Category Archives: Bitcoin

Citing historical data, prominent Bitcoin and crypto analyst Ali Martinez predicts that there are more than 20 months of bullish price action still ahead for BTC.

The price of Bitcoin has struggled in the days following the approval of spot Bitcoin ETFs in the United States. The leading cryptocurrency shed more than 20% of its value from the recent highs, dropping to as low as $38,500 earlier this week.

However, this bearish price action could be short-lived, according to Ali Martinez. In a recent update, the prominent analyst pointed to historical charts as evidence that Bitcoins best days are yet ahead.

The analysis made comparisons between Bitcoins current price and its performance in the previous four-year cycles.

It forecasts that if Bitcoin follows the pattern set in the past bull run and the duration between market bottoms, then there are still 600 days of bullish momentum ahead.

Notably, Bitcoin saw market bottoms between 2015 and 2018 at $185 and $3,200 respectively. Similarly, the market set hit its lowest point in four years in 2022, when Bitcoin traded close to $16,000 off the back of the FTX collapse.

By considering the average period that elapsed between the markets, setting a new lowest point, Ali Charts notes that Bitcoins next market peak should come in October 2025 (or more than 20 months from now). At that point, the market will witness a sell-off that sets it on course for a new bottom.

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Bitcoins price action over the past 48 hours tends to support the thesis that its best months are yet ahead. Since hitting a new monthly low of around $38,500, the leading cryptocurrency has bounced back, reclaiming the $40,000 mark several times within the period under consideration.

At the time of writing, Bitcoin is trading at $39,962, representing a less than 0.1% decline in the past 24 hours. Bullish investors remain hopeful that BTC will continue its fightback and recover lost ground in the days ahead.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Top Analyst Says 600 Days of Bullish Momentum Still Ahead for Bitcoin - The Crypto Basic

Exchange-traded funds come in many shapes and sizes. Some are plain vanilla, diversified index funds that let you invest in the entire stock and bond markets, and are excellent core holdings for the great majority of people.

Then there are the quirky, narrowly focused E.T.F.s like the Inverse Cramer Tracker, which enables you to bet against the stock picks of the CNBC television host Jim Cramer. The fund is legal, approved by the Securities and Exchange Commission and a money-loser since its inception last year. Betting against Jim Cramer just isnt a great investing strategy.

Neither is fear of missing out. Yet FOMO is the main reason for putting money into Bitcoin, which remains highly speculative, difficult to categorize and without an immediately identifiable economic function.

The S.E.C. this month approved 11 new E.T.F.s that track the price of Bitcoin, and the decision has been heralded by promoters of Bitcoin and of the new funds as an important event, legitimizing Bitcoin as an asset class.

I dont think so.

The S.E.C.s action, in itself, doesnt give Bitcoin any new stature. It merely adds Bitcoin funds to a long list of E.T.F.s that are perfectly legal and simple to buy, but that dont belong in anybodys core portfolio. Id put the Inverse Cramer Tracker in this category, as well as E.T.F.s that track a single stock like Tesla, PayPal or Nvidia, or that use leverage to triple a bet on energy prices or quadruple one on the S&P 500. I could go on and on.

Simply being legal doesnt make a strategy sensible for most investors. In fact, while approving the Bitcoin E.T.F.s, the agency also issued an explicit warning against FOMO investing in so-called digital assets as it has done many times before.

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Bitcoin Funds Are Here. But You Probably Dont Need Them. - The New York Times

Asset management firm Bitwise made the Bitcoin (BTC) addresses of its spot BTC exchange-traded (ETF) fund public, roughly two weeks after the shares were made available for trading.

In a Jan. 24 X post, the firm announcedthat anyone can verify holdings for its Bitwise Bitcoin ETF, which trades as BITB on the New York Stock Exchange Arca. At the time of publication, the address provided by Bitwise contained 11,858.63 BTC, worth roughly $465 million.

Onchain transparency is core to Bitcoins ethos, said Bitwise. Were proud to walk the walk with BITB. [...] Publishing on-chain addresses is a first step toward increasing public transparency.

The United States Securities and Exchange Commission approved Bitwises spot Bitcoin ETF offering on Jan. 10, along with 10 other applications from asset management firms. Its unclear if other companies plan to release BTC addresses for their investment vehicles in the future. On Jan. 22, Arkham Intelligence claimed to have identified several wallets linked to ETFs, including those from Bitwise, BlackRock, Fidelity and Franklin Templeton.

Related: Bitwise launches crypto ETF media campaign with The Most Interesting Man in the World

Bitwise co-founder and CEO Hunter Horsley said on X that the firm had released the BTC address in response to clear feedback from investors. An X poll launched by Horsley on Jan. 23 showed that 91.1% of 2,416 respondents favored the BTC holdings being made public.

Bitwise is the first and almost certainly not the last to post their Bitcoin address for BITB, said ETF analyst James Seyffart on X.

Roughly seven days after its launch, BITB was in the top 5% of ETFs by assets under management in 2023. There was roughly $76 million in net outflows for all spot BTC ETFs on their seventh day of trading, with Grayscales GBTC leading in the largest net outflows.

