder SOPR, which measures the relativ...
|Spot Bitcoin ETFs' Momentum Stalls: Inflows Dip Despite Prior Surge
After an impressive run, spot Bitcoin ETFs appear to have hit a snag as inflows saw a minor reduction.
Lookonchain's latest analysis reveals a concerning trend in the cryptocurrency market as Bitcoin ETFs experience a significant decrease in inflows.
Bitcoin Inflows Hit Snag
According to the provided data, only 18,477 BTC, equivalent to $951 million, were added across 8 ETFs from 12th February to 16th February, marking a stark contrast to the previous week's influx of 47,961 BTC, which is approximately $2.47 billion.
Of particular note is Grayscale, which saw substantial outflows of 9,557 BTC, valued at $492 million.
8 ETFs added only 18,477 $BTC($951M) last week, while added 47,961 $BTC($2.47B) in the week '02-12 to 02-16'.#Grayscale decreased by 9,557 $BTC($492M) last week. pic.twitter.com/FlEvkEGohK
— Lookonchain (@lookonchain) February 26, 2024
Grayscale's Bitcoin Trust (GBTC) has been experiencing a notable decrease in outflows only recently. By the conclusion of January, GBTC recorded total outflows of over $5 billion, with a particularly significant outflow of $640 million recorded on January 22nd alone. Throughout February, there has been a diminishing trend in outflows totaling $1.8 billion.
GBTC has observed a total outflow of $7.4 billion since the very beginning. The latest data by BitMEX Research, in fact, highlighted that on February 23rd, GBTC recorded withdrawals of $44.2 million, representing the lowest daily volume since its transition to an ETF on J...
|Bitcoin Spot ETF Jitters Subside: Grayscale Outflows Drop To New Lows
Outflows from Grayscale's Bitcoin Trust (GBTC) seem to be slowing down, as shown by the trading activity of Bitcoin ETFs. This comes as investor anxiety over Grayscale's Spot ETF seems to finally be subsiding, with the entire ETF cohort continuing to attract huge trading volumes and rapid growth in assets under management. As a result, the GBTC saw daily outflows drop steadily over the course of the week to just $44.2 million on Friday, the lowest since spot Bitcoin ETFs went live.
Outflows Drop As Grayscale's BTC ETF Stabilizes
After several weeks of elevated outflows totaling over $7.44 billion, investors pulled just $436.2 million of Grayscale’s Bitcoin Trust last week. Notably, the lowest daily outflow of $44.2 million came on the last day of the week.
Grayscale's GBTC is undoubtedly the biggest Bitcoin ETF among its cohort. This is because GBTC was launched in 2013 as a Bitcoin trust available only in OTC markets., allowing it to grow over the years as it was the only go-to for investors looking to dive into the crypto industry.
However, after a lengthy regulatory procedure, the SEC finally approved GBTC's conversion into a Spot Bitcoin ETF. Consequently, Grayscale's new Bitcoin ETF went live on January 11, along with nine other recently approved ETFs.
GBTC held around $27 billion worth of BTC assets when it first began trading as an exchange-traded fund (ETF). Surprisingly, Grayscale's conversion into an ETF came along with a vast amount of withdrawals from...
|MicroStrategy With Another Huge Bitcoin Buy: Scoops 3000 BTC at $51.8K
It appears that Michael Saylor was completely serious when he recently said that he plans on buying Bitcoin forever.
MicroStrategy just announced that they bought another 3,000 BTC, each priced at $51,813. This means they paid around $155 million for it.
With this most recent move, MicroStrategy is currently the proud owner of 193,000 BTC. They've paid a total of $6.09 billion for it, putting their average price at $31,544 per BTC.
At current prices, their stack is worth a little less than $10 billion, netting them a return of close to 63%.
MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin. As of 2/25/24, @MicroStrategy now hodls 193,000 $BTC acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. $MSTR https://t.co/micudbYf3P
— Michael Saylor (@saylor) February 26, 2024
The announcement comes very shortly after the official Twitter account of the company was compromised. The hacker posted a link to a fake MSTR token that led to over $400K being stolen.
The post MicroStrategy With Another Huge Bitcoin Buy: Scoops 3000 BTC at $51.8K appeared first on CryptoPotato.
|FLR, MNT, and GALA Explode by Double-Digits, While BTC Retraces Toward $...
Bitcoin tried to take down the $52,000 level during the weekend but saw little success and is now down to $51,000 once again.
