Fun

News Feed - 2023-10-24 06:10:47

Ray Salmond2 hours agoBitcoin price trades near key $31.7K pivot point — Can BTC bulls keep up the volume?Bitcoin started the week with a bang, but the real question is, what is driving the move and is it sustainable?3737 Total views8 Total sharesListen to article 0:00Market AnalysisJoin us on social networksBitcoin (BTC) price pushed above the $31,000 mark on Oct. 23, notching a near 4-month high last seen when BTC price traded at $31,800. 


The fresh upside push comes as analysts and investors express their excitement over new developments which could point to the impending launch of a spot Bitcoin ETF.So two things caught my eye from the latest iShares (Blackrock) S-1 amendment:

- They"ve obtained a CUSIP in prep for a launch

- They may be looking to seed with cash this month (which is earlier than I would"ve thought, but may be nothing) pic.twitter.com/lMDaKxiIbB— Scott Johnsson (@SGJohnsson) October 23, 2023


Referring to Johnsson’s post, Bloomberg Senior ETF analyst Eric Balchunas cautioned his followers to not get overly excited, and explained that the amended iShares (Blackrock) S-1 document shows BlackRock could be preparing to seed their ETF and that “disclosing it shows another step in the process of launching.”


Balchunas clarified the process, saying:“Background: Seeding an ETF is when initial funding is provided (typically) by a bank or broker dealer used to purchase a few creation units (in this case bitcoin) in exchange for ETF shares which can be traded in open market on Day One.”


Related:Bitcoin ETF to trigger massive demand from institutions, EY saysBitcoin spot volumes and institutional investor activity make waves


From the vantage point of market analysis, Bitcoin’s swift move through the $30,000 zone appears driven by spot volume.BTC/USDT 1-hour chart. Source: Velo


Data from CoinMetrics also shows an uptick in weekly crypto asset inflows by institutional investors into digital asset investment products.Weekly crypto asset flows. Source: CoinShares


CoinShares analyst David Butterfill said,“Digital asset investment products saw inflows for the 4th consecutive week totalling US$66m, bringing the last 4 week run of inflows to US$179m. Following recent price appreciation, total Assets under Management (AuM) have risen by 15% since their lows in early September, now totalling nearly US$33bn, the highest point since mid-August.”


Volumes forCME futures also doubled, a reflection that spot and futures traders have fresh bullish sentiment about Bitcoin’s recent price action.Bitcoin futures volume and open interest. Source: CME GroupBitcoin futures volume and open interest. Source: CME Group


The uptick in CME volumes and spot volume, as opposed to a surge in Binance futures open interest suggests that this week’s move could be more than just the standard leverage-loving retail trader attempting to open margin longs and shorts on the recent price move.


From the technical analysis side, Bitcoin’s 20-day moving average has slightly pushed above the 200-day moving average, which is a positive move, but many traders will be waiting for the supposed all-important golden cross where the 50-day moving average moves above the 200-day moving average.BTC/USDT daily chart. Source: TradingView


In terms of Bitcoin’s market structure on the longer timeframe, successive daily closes above the $31,700 level would be notable as daily or weekly higher high candles above this level puts the price above a key pivot point and enters territory not seen since May 2022.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# ETF# Markets# Halving# Bitcoin Halving# Market AnalysisAdd reactionAdd reactionRead moreWhy the 2024 Bitcoin halving may play out differently than in the pastIRS proposes unprecedented data-collection on crypto usersBitcoin price drops its early week gains — Here is why

News Feed

Savannah Fortis30 minutes agoMeta to launch AI chatbots with personalities to retain users: ReportAs the Big Tech giant Meta focuses on retaining its users, it plans to launch several AI-powered chatbots with different p
Nigerian Experts Insist Africa’s First CBDC Is Presently Not for the Unbanked
Nigerian Experts Insist Africa"s First CBDC Is Presently Not for the Unbanked While the Central Bank of Nigeria (CBN) continues to tout the e-naira’s credentials as a tool f
Crypto Exchange Kraken Settles With Treasury Department Over Sanctions Violations
Crypto Exchange Kraken Settles With Treasury Department Over Sanctions Violations Crypto exchange Kraken has settled with the U.S. Department of the Treasury’s Office of Foreign
Coinbase Now Allows Cardano Staking Services, Firm ‘Plans to Continue to Scale Staking Portfolio’
Coinbase Now Allows Cardano Staking Services, Firm "Plans to Continue to Scale Staking Portfolio" On March 23, the cryptocurrency exchange Coinbase announced the platform will now
Microstrategy’s BTC Holdings More Than Double in Value to $2.4 Billion Four Months Later
Microstrategy"s BTC Holdings More Than Double in Value to $2.4 Billion Four Months Later The continuing bitcoin price rally has seen the value of Microstrategy&r
Dvision Network’s Boburjon Muydinov Talks Metaverse, Investing in Digital Real Estate, NFTs and More
Dvision Network’s Boburjon Muydinov Talks Metaverse, Investing in Digital Real Estate, NFTs and More Dvision Network is a blockchain-based metaverse, which powers the robust and
5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums
5% Over Spot: Gold-Backed Tokens Tether Gold and Digix Sell for Higher Premiums Digital asset markets have been gathering some gains during the last few days and tokens like stab
Coinbase faces new lawsuit over alleged investor deception
Amaka Nwaokocha14 hours agoCoinbase faces new lawsuit over alleged investor deceptionThe lawsuit claims that Solana, Polygon, Near, Decentraland, Algorand, Uniswap, Tezos and Stellar Lumens tokens are securities.6781 Tot
Meta Still Struggling for Its Metaverse to Find Its Legs
Meta Still Struggling for Its Metaverse to Find Its Legs Meta, the company formerly known as Facebook, is still struggling for its metaverse app Horizon Worlds to find its intended
Declining ETH Gas Cost Still Higher Than BTC Fees: Supporters Insists ETH 2.0 to End High Fee Woe
Declining ETH Gas Cost Still Higher Than BTC Fees: Supporters Insists ETH 2.0 to End High Fee WoeEthereum network gas fees that averaged $15.13 on September 2 have been declining in
Report: Estonian Prime Minister Calls for Restriction of Cryptocurrencies
Report: Estonian Prime Minister Calls for Restriction of Cryptocurrencies The Prime Minister of Estonia has said cryptocurrencies must be restricted in order to address loopholes t
Redemption and Reshuffling: BUSD’s Exit From Top 10 Cryptocurrencies Shakes Market Valuations
Redemption and Reshuffling: BUSD"s Exit From Top 10 Cryptocurrencies Shakes Market Valuations It has been 21 days since Paxos revealed that it would no longer mint the stablecoin B