UK Embraces Crypto: Bitcoin Reaches Record High of $72,000

The Financial Conduct Authority has announced that it will allow exchanges to list cryptocurrency-linked exchange-traded products, ⁢a move that has caused Bitcoin to reach a ‍new record high of over $72,000. This ⁢decision comes after the FCA previously banned the sale of crypto-linked ETNs and derivatives to ‍retail investors in 2020 due to their high-risk nature.

Under the new rules, exchanges must ensure that they have sufficient control measures in⁤ place ⁣to ensure organized trading ⁢and protect professional investors. ‌They will also ⁣be⁣ required to meet all U.K. listing requirements, including issuing prospectuses and ongoing disclosures.

London Stock Exchange has welcomed the news, with ⁢plans to⁤ accept applications for the admission of⁢ bitcoin and ether ETNs in the second quarter of this year. However, the FCA has made ‌it clear⁢ that only professional investors will be able‍ to purchase these ETNs, citing the high ​risks associated with retail investors.

Despite this approval, the FCA continues to warn the public about the risks of investing in cryptoassets, stating that⁣ they are largely unregulated and investors must be prepared to lose all their money. This belief ‍is also reflected in the FCA's ongoing ban on the sale of crypto-linked ETNs and derivatives to retail investors.

The decision from the U.K. regulators comes after their U.S. counterparts gave the green light for ETFs‍ from major firms‌ like BlackRock and Fidelity, which are now being traded. While an ETF is a fund that holds assets, an ETN is an unsecured debt security issued by a⁢ bank.

Bitcoin enthusiasts believe that this approval will open the door for increased institutional investment in cryptocurrencies, leading ​to a positive impact⁤ on prices. This potential growth is also reflected in the recent approval of spot bitcoin exchange-traded funds in the U.S...

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#Bitcoin Breaks Records: Will #Ethereum Follow

The market leader, Bitcoin, had successfully achieved a new #ATH with a high of just over $70,000. However, the rally was short-lived as thAe market experienced significant short-selling in their respective portfolios.

Positively, the elite coins have successfully regained momentum over the past few hours, resulting in a bounce back in the chart. At the time of writing, the ETH token traded with a price tag of $3,906.57.

Ethereum Token On A Path To Record New High! The cryptocurrency industry continues to display massive price fluctuation with top tokens experiencing significant pumps and dumps to their valuation. With the BTC price experiencing a new ATH, the volatility in the market has leveled up.

The Ethereum token has recorded a jump of 2.14% within the past 24 hours, indicating a bullish reversal in the crypto space. Further, the ETH price has added approximately 15.35% within the past seven days, and 63.34% over the past 30 days.

TradingView: ETH/USDT Further, the star altcoin, Ethereum, is roughly 20% from achieving a new all-time high (ATH), highlighting an increased interest of investors in altcoins. Moreover, the market hints at a high possibility of an altseason which may act as a catalyst in the ETH price achieving a new ATH.

The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating a strong bullish influence in the crypto industry. Further, the averages show a rising pattern, suggesting a positive price action for the token in the upcoming weeks.

Will ETH Price Continue Rising? The Ethereum token is currently testing its major resistance level of $3,930 soon, the outcome of which is unpredictable. If the Star altcoin manages to hold itself above the level, it will prepare to test its all-time high (ATH) of $4,881 in the coming time.

Conversely, in case a trend reversal occurs, the ETH price may lose momentum which may result in a delay in achieving its target of a new ATH.

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This #analysis report, backed by quality data, covers the major developments the Web3, Blockchain and Crypto landscape has witnessed this week.

Breaking #News

This #Week Seneca Protocol Hacker Returns Stolen Ether Tokens After Exploit. The hacker returned $5.3 million worth of Ether after exploiting an approval mechanism bug in Seneca Protocol’s smart contract, draining $6.4 million. The protocol offered leniency, not pursuing legal action if 80% was returned.

Gemini to Return $1.1 Billion in Settlement Deal with NY Regulators  Gemini agrees to repay customers $1.1 billion from its defunct Earn Program in a settlement with New York regulators. The exchange faces legal challenges from the SEC and the NY Attorney General’s office.

Robinhood Partners with Arbitrum for Access to Layer-2 Swaps  Robinhood collaborates with Arbitrum to offer its wallet users access to swaps on the layer-2 network. The alliance aims to simplify access to layer-2 networks, announced at ETHDenver 2024 event.

