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While growing by 774% to $500K will mark a new history for Bitcoin, Cardano may just be reclaiming its previous…
The post Here is Cardano Price if Bitcoin Hits $500K or $1M as Forecasted by Bloomberg and Bernstein first appeared on The Crypto Basic.
Famous Bloomberg ETF analyst Eric Balchunas highlights factor that could propel the approval of a Solana (SOL) exchange-traded fund in…
The post Bloomberg Analyst Says SEC Wont Approve Solana ETF Unless This Happens first appeared on The Crypto Basic.
Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather pessimistic prediction for Bitcoin, emphasizing that the cryptocurrencys potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoins projected surge to $150,000 difficult, highlighting both macroeconomic trends and Bitcoins performance in 2024. Bitcoin Surge To $150,000 Unlikely In a recent interview with Scott Melker, the host of The Wolf Of All Streets, podcast, McGlone discussed Bitcoins price fundamentals and its possible rise to $150,000 in the 2024 bull cycle. Related Reading: Crypto Whale Spends $10.4 Million On PEPE, Do They Know Something You Dont? Comparing Bitcoin with the stock market index, the S&P 500, the Bloomberg strategist disclosed that the cryptocurrency was currently showing divergent weakness, highlighting that Bitcoins performance against the S&P 500 in 2021 was greater compared to 2024. He also revealed that Bitcoin was displaying a similar weak performance to Gold, emphasizing current market conditions and the risk of short-term deflation in the financial market. The combination of these factors pushes McGlone to believe that Bitcoins short-term projected rise to $150,000 was unlikely. While the Bloomberg strategist made his foreboding prediction despite Bitcoins overperformance at the beginning of the year, McGlone still remains optimistic about the cryptocurrencys price and fundamental value in the long term. Co-founder and CEO of CoinRoutes, Dave Weisberger, who was also in the podcast with McGlone, made a more optimistic prediction for Bitcoin. Basing his analysis on historical trends and patterns as far back as 2015, Weisberger forecasted that Bitcoin could rise to $200,000 this cycle. His forecast is also acknowledged by reformed hedge fund manager, James Lavish, who revealed in the podcast that Spot Bitcoin ETFs could become a potential driver for Bitcoins continuous growth. This is attributed to the massive impact Bitcoin ETFs had on the cryptocurrencys price following its launch on January 11, 2024. After Spot Bitcoin ETFs were successfully released into the market, the price of Bitcoin skyrocketed to new all-time highs above $73,000. At the time of writing, the cryptocurrency is trading at $63,778, marking a 0.89% increase over the past seven days, according to CoinMarketCap. BTC Crash Presents Perfect Opportunity According to Lavish, if Bitcoin crashes down to the $30,000 to $40,000 range, it would present a tremendous opportunity for investors to acquire substantial value in a long-term asset that will essentially hold its value and continue to appreciate in the future. Related Reading: Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA The reformed hedge fund manager revealed that Bitcoins short-term volatility and market unpredictability could produce long-term capture of value. This suggests that by strategically navigating through the price fluctuations of Bitcoin, investors could potentially capitalize on its volatility to accumulate wealth over time, which in turn could favorably impact the price of the cryptocurrency. BTC bears and bulls continue tug of war | Source: BTCUSD on Tradingview.com Featured image from ETF Stream, chart from Tradingview.com
Following the sudden approval of the Ethereum Spot ETF last week, speculations continue to roll in on the potential performance of these funds ahead of their debut trading session. Most recently, renowned Bloomberg ETF analyst, James Seyffart has weighed in on the subject giving his thoughts on the possible level of investments the Ethereum spot ETFs could pull in relation to their Bitcoin-based equivalents. Related Reading: Analyst Says Ethereum Spot ETFs Approval Will See Animal Spirits Reignite Crypto What This Means ETH Spot ETF Limited By Ethereums Utility And Other Factors – Analyst In an interview session on X on May 24 hosted by Bitwise Chief Investment Officer Matt Hougan, Seyffart stated that the Ether spot ETFs would likely experience a maximum of 25% of the demand seen by the Bitcoin spot ETFs. Seyffart based his predictions on multiple elements starting with enormous differences in market caps between both assets. According to data from CoinMarket, Ethereums total market shares are valued at $449.25 billion which is roughly equal to 30% of BTC’s 1.35 trillion market cap. Furthermore, the analyst also highlighted the large disparities in the difference between both ETFs and their base assets. According to Seyffart, there is a bigger gap between Ethereum as an ETF and as a cryptocurrency than Bitcoin as an ETF and as itself. The ETF analyst believes that the ETH spot ETFs will limit investors from native ETH features such as staking, a prominent source of passive income, and other on-chain use cases in terms of DeFi, NFTs, DAOs, etc. Thus, certain investors might prefer to invest directly in the altcoin. With all these factors in consideration, Seyffart predicts these novel investment funds will produce big launches but not at the level of the Bitcoin spot ETFs. He predicts the Ethereum Spot ETFs will record between 20-25% of investments in their Bitcoin-based peers once trading commences. Meanwhile, fellow Bloomberg analyst Eric Balchunas appears less optimistic with a projection of 15-20%. Undoubtedly, the performance of the Ethereum spot ETFs will be influential on other crypto spot ETFs that may gain approval from the US Securities and Exchange Commission. Currently, the XRP ETF is tipped by many enthusiasts as the next debutant in the market but this is still subject to many factors, most especially regulatory clarity on the institutional sales of XRP. Ethereum Price Overview In other news, Ethereum is trading at $3,766 with a 0.51% gain in the last day. This slight positive performance underscores Ethereums form all week with a combined 20.47% gain recorded in the last seven days. Meanwhile, ETHs daily trading volume is down by 51.27% and is valued at $10.03 billion. Related Reading: Post-Ethereum ETF Analysis: ETH Price Seeks Bottom As Bulls Eye $5,000 Target Featured image from BitMEX, chart from Tradingview
While Bitcoin is often marketed as "digital gold," Ethereum hasn't quite found its simple elevator pitch yet, according to crypto analysts.
