Fun

News Feed - 2023-09-06 09:09:40

Tom Mitchelhill8 hours agoCrypto market ‘dramatically underestimates’ bullishness of spot Bitcoin ETFs“It’s reckless not to aggressively accumulate BTC at current levels,” K33 senior analyst Velte Lund says in a new report.6285 Total views64 Total sharesListen to article 0:00NewsJoin us on social networksThe potential of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval to drive prices up is dramatically underestimated by the crypto market, claim analysts from crypto research firm K33 — formerly Arcane Research. 


In a Sept. 5 market report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the last three months had greatly improved the chances of a spot Bitcoin ETF approval but that sentiment had not been reflected in the price of Bitcoin or other mainstay crypto assets.


The analysts explained while Bitcoin had all but given up its gains in the wake of Grayscale’s legal victory overthe Securities and Exchange Commission, an approval would “attract enormous inflows” and significantly increase buying pressure for Bitcoin.Bitcoin returned its gains in the wake of Grayscale"s victory. Source: K33 Research


However, the downside of a potential spot ETF rejection would be “negligible” and Bitcoin prices would simply maintain business as usual, they wrote.


Lunde and Helseth added that given the increased likelihood of spot ETF approvals — with several Bloomberg analysts now predicting a 75% chance of approval within the year — the market"s outlook on ETFs is fundamentally incorrect.“I firmly believe the market is wrong. This is, by all accounts, a buyer’s market, and it’s reckless not to aggressively accumulate BTC at current levels.”


Bolstering their bullish prediction, the analysts looked to the recent 2% gain in the tech-heavy Nasdaq-100 index, often viewed as an indicator of the broader market"s risk appetite.ETH set to outperform BTC


Additionally, Lunde and Helserth shared their optimism for the price of Ether (ETH), explaining that ETH appears likely to outperform Bitcoin over the next two months as it will benefit from strong momentum ahead of a futures-based ETF listing.


Related:BTC bull market began in March, more will realize in a year — Arthur Hayes


They explained Ether may track a similar path to Bitcoin which gained roughly 60% in the weeks leading up to the launch of the first Bitcoin futures-based ETF on Oct. 19, 2021.


The verdict on a futures-based Ether ETF is slated to be handed down in mid-October, which is reportedly set to get the green light from the SEC.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in# Bitcoin# Cryptocurrencies# SEC# ETF# AdoptionAdd reactionAdd reactionRead moreWhat is profit and loss (PnL) and how to calculate itMaking real-world blockchain solutions possible — Solana co-founder Raj GokalHow to handle crypto trading gains and losses on your balance sheet

News Feed

William Suberg11 hours agoBitcoin still beating US dollar versus ‘eggflation’ — Fed dataBitcoin is an unlikely choice for egg purchasing, but the amount needed per dozen speaks for itself.2406 Total views13 Total
Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says
Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says The first digital financial assets based on Russian blockchains may be issued as early as this year, a h
Lukashenko Urges Belarusians to Mine Cryptocurrency Rather Than Pick Strawberries Abroad
Lukashenko Urges Belarusians to Mine Cryptocurrency Rather Than Pick Strawberries Abroad President Alexander Lukashenko has advised workers to stay in their home
XRP Token Plunges Nearly 40% Following the Announcement of SEC Charges Against Ripple
XRP Token Plunges Nearly 40% Following the Announcement of SEC Charges Against Ripple Ripple’s XRP has lost almost 40% of its value after the token price d
Jesse Coghlan9 hours agoInferno Drainer says it’s shutting down after helping steal $70M in crypto“We hope you can remember us as the best drainer that has ever existed,” wrote the scam-as-a-service wallet drainer.
Crypto community triumphs: Token2049 attendees brave Dubai storms
Ezra Reguerra10 hours agoCrypto community triumphs: Token2049 attendees brave Dubai stormsAva Labs founder Emin Gün Sirer said that while there were challenges, it was “worth it” because of the energy the crypto com
Bitcoin Market Leverage and Coinbase Premium: What Recent Data Reveals
Este artículo también está disponible en español. As Bitcoin currently faces a downturn and now seeing a recovery suggesting a preparation for its next bull run, market p
Bank of Japan’s Kuroda Shocks Markets by Raising the Benchmark Rate to 0.5% From 0.25%
Bank of Japan"s Kuroda Shocks Markets by Raising the Benchmark Rate to 0.5% From 0.25% The Japanese yen is up 3.42% against the U.S. dollar on Tuesday as the Bank of Japan surprise
Chinese ministry posts warning about fake digital yuan app
Derek Andersen2 hours agoChinese ministry posts warning about fake digital yuan appThe app differs from the official version in subtle ways and steals users’ money and sensitive information.1895 Total views39 Total sha
Arijit Sarkar11 hours agoOnyx Protocol exploiter begins siphoning $2.1M loot on Tornado CashThe bug the Onyx Protocol hacker exploited to steal $2.1 million was previously used by a hacker to extort $7 million from Hundr
Ana Paula Pereira6 hours agoBinance considers legal action against Checkout​.com as partnership endsBinance Connect was shut down on Aug. 16 after Checkout.com discontinued supporting the crypto exchange.1428 Total vie
Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks
Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks One of the largest rating agencies in the U.S., Fitch Ratings, has downgraded El Salvador’s