Uniswap Introduces New Features to Enhance Swapping Experience  Uniswap introduces three features: Uniswap Extension, Limit Orders, and Data & Insights. Limit Orders and Data & Insights pages are live, with access via a waitlist system for users.

CDC Supports Kraken in Lawsuit Against SEC’s Regulatory Tactics  The Chamber of Digital Commerce files amicus curiae to support Kraken against SEC lawsuit. CDC aims to counter SEC’s regulatory tactics and advocate for clearer rules.

RiskOnBlast Under Scrutiny Amid Suspected Rug Pull Scam  RiskOnBlast project faces scrutiny over a suspected rug pull scam, leaving investors with significant losses. The project raised 25M in ETH for a presale token Risk.

HTX Withdraws Crypto License Application in Hong Kong HTX, formerly Huobi, withdraws crypto licence application from Hong Kong. The Virtual Asset Trading Platform (VATP) licence allows exchanges to operate within Hong Kong.

MicroStrategy’s X Account Compromised in Ethereum Token Scam  Micostrategy’s X account hacked...

Full report:
https://bit.ly/49WFcka

#Reddit Incorporates Cryptocurrencies into Balance Sheet

• Reddit disclosed in its IPO filing that it holds bitcoin, #ether , #matic
• The revelation came as part of Reddit’s filing with the SEC to go public on the NYSE under “RDDT,” without disclosing specific holdings;
• While Reddit’s use of Ethereum and Polygon for NFT avatars was known, its investment in Bitcoin signifies a strategic move for investment purposes.

Reddit has revealed in an IPO filing that it holds bitcoin, ether, and MATIC and has said that it may continue to build its crypto portfolio in the future. The social media platform made the revelation as part of its filing with the US Securities and Exchange Commission (SEC) to go public on the New York Stock Exchange under the ticker symbol “RDDT,” although the company did not reveal its holdings. The holding of ETH and MATIC is not a surprise as the platform has used both Ethereum and Polygon for its NFT avatars, but its bitcoin holdings are purely for investment reasons.

Reddit Blockchain Adventure Started in 2022

Reddit revealed in January that it was seeking to go public in March, a sentiment made good with this week’s filing. All companies filing for IPOs need to list their investments and the risks associated with those investments, which is where we learned about the company’s crypto holdings.

Acknowledging the potential risks associated with holding cryptocurrencies, Reddit highlighted concerns such as exchange risk and additional tax, legal, and regulatory requirements. Despite these considerations, Reddit said that it remains committed to exploring blockchain technology and its applications within its platform, which it started with its NFT avatars in September 2022.

Holdings Not Revealed

The decision to go public marks a significant milestone for Reddit after undergoing a lengthy process with regulators. The company’s co-founder, Steve Huffman, emphasized the importance of advancing Reddit’s mission and empowering its user community...

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Bulls and Bears Battle: Bitcoin (BTC) Price Forecast at $100,000

The broader #crypto #market has become optimistic about the upcoming trend as the Bitcoin price is coiling up. The price of Ethereum is scaling up, many large-cap cryptos are gaining strength, and some mid-cap tokens are also performing well. In the meantime, the bulls and bears appear to have placed their bets, which could intensify over time. This may have a severe impact on the #BTC price rally, which could be witnessed as soon as the token marks a new ATH.

Order books are considered one of the best tools to know what’s going on in the market. It is a list of buy orders or bids and sell orders or asks with discrete units. They give an idea of at what price the bulls wish to accumulate BTC and the bears are willing to liquidate.

The recent data shared by an analyst, anonymously known as Bitcoin Munger, shows that sellers are building a new’sell wall’ while buyers want the BTC price to slash hard below $40,000.
The above data shows the sellers are placing huge bets or ‘asks’ just above the ATH at around $70,000 to $72,000. Therefore, the possibility of the price facing a huge rejection after reaching these levels is pretty high. On the other hand, the buyers still expect the price to plunge hard and reach levels below $40,000 as massive amounts of bids are being placed within the $30,000 to $40,000 range. Therefore, considering the above data, analysts mention two main observations.

The sellers are moving to sell liquidity to the $70,000 levels as they know the current sell wall at around $55,000 to $60,000 may not hold for long Many buyers still hope to buy BTC within the range of $30,000 to $40,000. Hence, they will be forced to bid higher, which may offer more fuel to the rally Besides, if the orders are adjusted, then the buy orders are likely to go higher as they have been there for a long time, meanwhile, sell orders have been adjusting higher this week...

