On October 22, COINOTAG reported insights from two prominent ETF analysts regarding the potential impact of the upcoming U.S. presidential election on cryptocurrency ETF approvals. According to Eric Balchunas, a
CoinOtag 2024-10-22 04:39
The latest weekly digital asset fund flow report from CoinShares has revealed that last week, crypto asset investment products saw roughly $2.2 billion in net inflows globally, marking the largest inflow since July. This rise in inflows comes amid the gradual recovery of top crypto assets last week, with the majority now reclaiming major highs and registering nearly double-digit gains over the past 7 days. Related Reading: Can Bitcoin Price Reach A New All-Time High? This Golden Cross Suggests So Who Led the Charge? Bitcoin-based products were the standout beneficiaries of last week’s inflows. US spot Bitcoin exchange-traded funds (ETFs) added $2.1 billion, with BlackRock’s IBIT ETF alone generating over $1.1 billion. The cumulative inflows for these Bitcoin ETFs, which began trading in January, now stand at $21 billion. These funds have grown to manage a record $66 billion in assets under management, highlighting their significant role in the market. Notably, the renewed confidence in Bitcoin products mirrors earlier this year’s positive sentiment. Last week’s inflows were the largest since March, when US spot Bitcoin ETFs saw $2.6 billion as Bitcoin reached its all-time high above the $73,000 price mark. This strong demand suggests that investors remain bullish on Bitcoin’s long-term prospects, despite recent market fluctuations. While Bitcoin stole the spotlight, other cryptocurrencies also experienced inflows last week although way lesser than that of BTC. Ethereum-based products attracted $58 million in net inflows, while Solana, Litecoin, and XRP-based funds saw smaller inflows of $2.4 million, $1.7 million, and $700,000, respectively. However, multi-asset investment products did not fare well, experiencing net outflows of $5.3 million, ending a 17-week streak of consecutive inflows. What Prompted The Surge In Crypto Inflow? According to CoinShares, this surge in inflows is tied to growing optimism about the upcoming US elections, with a potential Republican victory driving investor sentiment. Many believe that a Republican administration would favor the digital asset market more favorably, leading to an increase in investor confidence and positive price momentum. James Butterfill, Head of Research at CoinShares, particularly noted: We believe this renewed optimism stems from growing expectations of a Republican victory in the upcoming US elections, as they are generally viewed as more supportive of digital assets. Notably, Butterfill, reiterated these views, adding that trading volume for these investment products surged by 30% last week. Total assets under management (AUM) for crypto funds are now nearing the $100 billion mark on a global scale, highlighting the substantial interest in digital assets. Related Reading: HODL Fever: Bitcoin Holders Refuse To Sell As Data Shows Record BTC Stash However, while US-based funds thrived, investment products in other countries such as Canada, Sweden, and Switzerland experienced net outflows, indicating a more polarized global market. Featured image created with DALL-E, Chart from TradingView
NewsBTC 2024-10-22 04:30
Market might finally be aiming at breakthrough
U.Today 2024-10-22 03:01
The recent upward trend in the crypto market has raised the question: Why is crypto going up?
