Michael Saylor, the co-founder and chairman of MicroStrategy, has once again captured the attention of the cryptocurrency space with a BTC prediction. In a recent tweet, Saylor predicted that "99% of Bitcoin will be mined by January 2, 2035."

Because Bitcoin can only be created through mining, all BTC in existence are those that have been mined. Bitcoin's total supply is currently 19,760,384 BTC or 94.10% of its maximum supply of 21 million BTC, according to CoinMarketCap data, this implies about 1,239,588 BTC left to be mined.

99% of #Bitcoin will be mined by January 2, 2035. https://t.co/bSNnyLiH0M

— Michael Saylor⚡️ (@saylor) September 28, 2024

Saylor's prediction implies an acceleration in Bitcoin mining activities over the next decade that would see nearly 5% more of Bitcoin's maximum supply being mined.

If Saylor's prediction holds, it would mean that 99% of Bitcoin's total supply will be in circulation much sooner than many had anticipated. Several market analysts forecast that the final Bitcoin (or the final satoshi) will be generated around the year 2140.

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This could lead to several potential outcomes, with 99% of Bitcoin mined, the remaining 1% will become increasingly scarce, potentially driving up the price of Bitcoin as demand outstrips supply. The economics of Bitcoin mining may change considerably, with miners having to adjust to an environment in which the rewards for mining new blocks are significantly decreased.

Bitcoin price action

Bitcoin reached a high of $66,550 in Friday's trading session, the highest level since the beginning of August. BTC surged to $65,988 in the early Sunday trading session before falling to $65,636, up 0.09% in the last 24 hours.

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Bitcoin is on track for one of its best September increases as a global wave of interest-rate cuts, led by the U.S. Federal Reserve, aids the largest digital asset in overcoming a seasonal jinx.

Bitcoin is up more than 11.31% this month, compared to an average 5.9% loss in September over the past decade.

According to cryptocurrency analyst Ali Martinez, historically, when Bitcoin ends September in the green, the final three months of the year might see even greater gains.

Now, BlackRock holds nearly $24 billion worth of Bitcoin (BTC) on behalf of its Btc Spot ETF investors. BlackRock’s CEO declared himself a “big Bitcoin believer.”

BlackRock is a world-famous fund management firm, managing nearly $10 trillion, a figure larger than the GDP of many countries. Earlier this year, the United States Securities and Exchange Commission (SEC) approved several Bitcoin spot ETF applications, including BlackRock’s IBIT.

On Friday of this week, the U.S. Bitcoin spot ETF market saw net inflows of $494.4 million, the highest since $886.6 million on June 4.

Bitcoin spot ETFs had a total net inflow of $494 million on September 27, continuing net inflows for 7 consecutive days. Ark Invest and 21Shares' ETF ARKB had an inflow of $203 million, and Fidelity ETF FBTC had an inflow of $124 million. https://t.co/59u0BnEqLG pic.twitter.com/UqzAYxmQww

— Wu Blockchain (@WuBlockchain) September 28, 2024

As per available records, BlackRock now holds a total of 365,310 BTC on behalf of BTC spot ETF investors, corresponding to $24 billion at the current Bitcoin trading price.

In a recent interview, BlackRock CEO Larry Fink said, “For the first three years I was a naysayer, and about two years then I switched and I’m a big believer (in #Bitcoin).”

🇺🇸 FINK: “For the first three years I was a naysayer, and about two years then I switched and I’m a big believer (in #Bitcoin).” BlackRock now #HODL 365,310 BTC worth over $24 billion! 🔥 pic.twitter.com/KA4lydN8zI

— Cointelegraph (@Cointelegraph) September 29, 2024

At the current price level of Bitcoin, more than 84% of Bitcoin investors are in net profit, meaning that investors are confident with Bitcoin investment.

📈84% of #Bitcoin holders are now in profit as Bitcoin stays strong above $63k. pic.twitter.com/DKL8IAnAjH

— Kashif Raza (@simplykashif) September 28, 2024

Bitcoin Price Action

The current trade price of Bitcoin is $65,693, and this price has remained calm for the last 24 hours.