Magazine: Big Questions: Can Bitcoin payments rise again?

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Bitwise releases wallet addresses of spot Bitcoin ETF holdings - Cointelegraph

Coinbase may face challenges due to decreasing Bitcoin values and declining interest in Bitcoin ETFs, as per insights from JPMorgan Chase & Co.

Coinbases shares plummeted by 6.2% on Tuesday, as the downturn followed JPMorgans decision to issue its first negative assessment equivalent to a sell rating on the company since it began tracking the stock in May 2021.

Despite a significant upsurge of nearly 400% by the end of 2023, Coinbases shares have mirrored the trajectory of Bitcoin, which saw a remarkable increase in the same period. In 2024, Coinbases shares have decreased by 30%, while Bitcoins value has fallen by approximately 8%, recently trading under $40,000.

Analysts at JPMorgan anticipate a further decline in enthusiasm for cryptocurrency ETFs. This could result in lower token prices, decreased trading volumes, and fewer secondary revenue opportunities for entities like Coinbase. Analysts also think the ETF hype that drove Bitcoin out of the crypto winter wont ultimately live up to the bull market expectations.

The outlook on Coinbase is becoming increasingly cautious, with the stock receiving 12 sell ratings, eight buy ratings, and eight hold ratings, as compiled by Bloomberg. Last week, CFRA downgraded its rating to sell, citing concerns over intensifying market competition.

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Coinbase faces headwinds as Bitcoin and ETF interest dips, says JPMorgan - crypto.news

Over the past week, cryptocurrencies like XRP have stolen the spotlight of digital asset investment products from Bitcoin and Ethereum.

Specifically, XRP recorded significant inflows while the market bigwigs witnessed unusual profit-taking sell-offs. This development was captured in a new report by European crypto-focused asset manager CoinShares.

The report elaborated on the trend of funds flowing in and out of digital asset investment products over the past week.

Per the report, crypto investment products witnessed a departure from the recent streak of inflows. It registered a minor outflows amounting to $16 million. This shift comes after a remarkable 11-week period of consistent inflows.

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Despite the outflows, the overall trading activity maintained robust figures, surpassing the year-to-date average. Specifically, the weekly total reached $3.6 billion, showcasing a marked difference from the yearly average of $1.6 billion.

Furthermore, the report highlighted that the United States experienced a notable flow of $18 million regarding regional outflow. Also, Germany saw minor outflows totaling $10 million in digital asset investment products.

However, Canada and Switzerland provided a counterbalance with continued inflows amounting to $6.9 million and $9.1 million, respectively.

Analysts have suggested that the mixed regional flows indicate profit-taking rather than a fundamental shift in sentiment toward the asset class.

Concerning flows by asset class, Bitcoin took a hit, suffering the most significant outflows at $33 million. In parallel, short-bitcoin products also experienced minor outflows totaling $0.3 million.

Likewise, Ethereum and Avalanche faced some headwinds, experiencing outflows of $4.4 million and $1 million, respectively.

Contrary to the overall trend, altcoins saw a surge in investor interest. It attracted $21 million in inflows, with XRP, Cardano, Solana, and Chainlink emerging as the primary beneficiaries. The digital assets secured inflows of $2.7 million, $3 million, $10.6 million, and $2 million, respectively.

On a month-to-date scale, XRPs inflow of digital asset investment stands at $3.6 million and $17 million on a year-to-date scale. Also, Solanas inflow since last month is $14.1 million, and $156 million since January.

While Bitcoin recorded the most substantial outflow for the past week, Bitcoin investment still amounted to $6.7 million from November. Moreover, Bitcoin has witnessed over 1.669 billion investments since January.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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XRP Beats Bitcoin, Ethereum in Weekly Fund Flows, Boasts $2.7M Inflow - The Crypto Basic

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

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Bitcoin Bounces Over $43K, Altcoins, Crypto Stocks Burst Higher as Fed Projects Rate Cuts Next Year - CoinDesk

1. Bitcoin rises as investors await vote on tentative debt ceiling agreement  CNBC
2. Washington Ignored Crypto for Now. Thats Good for Bitcoin.  CoinDesk
3. Bitcoin falls ahead of debt ceiling vote, caps its first losing month of the year  CNBC

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Bitcoin rises as investors await vote on tentative debt ceiling agreement - CNBC

An ER doctor and crypto entrepreneur has been found dead in Arkansasmore than a week after he went missing in Missouri.

Dr. John Forsyth was the founder of Onfo, which promised to offer users decentralized cryptocurrency that could be earned through network mining.

And back in 2020, a Forbes profile named him as a "Bitcoin millionaire" who had found fortune as an early adopter during his math degreeholding on to his crypto through multiple halvings.

Dr. Forsyth's day job was working in the emergency room of Mercy Hospital in Cassville, Mo., but loved ones raised the alarm after he had failed to turn up for a shift on May 21.

