‪Spot ETFs Introduce Permanent Institutional Bid for Bitcoin; Here’s What it Means for the Asset

https://zycrypto.com/spot-etfs-introduce-permanent-institutional-bid-for-bitcoin-heres-what-it-means-for-the-asset/

Spot Bitcoin ETFs might have set the stage for the apex cryptocurrency to thrive this year, according to market participants. The new development essentially positions Bitcoin for a highly anticipated long-term rally to send the asset to new price levels. Institutional adoption is expected to become the main driving factor of the asset.

In January, the U.S Securities and Exchange Commission approved 11 Spot Bitcoin ETFs, all of which began trading on Thursday, Jan. 11. Although bullish price predictions had flooded the crypto market before the approval, the SEC only recently issued its approval to a handful of applications.

Following the approval of these applications, Bitcoin recorded a continuous decline in its price value despite analysts insisting that the anticipated bull rally is still underway.

In a remarkable turn of events, Bitcoin bulls seem to be gaining more traction; as a result, the asset returned to the $50,000 price for the first time since December 27, 2021. In response to the new development, analysts highlight a significant change in Bitcoin’s performance, courtesy of the ETF approval.

In a recent post shared to X, formerly Twitter, a pro-Bitcoin trader has amplified expert sentiments, explaining that the next best rally might fail to pull Bitcoin below the $100,000 price level if the asset makes it there.

His reasoning is centred around the fact that institutional investors, most of whom are relying on ETFs to access Bitcoin, will remain connected to the asset. As a result, bear trends may no longer run as long as they previously did.

As the trader explained, 

“The next Bitcoin crash may not even break $100k. The spot ETFs have introduced a permanent institutional bid for BTC. The first 15 years never had this. This means the all future bear drops should not only be much shallower but they are likely to be shorter in duration. We’ve only just begun.”

On-chain data strengthens the trader’s position, as Bitcoin investors reportedly take in gains. Long-term holders have been recording profits since Bitcoin returned above $50,000. 

“Bitcoin investors have been rewarded for their patience and conviction, with BTC prices rallying to multi-year highs above $50k. The volume of supply held at a loss is also thinning quickly, with just 13% falling into this category.” Glassnode reports.

At report time, Bitcoin is trading at a press time price of $51,666, a 1.58% price dip from its daily high. 

$8 Cardano Price Likely In this Bull Cycle, But ADA Could Remain in Consolidated Phase Until April 2024

https://zycrypto.com/8-cardano-price-likely-in-this-bull-cycle-but-ada-could-remain-in-consolidated-phase-until-april-2024/

In their usual fashion, market analysts are making bold price predictions for crypto assets, especially altcoins, at this time. Cardano (ADA) is one such asset poised to make an upward price correction in the long term.

The analyst, Ali Martinez, a prominent market observer and crypto investor, has outlined his observations and expectations for the 8th most-valued digital currency by market cap.

In a recent post shared with X, the analyst highlighted a chart pattern that seemed to be a repeat of a pattern spotted in 2020, when the pandemic triggered a crypto market crash that caused ADA to experience a noticeable price dip.

If ADA imitates this pattern entirely, the asset could remain in a consolidation phase for the next four months, says the analyst.

“Should the patterns align and Cardano mirrors its late 2020 price behaviour, we can anticipate ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally!” — Ali Martinez.

Notably, consolidation happens when a cryptocurrency stagnates and trades between two levels. At this point, the market tends to suggest indecisiveness on where the asset is headed in the long term. When the asset eventually breaks upwards or downwards, it puts an end to the consolidation phase and introduces the beginning of a new trend.

ADA can sustain a bullish momentum if the patterns from 2020 are perfectly consistent with its current pattern and could result in ADA tapping $8 for the first time this year, the analyst added.

For context, ADA is positioned on its way to reclaiming previous support levels over the $0.65 price point as well. Although the asset has had a rather slow recovery over the past month, ADA bulls have remained active. Meanwhile, at press time, ADA is trading for $0.6. Bulls have a long way to go as weekly, daily, hourly, and monthly losses continue to pile up.

Meanwhile, on-chain data sheds light on market sentiments amongst investors and traders. According to on-chain metrics, crypto market caps lack the usual growth traders have been accustomed to since the bull cycle kicked off in October.

This has stirred up a bearish sentiment that has spearheaded crypto discourse this week. Cardano (ADA) and five other assets are all uniformly in a more negative crowd sentiment range than historical averages.

As Santiment further explains,

“This is the first time in over 6 months that this has occurred. When traders become concerned and show FUD across multiple large assets, it is a signal that market caps have a higher likelihood of seeing an impending bounce. Markets historically move in the direction of the crowd’s least expected direction, making a rise catch many short traders off guard.”

‪Stellar Prepares to Launch Protocol 20 This February; Here’s What to Expect Post-Launch

https://zycrypto.com/stellar-prepares-to-launch-protocol-20-this-february-heres-what-to-expect-post-launch/

The Stellar community is preparing for a major network upgrade to introduce Version 20 of the Stellar network protocol. The upgrade is expected to transform the Stellar blockchain by introducing innovative features to the platform. In the long term, the upgrade could trigger an increase in market interest and consequently boost adoption for the Stellar ecosystem.

The upgrade is especially significant for Stellar’s future as it will trigger a switch from Protocol 19 to Protocol 20. Voting for Protocol 20 is scheduled to begin on February 20th.

Protocol 20 will introduce smart contracts to the Stellar Blockchain network, a move that is promising for both the network and the XLM altcoin. Protocol 20 will come with Soroban, a smart contract platform integrated into the Stellar network. Soroban, a wasm-based smart contract platform, is designed to be built-to-scale, batteries-included, and developer-friendly.

It is worth noting that although Soroban works well with Stellar, it does not require the blockchain to function and can be utilized by other blockchains and permissions ledgers.

On the 20th of February, validators will cast their votes, and once approved, Stellar will make the shift from Protocol 19 to Protocol 20.

Validators will go on to deploy a phased approach to slowly and effectively increase capacity for Soroban transactions. This will allow Soroban to monitor the impact of smart contract functionality on the network.

Here’s what to expect after Protocol 20 goes live 

The aftermath of the upgrade is promising for the Stellar ecosystem as adoption of smart contact has continued to increase. According to market data, the smart contracts market size accounted for $187 million in 2022 and is “projected to achieve a market size of USD 1,417 Million by 2032, growing at a CAGR of 22.8% from 2023 to 2032.”

As the adoption of smart contract technology continues to grow, blockchain-running smart contracts could benefit from the technology’s features, such as efficiency, security, and immutability. Adoption for Stellar could also trickle down to the price value of its native token XLM.

Market experts are also convinced that smart contracts will bridge the gap between the Crypto/Blockchain industry and other existing traditional industries.

Key players expect smart contracts to become a standard part of the finance, healthcare, legal, and supply chain management industry. This form of mainstream adoption could favour smart contract blockchains like Stellar by solidifying their position in the real world.

Watch out for Cardano, Solana, and Ether Bulls as Altcoins Reclaim Dominance

https://zycrypto.com/watch-out-for-cardano-solana-and-ether-bulls-as-altcoins-reclaim-dominance/

Altcoin bulls are not slowing down as they collectively attempt to make an upward correction. While some are on the verge of making a U-turn from the red zone, a handful of altcoins are already in the green zone.

According to a recent observation from Santiment, a leading on-chain analytics platform, two altcoins have already succeeded in making a bullish turnaround.

It was also observed that four other altcoins were flashing a bullish signal.

Cardano (ADA) and Solana (SOL) are the two altcoins securing massive gains. ADA bulls successfully pushed the asset above the $0.5 price level. During the time of this report, ADA is trading for $0.52. While hourly losses are piling in, trading volume has surged by 44% over the last 24 hours.

On the other hand, Solana (SOL) is impressively closing in on the $110 price mark. Trading volume and market cap are up by 38% and 7%, respectively, over the last 24 hours.

Recall that SOL hit an all-time high of $260.06 in November 2021. SOL now trades at a press time price of $101.45. Over the last 30 days, SOL has secured gains of more than 73%.

It is worth noting that SOL’s year-to-date value has surpassed that of Bitcoin and every other asset within the top 20 category. Should the asset close above the $150 price mark, the quarter could see SOL retest its previous ATH.