Ethereum jumped to a new multi-year peak at over $3,100 but was stopped there, while XRP, ADA, and DOGE have turned red now.
BTC Slips to $51K Again
The past seven days were quite different than the previous ten, in which the primary cryptocurrency gained over ten grand and shot up above $50,000 for the first time in over two years. The last week, though, finally brought some calmness in the market, and BTC remained relatively still in a range between $51,000 and $52,000.
The most substantial fluctuations came mid-week when Bitcoin soared to $53,000 to tap a new multi-year peak. However, it was quickly driven south and slumped by over two grand in hours.
Since then, BTC has been unable to resume its bull run and came close to breaking above $52,000 on a few occasions, but to no avail. The last rejection came during the weekend, and the cryptocurrency is now struggling to remain above $51,000.
Its market cap has slipped back down to $1 trillion on CG, and its dominance over the alts is at 48.3%.
BTCUSD. Source: TradingView
ETH Stopped at $3.1K
Ethereum continued its recent impressive performance in the past 24 hours and skyrocketed to over $3,100 earlier today. This was its highest price tag in almost two years. However, ETH failed to maintain there, at least for now and has slipped by roughly $100 since then.
BNB also tapped a local peak of $390 earlie...
|World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Ko...
[PRESS RELEASE - Singapore, Singapore, February 26th, 2024]
BTC Security Lab proudly announces the Bitcoin Layer 2 Conference - East & West 2024, the world's first event dedicated to the Bitcoin Layer 2 ecosystem. Scheduled for April 8, 2024, in Hong Kong, this landmark event is anticipated to draw over 500 blockchain industry elites and feature participation from more than 100 top companies worldwide, fostering unparalleled global collaboration and knowledge exchange.
Organized by BTC Security Lab and featuring BEVM as the title sponsor, this Bitcoin Layer 2 conference is hosted by leading entities including ScaleBit and Web3CN, along with HashKey Capital, BiHelix, Techub News, and HKSTP as co-hosts. It aims to unite blockchain experts and industry leaders from around the globe, bridging Eastern and Western perspectives.
Key Highlights of the Conference:
Global First: The conference is the first global event focused on the Bitcoin Layer 2 ecosystem, marking a significant chapter in the 2024 Web3 narrative.
East-West Integration: Specially inviting industry leaders from both Eastern and Western Bitcoin ecosystems, the conference offers a unique platform for insightful exchanges and shared experiences.
Resource Access and Networking: Attendees will access numerous resources and enjoy networking opportunities, including an after-party.
Launch of the Bitcoin Layer 2 Technical Specification Library: At the conference, BTC Security Labs will introduce the Bitcoin Layer 2 Tec...
|Bitcoin Price Stuck In Range While ETH Surges, More Downsides Ahead?
Bitcoin price is struggling to clear the $52,000 resistance. BTC could start a decent downside correction if it breaks the $50,500 support zone.
Bitcoin price is still struggling to clear the $52,000 resistance zone. The price is trading below $51,600 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at $51,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its current decline and revisit the $50,500 support. Bitcoin Price Faces Resistance At $52K
Bitcoin price retested the $50,500 support zone and even spiked toward $50,400. However, the bulls were active near the $50,450. A low was formed at $50,456 and the price recovered above $51,200.
The bears are now protecting an upside break above the $52,000 resistance zone. A high is formed at $51,936 and the price is now moving lower. There was a break below a connecting bullish trend line with support at $51,500 on the hourly chart of the BTC/USD pair.
There was a break below the 23.6% Fib retracement level of the upward move from the $50,456 swing low to the $51,936 high. Bitcoin is now trading below $51,600 and the 100 hourly Simple moving average.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $51,600 level. The next key resistance could be $52,000, above which the price could rise toward the $52,500 resistance zone. The main resistance is now near the $53,000 level. A clear move above the $53,000 resistan...
|US Spot Bitcoin ETFs Surpass $50B Cumulative Trading Volume
Spot Bitcoin exchange-traded funds (ETF) have surpassed a staggering $50 billion cumulative trading volume since trading started in the United States on January 11.
The milestone, achieved on Thursday, February 22, marks a 76.68% surge from the 28.3 billion cumulative volume recorded at the beginning of the month, according to data from BitMEX Research.