A popular Bitcoin analyst shared his analysis, pointing out that the U.S. Dollar Index (DXY), which measures the dollar’s strength against other currencies, is breaking down from a strong support level. This suggests the dollar’s value might drop soon. Since Bitcoin (BTC) and the dollar tend to move in opposite directions, the weakening dollar could lead to a rise in Bitcoin’s price. The analyst believes this is a big opportunity for Bitcoin, and the crypto market could see a significant rise soon.

#DXY #Bitcoin This is HUGEA major breakout of the Dollar Index multi-year support is happening on the monthly timeframe. This is highly significant.As you may know, the Dollar Index and risk assets like #BTC are inversely correlated.Crypto is ready to fly soon! 🚀 pic.twitter.com/Nb0mcxnN7b

— Titan of Crypto (@Washigorira) September 28, 2024

Read also: FTX Creditors Are Only Getting Back 10% to 25% of Their Funds: Repayment plan revised!

Bitcoin (BTC) price is on the verge of a notable trend change in its weekly and monthly timeframe chart. On both timeframes, a close above $65,000 sets a higher high and breaks the trend of lower highs which has defined BTC’s price action fo the past 6 months.

BTC/USDT weekly chart. Source: TradingView

Prior to this week’s rally above $66,000, the crypto market had been suffering from narrative exhaustion but a new set of catalyst have led traders to believe Bitcoin price is ready to embark on the next leg higher.

In the past few weeks, the following events occurred: 

Spot Bitcoin ETF inflows saw a surge in inflows totalling $494 million, bringing the total cumulative flow to $18.8 billion. 

Cumulative spot Bitcoin flows. Source: Farside Investors

MicroStrategy announced the purchase of 18,300 Bitcoin between Aug. 6 and Sept. 12, followed with an additional purchase of 7,420 BTC on on Sept. 20. 

US stock markets and gold hit new all-time highs. 

The PBOC announced rate cuts and other money printing measures which traders say align with Bitcoin price expansion. 

Data emerged showing global money supply and US money supply is set to expand as a result of rate cuts.

Ultimately, traders believe that central bank interest rate cuts and the possible return to loose monetary policy will lower the high yields offered on many investment instruments and incentivize yield seeking in Bitcoin and other cryptocurrencies. 

A brief return to $62K? 

From a technical point of view, Bitcoin has managed 3 daily closes above the 200-day moving average and the price trades above the 196 day long descending trendline. As mentioned earlier, a close above $65,000 sets a higher high candle for the weekly and monthly timeframe. 

BTC/USDT 1-month chart. Source: TradingView

In the coming week, price pullbacks to the 20-day moving average at $62,000 would not be abnormal. Whether or not traders step in with sufficient force to defend this level and press through asks in the $66,000 to $68,000 zone will be the actions to look out for. 

Beyond the day to day price action, one thing that is clear is that the new set of bullish Bitcoin narratives that traders have been waiting for have arrived, potentially hinting that BTC price is gearing up to test new all-time highs. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

After Bitcoin (BTC) claimed its all-time high of above $73,000 in early 2024, most investors have set their target on the $100,000 mark as the next record valuation for the maiden cryptocurrency. Now, a trading expert has come forward, offering a blueprint to push Bitcoin toward this milestone.
In particular, the expert, Peter DiCarlo, noted that Bitcoin looks solid to reach $100,000 but needs to breach the $68,000 resistance level to confirm the path to a new record high, he said in an X post on September 28.

Bitcoin price analysis chart. Source: TradingView/Peter DiCarlo
DiCarlo observed that Bitcoin is currently in a bull flag formation, a classic indicator of bullish momentum, but warned that this pattern has “faked a lot of traders out” in recent months.