Solana Mimicking Ether’s 2020 Bullish Patterns, Suggesting $940 SOL Price is Possible

https://zycrypto.com/solana-mimicking-ethers-2020-bullish-patterns-suggesting-940-sol-price-is-possible/

Solana (SOL) appears to be imitating Ether’s footsteps from 4 years ago, suggesting that the altcoin could be preparing to kickstart a long-term bull rally.

The cryptocurrency market currently has key players detailing their position on the Bitcoin market and a handful of other altcoins. While Bitcoin proponents anticipate much-needed stability in the asset’s price, altcoin supporters are looking for a bullish takeover. 

Notably, many leading altcoins are attempting to make an upward correction after last weekend’s volatility. As a result, analysts are making some noteworthy observations. Pseudonymous trader Jelle is one such analyst who is spotlighting a bullish pattern that seems to be unfolding with SOL.

Per his observations, SOL, the 5th largest altcoin by market cap, mirrored Ether’s movement in 2020. It bears mentioning that ETH saw its price soar by 900% as prices moved from $350 to $3,500 in a few months.

If SOL mimics the same pattern, a 900% upsurge will take the asset from its current price to $940. This will not only replace SOL’s previous all-time high of $260.06, but it could also trigger SOL to dethrone other notable rival altcoins.

SOL trades in the green zone at report time, like many other altcoins. The asset is particularly facing pressure from the bulls after news broke that Solana had shut down temporarily and halted transaction processing. While market cap value tumbled, trading volume is up by 6%, and SOL is currently trading at $101.

The technical charts reveal that SOL has broken out from a descending Patel channel. Although this is bullish, the asset has yet to cross the horizontal resistance successfully.

With top indicators depicting mixed signals, it is uncertain where SOL is heading in the near term. However, a breakout above $120 could be attained if buying pressure maintains an upward motion in the coming days.

Dan Gambardello, another renowned analyst, is just as bullish on the altcoin. Sharing his bullish perspective with his followers on X, Gambardello hints at a potential bull run from which he hopes to benefit.

I have zero negativity against Solana. I’m always rooting for SOL holders, and I’m sure I’ll be hopping into some plays over there during the bull run.” He wrote, adding that some notable products are currently being built on the Solana network.” He wrote.

‪GoDaddy taps Ethereum Name Services to Enable Users to Connect Domain and ENS Names

https://zycrypto.com/godaddy-taps-ethereum-name-services-to-enable-users-to-connect-domain-and-ens-names/

GoDaddy, a leading hosting and domain company, has partnered with Ethereum Name Services, a domain naming system built on the Ethereum blockchain to aid ENS users in creating flexible domain and ENS names. 

In a recent post shared to X, formerly known as Twitter, ENS announced to its 258,000 followers that the partnership will allow millions of GoDaddy customers to utilize their DNS domains in the ENS ecosystem.

In an official blogpost, ENS spotlighted the significance of the collaboration between both platforms by outlining how it denotes the power of Web3.

“As the world’s largest domain registrar, GoDaddy constantly seeks innovative ways to enhance its services. Today that means bringing the power of web3 to their millions of customers, and we’re thrilled to be a part of it.” The blog post read.

To ensure users have a streamlined experience, GoDaddy added a new section within its domain management interface known as the Crypto Wallet. Under this section, users can easily associate an existing Ethereum address with their domain names.

In the long run, this will allow GoDaddy customers to integrate seamlessly with hundreds of applications across the web3 ecosystem. With no extra cost or technical expertise, this process is made simple and user-friendly for the average customer. 

After configuration, Ethereum addresses can be substituted for the domain names in a wide range of web3 applications. They include wallets, Non-fungible token marketplaces, and block explorers.

Notably, the Ethereum Name Service has always been complementary to existing internet infrastructure. However, importing DNS names into ENS historically came with hefty transaction fees.

On the 29th of January, ENS launched Gasless DNSSEC with ENS DAO’s approval of EP5.1. The feature allows DNA domains to be used in ENS without incurring transaction fees. It bears mentioning that GoDaddy is the first registrar to integrate this new feature.

With Gasless DNSSEC, GoDaddy users can also easily associate an Ethereum address with their DNS domain name, allowing seamless integration with all applications that effectively support ENS.

ENS further remarks that for its platform to succeed, it has to integrate with existing infrastructure, and the partnership between both platforms aims to be a step in that direction.

v“This partnership between GoDaddy and ENS marks a significant milestone in the domain name industry and we’re excited to continue pushing forward.” The blog post added.

Growth Potential for Bitcoin Heightens; 35% of Dominance Held by Short-Term Players

https://zycrypto.com/growth-potential-for-bitcoin-heightens-35-of-dominance-held-by-short-term-players/

The second month of the year has kicked off decently for the cryptocurrency market, with Bitcoin, the most valued cryptocurrency by market cap, maintaining stability above the $40,000 price.

However, whether or not Bitcoin is poised to continue sustaining this momentum depends on a handful of technical and on-chain factors. From an on-chain standpoint, Cryptoquant, an on-chain analytical platform, is spotlighting the movement of short and long-term holders and how it outlines the possibility of a price rally.

Two important metrics in the Bitcoin market that are required to understand the current state of the market include Realized Dominance and Realized Cap.

Realized dominance, calculated using Realized Cap, is significant economic data used to distinguish the wealth held by short-term players and long-term holders. Historically, the data has proven to be highly practical for identifying market entry points at risky times. It can also be used to spot ideal conditions for understanding price bottoms in the long term.

Using this data, Cryptoquant found that dominance or cap rival held by short-term holders is currently at 35%. It bears mentioning that a 5% to 10% drop from the current percentage typically hints that Bitcoin’s price has bottomed.

As the on-chain analytical platform explained,

“Typically, during bearish market periods, price bottoms in Bitcoin have occurred when the share of short-term holders in Bitcoin holdings reached 20-25%. Potential market tops have been observed when the capital held by short-term holders peaked at 70-80%, considering this concept.”

While near-term price fluctuations cannot be calculated using the metrics, in the long term, Bitcoin still has a strong growth potential.

On the other hand, public sentiment is working in Bitcoin’s favour. According to a recent report shared by Santiment, the high ratio of crowd discussion towards Bitcoin, which is typically a sign of fear, seems to be beneficial for Bitcoin at this time.

“Historically, a high ratio of crowd discussions toward Bitcoin is a sign of fear. However, since mid-2023, the euphoria & optimism surrounding the ETFs has flipped high BTC discussions into a greed indicator due to (arguably) unrealistic expectations for markets.” The report reads. 

At report time, Bitcoin’s market cap and trading volume are trading downwards. Despite managing to stay above $40,000, the apex cryptocurrency has yet to clear out weekly and monthly losses. 

With increased selling pressure from the bears, Bitcoin bulls must regain the upper hand to sustain its press time price of $42,910.

‪February Could Become A Strong Month For Bitcoin, Analyst Explains Why

https://zycrypto.com/february-could-become-a-strong-month-for-bitcoin-analyst-explains-why/

Bitcoin might not have met the market’s expectations in January, but market experts are convinced that February will be much more promising for the apex cryptocurrency.

Bitcoin’s performance in the previous year was underwhelming, according to some market observers. The asset failed to sustain momentum from 2022 as a long-term bear trend kept Bitcoin stagnant for most of the year.

Bitcoin entered 2023 trading at $16,547 and remained within the $20,000 price level for the first half of the year. As sentiments became even more bullish towards the end of the year, as the market anticipated the approval of a Spot-based Bitcoin ETF, Bitcoin recorded a massive upswing in value and closed the year for $42,265.

Following the recent approval of 11 spot-based Bitcoin ETFs, the market has taken a downturn as GBTC outflows have triggered massive volatility. Although key figures predicted a price pump in Bitcoin’s value, the asset is yet to live up to expectations.

However, one analyst has his eyes peeled for February. Per his observations, Bitcoin has continued to double its gains since September of 2023. The new month could see Bitcoin regain momentum if Bitcoin continues in this direction.

Looks like Bitcoin continues the pattern we’ve been monitoring since September. 4 months in the green, one in the red. If history keeps repeating, February should be strong.” The analyst wrote.

Similarly, another prominent technical and on-chain analyst, Ali Chart, predicts that Bitcoin could trade within a bearish area for the next two years if it imitates previous bull runs.

If Bitcoin mirrors past bull runs (2015-2018 & 2018-2022) from their respective market bottoms, projections suggest the next market peak could land around October 2025. This implies BTC still has 600 days of bullish momentum ahead!” He asserted.

