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👉👉👉 #Bitcoin’s ‘remarkable’ growth and CBDCs threaten the US dollar: Morgan Stanley
Morgan Stanley's head of digital assets, Andrew Peel, has raised concerns about a potential "paradigm shift" in the perception and use of digital assets, including Bitcoin and central bank digital currencies (CBDCs), that could challenge the dominance of the United States dollar (#USD ) as a global currency. Despite the USD making up approximately 60% of global foreign exchange reserves, Peel highlighted the accelerating shift in global perceptions and usage of digital assets, especially with the recent approval of spot Bitcoin exchange-traded funds (#ETFs ) by the U.S. Securities and Exchange Commission (SEC). The influx of over $1.18 billion in weekly inflows into these new products indicates a growing interest in digital assets.
Peel emphasized Bitcoin's remarkable global adoption over the past 15 years, with 106 million people worldwide holding the cryptocurrency and the presence of Bitcoin ATMs in over 80 countries. He also pointed out that the development of CBDCs by various countries could further impact the dominance of the USD, allowing for swift cross-border payments without relying on a common currency like the USD.
The proliferation of CBDCs is evident, with 130 countries, representing over 98% of global GDP, exploring or developing their own digital currencies, according to data from #CBDC Tracker. This significant increase in CBDC exploration adds to the potential challenges facing the USD's global dominance.
Source - cointelegraph.com
#CryptoNews
Morgan Stanley's head of digital assets, Andrew Peel, has raised concerns about a potential "paradigm shift" in the perception and use of digital assets, including Bitcoin and central bank digital currencies (CBDCs), that could challenge the dominance of the United States dollar (#USD ) as a global currency. Despite the USD making up approximately 60% of global foreign exchange reserves, Peel highlighted the accelerating shift in global perceptions and usage of digital assets, especially with the recent approval of spot Bitcoin exchange-traded funds (#ETFs ) by the U.S. Securities and Exchange Commission (SEC). The influx of over $1.18 billion in weekly inflows into these new products indicates a growing interest in digital assets.
Peel emphasized Bitcoin's remarkable global adoption over the past 15 years, with 106 million people worldwide holding the cryptocurrency and the presence of Bitcoin ATMs in over 80 countries. He also pointed out that the development of CBDCs by various countries could further impact the dominance of the USD, allowing for swift cross-border payments without relying on a common currency like the USD.
The proliferation of CBDCs is evident, with 130 countries, representing over 98% of global GDP, exploring or developing their own digital currencies, according to data from #CBDC Tracker. This significant increase in CBDC exploration adds to the potential challenges facing the USD's global dominance.
Source - cointelegraph.com
#CryptoNews
Bitcoin is going to $100k-$150k in
this next cycle.
Get ready boys#Bitcoin’s #bitcoindominance #cryptomarketcap
this next cycle.
Get ready boys#Bitcoin’s #bitcoindominance #cryptomarketcap
#Bitcoin’s Dip Below $26K Sparks Analyst Speculation of a $20K Retest
Despite holding above $26,000 over the weekend following a plunge just days earlier, #Bitcoin dropped below this threshold again on Monday.
Despite holding above $26,000 over the weekend following a plunge just days earlier, #Bitcoin dropped below this threshold again on Monday.
#Ether #ETFs Could Be Approved by May, Experts Predict
Could Ethereum follow #Bitcoin’s lead with potential May approval of a spot ETF, despite lingering doubts?
Excitement and doubt have been swirling as the SEC considers the possible approval of Ether ETFs.
Timing has remained a mystery, leaving both crypto enthusiasts and traditional finance on edge.
Bitcoin’s ETF approvals have paved the way, but will Ethereum’s unique features create obstacles?
Could Ethereum follow #Bitcoin’s lead with potential May approval of a spot ETF, despite lingering doubts?
Excitement and doubt have been swirling as the SEC considers the possible approval of Ether ETFs.
Timing has remained a mystery, leaving both crypto enthusiasts and traditional finance on edge.