He noted that the key to breaking through lies in the “bx” indicator, representing a bullish accumulation zone. This bx zone below $68,000 suggests that institutional investors have steadily accumulated Bitcoin. DiCarlo believes Bitcoin is primed for a breakout as long as this bullish accumulation continues.
“BTCUSD looking solid for a run up to $100k in the coming months. That said, we need to clear $68K before we confirm! This bull flag has faked a LOT of traders out over the past couple of months,” he said. 
Bitcoin’s key fundamentals 
Additionally, the analysis highlighted an accumulation zone around $52,000, where institutional buying has been particularly strong. This accumulation provides a solid foundation for Bitcoin’s potential to move higher.
As things stand, Bitcoin could build on the current bullish momentum to reclaim the $68,000 mark as the asset prepares for one of the strongest finishes to September. To this end, investors are looking to the ‘Uptober’ phenomenon, where the maiden cryptocurrency tends to surge in October.
However, this momentum is not guaranteed, as Bitcoin still has several barriers to clear before having a solid chance of rallying in October. For instance, as reported by Finbold, BTC has notable liquidity to the downside, and the asset needs to clear retail’s long positions before rallying in the coming month.
Indeed, Bitcoin has set its target at $70,000 during a period of influx of stablecoin liquidity and a recovery in the crypto market. In this line, a report by 10x Research indicated that ahead of the Federal Reserve interest rate cut, nearly $10 billion in stablecoins were issued, driving market liquidity up. The high volume is key since stablecoins are usually leveraged to shift positions in the crypto market.
Bitcoin’s cautious outlook 
Amid the prevailing bullish sentiment, crypto trading expert Ali Martinez noted in an X post on September 27 that investors should anticipate a possible price correction. The warning is based on Bitcoin’s TD Sequential indicator, which has signaled a sell on the four-hour chart. 
Historically, such signals have been associated with price corrections, and traders may expect some downward pressure on Bitcoin in the short term. With Bitcoin trading at the $65,000 mark, the indicators suggest the asset will likely drop further.

Bitcoin price analysis chart. Source: TradingView/Ali_charts
Bitcoin was trading at $65,665 at press time, having dropped by about 0.1% in the last 24 hours. On the weekly chart, BTC is up almost 4%.

Bitcoin seven-day price chart. Source: Finbold
In summary, while Bitcoin shows strong bullish momentum, it faces significant resistance at the $68,000 level, which is key to hitting $100,000. Despite the positive indicators, caution is warranted as market volatility and potential corrections could disrupt its upward trajectory. 

#BTC $BTC

According to Odaily, monitoring data from Lookonchain reveals that BlackRock has increased its Bitcoin holdings by 1,684 BTC, valued at approximately $110.7 million. Over the past four days, BlackRock's IBIT has added 7,578 BTC, worth around $497.6 million, bringing its total holdings to 365,310 BTC, valued at $24.04 billion.

On Sep 29, 2024, 20:04 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 66,000 USDT benchmark and is now trading at 66,050.867188 USDT, with a narrowed 0.46% increase in 24 hours.

According to Odaily, recent data from Polymarket indicates a 60% probability that Bitcoin (BTC) will achieve a new all-time high in 2024. The total amount wagered on this prediction is approximately $140,000.

The Bitcoin (BTC) market may be nearing the end of its current uptrend, according to on-chain analysis from Glassnode. The firm's senior analyst, Checkmate, noted that the BTC Sell Side Risk Ratio is currently at levels that have historically indicated price tops. This indicator measures the ratio of unrealized profit/loss to market capitalization, and a low ratio suggests that investors are holding their BTC with a small profit or loss, indicating low market volatility and a potential equilibrium point. This could be a sign that whales are preparing to sell their BTC, which could lead to a downturn in the price. Of course, the market is always subject to change, and it is impossible to predict with certainty what will happen next. However, the BTC Sell Side Risk Ratio is a valuable tool for identifying potential turning points in the market, and it is worth keeping an eye on as the price of BTC continues to fluctuate.