Notably, Bitcoin surged past the $42,000 price mark yesterday, while altcoins stayed within the red zone. The S&P 500 also recorded a new all-time high the day before, and as Santiment noted, the bullish argument for crypto is that Bitcoin and other leading assets might “regress to the mean’ and play catch-up with the equities market.”

At report time, Bitcoin is trading at a press time price of $41,781. Trading volume is currently down by more than 34% as selling pressure increases.

Mike Novogratz: A $25 Billion GBTC Outflow Will Not Crash Bitcoin’s Price

https://zycrypto.com/mike-novogratz-a-25-billion-gbtc-outflow-will-not-crash-bitcoins-price/

As Bitcoin’s price continues to fluctuate, market players are laying out their observations for the apex cryptocurrency. In the near term, some key players expect Bitcoin’s price to continue in a downward trajectory, while others are certain that the big bull will make a recovery in the near term.

Mike Novogratz, the CEO of Galaxy Digital, is one such player who is convinced that Bitcoin will experience stability in the long-term. Novogratz’s statement comes in response to Chris Terry, an analyst who predicted that Bitcoin bulls will continue to have the upper hand as GBTC outflows increase. 

Looks like BTC price will continue flat/down until GBTC is liquidated, $25B of selling over the next few weeks. Grayscale’s decision to keep ETF fees at 1.5% will go down as the biggest strategic error in crypto history.” The analyst tweeted. 

It bears mentioning that Bitcoin’s price has taken a downturn since the launch of Graysacle’s Bitcoin Spot ETF, which was initially filed as Grayscale Bitcoin Trust (GBTC). 

According to reports, Grayscale’s GBTC has recrossed $1.5 billion in outflows since the approval of the Grayscale ETF. An analyst at JP Morgan predicts that “an additional $5 billion-$10 billion, could exit GBTC if it loses its liquidity advantage.” 

The outflow of funds has impacted market sentiments, which has further resulted in a decrease in Bitcoin’s price value, and pulled the asset below its previous high of $41,169.

Meanwhile, Novogratz, who is convinced that the ongoing events will not sway the price of Bitcoin, explains that the road ahead for market players pulling out will be even tougher. In the second half of the year, Bitcoin’s price will skyrocket beyond its current levels, he added. 

As his post reads;

I disagree with this.  While I think people will sell GBTC,  I think most will switch into other ETFs – BTCO being my favorite! Let’s not miss the forest through the trees. It’s now gonna be far easier for boomers to buy corn. And you can get 4×5 times leverage on this BTC exposure. This indigestion will end and BTC will be higher in 6 months.”

At report time, Bitcoin’s price is fluctuating between the $39,000 and $40,000 price levels. Although trading volume has surged by more than 84% over the last 25 hours, the asset is yet to clear off hourly and weekly losses.

Bitcoin Proponent Samson Mow On Why Bitcoin at $1 Million Still at Play

https://zycrypto.com/bitcoin-proponent-samson-mow-on-why-bitcoin-at-1-million-still-at-play/

Samson Mow, the CEO and Co-Founder of Jan3, a revolutionary blockchain tech company, is convinced that Bitcoin is on its way to tapping $1 million in price value.

Mow, who also describes himself as a Bitcoin bonds “architect,” maintains that Balaji S. Srinivasan, a popular Bitcoin supporter who predicted that Bitcoin would hit the same price point, is spot on with his forecast.

However, he seems to disagree with Srinivasan on the length of time it would take for Bitcoin bulls to gain enough momentum to bring this price prediction to reality. 

“Balaji wasn’t wrong about Bitcoin going to $1M, but he was wrong on the timing and the catalyst. My $1M call is based on a massive rapid influx of institutional capital while Bitcoin available for sale is at historical lows, compounded by the halving.” He wrote in a recent post shared to X, formerly Twitter. 

Pro-Bitcoiners have historically remained loyal to Bitcoin’s potential, as such, price predictions from these figures are usually as bullish as they come. While some market players choose to play it safe and make modest predictions, Bitcoin supporters are often seen making bold long-term forecasts. 

Balaji S. Srinivasan, an Indian-American entrepreneur, investor, and former chief technology officer at Coinbase

is one such example. Back in March, Srinivasan made a $1 million bet on Bitcoin tapping $1 million within a 90-day time frame due to the rising inflation in the United States. 

He made a bet of 1 BTC and $1 million in the USD Coin (USDC) with James Medlock, who initially tweeted that he’d bet anyone $1 million that the US wouldn’t enter hyperinflation. Should Bitcoin’s price fail to tap $1 million on the 17th of June, Medlock would win the bet. Months later, Srinivasan lost the bet as Bitcoin failed to meet expectations. 

Insisting that Bitcoin will take a different pathway from its current position to $1 million, Mow wrote the following;

“His [Balaji S. Srinivasan] $1M prediction was predicated on money printing and banks failing. Those two things could potentially be a driver for a rapid run to $1M but not likely. The money printing already happened and then dried up. It will take a few more years for the market to adjust accordingly.”

Should traditional banks fail, pro-bankers will find a safer bank as they are yet to realize that banks are not as safe as Bitcoin, which is their only option, he concluded.

Charles Hoskinson Accuses SEC Of Favoritism for Bitcoin and Ether as Cardano, Other Cryptos Face Fire

https://zycrypto.com/charles-hoskinson-accuses-sec-of-favoritism-for-bitcoin-and-ether-as-cardano-other-cryptos-face-fire/

Charles Hoskinson, the founder of Cardano, has made bold accusations against the U.S. Securities and Exchange Commission (SEC), alleging favouritism towards Bitcoin and Ethereum.

Speaking during a surprise Ask Me Anything (AMA) session on Monday, Hoskinson expressed frustration over what he perceives as a lack of clear regulations and inconsistent enforcement by the SEC, particularly in regulating cryptocurrencies. The crypto mogul highlighted the challenges faced by crypto platforms like Coinbase, which initially received SEC approval to go public, only to face regulatory scrutiny later. He claimed that the lack of clarity from the SEC creates a situation where companies are left in legal limbo, unsure of how to comply with regulations.

“There’s nothing to talk about, nothing at all. I see all these people say, ‘Can you go and prove you’re not a security?’ Guys, everything is a security right now, according to the SEC.” Hoskinson argued, emphasizing that SEC’s overly broad approach to defining securities is potentially harmful to the industry.

He further criticized the SEC’s reliance on policy through enforcement rather than legislative action. Hoskinson emphasized the need for clear rules and regulations from the legislative branch, pointing out that the existing laws were written decades ago and may not adequately address the complexities of the rapidly evolving cryptocurrency space.

The Cardano founder asserted that the SEC’s failure to provide clear guidelines has led to a situation where cryptocurrencies, such as Cardano, are unfairly treated. Expressing annoyance at the SEC’s classification of decentralized assets, he demanded a clear distinction between Bitcoin, Ethereum, and Cardano, arguing that “team orange” being given “a complete pass” was a “pathetic joke.”

“These are open protocols but then they come in and say [Cardano] is a security. Okay, well, what the hell does that mean if it’s decentralized. Explain to me the difference between Bitcoin and Ethereum and Cardano and the rest of the gang…show me the difference between the two tell me is there an expectation of return…,” he argued.

Hoskinson went on to criticize the SEC’s handling of the industry, suggesting that the courts might eventually resolve the disputes, but the lengthy legal process allows the SEC to continue its actions until legislative intervention occurs.

He concluded by calling for congressional action to address the regulatory uncertainties. He argued that the crypto industry’s existence is rooted in a collective effort to re-establish the social contract, expressing dissatisfaction with unelected and unaccountable authorities such as the SEC.

Market Records 7 Ethereum Spot ETF Filings From Institutional Players

https://zycrypto.com/market-records-7-ethereum-spot-etf-filings-from-institutional-players/

The cryptocurrency market has recorded Ethereum Spot ETF filings from several institutional players. As Bloomberg reported, a total of 7 Ethereum Exchange Traded Funds (ETFs) have been filed so far.

VanEck, Fidelity, Ishares, Invesco & Galaxy, Grayscale, Hashdex, and ARK & 21 Shares are the institutions behind these Ethereum filings. 

While regulators had previously recognized some of these filings in the past, the US Securities and Exchange Commission (SEC) only recently acknowledged Fidelity’s ETF Spot application. 