Bitcoin’s ETF approvals have paved the way, but will Ethereum’s unique features create obstacles?
👉👉👉 These Institutions Have Bought 3.3% of #Bitcoin’s Supply in 3 Weeks
The recent approval of Bitcoin exchange-traded funds (#ETFs ) has triggered discussions about the potential long-term impacts on Bitcoin's supply and value. While the immediate effect on its price may not be significant, the approval has led to a reversal, with institutional players behind Bitcoin ETFs accumulating the digital asset.
Major financial institutions, including BlackRock, the world's largest asset manager, have entered the space, raising expectations that the growing involvement of retail investors in Bitcoin ETFs could contribute to future price increases.
Bitcoin ETF Applicants Amass Bitcoin Supply
Reports indicate that the 11 recently approved Bitcoin ETF applicants collectively hold approximately 3.3% of the current circulating Bitcoin supply.
Among the approved applicants are well-known entities such as Grayscale, BlackRock, Fidelity, Franklin Templeton, Invesco, VanEck, WisdomTree, Hashdex, Bitwise, Valkyrie, and BZX.
As of the latest data from Ycharts, the total circulating supply of Bitcoin stands at 19.61 million.
Within the #cryptocurrency community, there is ongoing speculation about the potential impact of the upcoming Bitcoin halving in April on both the price & supply of Bitcoin. The halving, occurring every four years, involves a reduction in mining rewards, slowing the creation of new coins & decreasing the overall available supply.
At the time of reporting, the price of Bitcoin is $43,159.
Bitcoin ETFs Face Contrary Market Reaction
Despite widespread expectations of an immediate price surge following the SEC's approval of 11 spot Bitcoin ETFs on January 10, Bitcoin's value has experienced a subsequent decline of around 10%.
Gary Gensler, SEC Chair, expressed concerns about approving spot Bitcoin ETFs, suggesting they contradict Bitcoin's core principles by introducing centralization. He warned that this move might fuel speculation and increase volatility in an already unpredictable market.
Source - beincrypto.com
#CryptoNews #BinanceSquareBTC $BTC
The recent approval of Bitcoin exchange-traded funds (#ETFs ) has triggered discussions about the potential long-term impacts on Bitcoin's supply and value. While the immediate effect on its price may not be significant, the approval has led to a reversal, with institutional players behind Bitcoin ETFs accumulating the digital asset.
Major financial institutions, including BlackRock, the world's largest asset manager, have entered the space, raising expectations that the growing involvement of retail investors in Bitcoin ETFs could contribute to future price increases.
Bitcoin ETF Applicants Amass Bitcoin Supply
Reports indicate that the 11 recently approved Bitcoin ETF applicants collectively hold approximately 3.3% of the current circulating Bitcoin supply.
Among the approved applicants are well-known entities such as Grayscale, BlackRock, Fidelity, Franklin Templeton, Invesco, VanEck, WisdomTree, Hashdex, Bitwise, Valkyrie, and BZX.
As of the latest data from Ycharts, the total circulating supply of Bitcoin stands at 19.61 million.
Within the #cryptocurrency community, there is ongoing speculation about the potential impact of the upcoming Bitcoin halving in April on both the price & supply of Bitcoin. The halving, occurring every four years, involves a reduction in mining rewards, slowing the creation of new coins & decreasing the overall available supply.
At the time of reporting, the price of Bitcoin is $43,159.
Bitcoin ETFs Face Contrary Market Reaction
Despite widespread expectations of an immediate price surge following the SEC's approval of 11 spot Bitcoin ETFs on January 10, Bitcoin's value has experienced a subsequent decline of around 10%.
Gary Gensler, SEC Chair, expressed concerns about approving spot Bitcoin ETFs, suggesting they contradict Bitcoin's core principles by introducing centralization. He warned that this move might fuel speculation and increase volatility in an already unpredictable market.