Current Structure: Descending Channel
BTC is currently trading at $65,642, positioned within a descending channel. This formation typically signals a consolidation period before a possible trend reversal. Based on the pattern, Bitcoin has been respecting both the upper and lower trendlines, suggesting that the price is narrowing toward a breakout point.
Bearish Scenario: Breakdown Toward $50,000
If BTC fails to break above the descending channel, the price will likely see a significant drop toward the $50,000 level. This level corresponds to the lower boundary of the descending channel, where a retest of the long-term trendline could occur. Historically, descending channels often lead to retests of lower trendlines before confirming a breakout.
The MA(5) at $60,104 and the MA(50) at $55,426 indicate interim support levels on the way down, but if the price breaks below these moving averages, the next critical support level would be at $50,000. A fall below this level could lead to further bearish pressure, possibly dragging BTC into a deeper correction.
Bullish Scenario: Breakout Above $66,260
On the flip side, if BTC breaks above the $66,260 resistance level, which aligns with the upper boundary of the descending channel, it would confirm a bullish breakout. A breakout from this descending channel would typically result in a sharp upward movement, with the next significant resistance level at $73,777. This would signal a potential reversal of the bearish trend.
Volume and Momentum
The recent increase in trading volume, currently at 602.95M, suggests strong interest in BTC at these levels. However, the volume needs to confirm the breakout or breakdown direction. If a breakout occurs, we could expect a surge in volume, pushing BTC higher and confirming the bullish sentiment.
Final Analysis
Based on the descending channel pattern, BTC is currently in a critical moment. If it fails to break above the channel's resistance, a drop toward $50,000 is highly probable. However, a confirmed breakout above $66,260 would invalidate the bearish pattern, setting BTC up for a rally toward $73,777.
Key Levels
Support: $60,104 (MA 5), $55,426 (MA 50), $50,000 (lower channel boundary).Resistance: $66,260 (channel resistance), $73,777 (next major resistance).

#BTC #Super029

Bitcoin (BTC) closed at its highest level in two months on Sept. 28 and is currently approaching the $66,000 mark. This movement followed gains in the S&P 500 index, which reached an all-time high on Sept. 26, fueled by robust economic indicators and measures aimed at boosting markets and investor confidence in China. However, several metrics indicate that Bitcoin is far from entering a bull market. 

Bitcoin/USD (right) vs. S&P 500 futures (left). Source: TradingView

Investor skepticism clouds Bitcoin's recent rally

Investors could be skeptical due to previous rejections at $70,000 or fearing that a potential recession is underway, which would negatively impact risk-on markets, including cryptocurrencies.

Although this sentiment does not guarantee a sell-off, it makes it easier for bears to instill fear, uncertainty, and doubt (FUD) to suppress Bitcoin's price. Regardless of what is dampening Bitcoin traders' spirits, there is no guarantee that its price will continue to benefit from the stock market's bullish momentum.

Some analysts argue that central banks' shift to expansionist monetary policy indicates that economies are at risk. Contrary to common belief, this does not necessarily imply high odds of a market bubble bursting, as mega-cap tech companies are able to capture value even in times of declining revenues.

With high margins and strong balance sheets, companies like Google, Amazon, Apple, and Microsoft can benefit from discounted niche acquisitions and face less competition for new hires and equipment, including microchips for artificial intelligence use. In fact, an overheated economy is a net negative for margins, as it creates shortages and high logistics fees.

Meanwhile, for Bitcoin, investors might still value its scarcity and sovereignty, but its drivers significantly diverge from those of the traditional stock market. Moreover, historically, when investors fear a looming recession, they tend to seek shelter in gold, short-term government bonds, and companies that dominate their field.

In essence, even if the S&P 500 continues to make new highs, that does not necessarily mean Bitcoin's price will benefit. Therefore, Bitcoin bulls need to analyze whether the underlying conditions have changed since the multiple rejections at $70,000 before concluding that lower interest rates and higher government debt are enough to push BTC's price higher.

For starters, the Coinbase exchange mobile app ranked number 385 on Sept. 28, according to user COINAppRankBot on the X social network. While this represents an improvement from position 482 on Sept. 14, it indicates a lackluster retail investor appetite even as Bitcoin's price gained 21% in three weeks. Yet a Bitcoin bull could argue the glass is "half full," as there is still room for improvement.

China's stablecoin discount signals bearish sentiment amid institutional inflows

Inflows from institutional investors might have driven the recent surge in Bitcoin's price, and data from spot exchange-traded funds (ETFs) corroborate this thesis. However, recent data from Chinese markets show the opposite trend. By examining the demand for stablecoins in China, we can gauge whether investors are entering or exiting the cryptocurrency markets. 