All the aforementioned Ethereum ETF applications are currently under review by the SEC. The regulator is required to approve or deny these applications in the long term. The regulator can also postpone approval deadlines. 

Similarly, a handful of Bitcoin ETFs have been filed by leading crypto and traditional institutions. While the U.S. is yet to approve of a Bitcoin or an Ethereum Spot ETF, market players are more optimistic than ever. 

By design, a Cryptocurrency Spot ETF can keep account of the market price of existing crypto assets and allow investors to partake in investment without directly holding or purchasing any crypto assets. 

Some industry figures who recognize that the approval of a Bitcoin ETF might take much longer are convinced that Ethereum Spot ETFs stand a better chance of approval.

Ether is already responding positively to the recent development. The price of the second most-valued cryptocurrency by market cap has soared by 2.9% in the last hour, with prices at $2,355. In the previous 30 days, Ether has increased by more than 16%. Market cap and trading volume are also in the green zone.

Near-term price predictions are also collectively bullish at this time. One analyst took to X, formerly Twitter, to make a bullish call. 

Ethereum Spot ETF filing by Fidelity! Confirms my thesis that after Bitcoin gets its shine, we’ll see Ethereum running to $3,500 in Q1 2024.” He wrote.

Meanwhile, On-chain metrics have rolled out whale performance recorded over the past months. According to data shared by Santiment, an on-chain analytics platform, big hands are transferring their Ether holdings and moving them from exchanges to self-bustody. 

As the Santiment explained; 

The largest Ethereum wallets continue forming an encouraging pattern, with exchange wallets now reduced to 6-month lows (8.03M ETH) and non-exchange wallets soaring to an all time high (41.03M ETH). More and more coins continue moving to self custody.”

El Salvador Hints at ‘Not Selling’ its Bitcoin Holdings to Flip Losses

https://zycrypto.com/el-salvador-hints-at-not-selling-its-bitcoin-holdings-to-flip-losses/

El Salvador holds the position as the first country to adopt Bitcoin as a national currency. Despite pushback from global finance organizations, the country remained committed to Bitcoin as the most promising cryptocurrency in the market. However, in his most recent statement, El Salvador’s President hints at a potential selloff.

In a lengthy post shared to X, formerly Twitter, Nayib Bukele, the President of El Salvador detailed the country’s position on the Bitcoin market to his 5.7 million followers on the platform.

Bukele highlighted the many criticisms the country received for throwing its weight behind Bitcoin’s back when the asset was in an extremely volatile state. Should the country attempt to recover its massive losses, selling Bitcoin at this time could do the job. 

Not only will the country clear out all of its losses, it will also make gains of more than 3 million dollars. However, a selloff is not a part of the nation’s plan.

In Bukele’s words, 

“With the current Bitcoin market price, if we were to sell our Bitcoin, we would not only recover 100% of our investment but also make a profit of $3 620 277.13 USD (as of this moment). Of course, we have no intention of selling; that has never been our objective.”

Notably, El Salvador holds 2,762 Bitcoins with an average price of $42,433.42 and a current market value of over $115 million.

Speaking of market volatility, Bukele asserts that the price fluctuations recorded in the Bitcoin market are not a cause for concern, as they do not affect the firm’s long-term strategy.

El Salvador’s President is essentially calling for the naysayers and authors of articles fueling FUD to retract their statement, offer an apology, or even acknowledge that El Salvador is now yielding a profit. 

“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one. We’ll see… Stay tuned!” He wrote.

Meanwhile, at report time, Bitcoin is trading for $43,917. The apex cryptocurrency hit a new yearly all-time high this week after crossing the $44,000 price level. Over the last 24 hours, trading volume has soared by 49% as the asset maintains stability above the $40,000 price zone. 

Market sentiment at this time is extremely bullish, and key players expect Bitcoin to lunge for $50,000 in the near term as anticipation for a Spot Bitcoin Exchange Traded Fund (ETF) rises.

Hoskinson Confronts Bitcoin Maximalist’s Criticism of Cardano and Altcoins

https://zycrypto.com/xrp-cardano-shiba-inu-3-altcoins-primed-for-insane-price-moves-as-bitcoin-lunges-for-50000/

Cardano founder Charles Hoskinson has confronted the criticism from Bitcoin maximalists and the regulatory scrutiny faced by Cardano and other altcoins. In a Friday Ask Me Anything (AMA) session, Hoskinson delved into the state of the cryptocurrency industry, expressing concerns about the increasing maximalism within the Bitcoin community and the regulatory challenges faced by projects like Cardano.

Hoskinson reminisced about the early days of the cryptocurrency space when Bitcoin was small, and there was a sense of collegiality. However, he noted the shift towards maximalism, where some assert that only Bitcoin has value, labeling all other projects as scams or securities. Hoskinson argued against this narrative, criticizing the likes of self-professed Bitcoin maximalist like Max Keiser  who have argued in the past that everything else is a security apart from Bitcoin.

Bitcoin has changed a lot,” said Hoskinson, “it went from a collegial environment where people were having fun… to almost a cult where a group of people say…that everything but Bitcoin is a scam [and] anyone who works outside of Bitcoin in the cryptocurrency industry is a criminal or misguided.” 

In the AMA, he also highlighted a concerning reality where certain companies and individuals within the Bitcoin space actively lobby Congress and the U.S. federal government to criminalize all non-Bitcoin cryptocurrencies. Hoskinson backed this assertion by citing direct conversations with lawmakers’ staff who disclosed that influential members of the Bitcoin community had advocated for the outright illegality of alternative coins. 

Hoskinson further criticized regulatory inconsistencies by the U.S. Securities and Exchange Commission (SEC) in classifying cryptocurrencies.

“There is a glaring absence of objectivity, with no clear differentiation between the operational realities of Bitcoin, Ethereum, Cardano, and other tokens,” he added. “It’s a completely milky water and every single day we’re at a complete loss where things are simultaneously a currency, a commodity [or] a…it’s not even clear how these things would operate.”

Notably, earlier this week Hoskinson accused the SEC of giving Bitcoin preferential treatment while subjecting other cryptocurrencies, including Cardano’s ADA token, to more stringent scrutiny. Hoskinson called the SEC’s treatment of ADA a “pathetic joke” and demanded an explanation for the differential regulatory approach.

Responding to claims that Cardano had conducted an Initial Coin Offering (ICO), Hoskinson also clarified that ADA distribution occurred through an airdrop, involving thousands of participants globally. He argued that this method did not constitute an ICO and questioned the legitimacy of stricter regulatory oversight based on such claims. That said, he called for a more nuanced understanding of decentralization and innovation, challenging the maximalist rhetoric that dominates discussions within the cryptocurrency community. 

‪BTC Price To $500,000? — Bloomberg Analysts Cite Bitcoin’s Fresh Super Cycle As 2024 Knocks

https://zycrypto.com/btc-price-to-500000-bloomberg-analysts-cite-bitcoins-fresh-super-cycle-as-2024-knocks/

According to Bloomberg, Bitcoin is primed for an unprecedented rise to $500,000 in the long term. Bloomberg asserted that the asset’s recent surge above $42,000 has spotlighted the beginning of a cycle that can spearhead this bullish rally.

As the report reads,

Bitcoin topping $42,000 is just the start of a fresh crypto supercycle that will push the world’s biggest token above $500,000 in what adherents say is the new monetary order taking Wall Street by storm.” 

Like Bloomberg, other prominent finance figures have made massive bullish calls in previous years. Last year, Mike Novogratz, the CEO and founder of Galaxy Digital, predicted that Bitcoin would hit $500,000 within five years.

Although he backpedalled on the timeframe, he maintained that the cryptocurrency could surge to the aforementioned levels. Similarly, Cathie Wood, the CEO of Ark Invest, predicted that Bitcoin would hit $1.4 million by 2030.

The sentiments expressed by observers towards Bitcoin this year have been mixed. Many key players have previously been more conservative with their outlook on Bitcoin. Sentiments only began to lean towards the bullish region as the market entered the 4th quarter. 

Notably, Matt Maley, the Chief market strategist at Miller Tabak & Co., highlighted what he believes to be the catalyst for Bitcoin’s ongoing price rally.

I would argue that one of the most important reasons Bitcoin rallied so strongly in 2020 and 2021 was because of the massive influx of liquidity into the system due to the pandemic.” He asserted.

Many prominent figures in the cryptocurrency community have maintained that the anticipation for a spot ETF approval has strongly influenced the market’s perception of Bitcoin.