$50B Cumulative Volume from Spots BTC ETFs
Specifically, on Thursday, spot Bitcoin ETFs saw a cumulative volume worth $1.2 billion. Amongst the products, BlackRock's iShares Bitcoin Trust (IBIT) leads with $457.2 million. Trailing IBIT is Grayscale's Bitcoin Trust (GBTC) with $348.8 million, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) at $255.7 million.
Notably, the $50 billion cumulative trading volume was boosted by a multi-week record trading volume of more than $2.5 billion on Tuesday.
Moreover, the volume underscores investors' growing confidence in spot Bitcoin ETFs. This surge is also a testament to the increasing mainstream adoption and recognition of Bitcoin as a legitimate asset class.
Return to Inflows
Meanwhile, the achievement comes amidst the financial products' return to inflow after recording net outflows of $35.7 million on Wednesday.
Regarding inflows, FBTC leads the pack with $158 million inflows, followed by IBIT at $125 million. This inflow takes FBTC and IBIT to a total historical net inflow of $4.05 billion and $5.74 billion, respectively.
Other ETFs that also recorded inflows include Bitwise ...
|Ethereum (ETH) Reclaims $3K Level as Bitcoin (BTC) Eyes $52K (Weekend Wa...
Bitcoin's price went on the offensive once again after yesterday's retracements and came inches away from tapping $52,000.
Most altcoins are also slightly in the green, with ETH surging past $3,000 and SOL maintaining above $100.
BTC to Challenge $52K?
After a few consecutive weeks of price increases, the primary cryptocurrency had a quieter seven-day period this time. The only notable price surge came on Tuesday when the bulls drove the asset to a new multi-year peak of precisely $53,000.
However, a sharp rejection followed that pushed the cryptocurrency south by more than two grand. It tried to recover most of the losses but ultimately fell below $51,000 on a few occasions.
The next couple of days were calmer, but BTC still struggled to post any substantial gains. Just the opposite, the cryptocurrency fell to a multi-day low of $50,600 yesterday.
The landscape has changed since then, though. Bitcoin began another leg-up that resulted in gaining over a grand in hours and jumping to nearly $52,000. As of now, BTC has been unable to conquer that line even though it is more than 1% up on the day.
Its market capitalization has gone above $1 trillion once again, but its dominance over the altcoins is down to 48.6%.
BTCUSD. Source: TradingView
ETH Reclaims $3K
Perhaps driven by the hype around the potential approval of spot Ethereum ETFs, the second-largest digital currency, has been on the rise in the past few weeks. This led to the inevitable challenge of the $3,000 level. The a...
|Is Bitcoin About to Plummet Toward $50K or is Another Rally Incoming? (B...
Bitcoin's price has entered a sideways consolidation phase following a notable surge toward the $52K resistance level, leaving market participants uncertain about its next direction. However, a short-term correction seems likely.
The Daily Chart
Analysis of the daily chart reveals a prolonged bull market for Bitcoin, characterized by its upward movement within a clearly defined ascending channel. This pattern indicates strong buyer dominance, potentially aiming for a new all-time high (ATH).
Despite this bullish sentiment, Bitcoin has encountered a critical resistance zone near the $52K mark after its recent upward surge.
Consequently, a period of consolidation correction is anticipated, allowing the market to find support levels around the channel's mid-boundary and the 100-day moving average of $43K. However, a sudden breakthrough above the multi-month ascending channel could trigger a short-squeeze event, leading to another surge in the short term.
The 4-Hour Chart
A closer look at the 4-hour chart reveals a period of subdued price action near the significant $52K resistance level, with low volatility following a strong bullish rally.
This consolidation phase with slight volatility suggests a balance between buyers and sellers until one group gains dominance. If sellers take control, a short-term corrective retracement toward the critical support zone around $48K may occur, aligning roughly with the 50% Fibonacci retracement...
|Bitcoin Profits: Jack Dorsey's Block Reports 90% Surge in BTC Gains in Q...
Block, led by CEO Jack Dorsey, announced $66 million in gross profit from selling Bitcoin through its Cash App in the fourth quarter of last year.
This marks a 90% increase from the previous year, according to the company's earnings report released on Feb. 22.
Block's Bitcoin Revenue Soars to $2.5 Billion
The report revealed that Block's total Bitcoin revenue for the fourth quarter amounted to $2.5 billion, reflecting a 37% increase year-over-year.
Similarly, full-year results showcased growth, with Bitcoin revenue reaching $9.5 billion, up 34% from the previous year. Bitcoin's gross profit also surged by 31% to $205 million.