Typically, excessive demand causes stablecoins to trade at a premium of 1.5% or higher compared to the official US dollar rate, whereas bear markets result in a discount.

USD Tether (USDT) peer-to-peer trades vs. USD/CNY. Source: OKX

The USDT premium in China has remained below parity for the past two weeks, indicating bearish sentiment. This metric contradicts the recent appetite for spot ETFs in the United States and further strengthens the bears' argument of a lack of investor demand.

Investors' lack of conviction is also evident in the Bitcoin futures markets, even in monthly contracts typically preferred by whales and institutional investors due to their absence of fluctuating funding rates. In neutral markets, these derivative contracts tend to trade at a 5% to 10% annualized premium to account for their longer settlement periods.

Bitcoin 2-month futures annualized premium. Source: Laevitas.ch

Data shows that the Bitcoin futures premium stabilized at 6% despite the rally toward $66,000 on Sept. 29. These savvy derivatives traders maintained their neutral stance, displaying reluctance driven by fear of missing out, but at the same time may have given bears exactly what they needed—a signal of a lack of conviction.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Welcome.
The most important currencies that will be listed in the coming days:
1.TonStation Listing date: 10/6/2024
2.MemeFi Listing date: 10/9/2024
3.X Empire Listing Date: 10/15/2024
4. TapSwap Listing Date: Mid-October
5.PocketFi Listing date: between the beginning of October and the end of December
6. Blum listing date: between the beginning of October and the end of December

#BLUM #Binance #BTC #hamsterkombat

LookOnChain reported last night that BlackRock’s massive Bitcoin buying spree is continuing. They revealed that BlackRock purchased another 1,684 BTC, worth around $110.7M.

This means that BlackRock has bought 7,578 BTC worth $497.6M in the past 4 days and now holds a total of 365,310 BTC or $24.04B! These are truly staggering numbers.

With massive Bitcoin ETF inflows this week, we might be in for an interesting October when it comes to the BTC price.

However, the Bitcoin price remained relatively calm this week, hovering in the $65,300-$65,700 range after climbing about 4% during the week.

BlackRock bought another 1,684 $BTC($110.7M)!#BlackRock(IBIT) has bought 7,578 $BTC($497.6M) in the past 4 days and now holds a total of 365,310 $BTC($24.04B).https://t.co/2UQKKBxzrT pic.twitter.com/Xf6FdWdCeN

— Lookonchain (@lookonchain) September 28, 2024

Why BlackRock’s Bitcoin Purchases Could Be Bullish for BTC

BlackRock’s continued Bitcoin purchases could be seen as bullish for BTC price for a few reasons. First, it shows that one of the world’s largest asset managers has confidence in Bitcoin as a long-term investment. This kind of institutional backing can encourage other big players to enter the market.

Lastly, BlackRock’s involvement brings more legitimacy to Bitcoin in the traditional finance world. This could lead to increased adoption and investment from both institutions and retail investors, potentially pushing the Bitcoin price higher.

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Of course, it remains to be seen what will happen with Bitcoin and the broader crypto market in October. Many were anticipating a “red” September and we ended up doing completely the opposite, so you never know in crypto.

Read also: How Much Could 20,000 KAS Be Worth by 2025? Kaspa Price Prediction

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The post BlackRock Goes on a Massive Bitcoin Buying Spree – What Does It Mean for BTC Price? appeared first on CaptainAltcoin.

Bitcoin (BTC) is testing the patience of traders as it hovers around the $65,759 level. After several days of consolidation, Bitcoin is poised for a potential breakout, but the question remains: will it be to the upside or the downside? 🚀📉
If you’ve been closely watching the market, you’ve likely noticed that Bitcoin has been trading in a range, bouncing between $65,500 and $66,500 for the last few sessions. The price seems reluctant to break out but is also not collapsing. This consolidation can lead to an explosive move in either direction — so what’s next for BTC?
Technical Analysis: Support and Resistance Levels
On the 30-minute chart, BTC is currently riding just above the 7-period SMA at $65,755, while the 25-period SMA sits slightly higher at $65,696. These moving averages are offering some short-term support, helping to prop up the price action. Below these, the 99-period SMA at $65,696 is holding as a more solid level of support.
On the resistance side, the price has struggled to sustain any moves above $66,000. This psychological level is acting as a key barrier for further upside. If BTC can push past this zone, the next resistance level sits around $66,500.
The MACD indicator is showing signs of bullish momentum with the MACD line at 14.60 crossing above the signal line at 11.47, indicating a potential upward move. However, this signal alone isn’t a guarantee of a breakout, especially considering that we are still in a consolidation phase.
Volume remains a critical factor in any potential move. With the SMA volume at 12.307K, we haven’t seen any major volume spikes that typically accompany significant price movements. Any substantial increase in volume could act as confirmation for whichever direction Bitcoin chooses to move next.

