2023-10-23 10:35

Copyrighted Image by: Reuters Bitcoin value has surged to nearly $31,000, a three-month high, amid a broader crypto market rally, according to CoinGecko's data. This surge is due to optimism regarding the US SEC's potential approval of Bitcoin Spot ETFs and positivity from the XRP lawsuit dismissal. Influential figures like Ark Invest's Cathie Wood and lawyer John Deaton suggest that the SEC's softened stance on crypto and regulatory clarity could trigger another surge in Bitcoin's price. On Monday, Bitcoin's dominance over altcoins stood around 52.4%, nearing the 52.7% recorded when Bitcoin was priced at $60,000 in April 2021. The top performers on a 24-hour scale included Fantom (FTM), Chainlink (LINK), Aave (AAVE), and Polygon (MATIC), while Solana (SOL) saw a 30% rise within a week. This surge in value has also positively affected cryptocurrency stocks like Marathon Digital Holdings (NASDAQ: NASDAQ:MARA) and Riot Platforms (NASDAQ: RIOT), both involved in large-scale Bitcoin mining within the blockchain ecosystem. Over the last year, these companies experienced significant declines during the "crypto winter" of 2022. However, RIOT showed better returns over nine months with a growth rate of 163.2%, compared to MARA's 128.24% growth rate. Investors who initially invested $1,000 in MARA would now have a value of $2,282.35, while the same investment in RIOT would have returned a final value of $2,632.05. These trends and more will be discussed at Benzinga's Future of Digital Assets event. https://www.investing.com/news/cryptocurrency-news/bitcoin-value-surges-on-secs-softened-stance-and-crypto-market-rally-93CH-3205542

2023-10-23 10:16

Copyrighted Image by: Reuters Bitcoin experienced a 9.8% weekly increase, the largest since June, driven by speculation of an impending approval of the first US ETFs that directly invest in the cryptocurrency. This rally also positively influenced other cryptocurrencies, as Ether increased by 3.3%. The surge typically indicates an average 10% rise in Bitcoin in the following month, according to historical patterns. Asset management giants BlackRock Inc (NYSE:BLK). and Fidelity Investments are vying to launch a spot Bitcoin ETF in the US, a move that could potentially bring more institutional capital into the expanding crypto market. Market analyst Tony Sycamore predicts a Bitcoin ETF will receive approval before the end of the year, strengthening Bitcoin's mid-term position. He further noted that recent changes in Federal Reserve speakers' stance on interest-rate hikes have been beneficial to Bitcoin. In related news, Larry Fink, CEO of BlackRock, has shifted from his previously negative view on Bitcoin in 2018. He now refers to it as 'digital gold' and a 'flight to quality', indicating its evolution into a safer investment. This change in attitude, coupled with increased client interest in Bitcoin, may encourage large-scale investors to explore crypto investments, potentially triggering a market uplift. This shift could also benefit both established and emerging coins such as Ethereum, Binance, and Doge Uprising ($DUP), which is preparing for presale. The latter might be viewed as a lower-risk opportunity due to the changing sentiment in the investment landscape. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-approval-anticipation-propels-significant-weekly-surge-93CH-3205478

2023-10-23 10:07

The digital asset XRP, currently valued at $0.5228, has re-entered the bullish zone, according to a recent report by the renowned analyst EGRAG. This shift in position could potentially pave the way for the asset to reach its $1.4 target, following a 7.24% increase over the past week. EGRAG's "color code roadmap" indicates that XRP spent most of its time since September in the Ranging zone. However, a rally on Wednesday, October 19th, propelled it into the Bullish zone. This change has fueled optimism about the asset's potential to reach the $1.4 target if it can maintain a full-bodied bullish weekly close above its current price. Before reaching this goal, XRP must first overcome several resistance levels. These are located at $0.5738, $0.6432, $0.7409, and ultimately $0.93 - the Fibonacci level of 0 which previously halted XRP's attempt to reclaim the $1 price point back in July. EGRAG maintains that once these resistances are broken, it will be smooth sailing for XRP toward the $1.4 price point. Nevertheless, this outlook remains speculative and depends on various market factors and conditions. https://www.investing.com/news/cryptocurrency-news/xrp-reenters-bullish-zone-targets-14-price-point-93CH-3205468