The surge in Bitcoin revenue and gross profit can be attributed to several factors, including an increase in the average market price of BTC and the favorable appreciation of Block's BTC inventory during the quarter.
During late 2020 and early 2021, Block made $50 million and $170 million in Bitcoin investments, respectively. By the close of 2033 the company holds 8,027 BTC valued at approximately $413 million, according to data from CoinGecko.
Cash App, a mobile payment service, facilitates seamless transactions, allowing users to easily buy, sell, send, and receive Bitcoin through their smartphones or browsers.
'Cash App aims to become one of the top providers of banking services to households in the United States which earn up to $150,000 per year,' CEO Jack Dorsey stated.
As of December 31, the company disclosed adjusted earnings per share of 22 cent...
|Large Bitcoin Investors Persist in Accumulation as Short-term Holders Be...
Recent analysis from on-chain intelligence platform CryptoQuant has found that large entities' total bitcoin (BTC) holdings have grown to a level last seen in July 2022 due to their unwavering accumulation of the digital asset.
According to CryptoQuant's weekly crypto report, the BTC holdings of these entities have grown significantly from 3.694 million in December 2022 to 3.964 million at the time of writing. Analysts said large investors expanding their holdings correlate with BTC's higher prices as they indicate increasing demand for investment purposes.
Large Entities Continue BTC Accumulation
Some large entities accumulating BTC are the new spot Bitcoin exchange-traded funds (ETFs), excluding Grayscale's GBTC. They have become a primary demand source for the leading digital asset, holding approximately 300,000 BTC at the time of writing.
Although a few large entities have offloaded their assets in large quantities, selling as much as 300,000 BTC per day in the last few days, the new ETFs and other major holders have absorbed the BTC.
While large entities continue accumulating, Bitcoin miners' selling activity has remained low. CryptoQuant analysts found that daily selling by miners has been less than 100 BTC in the last few weeks, a stark contrast from November-December 2022 levels of 1,000 BTC and above.
'Miner selling activity has remained low as higher Bitcoin prices have somehow offset the sharp decline of transaction fees. Miner Profit/Loss Sustainability is now sig...
|Interest in Bitcoin Surges in Australia Following Spot BTC ETF Approval ...
Following the Securities and Exchange Commission's (SEC) approval of the first eleven spot Bitcoin Exchange Traded Funds (ETFs) in the United States last month, Australian retail interest in Bitcoin has experienced a surge.
The development has grabbed Australian investors' attention, with 34% acknowledging awareness of the news. This has increased confidence in Bitcoin, with 25% of locals holding a more positive view following the ETF approval.
Increased Ownership and Positive Sentiment
According to recent data, general awareness of cryptocurrency among Australians has soared to an all-time high of 95%, up from 92% in 2022. Over the past five years, it has steadily grown by 5%. Bitcoin continues to reign supreme as the most recognized digital asset, with 93% of respondents familiar with it.
Older generations have shown a shift in sentiment towards Bitcoin, with twice as many respondents aged 55 and older expressing a 'more favorable perception' of the cryptocurrency compared to those with an unchanged but positive view.
The study states that 19% of respondents expressed a willingness to invest in a spot Bitcoin ETF if it were available on the Australian Securities Exchange (ASX). Additionally, 34% of respondents with self-managed superannuation funds (SMSFs) expressed interest in investing in Bitcoin, either through an ETF or a cryptocurrency exchange.
Demographic differences influence investment preferences. While 55% of Australians opt for crypto exchanges, 45% prefer ...
|Uniswap Skyrockets 80% as Bitcoin Stalls at $51K (Market Watch)
Uniswap has been the main story of the past day, as its native cryptocurrency exploded by 80% following a proposal for a major upgrade.
Meanwhile, Bitcoin's price remains stuck at around $51K as bulls and bears continue their fight for control over the market.
Bitcoin Price Stalls at $51K
Bitcoin has been unable to break above $51,000 in the past 24 hours. The good news is that the bears were unable to push below it either - and it wasn't for the lack of trying.
The price dipped to as low as $50.6K at one point, but that's when buyers stepped in and managed to push it back up to where it currently trades at $51K.
Bitcoin's dominance has declined to 48.6% in the past 24 hours - down from 49.25%. This is indicative of the fact that the altcoin market is outperforming BTC.
The cryptocurrency fear and greed index remains in 'Greed' territory, clocking in at 72, down from 76 yesterday.
