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Bitcoin ETFs Garner $2 Billion Inflows Amid Market Surge

by Isaac lane
written by Isaac lane

In a significant development for the cryptocurrency market, Bitcoin recently surged to its highest levels in over two years, propelled by steady investments flowing into newly approved spot exchange-traded funds (ETFs). This surge in Bitcoin’s value coincided with substantial investments pouring into these spot ETFs, resulting in net inflows exceeding $1 billion within the last week and surpassing $2 billion in just four days.

Bitcoin Hits $1 Trillion Market Cap, Outpacing Tesla

Bitcoin experienced a notable 4.2% increase, reaching $51,924, marking its first ascent past the $51,000 threshold since December 2021. This surge brought Bitcoin within $18,000 of setting new all-time highs, solidifying its position with a valuation surpassing $1 trillion. This milestone places Bitcoin among the ranks of global technology giants, doubling the market capitalization of Tesla.

Spot Bitcoin ETFs Witness Rapid Inflows

Recent data from Apollo, a Bitcoin tracking platform, highlights a significant surge in the cryptocurrency market. Over the past four days, the 10 spot Bitcoin ETFs recorded inflows of 43,300 Bitcoins, valued at $2.3 billion at the current market rate. This influx is notably rapid compared to the previous 20 trading days, during which these funds attracted 42,000 Bitcoins.

Market Optimism and Future Projections

The cumulative market value of cryptocurrencies has now exceeded $2 trillion, establishing the sector as the fourth-largest entity in terms of public market valuation. Projections from CoinShares indicate a net positive inflow into the new Bitcoin ETFs, hinting at an optimistic future for the cryptocurrency market. Traditional financial giants like BlackRock, Fidelity, and Franklin Templeton are exploring further innovations, including proposals for Ethereum ETFs.

bitcoin etf

Credit: Medriva.com

Market attention is also keenly focused on the anticipated Bitcoin halving event projected to occur in April. This event, which reduces the creation rate of new Bitcoins by half, historically triggers a surge in the cryptocurrency’s value. The last halving in May 2020 led to a 50% increase in Bitcoin prices during its run-up.

Regulatory and Market Challenges

Despite the surge in Bitcoin’s value, the broader cryptocurrency market faces challenges stemming from diminished retail interest. High-profile frauds, bankruptcies, and regulatory actions over the past two years have dampened retail investor enthusiasm. Spot trading volumes for Bitcoin remain significantly below their peaks in 2021 and 2017, reflecting subdued retail participation.

During this market surge, a legal dispute between the SEC and Coinbase looms, potentially reshaping the classification and regulatory framework of cryptocurrency tokens. Nevertheless, market analysts anticipate continued growth in Bitcoin ETF investments, with projections exceeding $10 billion in 2024.

Bitcoin’s recent surge in value, driven by substantial inflows into spot ETFs, underscores the growing mainstream acceptance and investment interest in cryptocurrencies. Despite regulatory and market challenges, the cryptocurrency market continues to evolve, with investors closely monitoring developments in ETF approvals and market dynamics.

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BitcoinMarket

Price Forecast for Bitcoin and Ethereum: Record-Highs Are Expected By 2024

by V. Sinclair
written by V. Sinclair

With a bullish start to the first week of the “Pre-halving rally,” the top few cryptocurrencies are recovering the lost levels of the past. As Bitcoin returns above the $52,000 mark, the sentiments are extremely bullish in the market, and investors anticipate a faster and stronger rally ahead.

Further, with just 62 days left before Bitcoin Halving, 2024 is potentially a year of new all-time highs for Bitcoin. Amidst such improvement in the Bitcoin price and sentiment, the altcoins are not far behind.

Ethereum, the biggest altcoin and the second biggest crypto as per market cap, reaches $2,800. The altcoin saw this price range in May 2022, almost two years back.

Where is Bitcoin Headed?