What’s Driving Bitcoin’s Price Action?
While the technicals show consolidation, Bitcoin’s price action is also driven by macroeconomic factors and recent news. The ongoing institutional adoption of BTC, alongside reports of potential regulatory changes, have kept the market in a state of flux. Recently, there’s been speculation around Bitcoin ETF approvals, further institutional investments, and developments within the broader crypto ecosystem, including ongoing Ethereum Layer-2 expansions. These are creating a backdrop of cautious optimism among traders.
However, fears of inflation and how central banks might respond with interest rate hikes are keeping some buyers sidelined. A hawkish stance from the U.S. Federal Reserve, for example, could lead to liquidity tightening, which might weigh on risk assets like Bitcoin.
Trading Strategies: Should You Buy, Sell, or Hold?
For short-term traders, the consolidation around $65,500 to $66,500 offers an interesting range to play. If Bitcoin manages to break above the $66,500 level with strong volume, it could signal a push toward the $68,000 mark, where the next major resistance lies. On the flip side, if the price drops below $65,000, this could lead to a retest of $64,000 or even $62,500.
One possible strategy for short-term traders would be to set stop-loss orders around $65,000 to minimize downside risk, while looking to capture gains if BTC breaks above $66,500. Tight stop-losses can protect capital during this consolidation phase, while also positioning traders to profit from an anticipated breakout.
For long-term investors, these are still relatively favorable price levels to accumulate Bitcoin. While volatility can be nerve-wracking, BTC remains in an overall uptrend, and long-term holders could use dips around $65,000 as opportunities to buy. Given Bitcoin's history of recovering from corrections, those who are in it for the long haul may find these consolidation phases less concerning.
Final Thoughts: The Road Ahead for Bitcoin
Bitcoin is at a crossroads. The consolidation around $65,500 to $66,500 could be the calm before the storm. Traders and investors alike are waiting for a decisive move — whether it’s a break higher toward $68,000 or a pullback to $64,000, only time will tell. What’s your take? Will Bitcoin break out or break down? Let me know your thoughts in the comments below! And if you want more real-time market insights, be sure to subscribe and stay ahead of the crypto curve. 💥📊
#Bitcoin #BTC #CryptoTrading #Binance #Altcoins

According to Cointelegraph, Ether (ETH) has significantly underperformed Bitcoin (BTC), reaching a three-and-a-half-year low against Bitcoin on September 18, a level last seen in 2021. This development raises questions about whether this low presents a buying opportunity or if Ether will continue to lag behind Bitcoin.

Bitcoin has experienced sideways price action for several months, but some analysts predict that its price could break out of this range and reach a new all-time high in the fourth quarter of this year. However, the same optimism is not extended to Ether, which remains far below its lifetime high. Polymarket, a leading prediction market, indicates an 85% probability that Ether will not achieve a new all-time high in 2024.

Despite this, there is some hope for Ether bulls. Bitwise Asset Management’s Chief Investment Officer suggested in a September 17 blog post that Ether could be a “potential contrarian bet through the end of the year.”

Analyzing Ether’s chart against Bitcoin reveals a symmetrical triangle pattern, indicating indecision between bulls and bears. The bulls are defending the support line, while the bears are strongly defending the resistance line. Both moving averages are sloping down, and the relative strength index (RSI) is near the oversold zone, suggesting that bears are in control. The ETH/BTC pair could drop to the support line, where buyers are expected to step in. If the price rebounds off the support line and breaks above the moving averages, it may extend its stay inside the triangle. A breakout above or below the triangle could signal the next trending move, with a rally above the triangle potentially targeting 0.18 BTC, surpassing the current all-time high of 0.15 BTC.