In the near term, not only do Bitcoin proponents look forward to the asset tapping $50,000, but Bitcoin hitting the $100,000 price mark has been a long-term expectation from key players. Market participants also have their eyes peeled for the upcoming Bitcoin halving scheduled to kick off in May of 2024.

The event is designed to slash the amount of new Bitcoins released into circulation. This will later result in a reduction in Bitcoin’s supply levels, as its inflation rates are bound to diminish. At report time, Bitcoin is valued at $43,953.

Ripple’s XRP To Hit $1 Price Before 2024 Comes? Here’s What AI Predicts

https://zycrypto.com/ripples-xrp-to-hit-1-price-before-2024-comes-heres-what-ai-predicts/

XRP, like a handful of other altcoins, has had an interesting 2023. As the year comes to an end, many investors and traders are anticipating an exponential price ascent for the asset. We asked Google’s Bard AI if XRP could tap $1 on or before the 1st of January, 2024. 

Although the AI tool maintains that XRP reaching $1 before 2024 is uncertain, a potential price spike will depend on several factors. Breaking down the current situation in the market and the potential scenarios that could play out, the AI tool puts the current market sentiment into perspective.

Bard reveals that although there’s notable greed, the overall sentiments are neutral. Notably, technical indicators in the market are leaning towards a potential bullish uptrend in the near term.

The possible scenarios are bullish and bearish. Part of Bard’s forecast ties back to the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). If the bullish case plays out, XRP could soar if Ripple wins the ultimate triumph in its long-standing legal battle against the SEC, as investors’ stance could become even more bullish.

As Bard explains, 

“While some analysts predict XRP could reach $1 in 2024, most experts consider it unlikely. The SEC lawsuit and wider market conditions remain significant hurdles. However, a favorable outcome in the lawsuit or increased adoption could trigger a price surge, making $1 a possibility.”

Another bullish scenario could happen if the broader cryptocurrency market can trigger a price pump for all assets, including XRP.

In the last bullish case, Bard sees XRP heading towards $1 if the utility cases for XRP proliferate. More adoption is likely to drive demand and boost its price valuation.

For the bearish case scenario, the AI predicts that prolonging the ongoing Ripple vs SEC lawsuit could influence market sentiments negatively. A decrease in the overall market performance could also trigger a downward correction for XRP. Conclusively, slow adoption for spotlighting is one of the possible bearish case scenarios that could hinder price growth.

At report time, XRP is trading for $0.66. The altcoin market is currently making an upward correction; as a result, the majority of altcoins are back in the green zone. Over the last 24 hours, XRP has recorded a 3.61% spike in gains. Although the market cap has corrected upwards, trading volume is still down by 18.73%.

‪How Far Away Is The $50,000 Price From the Bitcoin Market? Here’s What to Watch Out For

https://zycrypto.com/how-far-away-is-the-50000-price-from-the-bitcoin-market-heres-what-to-watch-out-for/

Bitcoin bulls have remained awake since the start of November. The new month is no different, as bulls continue to dominate the market. As a result, the apex cryptocurrency has soared to new yearly highs.

Bitcoin rose above the $40,000 price mark for the first time this year and for the first time since April 28th, 2022. The newly attained milestone comes when market expectations are higher than ever.

As market players observed, the bullish sentiments surrounding the leading cryptocurrency have only continued to grow. According to data from Santiment, an on-chain analytics platform, $50,000 euphoria is apparent on social media platforms. 

As we advance, traders are expected to either take profit or trust that the asset will continue to sustain its current momentum and eventually lunge for $50,000.

How long before Bitcoin taps the $50,000 price level?

Notably, Bitcoin surpassed the $44,000 for a short period before making a downward correction back to $43k. As noted by Justin d’Anethan, an executive for Keyrock, a digital asset marketing firm, Bitcoin has surged by 50% since mid-October. “The rally seems to mark a decisive shift away from the bearishness of 2022 and early 2023.” He asserted.

At the time of this report, Bitcoin is trading for $43,813. Bulls have raked over 5% in gains over the last 24 hours. Bitcoin’s trading volume over the past 24 hours has surged remarkably by more than 101%.

Bitcoin is currently in a very crucial position, as any downward or upward movement can trigger the market to take an upward, sideways, or downward trajectory.

According to Santiment, Bitcoin’s ability to make an upclimb to $50,000 in the near term depends on the sentiments surrounding the highly anticipated Bitcoin Spot ETF applications.

“FUD & FOMO toward the ongoing ETF confirmation dates will dictate whether $50K arrives sooner rather than later.” Santiment wrote

The Fear and Greed index is another metric spotlighting the market’s current position on the asset. The Fear and Greed index tracks the volatility of the Bitcoin market and compares it with the average of the previous month/ last 90 days.

Today, Bitcoin’s Fear and Greed Index is at 72. The increased greed in the market signals an increase in buying volume.

XRP, Ether, Solana, Cardano, Shiba Inu Brace For Trillion-Dollar Storm As Spot Bitcoin ETF Finally Draws Near

https://zycrypto.com/xrp-ether-solana-cardano-shiba-inu-brace-for-trillion-dollar-storm-as-spot-bitcoin-etf-finally-draws-near/

In a detailed post shared with X, formerly Twitter, Gabor Gurbacs, the prominent investment strategist and Director of Digital Asset Strategy at VanEck, detailed the potential that a spot Bitcoin ETF can have on the Bitcoin, XRP, Ethereum, Solana, Cardano, Shiba Inu markets.

Using gold, a globally recognized precious metal and long-standing Bitcoin rival, as an example, Gurbacs explained that the SPDR (State Street) Gold ETF (GLD) was introduced to the market on the 18th of November 2004.

After its integration, the ETF gained massive popularity and adoption from investors and market players alike. Suggesting that the ETF was a catalyst for gold’s market price value, he observed a significant increase in its market valuation.

For context, the market recorded a massive upsurge in the price value of gold as it quadrupled over 8 years. Gold, initially valued at $400, skyrockets to $1,800, while its market cap rose from $2 trillion to $10 trillion.

Asserting that Bitcoin could imitate gold’s trajectory following the approval of the highly anticipated spot Bitcoin ETF, the investment strategist wrote

“Bitcoin’s market cap is ~$750 Billion today, less than 1/3rd of what gold was in 2004. In my view, upon the approval of a U.S. spot Bitcoin ETF, Bitcoin’s price trajectory could follow gold’s blueprint from 2004 and the years after just much faster.

Laying down some other remarkable points, Gurbacs stated that only a few tens of billions of dollars will come from adopting a Bitcoin Exchange Traded Product (ETP). However, he clarifies that this influx of cash will not come at once.

He also added that a relatively low Bitcoin float (strong hands/long-term holders) and systematic scarcity via halving schedules would significantly boost the market.

Gurbacs is also convinced that Bitcoin’s current position in investment portfolios will both be “legitimized and destigmatized,” which will, in turn, lead to further adoption outside the ETF market.

Conclusively, he made yet another noteworthy comment on nation-states and sovereign wealth funds, explaining that they will begin to hold their Bitcoins directly while they attempt to secure optionality for mining and their Bitcoin-based capital markets.

Presently, a total of 13 firms have filed for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission. The price of Bitcoin has also continued to trade in an upward trajectory. Market participants are convinced that the bullish rally will intensify with the approval of a Bitcoin Spot ETF.

“I Would Close Bitcoin, Crypto Down If I Were The Government” — JPMorgan CEO Jamie Dimon

https://zycrypto.com/i-would-close-bitcoin-crypto-down-if-i-were-the-government-jpmorgan-ceo-jamie-dimon/

Per his previous comments, Jamie Dimon, the Chairman and CEO of JPMorgan Chase, has made it clear that he is not a fan of crypto assets.

More recently, during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms on Capitol Hill, Dimon maintained his position on crypto while making some anti-crypto remarks.

“I’ve always been deeply opposed to crypto, bitcoin, etc. [Senator Warren] pointed out the only true use case for it is criminals, drug traffickers … money laundering, tax avoidance, and that is a huge case.”  He asserted.

Affirming the views of Elizabeth Warren, the senior United States Senator for Massachusetts, who is also a strong critic of digital currencies, the JPMorgan boss points to Bitcoin’s anonymity as a cause for concern.

“Because it is somewhat anonymous, not fully, because you can move money instantaneously because it doesn’t go through all these systems built up over many years as you [Senator Warren] mentioned.” He added.