Uniswap (UNI) Leads Altcoin Push
The sentiment in the altcoin market is mostly mixed, with the majority of them charting slight gains or losses over the past 24 hours.
However, Uniswap's UNI token is the obvious exception. The cryptocurrency exploded by almost 80% in the past 24 hours, driven by a proposal to change an important component of the protocol.
Namely, the Uniswap Foundation proposes that UNI holders receive a percentage of the fees generated by the DEX. This turns UNI from a mere governance token into a yield-generating one, should the proposal pass.
Source: Quantify Cr...
|Fidelity Director Analyzes Bitcoin Potential: Could It Hit $6 Trillion M...
In recent years, the debate surrounding Bitcoin's (BTC) potential market share relative to gold has garnered significant attention, as recently approved Bitcoin Exchange-Traded Funds (ETFs) can bring Bitcoin significantly closer to gold in key metrics.
Jurrien Timmer, Director of Global Macro at Fidelity Investments, has put forward an analysis that sheds light on this subject. By examining the value of 'monetary gold' and Bitcoin's market capitalization, as well as considering the impact of halvings on Bitcoin's supply, Timmer presents insights into the future dynamics of these two assets.
Gold Vs Bitcoin
Timmer's analysis begins by estimating the share of gold held by central banks and private investors for monetary purposes, excluding jewelry and industrial usage. While this estimation is not exact, based on data from the World Gold Council, Timmer suggests that monetary gold accounts for approximately 40% of the total above-ground gold.
Drawing upon his previous calculations, Timmer posits that Bitcoin has the potential to capture around a quarter of the monetary gold market, with monetary gold valued at around $6 trillion and Bitcoin's market capitalization at $1 trillion.
Timmer further delves into the impact of Bitcoin halvings on its price. Historically, halvings have had a substantial effect on Bitcoin's value. However, Timmer raises the hypothesis that diminishing returns may occur in the future as the incremental supply of new Bitcoin decreases.
|Crypto Platform Which Predicted Bitcoin To Reach $50,000 Has Released A ...
Crypto financial services platform Matrixport has made another bullish prediction for the Bitcoin price. This time, they predicted that Bitcoin would rise to $63,000, including when the flagship crypto token hits this target. Matrixport had previously predicted that BTC would rise to $50,000 by the end of January, although that didn’t happen.
Bitcoin Will Rise to $63,000 By March! Matrixport mentioned in their latest report that BTC will rise to $63,000 by March this year. Although this price level seems ambitious, the crypto platform noted that it is achievable with certain factors in mind. One includes the Spot Bitcoin ETFs, which were approved over a month ago.
These Bitcoin ETFs have so far contributed largely to BTC's resurgence (even before they were approved). They have continued to record an impressive demand, which has led to a significant accumulation of BTC by the fund issuers. Interestingly, Bitcoin maximalist Samson Mow recently argued that BTC would have been down as much as 20% if not for these ETFs.
Meanwhile, Trading firm QCP Capital shares similar sentiments with Matrixport as they noted in a previous report how Bitcoin could rise to as high as $69,000 thanks to these Spot Bitcoin ETFs. Then, they stated that BTC revisiting its all-time high (ATH) will depend on the “genuine flow the actual ETF will bring in the first few weeks of trading.”
The Spot Bitcoin ETFs have not disappointed, recording $2.8 billion in net i...
|Bitcoin Bulls On The Charge: Crypto Platform Forecasts $63K Surge By Mar...
Prominent digital asset financial services platform Matrixport has recently issued a bullish projection indicating a potential surge in Bitcoin's (BTC) value. According to their analysis, Bitcoin may surpass its previously established two-year peak and climb to $63,000 by next month.
This bold prediction stems from a confluence of factors poised to exert significant influence on the trajectory of Bitcoin's price in the coming weeks and months.
Rationale Behind Matrixport's Optimistic Projection
The primary driver behind Matrixport's optimistic outlook is the live trading of Bitcoin spot Exchange-Traded Funds (ETFs). According to the report, these spot ETFs have opened the doors for more investors to engage in crypto trading through conventional financial channels.
Additionally, with the increasing demand for these spot ETFs and the daily trading volumes reaching noteworthy levels, signaling growing investor interest in Bitcoin as an asset class, this could help propel the flagship crypto to trade above $60,000 by next month, according to the report.