With a new 52-week high, the high momentum rally in the BTC price trend shows no sign of a pullback. Driving the bull run with multiple bullish engulfing candles, the daily chart showcases the extreme dominance of the buying side.

Upon analyzing the weekly chart, the uptrend accounts for 22% in the last two candles, with 3 days left. Further, the inverted head and shoulder breakout pushes past the 61.80% Fib neckline.

The MACD indicator shows a rise in the average lines as it avoids a bearish crossover. Further, the resurfacing bullish histograms represent an increase in momentum.

As the breakout rally gains momentum, the answer to “Where is Bitcoin headed?” is pretty simple: TO THE MOON. However, as per the technical charts, the next resistance is at $55,000, and the previous closing peak at $65,000. Beyond these two levels, the Fibonacci retracement showcases a potential jump to the $96,000 mark.

Is Ethereum Ready For A New All-time High?

Amidst the improving market conditions, the biggest altcoin is finding a remarkable demand boost to fuel the ETH price rally. With the DeFi TVL reaching the $77B mark, Ethereum dominates almost 60% with $42.995B TVL.

Further, with the buzz of Ethereum ETF going around in the market and the drop in supply of ETH, the coast is clear for a bull run. On the other hand, the additional momentum in the market, floating with the BTC price reaching $52,000, fuels the ETH price run. And let’s not forget about the hype around the “Dencun” upgrade amongst the Ethereum community.

Like Bitcoin, the ETH price has jumped by 23% in the last ten days, leading to two bullish engulfing weekly candles. Challenging the upper band of the Bollinger bands, Ethereum price trades at $2,797.

The uptrend challenges the 50% Fibonacci level at $2,853 and preps for a new breakout run. If the buyers reclaim this resistance, the bull run can cross $3,000 to test $3,200 before the month ends.

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BitcoinCryptoMarket

Bitcoin’s Market Cap Surpasses $1 Trillion, Crypto Market Hits $2 Trillion Milestone

by Isaac lane
written by Isaac lane

In a remarkable turn of events, Bitcoin has once again solidified its status as a trillion-dollar asset, propelling the overall cryptocurrency market to a staggering $2 trillion in market capitalization. This milestone, achieved as Bitcoin surged past $51,000, places the collective crypto market as the world’s fourth-largest, nestled between Saudi Aramco and NVIDIA.

The breaking of the $2 trillion barrier is significant, positioning the cryptocurrency market on par with major global entities. If treated as a publicly traded company, the cryptocurrency market would rank fourth globally. On an individual basis, Bitcoin stands as the eighth-largest, positioned between Meta and Berkshire-Hathaway.

Bitcoin’s Journey to $1 Trillion

Bitcoin’s market cap reached the $1 trillion mark as it surpassed $50,948, with the current circulating supply at 19,627,706 BTC. Presently trading at $51,936, Bitcoin’s continued ascent contributes to the overall bullish sentiment in the cryptocurrency space.

Crypto Mraket

Bitcoin Price Performance

The recent surge in the cryptocurrency market is attributed to the introduction of Bitcoin exchange-traded funds (ETFs). Despite initial resistance from the SEC, Bitcoin ETFs received the green light in January, paving the way for significant inflows. Data from CoinShares reveals that since their launch, these ETFs have witnessed a net inflow of $2.8 billion, with a notable $1.1 billion influx in the past week.

Changing Dynamics: Grayscale Bitcoin Trust and New Offerings

Interestingly, outflows from the Grayscale Bitcoin Trust, a pioneer in the push for ETF approvals, have dwindled. Meanwhile, established financial players like BlackRock and Fidelity have been consistent contributors, each seeing inflows exceeding $1.5 billion weekly. Bitcoin ETFs are becoming a preferred entry point for capital allocators seeking exposure to the crypto market without legal concerns.

Spice Capital founder Maya Bakhai emphasizes the changing landscape, noting that while institutional investors were risk-averse in 2023, the current environment favors investments in crypto and artificial intelligence for robust returns.