Source - beincrypto.com
#CryptoNews #BinanceSquareBTC $BTC
🚀🚀🚀 $400 to $532K: Tracing #Bitcoin’s #journey and S2F Forecasts
Starting their Bitcoin journey in 2015 with a purchase at $400, an investor reflects on the evolving trajectory of the digital currency. In 2019, amidst skepticism, the investor authored an article using the Stock-to-Flow (S2F) model, predicting a $55k valuation for Bitcoin when it was around $4,000. Despite facing skepticism, Bitcoin has since witnessed a tenfold increase, reaching approximately $40k, validating the earlier S2F prediction.
Looking ahead, the current S2F model forecasts an even more ambitious target of $532k for Bitcoin post the 2024 halving event. Scheduled to reduce mining rewards and increase scarcity, the halving may impact Bitcoin's value. The investor's journey and Bitcoin's unpredictable trajectory highlight the volatile nature of the #cryptocurrency market. While the S2F model offers a framework based on scarcity, critics argue that market dynamics are too complex for a single metric.
As the 2024 halving approaches, the cryptocurrency community awaits to see if the S2F model's bold prediction materializes. Whether Bitcoin reaches the forecasted $532k or not, its journey from a niche investment to a major financial asset underscores its growing impact and acceptance.
Source - cryptonewsland.com
#CryptoNews🔒📰🚫 #BinanceSquare $BTC
Starting their Bitcoin journey in 2015 with a purchase at $400, an investor reflects on the evolving trajectory of the digital currency. In 2019, amidst skepticism, the investor authored an article using the Stock-to-Flow (S2F) model, predicting a $55k valuation for Bitcoin when it was around $4,000. Despite facing skepticism, Bitcoin has since witnessed a tenfold increase, reaching approximately $40k, validating the earlier S2F prediction.
Looking ahead, the current S2F model forecasts an even more ambitious target of $532k for Bitcoin post the 2024 halving event. Scheduled to reduce mining rewards and increase scarcity, the halving may impact Bitcoin's value. The investor's journey and Bitcoin's unpredictable trajectory highlight the volatile nature of the #cryptocurrency market. While the S2F model offers a framework based on scarcity, critics argue that market dynamics are too complex for a single metric.
As the 2024 halving approaches, the cryptocurrency community awaits to see if the S2F model's bold prediction materializes. Whether Bitcoin reaches the forecasted $532k or not, its journey from a niche investment to a major financial asset underscores its growing impact and acceptance.
Source - cryptonewsland.com
#CryptoNews🔒📰🚫 #BinanceSquare $BTC
Analyst reveals 3 #altcoins to buy now amid #Bitcoin’s rally
1. Chainlink ( #LINK )
2. Avalanche ( #AVAX )
3. Curve DAO (#CRV )
1. Chainlink ( #LINK )
2. Avalanche ( #AVAX )
3. Curve DAO (#CRV )
Trader Who Called 2023 #Crypto Rally Has ‘Gut Feeling’ on #Bitcoin’s Next Big Move
A trader who caught this year’s crypto rally says that Bitcoin’s ($BTC ) recent price action does not bode well for the top digital asset’s outlook.
Pseudonymous analyst #DonAlt tells his 497,700 #Twitter's followers that he believes the crypto markets are ripe for a sell-off event.
A trader who caught this year’s crypto rally says that Bitcoin’s ($BTC ) recent price action does not bode well for the top digital asset’s outlook.
Pseudonymous analyst #DonAlt tells his 497,700 #Twitter's followers that he believes the crypto markets are ripe for a sell-off event.
William Clemente, a well-known on-chain analyst with about 685,000 Twitter followers, predicted on his Twitter that “#Bitcoin’s long-term bull market is just beginning.”
#Bitcoin’s $BTC huge rally has nuked $6B in shorts this year: S3 Partners
Short sellers have lost more than $6 billion trying to bet against crypto stocks in 2023.
Short sellers have lost more than $6 billion trying to bet against crypto stocks in 2023.