His younger brother Richardwho was also involved in Onfotold The Daily Beast: "He wouldn't miss a shift even if his eyeballs were hanging out of their sockets. It was an immediate red flag."

Fears grew for the welfare of the 49-year-old, a father of seven, when his wallet, passport, and briefcase were found in his unlocked car near a 90-acre aquatic park. Dr. Forsyth's cell phones were also abandoned inside an RV he often parked outside the hospital so he could be close to his patients.

Searches by law enforcement had spanned a nine-mile radiuswith loved ones desperately appealing for information on his whereabouts.

"My brother has now been missing for a week. I'm grieving, I'm afraid, and it feels like the world has tipped into sheer chaos," his sister Tiffany Andelin Forsyth wrote on Facebook on Monday. "I'm so afraid he's just gone. Please don't let this be how this ends. The hole that will leave in my life will be empty forever."

Dr. Forsyth's brother said his divorce had recently been finalized and he was newly engaged. On Facebook, his fiance described him as the love of her life.

Richard added thatwhile he and his brother had "made some enemies" in the crypto spacenothing had seemed unusual in the run-up to his disappearance.

Local media has reported that Forsyth's body was discovered with an apparent gunshot wound in a lake in northwest Arkansas. The police are yet to provide further details on the circumstances surrounding Dr. Forsyth's deathbut say foul play does not appear to be a factor.

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'Bitcoin Millionaire' Found Dead a Week After Going Missing - Decrypt

Renowned macro investor Luke Gromen has identified a crucial turning point that could potentially propel the value of both gold and Bitcoin.

According to a report by The Daily Hodl, in a recent discussion on Blockworks Macro, Gromen expressed his belief that Bitcoin and gold are poised for success regardless of the outcome.

Gromen suggests that the moment the market senses the US governments intent to print additional dollars to manage its national debt, Bitcoin and gold will likely experience a bullish trend. He warns that an excessive increase in Federal Reserve rates could lead to a financial crisis for the US government. According to Gromen, this scenario would be highly favorable for Bitcoin and gold.

While he acknowledges that the US government is unlikely to face nominal bankruptcy, he believes that the Federal Reserve will have to print the difference, or the US government will have to step in. This realization by the market, coupled with persistent inflation and the need for further rate increases, could lead to a situation where printing more money is the only viable solution to meet interest payments.

Gromen also considers the possibility of the Federal Reserve maintaining its stringent monetary policies. In this case, he predicts a temporary setback for gold and Bitcoin. However, he argues that the escalating national debt will eventually compel the Federal Reserve to change its approach, which would be a positive development for these store-of-value assets.

If the Federal Reserve refrains from printing money, Gromen warns of a potential crowding out of global dollar markets by the US government. This could initially exert pressure on gold and Bitcoin, but he believes that the ultimate outcome would be a market realization of a potential US government default:

However, if the Fed does not print the money, then as paradoxically given the dollars incumbent role as (the) reserve currency and the dollar borrowings out there, the US government is going to crowd out global dollar markets

And the dollar will go up, and that can put some pressure on gold and Bitcoin in the short run, but ultimately, from there, the distance point is, Okay, the Fed does not print it enough, and the US government heads towards default, and you will get to a moment where markets go, Oh gosh, they could actually default. And that aint bad for gold and Bitcoin in my view.

Featured Image Credit:Photo / illustrationbyWorldSpectrumviaPixabay

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US Debt Crisis: Gold and Bitcoin to Soar, Predicts Gromen - CryptoGlobe

What happened

Since late afternoon yesterday, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO:BTC), traded roughly 2.8% lower as of 3:47 p.m. ET today on what largely seems to be driven by macro concerns.

Lawmakers are still working on passing a bill that would suspend the debt ceiling until 2025. The bill has been agreed upon and sent to the U.S. House of Representatives by President Biden and House Speaker Kevin McCarthy.

While most assets seem to have been impacted by the threat of default, Bitcoin seems to be coming under pressure today on concerns that the Federal Reserve will once again raise interest rates at its next meeting in a few weeks. Rising interest rates are one of the main reasons Bitcoin has seen its price fall so much since peaking in November 2021.

A few weeks ago, investors assumed the Fed would pause, but now the market is less confident. In an interview published today in the Financial Times, Loretta Mester, president of the Federal Reserve Bank of Cleveland, seemed to take a more hawkish view, saying: "I don't really see a compelling reason to pause. I would see more of a compelling case for bringing the rates up and then holding for a while until you get less uncertain about where the economy is going."

It's tough to know what the Fed will do at its June meeting. The agency clearly is divided on whether inflation has been tamed, although recent troubles with the banking system, which seem to be on investors' minds today, might be doing some of the Fed's work for it. Banks are slowing their lending, which in turn may have a chilling effect on the economy.

I think Friday's jobs report will be incredibly impactful on what the Fed does. A report that shows cracks in the labor market may allow the Fed to pause rate hikes.

Ultimately, I believe Bitcoin is one of the few cryptocurrencies worth having some exposure to and will be a good long-term investment.

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Why Bitcoin Is Falling Today - The Motley Fool