Future Developments: Ethereum ETFs on the Horizon

As attention grows, major players like BlackRock, Fidelity, and Franklin Templeton are exploring ETFs for Ethereum’s native coin, Ether (ETH). Speculation surrounding an Ether ETF approval adds to the overall market excitement.

The purchase of spot Bitcoin ETFs directly impacts the cryptocurrency market, as issuers acquire actual Bitcoin, restricting its supply. Additionally, the imminent halving of daily Bitcoin issuance in late April is expected to further limit supply, adding to the upward pressure on prices.

Market Resilience

Following the FTX debacle, the resilience of the cryptocurrency market is evident, with the predicted comeback now materializing. As the market continues to evolve, the focus remains on ongoing developments, including potential approvals for Ethereum-related ETFs and the forthcoming reduction in daily Bitcoin issuance.

The cryptocurrency market’s surge past $2 trillion, fueled by Bitcoin‘s reclaiming of a $1 trillion market cap, highlights the industry’s resilience and adaptability amid regulatory shifts and evolving investor preferences.

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BitcoinMarketNews

Bitcoin Surges Past $51,000 Mark: Insights into Investor Sentiment

by Isaac lane
written by Isaac lane

On Wednesday, Bitcoin soared past the $51,000 mark, reclaiming a market capitalization of over $1 trillion, a feat last seen in December 2021. This surge was propelled by growing optimism surrounding the cryptocurrency’s continued growth trajectory. Notably, options traders are eyeing even higher price targets, with projections reaching up to $75,000 in the coming months.

Targeting New Heights

Traders are setting their sights on the $64,000 level shortly, buoyed by the increasing demand from spot bitcoin exchange-traded fund (ETF) products. Notably, BlackRock‘s IBIT witnessed nearly $500 million in net inflows on Tuesday, indicating a significant surge in buying demand.

Analysis of Investor Sentiment

A recent analysis by Santiment sheds light on the prevailing sentiment among investors. The debate around Bitcoin’s price, particularly around the $50,000 mark, reflects a mix of fear of missing out (FOMO) and fear, uncertainty, and doubt (FUD). While reaching milestones like $50,000 often trigger anticipation for higher levels, these highs are typically short-lived. However, Bitcoin’s current surge past $51,000 reaffirms its status as a $1 trillion asset once again.

Market Sentiment Dynamics

Understanding how investors perceive these price milestones is crucial for gauging market health. While celebrating milestones typically signals a healthy market, excessive greed fueled by bullish projections could potentially lead to a market crash. Presently, only 13% of Bitcoin’s total supply is held at a loss, indicating that the majority of investors are in profitable positions, underscoring Bitcoin’s long-term growth potential.

Trading Surge Amid ETF Speculation

Despite being 30% below its all-time high, Bitcoin’s recent surge in trading activity suggests growing optimism among investors. Reports of a potential approval of a spot Bitcoin ETF in January spurred increased trading, as long-term holders capitalized on rising demand or adjusted their investments accordingly. This uptick in trading activity highlights the adaptability of long-term purchasers to market shifts.

Navigating Bitcoin’s Price Dynamics

The ongoing debate surrounding Bitcoin’s $50,000 milestone underscores the intersection of investor emotions and market data. While short-term adjustments may occur, Bitcoin’s overall trajectory appears promising. Rising investor confidence, coupled with a decreasing supply of coins held at a loss, signals the potential for further value appreciation in the cryptocurrency market. In navigating this dynamic landscape, understanding Bitcoin’s price dynamics and investor psychology is crucial for making informed investment decisions.