🚨 BREAKING 🚨
BITCOIN JUST TOUCHED $29,000 🔥
BEARS IN DISBELIEF
#cryptomarketcap #Bitcoin’s #bitcoindominance #volume #BinanceTournament $BTC $ETH $BNB
BITCOIN JUST TOUCHED $29,000 🔥
BEARS IN DISBELIEF
#cryptomarketcap #Bitcoin’s #bitcoindominance #volume #BinanceTournament $BTC $ETH $BNB
🔥🔥🔥 Glassnode Co-Founder Warns: #Bitcoin’s Surge Could Trigger A $1 Billion Liquidation Event – Here’s Why
Jan Happel and Yann Allemann, co-founders of Glassnode, provided valuable insights into Bitcoin price dynamics, emphasizing the significance of liquidity. Their analysis suggests that Bitcoin's recent surge beyond $42,200 has established a substantial liquidity pool for long positions, resulting in a "neutral impulse" in the market.
This trend indicates Bitcoin's intention to bridge the liquidity gap above the $42,000 mark, potentially leading to increased volatility and notable market shifts. Negentropic, a Glassnode analyst, predicts that the #bullish momentum could trigger liquidations totaling $1 billion in short positions, potentially sparking a "short squeeze" and a rapid price increase. Such movements often create an environment conducive to Bitcoin's growth.
Negentropic also linked the growing liquidity in the crypto market to China's efforts to stabilize its markets by injecting substantial liquidity. This development is seen as a crucial catalyst for #cryptocurrencies like Bitcoin and equity markets in the first half of 2024.
In tandem with these developments, Bitcoin has experienced a resurgence, currently trading at $43,325, reflecting a 6% increase over the past week. Despite this upward movement, the daily trading volume has decreased from $26 billion last Monday to $14 billion today, signaling a cautious market sentiment.
Bullish signals persist in the market, with analysts like Jelle suggesting that with Bitcoin reclaiming the $42,000 level, it may be time to focus on long positions again. Michael van de Poppe, another prominent crypto analyst, expressed optimism in his recent YouTube video, suggesting that the recent Bitcoin price correction might have concluded.
Supporting the bullish sentiment, Ali's chart analysis reveals a rise in large Bitcoin holders, with an additional 46 entities now holding 1,000 $BTC or more, representing a 3% increase in just two weeks.
Source - newsbtc.com
#CryptoNews #BinanceSquareBTC
Jan Happel and Yann Allemann, co-founders of Glassnode, provided valuable insights into Bitcoin price dynamics, emphasizing the significance of liquidity. Their analysis suggests that Bitcoin's recent surge beyond $42,200 has established a substantial liquidity pool for long positions, resulting in a "neutral impulse" in the market.
This trend indicates Bitcoin's intention to bridge the liquidity gap above the $42,000 mark, potentially leading to increased volatility and notable market shifts. Negentropic, a Glassnode analyst, predicts that the #bullish momentum could trigger liquidations totaling $1 billion in short positions, potentially sparking a "short squeeze" and a rapid price increase. Such movements often create an environment conducive to Bitcoin's growth.
Negentropic also linked the growing liquidity in the crypto market to China's efforts to stabilize its markets by injecting substantial liquidity. This development is seen as a crucial catalyst for #cryptocurrencies like Bitcoin and equity markets in the first half of 2024.
In tandem with these developments, Bitcoin has experienced a resurgence, currently trading at $43,325, reflecting a 6% increase over the past week. Despite this upward movement, the daily trading volume has decreased from $26 billion last Monday to $14 billion today, signaling a cautious market sentiment.
Bullish signals persist in the market, with analysts like Jelle suggesting that with Bitcoin reclaiming the $42,000 level, it may be time to focus on long positions again. Michael van de Poppe, another prominent crypto analyst, expressed optimism in his recent YouTube video, suggesting that the recent Bitcoin price correction might have concluded.
Supporting the bullish sentiment, Ali's chart analysis reveals a rise in large Bitcoin holders, with an additional 46 entities now holding 1,000 $BTC or more, representing a 3% increase in just two weeks.