[1/3] Bitcoin ETF Flow - Up to 22 Feb 2024
All data in. +$251.4m net flow on 22nd Feb. A strong day. pic.twitter.com/IdrCmgq5u8
— BitMEX Research (@BitMEXResearch) February 23, 2024
Furthermore, the impending Bitcoin halving event, scheduled for April 2024, is anticipated to catalyze further upward momentum in BTC prices. Bitcoin halvings result in a reduction in the rate of new BTC generation, and historically, this leads...
|Bitcoin Demands Exceeds Miner Supply By 1,300%, Why A Push To $237,000 I...
As the Bitcoin Halving draws nearer, there is so much optimism about what could happen to Bitcoin’s price in the aftermath of this event. This optimism is further heightened by a recent development showing how Bitcoin’s demand far outpaces its supply, which could see the flagship crypto token rise to as high as $237,000.
Bitcoin Demand Significantly Outpacing Its Demand
Crypto analyst Willy Woo mentioned in an X (formerly Twitter) post that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the Halving is fast approaching.
This is when Bitcoin Miners’ rewards are cut in half, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further after the Halving event. Once that happens, Bitcoin is expected to become more valuable, with more price increases imminent.
Industry expert Anthony Pompliano also highlighted this phenomenon when he noted how institutional investors were gobbling up BTC almost 13x faster than its production rate. He added that the flagship crypto token was bound to see a new all-time high (ATH) if this trend continues.
This institutional demand for BTC is mainly driven by the Spot Bitcoin ET...
|Bitcoin Bulls Regroup as Ethereum and Binance Coin Take the Center Stage...
This week saw quite a bit of action, which ultimately failed to result in any substantial gains or losses in the total cryptocurrency market capitalization. The figure stands at $2.057 trillion, according to CoinGecko - up ever so slightly compared to this day last week.
Bitcoin's price charted a decline of 2.8% in the past seven days, as the bulls were unable to remain above the important technical level at $52K. And it wasn't for the lack of trying. In fact, BTC was trading above or very close to $52K for quite a while during the past week, but the bears eventually took over and managed to push the asset downwards.
Now, the cryptocurrency is found trading below $51K, charting a decline of about 0.7% on the day and 2.8% on the week.
It's perhaps safe to say that it was another cryptocurrency that everyone was looking at this time.
Ethereum is currently trading at $2940, up 3.6% in the past seven days. It attempted to solidify above $3K on a few occasions, but the bulls were unable to upkeep the buying pressure and eventually gave up. Nevertheless, ETH remains the strongest performer from the top 10, as almost all other coins are well in the red besides BNB, which is also up 3.2%.
Elsewhere - Solana is struggling to remain above $100 and is down almost 10% for the week. Ripple's XRP also couldn't maintain the bullish momentum and declined by 6%. Avalanche is down almost 12%. It's worth noting that it experienced some serious network issues this Friday.
It's also worth noting ...
|Bitcoin Bullish Outlook: Analyst Predicts Near-Term Surge To $61,000
The price of Bitcoin (BTC) seems to be losing momentum after its bullish breakout to the $52,000 price mark, but some patterns indicate further optimistic activity may be ahead.
Bitcoin Price To Reach $61,000
On Thursday, Titan of Crypto, a well-known cryptocurrency analyst shared an interesting prediction for Bitcoin in the near future on the social media platform X (formerly Twitter) sparking hope within the community.
Titan of Crypto pointed out in the post that Bitcoin is about to form a trend that he called a 'Bull Flag formation.' As a result of this latest action, he has placed a near-term price target for BTC at the $61,000 threshold.
However, the expert noted that the crypto asset is presently experiencing a retest of the Tenkan indicator. According to Titan of Crypto, the price of Bitcoin encounters a pullback every time it reaches the $50,700 level.
Furthermore, the analyst asserted that there is a good chance that bull flag formation will materialize as long as the Tenkan retest remains steady. However, he anticipates a potential drop to $47,300 at the Kijun level, if a breakout toward the downside occurs.
The post read:
Bitcoin Bull flag formation: target at $61,000. BTC is retesting Tenkan at the moment. Each time it hits the $50,700 level it's bought back. Look at the candle wicks. As long as Tenkan holds the potential bull flag formation is likely to play out. If it were to break to the downside, next support would be Kijun at currently approximately $47,300....
|SatoshiSwap.ai Raises $700,000 in Pre-Sale in 48 Hours To Build A Bitcoi...