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DMM Bitcoin
BitcoinMarketNews

Weekly Crypto Inflow Surpasses $1 Billion, Propelled by Bitcoin ETF Momentum

by Isaac lane
written by Isaac lane

The cryptocurrency market experienced a substantial influx of funds from institutional investors in the previous week, reflecting a robust adoption trend. Data from CoinShares reveals a remarkable $1.1 billion inflow into the crypto ecosystem, pushing the year-to-date flow to $2.7 billion.

Bitcoin ETF Dominates Inflows

The spotlight of the impressive inflow shines on the Bitcoin Exchange-Traded Fund (ETF), marking a significant milestone in institutional participation. CoinShares reports that the spot Bitcoin ETF product accounted for the majority of the recorded inflows, totaling $1.1 billion. Notably, BlackRock‘s iShares Bitcoin Trust (iBIT) saw an inflow of $693.6 million, while Fidelity Investment’s FBTC attracted $522.6 million. However, Grayscale Investment’s GBTC recorded an outflow of $414.8 million over the past week, impacting the assets.

Altcoins Also Thriving

While Bitcoin led the charge, other prominent altcoins contributed to the surge in institutional investment. Ethereum (ETH) received a total of $16.5 million, while Cardano (ADA) saw an influx of $6.1 million, according to CoinShares data. However, contributions from altcoins like Solana (SOL), XRP, and Tron (TRX) were relatively insignificant compared to the bullish figures observed.

Market Outlook

The broader cryptocurrency market witnessed fluctuating trends over the past week, with the price of Bitcoin nearing the $50,000 mark. The ongoing trend of institutional accumulation suggests the potential for brighter days ahead for the leading cryptocurrency.

Institutional investors’ substantial inflow of funds into the cryptocurrency market, notably driven by Bitcoin ETFs, signals growing confidence and adoption in the digital asset space. With altcoins also experiencing notable inflows, the market anticipates continued momentum and potential for further growth shortly.

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BitcoinMarketNews

Bitcoin Targets $50,000: Wall Street Trading Boosts Optimism

by Isaac lane
written by Isaac lane

Bitcoin surged towards $50,000 at the opening of Wall Street on February 12, marking new two-year highs. Analysts express fresh optimism amid institutional interest.

BTC/USD Chart | Source: TradingView

Data from TradingView displayed BTC surpassing $49,800, and traders anticipate a push toward all-time highs, cautiously navigating the $50,000 mark.

Cautious Approach Amid Unification

Despite the bullish sentiment, some traders, like Keith Alan, co-founder of Material Indicators, advise caution. Alan suggests a retest of support and a confirmed R/S flip for a strong foundation. However, he warns against assuming consolidation, highlighting the potential for a squeeze if BTC breaks the Golden Pocket at $48,300.

BTC/USD chart with trading signals. Source: Keith Alan/X

Bitcoin ETF Flows Fuel Bullish Sentiment

U.S. Bitcoin exchange-traded funds (ETFs) witnessed increased attention in the past week, with over $400 million inflows on February 9. The Grayscale Bitcoin Trust (GBTC) recorded approximately 2,900 BTC outflows ($140 million) on February 12, according to Arkham data.

Trader Daan Crypto Trades notes the relatively low GBTC outflows, emphasizing 11 consecutive days of positive ETF flows. The growing hope is that ETFs will play a significant role in propelling BTC prices higher, potentially challenging all-time highs.

Analysts Weigh In

While traders remain cautiously optimistic about BTC’s rally, the ongoing institutional interest and positive ETF flows contribute to the bullish sentiment. The potential breach of the $50,000 mark is viewed with anticipation, yet caution prevails as the market navigates key resistance levels.

Bitcoin’s surge towards $50,000 is fueled by renewed institutional interest, particularly with the positive performance of U.S. Bitcoin ETFs. Analysts express cautious optimism, emphasizing the importance of retesting support levels and considering potential market scenarios. The market remains dynamic, with traders closely monitoring BTC’s movement as it approaches key resistance levels.