AMB Crypto 2024-10-22 03:00
Alan Santana, a crypto analyst on TradingView, has predicted that the Bitcoin price could potentially experience a drastic decline to new lows around $35,720, driven by muted buying volume. The analyst has declared that the current state of the market is bearish, highlighting potential manipulation from whale investors. Bitcoin Price Could Crash To $35,720 According to Santana, Bitcoin has witnessed 75 days of bullish activity but has not reached projected new price peaks, currently trading within a lower high below $70,000. While the cryptocurrency did hit an All-Time High (ATH) in March, surging past $73,000, Santana has concluded that the general market has become relatively bearish. Related Reading: Dogecoin Flashes Sell Signal After 30% Rally – Time To Sell? He disclosed that most of the Bitcoin price action between August 5 and to present day is forming part of an inverted correction, which suggests that prices have been rising but without reaching new peaks. Santana also declared that the current Bitcoin price action confirms that there is no bullish momentum. He attributed this lack of momentum to muted whale activities, highlighting that there are currently no buyers or buying volume at the current market level. Due to these bearish conditions, Santana has predicted that Bitcoin could end up crashing to $35,720, representing a massive 46.68% decrease to new lows. This also means that Bitcoin’s price will drop by almost half, triggering panic and fear amongst retail and whale investors. Contrary to Santana’s bearish analysis, the price of Bitcoin is up by 5.56% and trading at $68,203, according to CoinMarketCap. The cryptocurrency is gradually increasing to reach the $70,000 mark, driven by positive changes in market sentiment and the historically bullish Q4. Although Santana has stayed firm in his bearish predictions of Bitcoin due to limited buying power, the analyst has also received severe backlash from various crypto community members. One member criticized Santana’s bearish Bitcoin prediction, suggesting that there were flaws in his analysis. Others accused the analyst of attempting to manipulate investors by using a Bitcoin chart from a Blofin exchange, which typically has lower transaction activity. Bitcoin Market Manipulation And Bears Despite the heat from crypto members, Santana believes that market manipulation has led to the current bearish price action in Bitcoin. The analyst highlights that Bitcoin’s price can be artificially manipulated by large holders or so-called Whales. Related Reading: FLOKI Breaks Out Of Downtrend: Analyst Predicts 200% Rally To New All-Time High He stated that these whales can push the price of Bitcoin up hoping that retail investors will dive into the market and buy, ultimately triggering a bullish wave. According to Santana, if there are no genuine Bitcoin buyers, the alleged manipulation could backfire, possibly leading to losses for said market manipulators. Santana has revealed that retail investors are no longer easily fooled into buying Bitcoin at the top, showing more caution due to previous cycles of manipulation and hype. He also disclosed that buyers are not swayed by exaggerated predictions of substantial future gains by analysts, claiming that Bitcoin could reach $3,000,000. Featured image created with Dall.E, chart from Tradingview.com
NewsBTC 2024-10-22 03:00
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, hammered crypto again, claiming that legitimate transactions are rare. According to him, the only reason most people touch crypto is for illegal purposes like drugs. “People are buying and selling crypto,” he said, but they aren’t using it to pay for things legally. Unless it’s
Cryptopolitan 2024-10-22 00:20
Bitcoin has experienced a strong upsurge over the past week, but market fundamentals suggest a potential correction.
AMB Crypto 2024-10-22 00:00
Mark Cuban has made it clear that he’s not on board with Kamala Harris’s plan to tax unrealized gains. The billionaire entrepreneur vowed to campaign against Harris if she tries to push that tax forward. Cuban’s remarks came after an attendee asked about the possibility of such a tax being implemented. His response? “There is
Cryptopolitan 2024-10-21 23:40
A widely followed crypto analyst says that Bitcoin (BTC) is gearing up for a new vertical leg as it mirrors past movements of a major stock index. The pseudonymous analyst known as TechDev tells his 473,000 followers on the social media platform X that Bitcoin could enter into a bull market that many won’t be The post Bitcoin Primed for Next Vertical Leg As ‘Mass Attention’ Approaches, Says Crypto Analyst appeared first on The Daily Hodl .
The Daily Hodl 2024-10-21 23:00
Fed's Kashkari claims that crypto payments are mostly linked to illegal activity
U.Today 2024-10-21 22:48
Ionic Digital has revived its plans for an initial public offering (IPO) following the appointment of BDO USA as its new auditor. The company, which is primarily involved in bitcoin (BTC) mining, also revealed that it holds 2,102.29 BTC, valued at $135.3 million as of Sept. 30, 2024. Ionic Digital Revives IPO Plan, Reports 2,102
Bitcoin.com 2024-10-21 22:45
"This case has always felt like Moby Dick (with Gensler starring as Captain Ahab)," Alderoty said.
Crypto Potato 2024-10-21 22:44