[PRESS RELEASE - London, UK, February 23rd, 2024]
SatoshiSwap.ai, a pioneering Bitcoin DeFi platform, has raised $700K in pre-sale round. This investment will fuel the development of SatoshiSwap.ai's flagship project: a DEX designed for the Bitcoin ecosystem.
SatoshiSwap.ai is led by a team committed to reshaping decentralized finance. While focuses on building the first Decentralized Exchange, SatoshiSwap.ai is dedicated to create a Bitcoin DeFi.
The investment, raised in a Pre-Sale Round, highlights interest in Bitcoin Ecosystem projects in the crypto space. The SatoshiSwap team says that its Investors see SatoshiSwap.ai as crucial for advancing decentralized finance on the Bitcoin blockchain. SatoshiSwap plans on further funding the project.
On-chain trading: SatoshiSwap facilitates peer-to-peer trading of Bitcoin-based assets directly on the blockchain, enabling trustless and transparent transactions.
Liquidity pools: Similar to Uniswap, SatoshiSwap utilizes liquidity pools for price discovery and efficient asset exchange. Users can contribute assets to pools and earn rewards in exchange for providing liquidity.
Stacks L2 chain: Leveraging the Stacks L2 chain, SatoshiSwap aims to overcome scalability limitations on the Bitcoin main net, offering faster and cheaper transactions.
SatoshiSwap.ai approach to DEX development on Bitcoin offers a paradigm shift in decentralized asset trading. With Bitcoin's security, SatoshiSwap.ai is able to create a decentrali...
|Crypto CEO Drops Bombshell Discovery Why Bitcoin Price Is Muted Post-ETF...
Despite the landmark launch of spot Bitcoin Exchange-Traded Funds (ETFs) spearheaded by industry behemoths BlackRock and Fidelity—ranking among the top five ETF launches in their initial month of all time—BTC’s price response has been notably subdued. Prior to the launch of these EFTs, BTC soared to a peak of $49,040 on January 11.
Fast forward to today and BTC is currently settling at $51,000, marking a modest appreciation of 4.3%. This tepid performance has puzzled market observers, particularly in light of massive net inflows of $5.278 billion into all Bitcoin ETFs within a mere six-week span. These could have been even significantly higher if there would have been $7.398 billion in outflows from Grayscale's GBTC.
The Bombshell Discovery
Yet, CryptoQuant CEO Ki Young Ju may now have found the “real” reason that has had an even bigger impact on Bitcoin's price action in recent weeks. Ju's analysis highlights the transfer of over 700,000 BTC to Over-The-Counter (OTC) desks predominantly utilized by miners in the weeks succeeding the spot Bitcoin ETF approvals—an equivalent of approximately $35.6 billion at current prices.
He shared the below chart and stated: “700K BTC has moved to OTC desks used by miners over the past three weeks following spot Bitcoin ETF approval.” This revelation has sparked a reevaluation of the impact of such substantial transfers on the market dynamics of Bitcoin.
Ju later corrected his statement slig...
|Bitcoin Struggles at $51K as These Altcoins Decline the Most (Market Wat...
Bitcoin tried its hand at taking down the $52,000 level yesterday but failed in its tracks and has been pushed down by a grand.
Most altcoins have retraced even more in the same timeframe, with LINK, UNI, and ICP leading the adverse trend.
BTC Fails at $52K
Bitcoin had a highly favorable few weeks until the start of this one, in which it soared by more than ten grand and charted a new multi-year high at $53,000. The past seven days or so were a lot less eventful as the asset has remained in a tighter range.
In fact, aside from that push to $53,000 a few days back, the cryptocurrency has been predominantly trading between $51,000 and $52,000.
The latest attempt to overcome the latter came yesterday, but the bears were quick to intercept the move and pushed it south by a grand. This volatility has led to an overall number of $125 million in liquidations in the past day.
As of now, Bitcoin still struggles to remain above $51,000. Its market capitalization has declined to $1 trillion, and its dominance over the alts is down by 1% in the past week or so to 49% on CG.
BTCUSD. Source: TradingView
Alts See Red
Most altcoins charted impressive gains yesterday, but the landscape is entirely different today. Ethereum, for instance, went as high as $3,000, but a 2.5% decline since then has pushed it down to $2,930.
Ripple, Cardano, Dogecoin, Binance Coin, Polkadot, and Toncoin have also seen similar declines in terms of percentages.