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Binance Coin Achieve $400 Mark!

The #Binance coin recorded a⁤ neutral trend for a brief period, indicating a rise in the disinterest ⁤of investors in this altcoin. However, the BNB token has regained‌ momentum and has recorded a notable run ⁣over the past few days.

The Binance coin price recorded a jump of approximately ⁢5% within the past​ day but has added over‍ 31%‍ to its portfolio this month,⁤ highlighting a positive outlook ⁢for the token in the coming time.‌ Further, the token has ‌successfully achieved its $400 mark,‌ indicating a bullpower in the market.

The BNB coin price traded in a closed ⁣range between $297.5 and $308 for over a week, following which the bulls gained momentum and recorded a jump of ​10.18% over the next two‍ days.

After this, the Binance token displayed a⁢ neutral⁢ trend for a brief period, indicating a weak price action ⁣for the coin in⁢ the market. As ⁤the market volatility grew, ⁤the BNB token regained momentum and jumped approximately 14% in valuation.

#BNB Coin‌ Price Analysis

Following this, the price traded in a closed ⁤range‌ between $348.5 and $364.5 for the‍ next⁣ six days.⁢ After multiple attempts, the ‍bulls jumped 8.78% before facing rejection at ​$393.9.

The Binance coin price⁢ traded sideways for‌ a while,⁤ following which the bulls⁣ recently‌ jumped 5%, resulting in it achieving its $400 ‌mark after over two​ years.

Will BNB #Price Go Up?

The Relative Strength Index ⁤(RSI) continues ⁤to hover above ‍the overbought range, indicating a strong bullish​ influence in the crypto ​space. Further, the averages show a‍ constant rise, suggesting the price will continue gaining value in the coming time.

If ⁣the market pushes the ⁢price above the resistance level of $401, the bulls will regain power and prepare to test ‍its upper resistance level of $420 this week. Maintaining⁢ the price at that level ⁤will set the stage for the BNB coin to attempt to test its ‍upper limit of $435 in the upcoming weeks.

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#Ether spot-exchange traded funds (ETFs) may increase institutional investment in Ethereum's token but are unlikely to create major price surges, according to some market observers.

While interest in ether bets has risen significantly, an ETF could create sustained growth rather than explosive growth in the ether market.

Ether (ETH) spot-exchange traded funds (ETFs) may increase institutional investment and power the world’s most-used blockchain, but is unlikely to create euphoric price surges, some market observers opined.

Interest in ether bets rose significantly after the approval of spot bitcoin (BTC) ETFs in January, which sparked hope among ether traders. Last week, Ethereum’s native token crossed the $3,000 mark for the first time since April 2022, rising 15% in a week and beating bitcoin’s relatively modest 8% rally in the same period.

Crypto circles on social application X expect such price action to continue after the expected issuance of ether ETFs later this year. The narrative is that these inflows could later find their way to the broader #Ethereum ecosystem.

However, some believe an ETF could create sustained, rather than explosive, growth in the ether market.

“Ethereum ETFs won’t cause bubbles,” Jag Kooners, head of derivatives at Bitfinex, told CoinDesk in an email. “Despite concerns, institutional investment through an ETF could stabilize the Ethereum market, as seen with bitcoin and gold ETFs, fostering sustained growth.”

“Ethereum’s Layer 2 solutions enhance scalability by enabling faster, cheaper transactions outside the main blockchain, fostering growth,” he added. “Unlike bitcoin’s security focus, Ethereum’s L2 solutions prioritize rapid expansion, potentially attracting institutional investment and broadening application scope.”

However, an ether #ETF still faces regulatory headwinds. “Ether’s classification as a security or commodity remains a key hurdle despite ongoing regulatory discussions,” Kooners said.

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Five Things to Know in Crypto This Week: Bitcoin Eyes $50,000 on BTC-Spot ETF Flows

Key Insights:

BTC-spot ETF market net inflows fuel a five-day BTC winning streak.

• US Treasury Secretary Janet Yellen called on Congress to roll out a crypto regulatory framework.
• US Senators Target the SEC over the SEC Motion to Dismiss the charges in the SEC versus Debt Box case.
• BTC-Spot ETF Market: Net Inflows Fuel a Five-Day BTC Winning Streak

BTC was up 10.92% to $47,277 from Monday to Saturday. BTC-spot ETF market net inflows for the week fueled the investor fear of missing out (FOMO). BTC struck a Friday high of $48,175 on a Thursday jump in BTC-spot ETF market net inflows.

