CryptoNews of the Week

Publish date: Wed, 15 Nov 2023, 10:12 AM
CryptoNews of the Week

– Thanks to the rise in the price of the main cryptocurrency, since the beginning of the year, the number of bitcoin-millionaires has tripled. As of November 12, their count stood at 88,628, compared to 28,084 on January 5. This surge represents a growth of 215%. When categorizing millionaires by capital size, those with a minimum of $1 million amounted to 81,962, while those with holdings of at least $10 million numbered 6,666. These figures are sourced from the Wayback Machine web archive.

– Changpeng Zhao, the CEO of the crypto exchange Binance, referred to the economic model of bitcoin as "the greatest business model ever invented in our world." He made this comment in response to data indicating that mining revenues reached new highs. According to media reports, on November 12 alone, BTC miners earned over $44 million in rewards and block fees. This marks the highest daily income in the past year, surpassing the record set in April 2022.

– Security blockchain company SlowMist specialists uncovered a counterfeit Skype application used by hackers in China to steal hundreds of thousands of dollars in various cryptocurrencies. Exploiting the country's ban on international messengers, users are forced to download them from unofficial sources. In addition to the malicious pseudo-Skype, hackers used a phishing domain posing as Binance exchange. This allowed them to track messages with addresses resembling TRX and ETH formats. Subsequently, wallets were replaced with those owned by the hackers. The SlowMist team identified and blacklisted over 100 such fraudulent wallets. One of them alone received 110 transactions totalling over 192,856 USDT, stolen from users in China.

– Senator Cynthia Lummis defended the crypto industry and opposed claims that cryptocurrencies are actively used in illegal financial activities. She appealed to the U.S. Congress with a request not to succumb to speculative attacks and emphasized that illegal financial operations are a problem in any economic sector, not related to the asset class but rather to the opportunities for wrongdoers to commit such crimes. "Cryptocurrency is present in less than 1% of the total volume of all illegal financial activities. If we could create a regulatory structure allowing the crypto industry to operate in America, rather than in unregulated foreign markets, its share would be even smaller," said the senator. The reason for Cynthia Lummis's statement was several U.S. news agencies reporting that on the eve of the invasion of Israel, the military wing of HAMAS collected millions of dollars in cryptocurrency. Against this backdrop, Senator Elizabeth Warren, a long-time advocate for stricter crypto regulation, formed a coalition of more than 100 senators demanding the immediate adoption of new rules to combat terrorism financing and money laundering in cryptocurrency.

– Investor and bestselling author of "Rich Dad Poor Dad," Robert Kiyosaki, believes that central banks, such as the US Federal Reserve (FRS), are not designed to protect the average person. For this reason, the expert advised exercising wisdom and cited the example of the wealthy. According to him, millionaires do not work for "fake" money, such as the US dollar; instead, they invest in "real assets" like rental properties, gold, silver, and bitcoins, providing long-term financial security and freedom.

– Peter Schiff, the President of Euro Pacific Capital and known as the "gold bug" and a staunch critic of Bitcoin, conducted a poll on X (formerly Twitter) about when the crash of the main cryptocurrency would occur. The responses did not please him much, as the majority of respondents (68.1%) believe that the asset should be bought and held. 23% of those surveyed predicted the crash of the coin after the launch of spot Bitcoin ETFs. Only 8.9% voted for the crash to happen before the launch of these exchange-traded funds. Despite the results, Schiff was not deterred, and in his comments, as usual, he took an extremely negative position. "Based on the results obtained," the financier wrote, "I assume that Bitcoin will fall before the ETF launch. Therefore, people who bought into the rumours will not receive any real profit."

– In contrast to Peter Schiff, analysts from Bernstein predict that if spot Bitcoin ETFs are approved, the asset's price will reach $150,000 by 2025. Meanwhile, their colleagues from LookIntoBitcoin recommend taking profits when the coin appreciates to at least $110,000. To determine the peak height to which BTC will rise, LookIntoBitcoin specialists calculated the so-called Terminal Price of the coin. It is calculated considering various factors, including the time between BTC mining and spending, as well as the amount of coins in circulation. The calculations showed that bitcoin will reach the Terminal Price during the next bull run, expected to end in late 2025. After that, a dump will begin, and the BTC price, as usual, will rapidly decline.