Source - newsbtc.com
#CryptoNews #BinanceSquareBTC
#Bitcoin’s supply is inherently limited to 21 Million coins, ensuring scarcity and value preservation.
As of now, around 19.4 million bitcoins have been mined.
Always #DYOR & Trade with #StopLoss
As of now, around 19.4 million bitcoins have been mined.
Always #DYOR & Trade with #StopLoss
#Bitcoin’s Exchange balance drops to 5-year low as price hits $30k from 2017.
Only 11.71% of Bitcoin's supply is currently held on exchanges.
The crypto analytics platform – Santiment – indicated that the amount of bitcoin held on digital asset exchanges has recently plummeted below 6%. The last time the figures were that low was in December 2017.
Since June 22, Bitcoin has been trading above the critical psychological level of $30,000. This price rally is a result of increased demand for the digital asset, a demand that is further exacerbated by the low availability of $BTC on exchanges.
More and more #HODLers seem to prefer to store their crypto on cold wallets than deal with exchanges.
Always #DYOR &
Trade Wisely by using #StopLoss ,
It's NFA
#BinanceTournament
Only 11.71% of Bitcoin's supply is currently held on exchanges.
The crypto analytics platform – Santiment – indicated that the amount of bitcoin held on digital asset exchanges has recently plummeted below 6%. The last time the figures were that low was in December 2017.
Since June 22, Bitcoin has been trading above the critical psychological level of $30,000. This price rally is a result of increased demand for the digital asset, a demand that is further exacerbated by the low availability of $BTC on exchanges.
More and more #HODLers seem to prefer to store their crypto on cold wallets than deal with exchanges.
Always #DYOR &
Trade Wisely by using #StopLoss ,
It's NFA
#BinanceTournament
#Write2Earn
#Bitcoin expectations after exceeding $50,000 as optimism rises in the market for these reasons
Interest in #Bitcoin price expectations is increasing, with a 4% rise above the $50,150 level, which has not been seen in more than two years, indicating renewed investor confidence in the currency in the wake of recent regulatory developments and expectations of further interest rate cuts.
The successful launch of #Bitcoin ETFs in particular led to optimism prevailing in the market, as these funds received huge institutional investments. Accordingly, the favorable market movements and strategic regulatory events together paint a positive picture of #Bitcoin’s trajectory, with expectations that it will achieve further gains in this area that attracts the interest of both small investors and institutional investment alike.
Bitcoin price reaches two-year highs at $50,000
For the first time in more than two years, Bitcoin broke the $50,000 barrier and rose above thanks to expectations of interest rate cuts soon and the recent approval of exchange-traded funds, which track the value of Bitcoin in the United States of America. Knowing that the value of Bitcoin has risen by 16.3% so far this year alone thanks to renewed investor confidence as a result of recent positive developments on the regulatory side.
Furthermore, huge investments came into the market as a result of the approval of spot BTC ETFs in January, with expectations of the approval of Ethereum ETFs. Analysts expect ETF investments to rise significantly, perhaps reaching tens of billions of dollars, and the expected Bitcoin halving event in April and the Federal Reserve’s reduction of interest rates will help the future of these funds flourish.
Overall, market movements and regulatory events indicate increased interest from ordinary traders and institutional investment in Bitcoin, which explains why its price continues to rise.
SEC Chairman Gary Gensler clarifies misleading tweet about Bitcoin ETF to House of Representatives
#Bitcoin expectations after exceeding $50,000 as optimism rises in the market for these reasons
Interest in #Bitcoin price expectations is increasing, with a 4% rise above the $50,150 level, which has not been seen in more than two years, indicating renewed investor confidence in the currency in the wake of recent regulatory developments and expectations of further interest rate cuts.
The successful launch of #Bitcoin ETFs in particular led to optimism prevailing in the market, as these funds received huge institutional investments. Accordingly, the favorable market movements and strategic regulatory events together paint a positive picture of #Bitcoin’s trajectory, with expectations that it will achieve further gains in this area that attracts the interest of both small investors and institutional investment alike.
