2023-10-16 12:06

Copyrighted Image by: Reuters. Well-known crypto trader Pentoshi, who has a following of over 702,300 on a major social media platform, has predicted a significant surge in the price of Bitcoin. The forecast comes amidst speculation over the US government's potential reactivation of money printing to manage its $33.523 trillion debt and control inflation. Pentoshi, recognized for accurately predicting the end of Bitcoin's 2021 bull run, expects a parabolic rise in Bitcoin's price. He suggests the price could reach an unprecedented high of $180,000, marking a surge of approximately 570% from its current market value of $27,855. The crypto specialist attributes this potential surge to Bitcoin's programmatic monetary policy and fixed supply. He believes these factors will be particularly influential given the uncertainty surrounding Federal Reserve's rate cuts and the looming risk of stagflation. In addition to these factors, Pentoshi is closely monitoring the Bitcoin versus M2 money supply chart, a crucial indicator of global liquidity. He argues that an increase in M2 or global liquidity often signals the start of a Bitcoin bull market. His recent analysis suggests that a significant breakout of Bitcoin against M2 could be on the horizon. However, the exact timing for this projected surge remains uncertain and largely depends on when the Federal Reserve decides to enact rate cuts. As such, investors and market watchers are advised to keep a close eye on developments in US monetary policy and global liquidity indicators. https://www.investing.com/news/cryptocurrency-news/crypto-trader-pentoshi-predicts-570-bitcoin-surge-due-to-us-monetary-policy-93CH-3199965

2023-10-16 12:04

Copyrighted Image by: Reuters. Despite the bearish trend in the cryptocurrency market, Bitcoin has seen a significant surge in high-profile investors, with the number of substantial holders, often referred to as whales and sharks, reaching record highs since February 2022. This data comes from Santiment, which reported an 8.12% increase in large Bitcoin wallet accounts over the past twenty months, adding 11,806 new addresses. The confidence of these large stakeholders is evident as transactions exceeding $100,000 have collectively reached nearly $37 billion, according to data from IntoTheBlock. This past weekend marked two significant transactions on Coinbase (NASDAQ:COIN) and ByBit involving a total of over $100 million or 4,448 BTC. This level of Bitcoin holdings harks back to that seen in 2019, underlining a resurgence of interest in the premier cryptocurrency. On Monday, Bitcoin traded at $27,759.75 with its 24-hour trading volume showing a remarkable increase of 181.17% to reach $13.69 billion. This represents a 3.2% daily increase and a 0.60% weekly growth. According to CoinMarketCap's data, Bitcoin's total circulating supply stands at 19.52 million tokens, contributing to its market cap of $5419.14 billion. This surge in substantial holdings and large transactions underlines an active investor base for Bitcoin despite the overall bearish trend in the crypto market. It also highlights the enduring appeal of the first-ever cryptocurrency among high-profile investors. https://www.investing.com/news/cryptocurrency-news/bitcoin-whales-increase-despite-bear-market-large-transactions-tally-near-37-billion-93CH-3199962

2023-10-16 11:52

Copyrighted Image by: Reuters. The U.S. government's Bitcoin reserves, currently estimated at $5 billion, have been primarily amassed through seizures from cybercriminals and darknet marketplaces. The holdings are securely stored offline in encrypted hardware wallets managed by agencies such as the Justice Department, IRS, and FBI. The accumulated Bitcoins total to approximately 200,000, according to the IRS's Jarod Koopman on Monday. The large-scale accumulation of Bitcoin is a result of legal protocols tied to asset seizures rather than any strategic planning. This process has been ongoing since 2013, with the Justice Department refining secure storage practices, highlighted by cases like that of Silk Road founder Ross Ulbricht. The government's three major seizures include 69,369 BTC from Silk Road, 94,643 BTC related to the Bitfinex hack, and 50,676 BTC from James Zhong. These figures surpass its reported Bitcoin holdings, suggesting potential further growth due to ongoing seizures. Despite some liquidation efforts, the U.S.'s Bitcoin holdings remain over $5 billion. The liquidation strategy has evolved over time. Initially, it involved direct auctions with bidders such as Tim Draper in 2014. Since January 2021, however, the U.S. Marshals Service has shifted to phased dispersion via crypto exchanges like Coinbase (NASDAQ:COIN). This method helps mitigate market impact and ensures cryptocurrency market stability while complying with legal standards until asset forfeiture completion. The proceeds from these sales typically support criminal investigations or victim restitution. The U.S. Marshals adhere to prompt, fair-market-value sales, a practice similar to Hong Kong’s OSL Exchange which is contemplating a $128 million sale. https://www.investing.com/news/cryptocurrency-news/us-government-holds-5-billion-in-bitcoin-from-cybercrime-seizures-93CH-3199954