– According to ARK Invest CEO Cathy Wood, in the next seven years, the total value of crypto assets could reach $25 trillion, driven by industry development and widespread adoption. She made this forecast while commenting on applications for exchange-traded BTC-ETFs. According to her, traditional markets demonstrate a "flight to quality," as Larry Fink, the head of BlackRock, stated, or a "flight to safety," as stated in ARK Invest. This happens because "Bitcoin does not carry counterparty risk." "Look at what happened during the regional banking crisis. Bitcoin rose from $19,000 to almost $30,000 because the KRE, the regional bank index, collapsed. If you look at this stock index today, it has again dropped to the level it was in March," she added. Wood is confident in the success of the flagship cryptocurrency because "most people understand that bitcoin is a monetary revolution. It is the first global, private, digitally based, rule-based monetary system in history." It's worth noting that Cathy Wood is not alone in her super-optimistic forecasts: Galaxy Digital CEO Mike Novogratz believes that within five years, digital gold will rise to $500,000.

– According to Tether CEO Paolo Ardoino, local businesses in Argentina are massively transitioning to payments in bitcoins and USDT. Argentinians and tourists can now even buy products with the USDT stablecoin at the Central Market in Buenos Aires: one of the largest fruit and vegetable suppliers in Latin America. The adoption of cryptocurrency in the country is thriving due to hyperinflation and the devaluation of the paper peso. The inflation rate here rose to 108.8% (YoY) in April, remaining the highest since 1991. Six months ago, the Central Bank of Argentina raised the interest rate to 97%, but this stringent step turned out to be insufficient to curb price growth.

– Bitfinex exchange analysts warn that the price of Bitcoin has reached a local maximum and may correct soon. Currently, according to their report, the average short-term holder realized price (STH RP) of BTC is $30,380, and the difference between this figure and the current asset price is the highest since April 2022. Historically, this indicates that the coin's price has reached a local maximum and may correct to the STH RP level, i.e., drop to the range of $30,000–$31,000. Analyst Doctor Profit also expects a correction, believing that the next correction following positive dynamics will bring BTC back to around $34,000. "The market is overheated right now. Correction is a matter of time," he wrote on his microblog.

– Trader, analyst, and founder of the venture company Eight, Michael Van De Poppe, analysed the current price of Ethereum. In his opinion, overcoming the altcoin resistance at $2,150 will signify the end of the bear market and push the cryptocurrency above the $3,000 threshold, where it may stabilize in the range of $3,100-$3,600. (It's worth noting that the price of Ethereum is above the 200-day SMA, and the coin showed 22 green days in the previous month).

– Matrixport analysts believe that a confident breakthrough above $36,000 will propel the price of the first cryptocurrency to the $40,000 resistance. After that, it will open the way to the $45,000 height, which can be reached by the end of 2023. "Given the steady growth in the number of buyers during US trading hours, we can expect price increases by the end of the month (and year). The Santa Claus rally could start at any moment," the specialists emphasized. As for 2024, Matrixport named six possible drivers that will contribute to positive dynamics: 1) SEC approval of Bitcoin ETF with trading beginning in February-March 2024; 2) IPO of Circle, the issuer of USDC; 3) court approval to restart FTX exchange in December 2023, with actual resumption of work in May-June; 4) bitcoin halving; 5) implementation of EIP-4844 following the Dencun hard fork in the Ethereum blockchain in the first quarter of 2024; 6) possible start of the easing of the US Federal Reserve's monetary policy by mid-2024.

– Many participants in the crypto community supported Matrixport's positive forecast. Analyst CrediBULL Crypto believes that BTC will soon realize an impulse that will send the coin to $40,000. Trader CryptoCon also joined the optimists. According to his calculations, BTC has a "cushion" up to $47,000. The level, as he believes, can be reached in the summer of 2024, after which a correction to around $31,000 is possible. CryptoCon is confident that the active growth phase, against the backdrop of the halving, will occur at the end of 2024 – the beginning of 2025.

Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

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