On the daily chart, the ETH/BTC pair has been trading within a descending channel for several months, characterized by lower highs and lower lows. A minor positive for bulls is that the RSI has shown a positive divergence, and the 20-day exponential moving average (0.04 BTC) has started to flatten out, suggesting reduced selling pressure. A break and close above the 50-day simple moving average (0.04 BTC) could signal a move toward the downtrend line, indicating a potential trend change. However, this positive outlook will be invalidated if the price continues to decline and breaks below 0.038 BTC, which could push the pair to the channel’s support line.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Buying millions in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) as part of a strategic investment, Japanese listed business Remixpoint has made a noteworthy movement in the crypto market. Meanwhile, China is starting to investigate cryptocurrencies and their part in the worldwide digital economy concurrently. 

The timing of these events begs questions regarding the possible impact of Asia on the next surge in Bitcoin values.

Remixpoint’s Strategic Investment in Crypto

Remixpoint company revealed on September 26 intentions to buy 1.5 billion yen (about $10.55 M) worth of crypto. This project fits the company’s plan for diversifying its assets and controlling the risks connected to the devaluation of the yen. 

Japanese listed company Remixpoint has purchased BTC, ETH, SOL, and AVAX to achieve diversified investment, reduce the risk of yen depreciation, and optimize cash management strategies. The company announced a plan to purchase virtual currencies totaling 1.5 billion yen (about…

— Wu Blockchain (@WuBlockchain) September 29, 2024

Remixpoint revealed the quantities of BTC, ETH, SOL, and AVAX bought when confirming its transactions on September 27.

The purchase breakdown shows 64.4 BTC worth 600 million yen, 130.1 ETH at 50 million yen, 2,260.5 SOL at 50 million yen, and 12,269.9 AVAX at 50 million yen.

China’s Call for Crypto Research

While Remixpoint actively invests in crypto, China is taking a more cautious approach. Former vice minister of the Ministry of Finance Zhu Guangyao has advised the Chinese government to investigate cryptocurrencies and their global policy developments. 

China’s former vice minister of finance called for China to study the latest changes in cryptocurrencies and policy adjustments internationally, as it is crucial to the development of the digital economy. He mentioned Trump’s embrace of cryptocurrencies and the U.S. approval of…

— Wu Blockchain (@WuBlockchain) September 29, 2024

Speaking at a conference, Zhu talked on the need to realize the possibilities as well as the hazards that cryptocurrencies bring.

He cited the approval of 11 Bitcoin ETFs by the U.S. Securities and Exchange Commission and former U.S. President Donald Trump’s support of cryptocurrencies as major events China should pay great attention to. Zhu’s remarks coincide with a period when the Chinese government has kept a tight posture on mining and trade of cryptocurrencies.

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Read also: Could Ripple’s (XRP) Price Cross the $1 Mark Soon? Here’s the Outlook

Regional Dynamics and the Future of Bitcoin

The changes in China and Japan mirror different views on crypto across Asia. While China’s cautious approach indicates a growing curiosity about the worldwide change toward crypto, Remixpoint’s proactive investment demonstrates Japan’s changing embrace of digital assets.

The different strategies could have wider effects on the crypto industry, particularly because Asian countries are significantly involved in accepting and controlling digital currencies.

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CryptoQuant recently analyzed that Bitcoin (BTC) has surged 23% over the past three weeks, rising from $52.5k to $65k. This strong momentum has been partly driven by growing demand for a BTC spot ETF. As a result of this price increase, short-term holders, who hold BTC for less than 155 days, are now in profit. These holders, with a cost basis of $63k, are expected to provide support for the price of BTC. However, there are some concerns about overheating in the futures market. Open interest, which is the total number of outstanding futures contracts, is currently at $19.1B. This marks the seventh time this year that open interest has surpassed $18B. Historically, when open interest has crossed $18B, the price of BTC has declined.