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BitcoinCryptoMarket

Bitcoin’s Rare ‘Super Trend’ Signals 100% Surge Potential

by Isaac lane
written by Isaac lane

In a remarkable display of strength, Bitcoin (BTC) is spearheading the ongoing recovery in the cryptocurrency market. The current surge has propelled BTC to $46,254.46, marking a 3.5% increase and reaching its highest level in weeks. This upward momentum has contributed to a week-long growth of 7.18%, reflecting a transformative shift in market dynamics.

Rare ‘Super Trend’ Signal Emerges

Market analyst Ali Martinez has identified a rare “Super Trend” signal flashing a “buy” indication on Bitcoin’s monthly charts. Historically, the emergence of this signal has preceded mega price rallies, with Bitcoin experiencing explosive growth surges. Martinez highlights four instances where this signal appeared, leading to price increases of 169,172%, 9,900%, 3,680%, and 828% respectively.

Potential for Over 100% Surge

Drawing on historical trends, Bitcoin could be poised for a surge of over 100% if past patterns repeat themselves. Such a surge would propel Bitcoin beyond the $100,000 price mark, aligning with predictions made by market analysts in recent months.

Positive Fundamentals

Beyond the technical indicators, Bitcoin’s fundamentals also point towards a bullish outlook. The impending launch of a spot Bitcoin Exchange-Traded Fund (ETF) is expected to have a positive impact on price dynamics. Additionally, the anticipation surrounding the upcoming Bitcoin halving event, scheduled for April, adds further fuel to the optimism. Experts like Samson Mow foresee a significant price rally driven by the supply constraints resulting from spot Bitcoin ETF issuers and the halving event.
With Bitcoin flashing a rare “Super Trend” signal and fundamentals aligning for a potential surge, investors are closely monitoring developments in the cryptocurrency market. The historical context of previous rallies combined with positive market indicators suggests that Bitcoin could be on the brink of a substantial price increase. As anticipation builds, market participants eagerly await further developments in the ongoing crypto resurgence.

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BitcoinMarket

GoDaddy, Ethereum Name Service, and the Web Registry Link Domain Names With Crypto Wallets

by V. Sinclair
written by V. Sinclair

Through a partnership with GoDaddy, the Ethereum Name Service (ENS), a domain name system built on top of Ethereum, will enable users to link internet domains to their ENS addresses at no cost.
During the weak market, mainstream corporations’ adoption of Web3 decreased; however, the agreement between ENS and GoDaddy, the biggest internet domain registration, may indicate that interest in integrating blockchain technology with conventional platforms has resumed.

As an example, ENS creator Nick Johnson told CoinBrit, “Beyonce owns Beyonce.xyz, and now she can set up a wallet just by going into the GoDaddy page and entering your address.” “Beyonce.xyz is now, for all intents and purposes, her wallet identifier.”

The ultimate objective is to incorporate additional chains in addition to Ethereum.
“At this time, you can use this integration to set your Ethereum address. However, in the future, you should be able to set text records for addresses for all chains, so you can create a Web3 profile with your.xyz or.com.”

The news is made while ENS and GoDaddy are still battling in court over the sale of an ENS domain name, “eth.link.”
“I suppose you might argue with someone about something and still be excellent friends and willing to work together on other things. Furthermore, we agree on many points,” Johnson told CoinBrit. Johnson claims that the eth.link matter is still pending in court.
Johnson continued, “I think naming and Web3 work better when we build systems that work off and build on top of existing systems, rather than trying to pretend that legacy systems don’t exist and try to reinvent everything from scratch.”

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Ether ETFs
BitcoinCryptoNews

SEC Expected to Approve Ethereum ETFs by May 23: Standard Chartered Bank Predicts

by Isaac lane
written by Isaac lane

In a recent report, Standard Chartered Bank anticipates that the Securities and Exchange Commission (SEC) will likely greenlight spot Ethereum exchange-traded funds (ETFs) following a similar trajectory to Bitcoin ETFs. The bank’s projections suggest a potential approval on May 23, which could significantly impact Ethereum’s market dynamics.