Solana is close to breaking below $100 after a 4% daily...
|This Is How Bitcoin Will Reclaim $60K and Chart New ATH (Analysts)
The price of Bitcoin seems to be losing correlation with ETF inflows and outflows, which is why BTC has remained on the sidelines for the past few days despite institutional adoption gaining momentum.
This has become a focal point for investors and analysts. A popular analyst who goes by Titan of Crypto on X recently shared their insights into Bitcoin's current trajectory and potential future movements.
BTC to $60K?
According to the analyst, BTC is currently exhibiting a bullish flag formation with a target price of $61,000. The analyst points out that Bitcoin is undergoing a retest of the Tenkan indicator, observing that each time it approaches the $50.7k level, it experiences significant buying activity, as evidenced by candle wicks.
#Bitcoin Bull flag formation: target at $61,000#BTC is retesting Tenkan at the moment.
Each time it hits the $50.7k level it's bought back. Look at the candle wicks.
- As long as Tenkan holds the potential bull flag formation is likely to play out.
- If it were to… pic.twitter.com/Rku3g1YXSa
— Titan of Crypto (@Washigorira) February 22, 2024
Titan of Crypto emphasizes that as long as the Tenkan indicator holds, there is a high likelihood of the bullish flag formation playing out. However, the analyst warns that a downside break could lead to the next support level at the Kijun indicator, currently situated around $47.3k.
What Will It Take For BTC to Reach New ATHs?
The Tenkan-Sen, also known as the Conversion Line, represents sh...
|Bitcoin Miners Move 700,000 BTC to OTC Desks in 3 Weeks, Here's What it ...
Over the past three weeks, around 700,000 BTC have been transferred to over-the-counter (OTC) desks that are commonly used by miners, according to CryptoQuant CEO Ki Young Ju.
Notably, activity has been observed following the approval of a spot Bitcoin exchange-traded fund (ETF).
700,000 BTC Flow to OTC Desks
The movement of such a significant amount of tokens suggests that miners might be preparing to sell or trade their BTC holdings. With spot Bitcoin ETFs approved, miners can seize the chance to utilize their significant BTC reserves to facilitate OTC trades for institutional investors.
700K $BTC has moved to OTC desks used by miners over the past three weeks following spot #Bitcoin ETF approval.https://t.co/beKpUVllNj pic.twitter.com/3F20yAxuX5
— Ki Young Ju (@ki_young_ju) February 22, 2024
This offers them the opportunity to earn substantial transaction fees and potentially secure favorable pricing conditions, especially before the much-anticipated Bitcoin halving slated for April this year.
It also indicates a shift in behavior as miners had paused offloading their tokens after a series of sell-offs as prices rebounded last month.
The latest peculiar miner behavior also comes amidst an increased number of whales entering the market. There has been a notable increase in the volume of UTXOs, ranging between 1,000 to 10,000 BTC, as per CryptoQuant's data. These sums are more likely associated with whales or institutional investors rather than individual traders, es...
|Bitcoin Wallets Bleed: 730K Investors Exit Despite Record $7 Billion ETF...
The long-awaited arrival of spot Bitcoin ETFs has ignited a gold rush in the crypto world, attracting both newcomers and seasoned investors. While these new investment vehicles offer a convenient and accessible way to gain exposure to Bitcoin, their impact on the cryptocurrency's core principles and long-term stability remains a complex question.
Bitcoin ETF: Initial Surge, But Ownership Shift A Concern
The data paints a fascinating picture. Following the SEC's approval of 11 ETFs, the number of non-zero Bitcoin wallets initially soared, reaching a peak of nearly 53 million in January. This surge was likely fueled by the accessibility and security offered by ETFs, attracting individuals previously hesitant to directly engage with the intricacies of crypto wallets and exchanges.
However, according to data provided by Santiment, a concerning trend emerged 30 days later: nearly 730,000 fewer wallets held any Bitcoin, suggesting a potential shift towards holding through ETFs instead of directly owning the tokens. This raises questions about the long-term impact on Bitcoin's decentralized nature and the potential for decreased on-chain activity.
There are 729.4K less #Bitcoin wallets holding greater than 0 $BTC, compared to one month ago. After the #SEC approved 11 Spot Bitcoin #ETF's, this amount of non-0 wallets peaked on January 20th at 52.95M. This is attributed to the increased interest in #hodlers
— Santiment (@santimentfeed) Februa...