Powell stressed Bitcoin’s ability to bypass customers and sanctions. Suggesting that this poses a risk to the market, he firmly stated that he would “close it [Bitcoin] down” if he were the government.

Although Bitcoin’s anonymous nature is regarded as an upside by investors and traders championing the significance of decentralization, the traditional finance and legal ecosystems have consistently rejected this viewpoint. 

As a result, digital assets and cryptocurrency exchanges dedicated to the facilitation of cryptocurrency trading have been sanctioned repeatedly.

It bears mentioning that some crypto proponents have called for a clear, concise, and comprehensive regulatory framework to prevent sanctions. Centralized exchanges have also made attempts to increase KYC compliance in a bid to reduce anonymity amongst users of their platforms. 

Despite this, the general sentiment surrounding Bitcoin and the broader cryptocurrency market by prominent finance experts and government officials has been split between Pro-Crypto and Anti-Crypto individuals. 

While some of these figures have expressed concerns similar to those of Jamie Dimon and Senator Warren, others seem to have changed their position on digital assets and their role in the finance sector. 

Jerome Powell, the Chairman of the Federal Reserve, is one such figure whose position on crypto has leaned more positively over the years. 

Back in 2021, Powell asserted that digital assets were generally useless because they were not only backed by no external system but because they were also highly volatile. More recently, in June of 2021, Powell told lawmakers that “crypto appears to have staying power as an asset class.”

Analyst Spotlights Key Pattern Bitcoin Follows Before Each Massive Sell-Off — Here’s What To Watch Out For

https://zycrypto.com/analyst-spotlights-key-pattern-bitcoin-follows-before-each-massive-sell-off-heres-what-to-watch-out-for/

Jacob Canfield, a respected entrepreneur and Bitcoin advocate, has spotted a rather interesting pattern on the Bitcoin chart. Per his observations, the apex cryptocurrency typically hits a certain point before bears take over the market and begin to stage a selloff. 

In a detailed post shared to X, formerly Twitter, the Bitcoin trader shared his remarkable findings with his 98,000+ followers.

During bullish rallies, he first observed Bitcoin’s connection to the 61.8% Fibonacci retracement level. The Bitcoin asset seems to repeatedly get to the aforementioned retracement level right before a sell-off. Immediately after, Bitcoin’s value hits higher price levels. 

The market participant highlighted several scenarios where his observations had played out exactly as he stated. One of the first occasions dates back to the 2024 – 2016 period. As depicted in the chart shared by Canfield, a 38% sell-off was recorded before a new high was attained.

In 2019, right before the pandemic began, the bear market hit the .618 Fibonacci retracement level perfectly, from as far back as 2017 to 2018 (high to low).

Connecting with previous events to Bitcoin’s present market, the analyst said the following; 

“I don’t think we see big pullbacks (more than 15-20% on Bitcoin until we make it up there, but I could always be wrong and will happily change my plan until then. Then maybe a quick wick down to $32,000-$36,000 on some FUD like US banning bitcoin mining or ETF delay or US banning owning Bitcoin.”

Should a bear market rally ensue, Bitcoin is well positioned to sweep past the $48,700 price level at the .618 Fibonacci retracement level, he added. On the other hand, if a bull rally is underway, he maintains that the .618 is the best level to start hedging for a bit of sell-off to reload. He backs his position by pointing to historical data and how it has consistently shown itself to be a strong position. 

“If we break and close above it (the .618), then I think new highs are most likely, and I have my target in mind for that, but I can share that at some other time. Especially with the current market environment of inflation, money printing, and the spot ETF and halving narratives.” Canfield wrote.

Binance New CEO Outlines Plans For The Exchange Amidst Ongoing Market Chaos

https://zycrypto.com/binance-new-ceo-outlines-plans-for-the-exchange-amidst-ongoing-market-chaos/

Binance’s reputation has been a top concern for the exchange’s user base and cryptocurrency market. Although it has maintained its position as one of the most valued exchanges in the world, recent developments have stirred criticism amongst users. Despite the ongoing chaos, its newest CEO is laying down its long-term plans. 

In an official announcement, Richard Teng, the new CEO of Binance, addressed ongoing user concerns while detailing his plans for the network, along with its strategy to sustain innovation at a global scale.

Recall that CZ announced that he was stepping down as the CEO of Binance after striking a plea deal with U.S. regulators. Following his exit from the exchange, Teng picked up the baton and has since spearheaded a fresh narrative for the company.

Delivering excellent products through innovation and exceeding the expectations of all stakeholders is at the core of its mission. With three decades of financial services and regulatory experience, he is convinced that he can tackle the unique challenges and opportunities our industry presents.

Addressing user needs, Teng stressed that he is committed to strengthening security. He added that the 1:1 backing for every user asset must be maintained.

He is further quoted saying the following; 

“From our proof-of-reserves system, which we have continuously improved since it was first implemented more than 12 months ago, to our Secure Asset Fund for Users (SAFU) emergency fund, we are committed to ensuring you feel secure in the integrity of our platform.”

Speaking on the future of Binance, Teng has no desire to change existing structures. He maintains that expanding on already existing structures is still the most beneficial. Opening up to the possibilities blockchain promises will increase financial inclusion, cross-border remittances, and reduced transaction costs.

Decentralization will remain at the heart of the exchange’s value. Teng’s strategy is to empower users to have more control over their data and to foster innovation through decentralized applications.

“To that end, I intend to drive growth and the adoption of Web3, continuing efforts to build an ecosystem that provides access to world-changing financial technologies.” He asserted. 

Teng’s entrance into the Binance community has received mixed reactions from community members and onlookers in general. While some market players are convinced that the new Binance leader can strengthen its pillars, others are sceptical about his experience and credibility.

‪Charles Hoskinson Seeks Credit for Cardano’s Influence on Ethereum as Perceived Feud Intensifies

https://zycrypto.com/charles-hoskinson-seeks-credit-for-cardanos-influence-on-ethereum-as-perceived-feud-intensifies/

According to the founder of Cardano, the Ethereum blockchain network appears to be mirroring Cardano’s existing structure, as its co-founder attempts to restructure one of its most notable features. Hoskinson is convinced that Cardano has never been credited for its position in the industry as a prototype.

In a recent post shared to X, formerly Twitter, Charles Hoskinson has made some remarkable statements on the perceived impact that Cardano has had in the blockchain industry.

The Ethereum community has failed to commend Cardano as an innovative solution, despite Ethereum’s attempts to reframe its network by replicating the features that Cardano has previously integrated into its platform.

“..I am truly at a loss that Cardano can never be mentioned as an innovative ecosystem on team E. V is rediscovering what we’ve been working on for almost a decade and it’s like a new revelation. It’s extraordinary that we never get a shout-out.” Hoskinson wrote.

His statement was made in response to criticism from an X user who claimed that Hoskinson’s recent remarks to Vitalik Buterin could fuel hostility between both communities.

While Hoskinson denies this, he maintains that Ethereum’s current version is still behind on innovation. Notably, a Cardano user shared a clip from a recent interview with Vitalik Buterin.

In the interview, Buterin highlighted the importance of solving the problem of centralization within the staking ecosystem. He added that the structure of staking pools and the difficulties surrounding solar staking have made staking less healthy.

To alleviate these issues, redesigning the staking system. He proposes introducing a UTXO (Unspent Transaction Output (UTXO) permit system to the network. It bears mentioning that Cardano already utilizes an extended UTXO model, known as the  Extended-UTXO (EUTXO).

Buterin further observed that transferring funds would become even more decentralized under the UTxO approach. 

As he explained, 

“It’s [UTXO] like a virtual coin where I get a new coin if you pay me money. If I pay you money, I get to break up one of my new coins that are smaller, and then, I get back one of the coins. You get a totally new coin that gains the money you need.” 

Using the UTxO approach, user coins will never be at risk of being changed without their consent. On the other hand, a balanced-based system can only track the amount of funds in a user’s possession.

Balanced systems do not offer the same properties as a UTxO permit system. User funds are subject to external change, with or without their consent.

Changpeng Zhao (CZ) Steps Down as Chairman of Binance.US

https://zycrypto.com/changpeng-zhao-cz-steps-down-as-chairman-of-binance-us/

After pleading guilty to federal charges and agreeing to pay $4.3 billion in fines, Changpeng Zhao announced that he was stepping down as the CEO of Binance. Amidst the many controversies surrounding his departure, CZ has now officially stepped down as the Chairman of the U.S. arm of the Binance exchange. 