Ethereum ETF Approval Anticipated

Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, forecasts the approval of spot Ethereum ETFs by May 23, drawing parallels to the approval process for Bitcoin ETFs. Kendrick highlights the SEC’s stance on Ethereum not being classified as a security, coupled with its listing as a regulated futures contract on the Chicago Mercantile Exchange, as key factors supporting this expectation.

Kendrick maintains an optimistic outlook on Ethereum‘s price trajectory, with a potential surge to $4,000 by the anticipated approval date. He emphasizes that the SEC’s treatment of Ethereum aligns with existing market standards, suggesting a favorable regulatory environment for Ethereum-based financial products.

Differentiating Factors from Bitcoin

Comparing Ethereum’s market dynamics to Bitcoin, Kendrick notes Ethereum’s resilience to post-approval selling, attributing it to the relatively smaller share of the total market cap held by Ethereum investment trusts. He suggests that Ethereum ETFs may experience less volatility post-approval compared to Bitcoin counterparts.

While Kendrick expects simple Ethereum ETFs to gain approval initially, he anticipates ETFs incorporating staking yield rewards to be introduced at a later stage. He points to European precedents where such ETFs exist, albeit with higher fees offsetting staking rewards.

Ethereum’s Technological Upgrades

Kendrick also touches upon Ethereum’s upcoming technological upgrades, particularly the Dencun or Proto-Danksharding upgrade. He suggests that these enhancements could bolster Ethereum’s ecosystem by reducing transaction fees and maintaining attractive staking rewards, ultimately supporting Ethereum’s price trajectory.

While Kendrick remains optimistic about Ethereum ETF approvals, sentiments among crypto experts vary. Some express confidence in the imminent approval, while others remain cautious amidst regulatory uncertainties.

In summary, Standard Chartered Bank’s analysis points towards a favorable regulatory outlook for Ethereum ETFs, potentially reshaping the cryptocurrency landscape by offering investors accessible exposure to Ethereum’s market performance.

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BitcoinCryptoNews

BlackRock, VanEck, and Franklin Templeton Launch Bitcoin ETF Ads on Google

by Isaac lane
written by Isaac lane

Today, a quick Google search unveils advertising campaigns by BlackRock, VanEck, and Franklin Templeton promoting their spot on Bitcoin ETF. This move comes in the wake of Google’s updated policy permitting certain crypto product advertisements.

Google’s Policy Update and Advertising Campaigns

Effective today, Google’s revised policy allows advertisements for Crypto Coin Trust products in the US. This policy shift prompted BlackRock, VanEck, and Franklin Templeton to launch advertising campaigns for their spot Bitcoin ETFs. Google now displays these ads in response to queries like ‘spot Bitcoin ETF’ or ‘Bitcoin ETF.’

google

Google’s policy change provides ETF providers with a significant opportunity to connect with a broader audience. By leveraging the world’s leading search engine, financial giants aim to accelerate the mainstream adoption of Bitcoin ETFs. These products are perceived as crucial bridges between traditional finance and the crypto sphere.

Community Feedback and Caution

While this development signals progress, concerns have emerged within the crypto community. Some individuals, like @NFT_Dreww.eth, express optimism tempered with caution. Highlighting the potential for exploitation by scammers, they stress the need for vigilance. @NFT_Dreww.eth advises internet users to employ ad blockers to mitigate the risk of encountering fraudulent websites that may slip through Google’s screening processes.

The launch of advertising campaigns by BlackRock, VanEck, and Franklin Templeton on Google marks a significant milestone in the mainstream acceptance of Bitcoin ETFs. As these financial giants capitalize on Google’s updated policy, the landscape of crypto advertising undergoes a transformative shift. However, the community remains vigilant, recognizing the potential for misuse and emphasizing the importance of staying alert in the digital space.

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