Coinbase contemplates adopting a strategy similar to Michael Saylor’s Bitcoin approach but ultimately decides against it. Cryptocurrency exchange Coinbase recently revealed that they had explored the idea of following a Bitcoin strategy akin to that of MicroStrategy’s CEO, Michael Saylor. Saylor made headlines by converting a substantial portion of his company’s cash reserves into Bitcoin, [...]
After years of resistance, traditional financial institutions like Morgan Stanley and E*TRADE are embracing cryptocurrency trading. According to a report, it is projected that these large institutions will fully integrate crypto trading into their platforms by 2026. The once skeptical attitude toward digital assets is shifting as more banks and investment firms recognize the potential [...]
According to a recent analysis by a Bloomberg expert, there is speculation that the price of Bitcoin may experience a significant drop back to $10,000. This prediction comes at a time when the cryptocurrency markets are experiencing increased volatility. The analyst suggests that Bitcoin’s recent rally may not be sustainable and could potentially lead to [...]
The post Expert Analyst Forecasts Bitcoin’s Price Plummeting to $10,000, According to Bloomberg appeared first on Crypto Breaking News.
Spot Bitcoin exchange traded funds (ETFs) have officially gone live in Hong Kong as its stock market opens. OFFICIAL: SPOT #BITCOIN ETFS COMMENCE TRADING IN HONG KONG pic.twitter.com/yI8HsqRECf — Bitcoin Magazine (@BitcoinMagazine) April 30, 2024 The approval, eagerly awaited for months, signals a new era for the Bitcoin industry in the region. Major asset [...]
The post Spot Bitcoin ETFs Commence Trading in Hong Kong appeared first on Crypto Breaking News.
The latest trend in ETF strategies for this year seems to be focused on shorting Ether, according to a report by Bloomberg Intelligence. Shorting Ether involves betting on the cryptocurrency’s price to decrease, allowing investors to profit from the decline. This strategy has gained popularity among traders looking to capitalize on the volatility of the [...]
The post Discover the Best ETF Strategy of the Year: Shorting Ether according to Bloomberg Intelligence appeared first on Crypto Breaking News.
The recent crypto rally has financial advisers taking another look as investors worry about missing out on big gains. Source: Bloomberg Crypto
The post Is Now the Right Time to Invest in Bitcoin? appeared first on Crypto Breaking News.
After recovering from a near-death experience during the most recent crypto winter, Bitcoin miners are back in survival mode — spending billions of dollars on equipment and drawing energy at a record pace ahead of an update in the digital currencys code that threatens revenue streams.Source: Bloomberg Crypto
The post Bitcoin Miners Are Devouring Energy at a Record Pace During the Crypto Runup appeared first on Crypto Breaking News.
After long being scoffed at as just more hype from crypto evangelists, Bitcoin-at-$100,000 predictions are beginning to look like a realistic possibility in the options market.Source: Bloomberg Crypto
The post Bitcoin-at-$100,000 Forecasts Are Looking More Realistic in the Options Market appeared first on Crypto Breaking News.
Prosecutors in the US will continue to seek extradition of former cryptocurrency mogul Do Kwon despite a ruling by Montenegros High Court to hand him over to his native South Korea to face charges over the $40 billion collapse of the TerraUSD stablecoin in 2022.Source: Bloomberg Crypto
The post US to Contest Do Kwon Extradition to South Korea in Crypto Case appeared first on Crypto Breaking News.
The US Securities and Exchange Commission has extended the timeline for which it will make decision on approving the trading of options on exchange-traded funds that invest directly in Bitcoin.Source: Bloomberg Crypto
The post SEC Defers Decision on Spot Bitcoin ETF Options Trading appeared first on Crypto Breaking News.
In this edition of the Bloomberg Crypto newsletter, Hannah Miller heads back to school to get to the bottom of a buzzy Bitcoin ETF investment at Stanford University.Source: Bloomberg Crypto
The post A Stanford Student-Run Funds Bitcoin ETF Investment Stirs Up a Buzz appeared first on Crypto Breaking News.
Bitcoin is notoriously volatile, prone to sudden price surges and swift reversals that can wipe out millions of dollars of value in minutes. Those changes are often mysterious to market observers, because of the digital currencys lack of ties to the real economy. Bitcoin has another quirk, one that was built into the code that [...]
The post What Is Bitcoin Halving and Does It Push Up the Cryptocurrencys Price? appeared first on Crypto Breaking News.
From Wall Street to main street, the sudden comeback of Bitcoin is energizing investors big and small.Source: Bloomberg Crypto
The post My Mom Texted Me: Bitcoins Comeback Energizes Long-Time Proponents appeared first on Crypto Breaking News.
The brother of fugitive Cryptoqueen Ruja Ignatova will spend no more time behind bars after pleading guilty to helping run the OneCoin cryptocurrency fraud after his sister disappeared in 2017.Source: Bloomberg Crypto
The post Cryptoqueens Brother Gets Time Served for Leading OneCoin Scam appeared first on Crypto Breaking News.
In this edition of the Bloomberg Crypto newsletter, Katie Greifeld parses the difference between solicited and unsolicited when it comes to brokerages and Bitcoin ETFs.Source: Bloomberg Crypto
The post Wall Streets Cold Embrace of Bitcoin ETFs Comes With a Catch appeared first on Crypto Breaking News.
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