Taking to X (formerly Twitter), Binance.US announced in a lengthy post, as it clarified that Binance.US operates independently from Binance.com.

While the former caters to the needs of U.S.-based customers and works by all U.S. rules and regulations, the latter serves an international market. 

Binance.US clarified that it was not a party to the settlements announced last week and has no outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC. The firm will continue to operate and serve its customers with the same products and services as it did previously.

Speaking on CZ’s resignation as chairman of the global exchange’s U.S. affiliate’s board, the announcement read;

That said, as CZ transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement, whereby his interest in the company is purely economic and he will no longer be involved in our governance.”

The announcement recognized CZ’s impact on the exchange’s success over the years. However, from now on, operations will continue as usual. Norman Reed, who previously served as a General Counsel for different financial services companies, will continue leading the firm and its existing management team.

Meanwhile, Changpeng Zhao has remained active on the X platform. After exiting his position as CEO of Binance, he made clear that he had no interest in heading another crypto firm. In the long term, he plans to passively invest in Blockchain, Web3, DeFi, AI, and Biotech.

Been reading about biotech, thinking about how to use crypto to accelerate research funding there. Keep building!” He wrote. 

He continues to push back on rumours alleging that he misappropriated user funds and engaged in market manipulation. CZ has reacted to claims that a U.S. judge denied his request to leave the country before possible sentencing [as part of his plea agreement]; he liked a post that insisted that “The judge stayed the ruling pending a full hearing.”

Cardano Metrics Signal Explosive Price Moves As XRP, Solana, Shiba Inu Look Towards Gigantic Growth

https://zycrypto.com/cardano-metrics-signal-explosive-price-moves-as-xrp-solana-shiba-inu-look-towards-gigantic-growth/

As the new month draws closer, story observers are looking to strengthen their position in the cryptocurrency market. While Bitcoin is a major target for some, altcoins like Cardano, XRP, Shiba Inu, and Solana are just as promising for others.

One such altcoin that has the market talking non-stop is Cardano’s ADA. The general sentiment amongst market players at this time is mixed. While some are bullish on crypto majors like XRP, Solana, and Shiba Inu, others are more conservative with their price expectations.

Ali Charts, a prominent analyst convinced of ADA’s ability to sustain momentum and push past the bearish tides, made some remarkable observations in a recent post shared on X.

Per his notation, Cardano is at a key demand zone between the $0.37 and $0.38 price levels. At this position, a staggering 166,470 wallets have secured  4.88 billion in ADA at press time.

Although there is mild resistance ahead and what the analyst considers solid support for the altcoin, ADA still can make a significant upclimb.

Should the asset remain above the zone as mentioned above, it could pave the way for ADA to make an upclimb to new yearly highs, he asserted.

His bullish comments have been received positively by the ADA community. However, it is still important not to throw caution to the wind, as the current pathway isn’t obstacle-free.

It is important to watch out for the unexpected, as losing this current support level could trigger a brief correction for ADA. At press time, the asset is trading for $0.37. Losing support could result in a downward correction that could force ADA to return to $0.34.

In a follow-up post, the trader highlighted that a sell signal had been spotted on the technical chart. If selling pressure intensifies, ADA could go down to lower lows. To avoid this downward spiral, bulls must secure some gains.

As he explained,

“Cardano | The TD Sequential indicator presented a sell signal on the ADA weekly chart. Losing the $0.37 level as support could trigger a correction toward $0.34 or $0.33. ADA must close above $0.40 to advance toward $0.46!” 

ADA has lost over 2% of its hourly gains at report time. Although the market cap is in the red zone, trading volume has surged by 28% in the last 24 hours.

Institutional Players Making Attempts to Strengthen Position in the Cryptocurrency Market

https://zycrypto.com/institutional-players-making-attempts-to-strengthen-position-in-the-cryptocurrency-market/

Institutional players have been trying to strengthen their position in the cryptocurrency market throughout the year. As the year comes to a close, leading firms are making even more significant strides. 

BlackRock is the latest firm to take yet another important step in the race for the inception and adoption of Cryptocurrency Spot Exchange Traded Funds (ETFs). With around $9.4 trillion in total assets under management (AUM), the asset management giant filed for an Ethereum Spot ETF

As explained in the filing, the investment firm requests that the “Trust”  in its previously filed ETF be converted to a Spot ETF. This means that BlackRock’s futures products will be replaced with Ether products, which will be tied to the token.

Registered a week ago, the iShares Ethereum Trust will go live on Nasdaq after it receives approval from regulators. 

A significant number of industry experts have since emphasized the significance of BlackRock’s move. These figures have collectively asserted that although a Bitcoin ETF might struggle to enter the U.S. market, an Ethereum ETF is more likely to gain approval swiftly. 

Notably, Ether, the second most valuable cryptocurrency by market cap, is regarded by many as Bitcoin’s biggest rival. The asset, valued at $2,043 at press time, is expected to dethrone Bitcoin long-term.

Once approved, BlokckRock’s Ethereum ETF will allow interested cryptocurrency investors to gain access to Ether without directly owning the asset.

Meanwhile, the U.S. Securities and Exchange Commission has expressed displeasure towards Spot ETFs. The regulator has maintained that the product is susceptible to fraud and market manipulation. It has, however, approved futures-based crypto ETFs in the past.

It bears mentioning that the Federal Appeals court had previously ruled against the SEC in its legal battle with the SEC. In August, the court ruled against the SEC’s decision to reject a Bitcoin spot ETF from Grayscale Investments, a prominent digital asset manager. 

As advised by other key figures, BlackRock is taking precautionary steps to avoid pushbacks and sanctions from the regulator. Excerpts of the filings stated that the information detailed in the prospectus has not been completed and is still subject to change. 

These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.” BlackRock wrote.

Solana Bulls Eying Super Bullish Breakout To $100 SOL Price As Cathie Wood Sings Its Praises

https://zycrypto.com/solana-bulls-eying-super-bullish-breakout-to-100-sol-price-as-cathie-wood-sings-its-praises/

The CEO of Ark Invest has made an extremely bullish statement about Solana (SOL) amid a notable upsurge in the asset’s price.

Cathie Wood, the CEO of Ark Invest, a leading investment management firm, seems to have stirred up the altcoin market, particularly igniting SOL bulls to kick off a bullish rally.

In a recent interview with CNBC Squawk Box, interviewers posed a question centring on Bitcoin’s dominance in the cryptocurrency and blockchain markets. The interviewer was curious to know if there are any alternative blockchain applications, other than Bitcoin, that the firm is currently focused on.

In response, Wood asserted that Ethereum (ETHER) and Solana (SOL) are some of the most promising networks in the market. ARK Invest is already focusing on Ether and its position in the market as a leader in smart contract adoption and Decentralized Finance (DeFi). 

However, Wood is even more convinced that Solana is outpacing Ethereum as a blockchain network with its structural advantages. 

“There are infrastructure players,” she remarked. “Solana is doing a really good job. If you look, Ether was faster and cheaper than Bitcoin back in the day; that’s how we got Ether. Solana is even faster and more cost-effective than Ether. So there is infrastructure at play. We do believe Web3 digital assets are big ideas.” She asserted. 

Solana (SOL) has since surged following super-positive developments. SOL saw a 12% increase in its daily gains as market sentiments have become even more bullish as bulls eagerly look forward to a $100 price point. At report time, SOL is trading for $62.

Notably, SOL is the highest-performing altcoin within the top 10 category, with monthly and weekly gains sitting at 187% and 46%, respectively. Market cap and trading volume are also in the green zone. 

Meanwhile, Wood remains just as bullish on Bitcoin as in previous times. Pushing back on the narrative that a “Bitcoin 2.0” might be in the works, she explained that market players have already tried and failed.

Although it was noted that a handful of traditional investors are still yet to grasp the concept of Bitcoin fully, Wood insists that the Bitcoin network has revolutionized the concept of money.

As she further explained,

“I think most people understand that Bitcoin is the money revolution. This is the first global, private, digital-rules-based monetary system in history.”

Bitcoin Price Now ‘Well-Positioned’ to Hit $48,000 This Month if This Pattern is Maintained

https://zycrypto.com/bitcoin-price-now-well-positioned-to-hit-48000-this-month-if-this-pattern-is-maintained/

The apex cryptocurrency, Bitcoin, could be well on its way to reclaiming previously attained price levels. This sentiment was shared by a cryptocurrency analyst, who is convinced that Bitcoin could hit the $48,000 price mark in the near term.