Bitcoin price reaches two-year highs at $50,000
For the first time in more than two years, Bitcoin broke the $50,000 barrier and rose above thanks to expectations of interest rate cuts soon and the recent approval of exchange-traded funds, which track the value of Bitcoin in the United States of America. Knowing that the value of Bitcoin has risen by 16.3% so far this year alone thanks to renewed investor confidence as a result of recent positive developments on the regulatory side.
Furthermore, huge investments came into the market as a result of the approval of spot BTC ETFs in January, with expectations of the approval of Ethereum ETFs. Analysts expect ETF investments to rise significantly, perhaps reaching tens of billions of dollars, and the expected Bitcoin halving event in April and the Federal Reserve’s reduction of interest rates will help the future of these funds flourish.
Overall, market movements and regulatory events indicate increased interest from ordinary traders and institutional investment in Bitcoin, which explains why its price continues to rise.
SEC Chairman Gary Gensler clarifies misleading tweet about Bitcoin ETF to House of Representatives
🚀🚀🚀 #Bitcoin’s Halving Cycle Signals Potential #ATH Soon
The #cryptocurrency ommunity is buzzing with anticipation as experts and enthusiasts predict that Bitcoin is on the brink of reaching an all-time high (ATH) in the coming months. This optimism is primarily fueled by historical trends observed around Bitcoin halving events, which have consistently been followed by substantial increases in Bitcoin's value.
Based on historical data, the periods three months before and after a Bitcoin halving have proven to be highly profitable. A halving event, occurring approximately every four years, reduces the mining reward for new Bitcoin blocks by half. This reduction effectively decreases the new supply of Bitcoin, often leading to a surge in its price. The upcoming months following the latest Bitcoin halving are, therefore, being closely watched by many in the crypto community, who see it as a prime time for investment. The expectation is that the combination of reduced supply and increased demand will propel Bitcoin's price to new heights.
However, it's crucial for investors to recognize that the cryptocurrency market is subject to various influencing factors. Regulatory changes, technological advancements, and broader economic conditions can all impact Bitcoin's price.
The decision to trust in the potential impact of the halving cycle is a personal one for each investor. While some view the post-halving period as a golden opportunity, others may adopt a more cautious approach, considering the inherent volatility and unpredictability of the crypto market.
In summary, the months following a Bitcoin halving typically witness heightened interest and speculation. With many in the crypto community anticipating an all-time high in the near future, the next few months could play a pivotal role in determining Bitcoin's trajectory and its position in the broader digital currency landscape.
Source - cryptonewsland.com
#CryptoNews #BinanceSquareBTC
The #cryptocurrency ommunity is buzzing with anticipation as experts and enthusiasts predict that Bitcoin is on the brink of reaching an all-time high (ATH) in the coming months. This optimism is primarily fueled by historical trends observed around Bitcoin halving events, which have consistently been followed by substantial increases in Bitcoin's value.
Based on historical data, the periods three months before and after a Bitcoin halving have proven to be highly profitable. A halving event, occurring approximately every four years, reduces the mining reward for new Bitcoin blocks by half. This reduction effectively decreases the new supply of Bitcoin, often leading to a surge in its price. The upcoming months following the latest Bitcoin halving are, therefore, being closely watched by many in the crypto community, who see it as a prime time for investment. The expectation is that the combination of reduced supply and increased demand will propel Bitcoin's price to new heights.
However, it's crucial for investors to recognize that the cryptocurrency market is subject to various influencing factors. Regulatory changes, technological advancements, and broader economic conditions can all impact Bitcoin's price.
The decision to trust in the potential impact of the halving cycle is a personal one for each investor. While some view the post-halving period as a golden opportunity, others may adopt a more cautious approach, considering the inherent volatility and unpredictability of the crypto market.
