Bitcoin (BTC), the world’s most dominant cryptocurrency, pared losses to trade at $29,844.20 a coin as the global cryptocurrency market recorded a surge of 4.87% over the last 24 hours.
The asset recorded gains of 0.57% in the last 24 hours but dropped 9.26% in the last seven days. The live market capitalisation of the asset is pegged at $564,744,032,506 USD, while the 24-hour trading volume of the coin stands at $31,166,243,069 USD.
While the global crypto market is recovering from the bearish trend that gripped LUNA Coin and other assets last week, only a few top cryptocurrencies have shown signs of recovery.
Bitcoin, which is one of the top-performing cryptocurrencies, hit a 24-hour low of $29,412.58 and a 24-hour high of $31,308.19.
However, the fundamentals show that some investors are holding on to their BTC. One of them is value investor, Bill Miller, who is still bullish about Bitcoin despite recent price declines.
The founder of Miller Value Partners told CNBC that he still owns lots of Bitcoin amid market volatility, noting that he is confident about the prospects of the asset.
Meanwhile, President Nayib Bukele of El Salvador has announced that a meeting of 44 countries to discuss Bitcoin and financial inclusion will hold on Tuesday, May 17.
Bitcoin’s popularity soared after El Salvador’s adopted the coin as legal tender. The meeting is expected to highlight the benefits of using Bitcoin.
”Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout, and its benefits in our country,’’ Nayib Bukele said.
However, despite the popularity enjoyed by Bitcoin, the network has come under criticism over its proof-of-work (PoW) consensus algorithm which is energy-consuming.
The PoW consensus algorithm, which validates Bitcoin transactions, relies on computers run non-stop to verify transactions and create new blocks for the network, a process known as mining. Over the years the number of computers doing this work has also steadily risen, leading to huge energy consumption.
Sam Bankman-Fried, the CEO of the fast-growing crypto exchange FTX, recently highlighted this concern when he stated that Bitcoin is not a suitable payments network.
To be clear I also said that it _does_ have potential as a store of value. The BTC network can’t sustain thousands/millions of TPS, although BTC can be xfered on lightning/L2s/etc,” he told he told the Financial Times via a tweet.
Bitcoin Breaks $40,000 Price Levels Amidst Optimism and Regulatory Developments
Bitcoin on Monday broke $40,000 resistance levels following a 2.9% surge in price to $40,867 per coin.
The world’s largest digital currency has now appreciated by 146% in 2023 as more institutional investors continue to increase their investments in the unregulated cryptocurrency space.
Investors are exhibiting growing confidence in the Federal Reserve’s apparent conclusion of rate hikes amid a cooling inflation backdrop.
This shift in sentiment has redirected attention to the anticipated extent of rate cuts in the coming year, prompting a rally across global markets.
The cryptocurrency industry is currently in anticipation as regulatory decisions, particularly regarding applications for the first US spot Bitcoin exchange-traded funds (ETFs), hang in the balance.
Bloomberg Intelligence anticipates the approval of a batch of these ETFs by the Securities & Exchange Commission (SEC) by January.
“Bitcoin continues to be supported by optimism around SEC approval for an ETF and Fed rate cuts in 2024,” noted Tony Sycamore, a market analyst at IG Australia Pty.
Technical analysis points to $42,330 as the next significant level to monitor in Bitcoin’s upward trajectory.
Despite recent crackdowns in the industry, including legal actions against figures like Sam Bankman-Fried and Binance, Bitcoin has proven resilient.
Optimists argue that these regulatory measures, alongside the potential approval of ETFs, signify the maturation of the crypto industry and the prospect of a broader investor base.
According to Su Yen Chia, co-founder of the Asia Crypto Alliance, recent enforcement actions “have instilled confidence among investors,” noting that Bitcoin is aligning with momentum in traditional finance as expectations of Fed rate hikes fade.
MicroStrategy Chairman Michael Saylor Bolsters Bitcoin Bet with $593.3 Million Purchase
Michael Saylor, chairman and co-founder of MicroStrategy Inc., has intensified his commitment to Bitcoin with a substantial investment of $593.3 million, expanding the enterprise-software company’s cryptocurrency holdings.
In a filing on Thursday, MicroStrategy revealed the acquisition of 16,130 Bitcoins in November, elevating its total holdings to approximately $6.5 billion.
This move represents Saylor’s most significant purchase since the acquisition of 19,452 Bitcoins for just over $1 billion in February 2021.
Saylor initiated MicroStrategy’s Bitcoin investments in 2020 and has accelerated these efforts throughout 2023, aligning the company with the cryptocurrency’s resurgence after a challenging period marked by rising interest rates and notable crypto-related incidents.
Stepping down from the CEO position a year ago, Saylor emphasized his focus on advancing MicroStrategy’s dual strategy with a primary emphasis on Bitcoin.
MicroStrategy’s stock has witnessed a remarkable 250% surge this year, surpassing Bitcoin’s 125% rally.
The optimism stems from the anticipation of potential approval for a Bitcoin exchange-traded fund (ETF) in the United States.
Contrary to concerns that an ETF approval might diminish demand for MicroStrategy’s stock, analysts like Matthew J. Maley, Chief Market Strategist at Miller Tabak + Co., suggest that an ETF could enhance interest in the asset class without significant cannibalization.
In conjunction with its Bitcoin investment, MicroStrategy entered into an agreement with Cowen and Company, Canaccord Genuity, and BTIG to offer up to $750 million of common stock.
The initial announcement of this stock offering in August outlined intentions to utilize the proceeds for Bitcoin purchases, working capital, and debt repurchases.
Bitcoin Surpasses $30,000 Price Level Amidst Bullish Sentiment for Potential ETF Approval
Bitcoin (BTC) crossed the $30,000 threshold during Friday morning hours, extending its weekly gains by over 11%.
This rally in Bitcoin’s price is largely attributed to growing optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
Multiple ETF providers have made amendments to their filings in the past week, putting pressure on the U.S. Securities and Exchange Commission (SEC) to reconsider its stance on Bitcoin ETF approval.
Calls for a softer approach have gained momentum, with four members of the House Financial Services Committee urging the SEC to listen to the courts and cease its efforts to obstruct Bitcoin ETFs.
The possibility of Grayscale Bitcoin Trust (GBTC) transforming into an ETF has stirred excitement among traders. As one of the largest institutional holders of Bitcoin, GBTC’s conversion could pave the way for other asset managers, including BlackRock, Fidelity, and WisdomTree, which have also applied for spot Bitcoin ETFs.
Traders believe that a favorable ruling for Grayscale could significantly boost market sentiment and set the stage for broader market growth.
Lucy Hu, a senior trader at Metalpha, highlighted the impact of ETF approval and the upcoming Bitcoin halving event in April, stating that these factors could ignite a robust bull market.
With optimism on the rise, Bitcoin’s journey beyond $30,000 has captured the attention of both investors and cryptocurrency enthusiasts, as they eagerly await the potential approval of a U.S. Bitcoin ETF.
Federal Government to Earn Over $500 Million in INTELS Deal
Nigeria Eyes Oil Production Surpassing OPEC Quota Amidst Positive Projections and Global Collaborations
Oil Prices Face Downward Pressure Amid OPEC+ Uncertainty and Middle East Tensions
Finance4 weeks ago
Black Market Exchange Rate Today 6th November 2023
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News3 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
News4 weeks ago
N-Power Batch C1 Programme Successfully Concluded, Investigation Ensures Eligible Beneficiaries Receive Payments
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023