A long-term stock and crypto investor has taken to X, formerly known as Twitter, to lay out some bullish price predictions for Bitcoin. The pseudonymous personality with the username “CryptoJelleNL” recently shared the bullish uptrend he spotted on the crypto charts with his 50,000 followers on the platform.

The investor pointed out that Bitcoin had broken out from a bullish megaphone formation. Notably, the megaphone pattern is a chart pattern utilized for technical analysis. The pattern typically surfaced during intense volatility and is most known for broadening formation. Although it also hints at increased risks in the long term, it offers rare entire and exit points for market players.

Depending on whether it is moving upwards or downwards, the pattern can be considered to either be bullish or bearish. In Bitcoin’s case, it is extremely promising because it is bullish. The new development affirms that Bitcoin has broken past a major resistance level and is headed for more pristine highs. 

According to the investor, Bitcoin is now well positioned to hit the $48,000 price. Although he does not state any particular time frame for the perceived rally to kick off, he is certain it will come faster than the market expects.

As his post reads; 

“Bitcoin has broken out from the bullish megaphone formation! With the key resistance behind us, that $48,000 target could come faster than many people think. I’m ready. Are you?.”

Additionally, the investor confirmed that Bitcoin had broken a 2-year-long downtrend before breaking the megaphone chart. Pushing back on the bearish sentiment that the market will not return to lower levels, he says, “If you’re still waiting for 12k, I have bad news for you. This is going much higher.”

Meanwhile, Bitcoin bulls have continued to attempt to sustain its current price levels. The apex cryptocurrency is now trading for $36,861. Bitcoin has soared by more than 26% in the last 30 days, while trading volume has surged by 32% within 24 hours.

Bitcoin’s Price Shakeup Fails to Stop Chainlink from Recording Upsurge

https://zycrypto.com/bitcoins-price-shakeup-fails-to-stop-chainlink-from-recording-upsurge/

LINK, the native token of the Ethereum-based decentralized oracle network Chainlink, has been diverging from the rest of the crypto market according to data highlighted by crypto market intelligence platform Santiment.

In a tweet, Santiment noted that LINK saw a mild 3% increase in price despite market-leading cryptocurrencies Bitcoin and Ethereum, as well as most other cryptos.

Even more intriguing is data that shows that LINK has been seeing a sudden active address surge, which began approximately when the FTX fallout occurred. Since then, LINK address activity has soared to its highest level since May 2021, with over 8,000 unique addresses interacting per day in the last week.

“Chainlink jumped a mild +3% Monday despite Bitcoin & Ethereum falling. The bigger story is the LINK’s sudden active address surge, which began surging approximately when the FTX fallout occurred, & it is still up at one-year high levels,” the Santiment tweet said.

The price surge and wallet activity have also coincided with strongly positive social activity. Data from crypto social sentiments tracking platform LunarCrush, social mentions of LINK are up 58.2% in the last week.

Meanwhile, LINK has been building on the price momentum from the start of the week. Per the latest market data at the time of writing, LINK is up 3.23% in the last 24 hours, trading at $7.53.

Roll out of Chainlink Economics 2.0 projects fueling optimism? 

The growing network activity and LINK price surge had their roots in recent ecosystem announcements made by the Chainlink blockchain developers.

In a Blog post, Chainlink Labs announced the launch of the Chainlink BUILD program as part of the Chainlink Economics 2.0 rollout. The program aims to align economic incentives between communities to help foster long-term success and has already onboarded its first ten projects.

“Chainlink BUILD aims to accelerate the growth of early-stage and established projects within the Chainlink ecosystem by providing enhanced access to Chainlink services and technical support in exchange for commitments of network fees and other incentives to Chainlink service providers, such as stakers,” the post said.

Another aspect of its Chainlink Economics 2.0 is the anticipated launch of LINK staking that will help to improve the security of the Oracle network in a trustless manner. The feature, which is expected before the end of the year, has seen LINK holders joining the waitlist to stake in their droves even as exchange LINK reserves decline per data from CryptoQuant.

Analyst: Bitcoin’s weekly hidden bullish divergence is starting to play out

https://zycrypto.com/analyst-bitcoins-weekly-hidden-bullish-divergence-is-starting-to-play-out/

As October kicks off, crypto market players have begun to outline their observations and predictions for the new month. Bitcoin proponents are especially active in these discussions as speculations on Bitcoin’s next move become a major topic of debate. 

As market observers give their two cents on the asset’s potential future performance, one analyst is spotlighting the importance of paying attention to certain technical signals.

According to a post shared to X, formerly Twitter, the pseudonymous user CryptoJelleNL, a hidden bullish divergence has begun to form on the Bitcoin charts. 

A bullish divergence usually occurs when the price of an asset falls to a new low, while an oscillator fails to reach a new low. This is usually received positively by market players, as it demonstrates that the bears are losing momentum. During this period, the bullish are usually attempting to regain control of the market, as such, a bullish divergence typically marks the end of a downtrend, and introduces the start of an uptrend. 

For Bitcoin, this could look like a massive jump in its current price value, which could potentially send it above $30,000; a price mark that has been highly anticipated by investors and traders alike. 

While Bitcoin currently trades a little above the $27,000 price mark, the analyst is convinced that $30,000 remains a major resistance. He goes on to share his buying strategy while urging traders and investors to ignore the fear of missing out (FOMO).  

As his post reads;

“Bitcoin’s weekly hidden bullish divergence is starting to play out. Remember, $30k is strong resistance until further notice. I keep buying dips inside this range — waiting for the breakout. Don’t let LTF moves lure you into FOMO, stick to the plan.”

In his most recent post, the analyst shared a candlestick technical chart, in which he traced an ascending triangle that had formed as far back as May. He made a bold claim, stating that if Bitcoin breaks above $30,000, it will be an indicator that the bull run has officially begun.

At the time of this report, Bitcoin is trading for $27,389. The apex cryptocurrency has managed to sustain decent gains and preserved it over the past week. In the last 7 days, Bitcoin has seen gains surge by 2.65%. 

Although Bitcoin performed rather decently in September, trading volume has gained significant momentum, going up as high as 217% in the last 7 days. 

CryptoQuant: The influx of 14,924 Bitcoin on Kraken deserves special attention

https://zycrypto.com/cryptoquant-the-influx-of-14924-bitcoin-on-kraken-deserves-special-attention/

According to data from Cryptoquant, a leading on-chain metrics platform, Kraken has recorded a staggering inflow of BTC. The new development could be a positive signal for Bitcoin investors.

In a recent report, CryptoQuant revealed that Kraken ushered in as much as 14,924 BTC tokens into its platform. At the time of this report, these figures are valued at $417,170,572.

The new development can be considered as an anomaly for exchanges as these kinds of inflows are rather rare, and seem to define a crucial movement for the Bitcoin and crypto market. The significance of this development in the cryptocurrency space is not fully known at this time. However, a market analyst explains that it could be an important signal for Bitcoin investors.

For one, Kraken holds the position as one of the most popular and prominent cryptocurrency exchange platforms in the entire world. As such, the move could indicate that investors might be realizing substantial indicators. This could go on to suggest that investors might be realizing substantial profits, or they could be transferring their assets to a secure platform, as they look forward to future market movements. 

“A key date worth highlighting is June 20th. On that day, Kraken’s reserves experienced a notable drop while the price of Bitcoin was rapidly rising. This can be interpreted as investors taking advantage of market gains by converting their assets into fiat currency or transferring them to other cryptocurrencies.” A Cryptoquant Anakyst remarks. 

He further noted that the recent influx of Bitcoin (BTC) into the cryptocurrency exchange might indicate a potential correction in the asset’s price. 

It bears mentioning that the Bitcoin inflow represents the largest amount of BTC recorded on the exchange since 2018. Not only is this a significant milestone for Kraken, but it also goes to show that leading investors and key figures in the market might be taking a substantial position in the market. In the long run, this could influence prices to a significant degree.

The analyst further explained that the state of the market cannot be fully determined, as the recent events cannot be interpreted as bullish or bearish. 

As he explained;

“It is important to note that movements like these on Kraken can be interpreted in various ways, and there is no guarantee that an increase in reserves automatically signals a bearish trend or that a decrease is a bullish sign.”