2023-10-23 09:56

Copyrighted Image by: Reuters Anthony Scaramucci, the head of SkyBridge Capital, recently took to Twitter to rectify misinformation regarding his Bitcoin price forecast. This clarification comes after the U.S. Securities and Exchange Commission (SEC) sanctioned his exchange-traded fund (ETF). Contrary to the rumored prediction of Bitcoin reaching a value of $31 million, Scaramucci anticipates a more moderate forecast for the cryptocurrency. He expects Bitcoin to reach a value between $150,000 and $250,000 in the next cycle. Looking further ahead, he projects a value of $750,000 by 2030. Despite the confusion caused by the rumor, Scaramucci remains steadfast in his optimism for Bitcoin's future. His corrected forecast still suggests substantial growth for the digital currency over the coming years. In related news, Robert Kiyosaki, known for his financial education advocacy, subtly suggested a potential value of $135,000 for Bitcoin. This figure is somewhat aligned with Scaramucci's near-term projection, further indicating a positive outlook among industry leaders for this leading cryptocurrency. https://www.investing.com/news/cryptocurrency-news/skybridge-capitals-scaramucci-corrects-bitcoin-price-forecast-93CH-3205406

2023-10-23 09:49

Copyrighted Image by: Reuters. The maturity of the Reserve Bank of India's (RBI) $5 billion swap has led to an increased demand for cash dollars and a significant drop in the overnight swap rate. The swap, initiated in April 2022, was designed to provide dollar liquidity to banks, a measure now being phased out, obliging participating institutions to return these dollars potentially through the overnight swap market. On Monday, the swap rate fell to 0.14 paisa, a decrease from Friday's 0.17 paisa. This decline reflects a more substantial shift in the imputed rupee interest rate, which now stands at 5.60%, significantly lower than the 6.60% overnight rupee call rate. This shift indicates that banks are prepared to lend rupees at cheaper rates to secure dollars due to an emerging shortage. Ritesh Bhusari from South Indian Bank anticipates this dollar shortage will be short-lived but cautions that escalating global dollar shortages and increasing geopolitical risks could necessitate intervention from the RBI. Despite these changes, the forex markets have not been notably affected by the maturity of the swap or the consequent rise in cash dollar demand. https://www.investing.com/news/forex-news/rbis-5-billion-swap-maturity-escalates-cash-dollar-demand-93CH-3205389

2023-10-23 09:34

Copyrighted Image by: Reuters In a recent development, Aaron Feuerstein discussed a report from Morgan Stanley that highlighted the cyclical nature of Bitcoin, focusing on its "halving" due in April 2024. The report, authored by Denny Galindo, details how this event limits the supply of Bitcoin, often leading to a price surge and initiating a four-phase cycle. Currently, Bitcoin is grappling with the $30k mark. Galindo outlines the four-phase cycle as follows: Summer, where the price matches Bitcoin's former peak post-halving; Autumn, where prices exceed this peak due to media interest and an influx of new investors; Winter, characterized by a bearish trend causing price drops; and Spring when prices rebound despite low investor interest. To detect the 'crypto spring', Galindo suggests using indicators such as time since the last peak, the extent of Bitcoin's price drop, miner activities, and other technicals. He cautioned that external factors such as government regulations or software issues can disrupt this cycle. CryptoCon predicts Bitcoin's next cycle top at $128K based on the gains of the first cycle, aligning this with a Trend Pattern Price Model. Meanwhile, Benjamin Cowen, a top crypto analyst in an interview with Crypto Banter, forecasted a significant correction for Bitcoin before the real bull market. Cowen argued that the current Bitcoin rally is driven by traders swapping higher-risk altcoins for Bitcoin rather than fresh capital injections. According to Cowen's prediction, a liquidity dry-up from these altcoins will lead to a loss of buy pressure for Bitcoin and subsequent rejection at a resistance level. This could spark a sell-off and plunge in altcoin prices. The unchanged total market cap indicates no new capital entry. When all altcoin liquidity is exhausted, there will be no more bids for Bitcoin causing its price to drop and triggering a crash in the altcoin market. However, post this drop, Cowen anticipates altcoins to outperform Bitcoin in the following three to six months. Both Feuerstein and Cowen emphasize the need to combine past performance with other analytical methods and an understanding of current market conditions for effective decision-making. https://www.investing.com/news/cryptocurrency-news/bitcoins-cyclical-nature-and-potential-correction-forecasted-by-top-analysts-93CH-3205356