2023-10-16 11:37

Silvercorp Metals (NYSE:SVM) Inc., with a market cap of 407.56M USD according to InvestingPro data, experienced a significant increase in gold production during the second quarter, while silver, lead, and zinc production figures declined, as reported on Monday. The company reported a surge in gold production to 2,458 ounces, more than doubling the output from the previous year's 1,200 ounces. Despite this increase in gold production, the overall yield of silver equivalent ounces fell slightly to 1.8 million ounces. In contrast to the gold figures, silver production dipped to 1.6 million ounces from the previous year's 1.8 million. Alongside silver, lead and zinc yields also saw a downturn. The lead output dropped to 16.1 million pounds from nearly 18 million pounds the previous year. Similarly, zinc yields reduced to 4.6 million pounds from approximately 6 million pounds in the preceding year. The company attributed these decreases primarily to lower head grades at the Ying mining district, which resulted in reduced silver and lead production. Additionally, operations at the GC mine were disrupted due to improvement measures and a province-wide suspension of industrial activities linked to enhancements of the provincial power grid. These disruptions contributed further to the decreased output of silver, lead, and zinc for Silvercorp Metals during Q2. InvestingPro data also reveals that Silvercorp Metals has a P/E ratio of 20.76 and a P/E ratio (adjusted) of 19.73 for LTM2024.Q1. The company's revenue for LTM2024.Q1 is 204.54M USD, showing a decline of -8.15% from the previous year. This decline aligns with the InvestingPro Tip that the company's revenue has been declining at an accelerating rate. Despite the declining trend in earnings per share, as indicated by another InvestingPro Tip, Silvercorp Metals maintains a strong financial footing. The company holds more cash than debt on its balance sheet and its high earnings quality, with free cash flow exceeding net income, should allow management to continue dividend payments. Indeed, the company has maintained dividend payments for 17 consecutive years. For more insightful tips and real-time metrics, consider subscribing to InvestingPro, which includes 12 additional tips for SVM. Looking forward, analysts predict that the company will be profitable this year and the net income is expected to grow. However, the stock has taken a big hit over the last six months, trading near its 52-week low. This provides a potential opportunity for investors as the InvestingPro Fair Value is estimated at 3.04 USD, above the previous close price of 2.4 USD. https://www.investing.com/news/commodities-news/silvercorp-reports-q2-gold-production-surge-silver-output-dips-93CH-3199929

2023-10-16 11:29

Copyrighted Image by: Reuters Institutional investors continue to buy into cryptocurrencies such as Bitcoin, Solana, and XRP, despite market skepticism. According to data released on Monday, digital asset investment products have seen consistent inflows of $15 million for three weeks straight, even though trading volumes are currently 27% below the 2023 average. Bitcoin-centric exchange-traded products (ETPs) attracted an additional $16 million last week, bringing the year-to-date total inflows to $260 million. Short Bitcoin investment products also experienced inflows of $1.7 million, indicating a persistent bearish sentiment among some investors. Altcoins Solana and XRP held steady, with XRP marking its 25th week of consecutive inflows following Ripple's victory against the U.S. Securities and Exchange Commission (SEC). However, Litecoin and Chainlink struggled with outflows of $0.28 million and $0.31 million respectively. Ethereum faced significant sell-offs with outflows of $7.5 million last week, despite the recent launch of a futures-based Ethereum ETF. Notably, this comes as Ethereum Foundation's Vitalik Buterin and other large holders sold off their Ethereum holdings. The SEC's decision not to appeal against Grayscale's proposal to convert GBTC into a spot Bitcoin ETF has spurred increased Bitcoin inflows. Digital assets saw $78 million in inflows in the first week of October alone. Bloomberg ETF analysts predict a 90% chance of approval for a spot Bitcoin ETF by the SEC. CoinShares Digital Securities and Purpose Investments reported major gains from investors mainly in Germany, the U.S., and Canada. As Bitcoin trades at $27678, up nearly 3%, there appears to be an ongoing accumulation spree by Bitcoin whales. https://www.investing.com/news/cryptocurrency-news/institutional-interest-in-bitcoin-and-altcoins-persists-amid-market-fluctuations-93CH-3199928

2023-10-16 11:28

Copyrighted Image by: Reuters. FTX, the cryptocurrency exchange currently embroiled in legal issues, has staked around $30 million in Ethereum and $121 million in Solana through Figment, a firm that validates staking for institutional investors. The move comes as FTX founder Sam Bankman-Fried (SBF) faces an ongoing trial for alleged mishandling of customer funds and enabling fraudulent activities. On Monday, it was confirmed by Etherscan and blockchain firm 0xScope that FTX liquidators staked over 24,000 units of Ethereum and 5.5 million tokens of Solana, potentially earning reward rates of 4.5% and 7% respectively. This follows FTX's bankruptcy estate's earlier strategy of staking its SOL and ETH assets, worth around $122 million and $5 million respectively, through Alameda Research wallets. These assets were also transferred to Figment. In September, FTX sought court approval to liquidate up to $100 million in digital assets weekly, with a temporary option to increase this limit to $200 million. Court documents revealed FTX's major investment in Solana, holding over $1 billion in SOL tokens. Testimonies from key insiders, including Gary Wang, FTX co-founder, and Caroline Ellison, former CEO of Alameda, indicated that Alameda enjoyed special privileges at FTX under SBF's watch. The John J. Ray III-led FTX leadership secured court approval for the sale of cryptocurrencies recovered during bankruptcy proceedings. The court-sanctioned sale of $3.4 billion in crypto assets is overseen by Galaxy Digital, led by Mike Novogratz. The staking strategy aligns with FTX's initial plan to stake specific cryptocurrencies for passive income. SBF has long championed Solana via Alameda Research, with investments extending to Solana Labs and other ecosystem projects. Between August 2020 and January 2021, FTX and Alameda Research acquired over 50.5 million SOL from the Solana Foundation, with most of it locked until 2028. https://www.investing.com/news/cryptocurrency-news/ftx-liquidates-assets-amid-trial-stakes-151m-in-ethereum-and-solana-93CH-3199947