In summary, the months following a Bitcoin halving typically witness heightened interest and speculation. With many in the crypto community anticipating an all-time high in the near future, the next few months could play a pivotal role in determining Bitcoin's trajectory and its position in the broader digital currency landscape.
Source - cryptonewsland.com
#CryptoNews #BinanceSquareBTC
Today Market Watch
TONCOIN continues its rally with another notable double-digit price surge.
#Bitcoin’s price performance continues to be somewhat surprising given the positive news that came from Grayscale’s court victory over the SEC earlier this week, and the asset fell to a new multi-month low.
The altcoins also fell in the past 24 hours once again, except for TONCOIN, which is in a league of its own.
BTC’s Latest Drop :-
B4Bit reported the positive developments in the #crypto market earlier this week when a US judge ruled in favor of Grayscale in its lawsuit against the US Securities and Exchange Commission. While the ruling itself didn’t mean that a spot #BTC ETF would indeed be approved, it was still another major win for the industry against the US securities regulator.
It propelled a massive rally for the entire market, with BTC soaring by over $2,000 in hours and tapping a multi-week peak at above $28,000.
However, the hype quickly evaporated, and the SEC cooled things off by delaying the decision to approve or reject all current spot #bitcoin ETF applications for another 45 days.
This had an immediate effect on BTC’s price performance, which not only lost all gains charted after Grayscale’s win but kept plunging to a new 11-week low of about $25,350 hours ago.
Despite recovering a few hundred dollars since then, BTC is still in the red today and sits beneath $26,000. Its market cap is close to breaking below $500 billion, while its dominance over the alts is at 48.2%.
TONCOIN Defies the Sentiment :-
The past 24 hours didn’t bring any positive movements for most of the alts yet. In fact, all of the larger-cap alts, including ETH, BNB, XRP, ADA, #DOGE , SOL, TRX, DOT, MATIC, LTC, and SHIB, are in the red, with minor losses.
There’s only one exception here – TONCOIN. The asset has been on a roll in the past week and the last 24 hours didn’t disappoint. TON has soared by over 11% and trades close to $2.
Most other alts are in the red, which has pushed the total crypto market cap south again. The metric is down to $1.040 trillion just days after breathing the $1.1 trillion level.
#Bitcoin’s price performance continues to be somewhat surprising given the positive news that came from Grayscale’s court victory over the SEC earlier this week, and the asset fell to a new multi-month low.
The altcoins also fell in the past 24 hours once again, except for TONCOIN, which is in a league of its own.
BTC’s Latest Drop :-
B4Bit reported the positive developments in the #crypto market earlier this week when a US judge ruled in favor of Grayscale in its lawsuit against the US Securities and Exchange Commission. While the ruling itself didn’t mean that a spot #BTC ETF would indeed be approved, it was still another major win for the industry against the US securities regulator.
It propelled a massive rally for the entire market, with BTC soaring by over $2,000 in hours and tapping a multi-week peak at above $28,000.
However, the hype quickly evaporated, and the SEC cooled things off by delaying the decision to approve or reject all current spot #bitcoin ETF applications for another 45 days.
This had an immediate effect on BTC’s price performance, which not only lost all gains charted after Grayscale’s win but kept plunging to a new 11-week low of about $25,350 hours ago.
Despite recovering a few hundred dollars since then, BTC is still in the red today and sits beneath $26,000. Its market cap is close to breaking below $500 billion, while its dominance over the alts is at 48.2%.
TONCOIN Defies the Sentiment :-
The past 24 hours didn’t bring any positive movements for most of the alts yet. In fact, all of the larger-cap alts, including ETH, BNB, XRP, ADA, #DOGE , SOL, TRX, DOT, MATIC, LTC, and SHIB, are in the red, with minor losses.
There’s only one exception here – TONCOIN. The asset has been on a roll in the past week and the last 24 hours didn’t disappoint. TON has soared by over 11% and trades close to $2.
Most other alts are in the red, which has pushed the total crypto market cap south again. The metric is down to $1.040 trillion just days after breathing the $1.1 trillion level.