On Thursday, BTC-spot ETF market net inflows surged from $146.1 million (February 7) to $405.0 million (February 8). iShares Bitcoin Trust (IBIT) leads The Nine (January 2024 SEC-approved BTC-spot ETFs). IBIT saw net inflows of $204.1 million, taking total net inflows to $3,499.7 million.

Fidelity Wise Origin Bitcoin Fund neared the $3 billion mark, with net inflows of $128.3 million, taking total net inflows to $2,934.2 million.

BTC-Spot ETF Volumes and Flows

The FOMO phenomenon extended beyond BTC, with the total crypto market cap increasing by 9.46% ($150 billion) to $1,739 billion from Monday to Saturday.

SEC v Coinbase: US Treasury Secretary Janet Yellen Calls for Regulatory Framework

On Tuesday February 10, US Treasury Secretary Janet Yellen gave testimony at a House Financial Services Committee hearing. Referencing the US crypto market, Secretary Yellen had this to say,

“The council is focused on digital assets and related risks, such as from runs on crypto asset platforms and stablecoins. Potential vulnerabilities from crypto asset price volatility, and the proliferation of platforms acting outside of or out of compliance with applicable laws and regulations...

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Bitcoin continues with its sluggish trend as the price remains stuck within a range-bound level. The extreme drop in volatility does flash bullish signals but the bearish knockout may not be eliminated. With the prices hovering within the range for quite a while, a strong base has been formed. This may lead to a massive bullish breakout, while pre-halving may tend to occur, which may also cease very soon.

The current trade suggests the price is either experiencing excessive pressure on either side or both the bulls and bears have become passive. Therefore, without much involvement from them, the price may have remained stuck at the same levels. Besides, more accumulation has been witnessed at these levels, as millions of addresses have accumulated millions of BTC at the current price level.

As per the data from Intotheblock, shared by an analyst, Ali, over 3 million addresses have bought nearly 1.5 million BTC between $41,800 and $43,080. 

These levels have become one of the strongest support zones for the Bitcoin price as of now and this could be the reason why the BTC price triggers a healthy rebound each time it tests. On the other hand, the price has also been failing to rise above $43,800, which is the pivotal resistance that needs to be broken to initiate a fresh upswing. So will the BTC price break the resistance wall? 

Even though the volume has dropped, the slight rise in the RSI flashes bullish hopes for the crypto. The bands are trading at the exact resistance and support levels. Hence, a breakout from either of the ranges may validate the respective price action. 

The current trade setup suggests that the Bitcoin (BTC) price may reach the interim resistance and may even rise above $45,000 but it may result in a bearish pullback, back to the average levels of the band.

https://cointacted.com/newspaper/bitcoin-price-faces-extreme-compression-heres-what-may-be-expected-from-the-btc-price-rally/

Analyst Crypto World has discussed the current state of major cryptocurrencies, focusing on Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK). The analyst pointed out key support and resistance levels and potential price targets based on technical patterns.

Bitcoin (BTC): Bitcoin is at a critical juncture, having experienced a 12% drop from its recent highs last month. The current focus is on the $40,000 support level, which holds historical significance. The analyst speculates on the possibility of a rebound like the past recoveries if $40,000 remains intact. However, a breach of this support could lead to the next level of around $30,000.

Technical analysis also points to a potential breakout scenario with a resistance level of $43,700. A confirmed breakout above this level could set the stage for a bullish move towards a price target of approximately $48,800.

Ethereum (ETH): Ethereum’s recent positive price recovery has sparked discussions about the potential to reach a new milestone in the coming weeks. The analyst notes the likelihood of a price correction before resuming an upward trajectory, stressing the importance of closely monitoring support and resistance levels. Key levels include $2,320 as resistance and $2,150 as support.

Ethereum also forms a symmetrical triangle pattern, with a breakout expected in the next 24 hours. A confirmed move above $2,320 could lead to a bullish price target of $2,600, while a break below $2,280 might result in a bearish target of $2,030.

Chainlink (LINK): Chainlink has recently experienced a significant breakout against the US dollar and Bitcoin. The analyst identifies an inverse head and shoulders pattern, suggesting a bullish move towards a price target of $20. However, caution is advised, considering the price has already experienced an increase.

Critical levels for Chainlink include $15.90 as a potential invalidation point for the bullish breakout and $17, along with $16.70 as support levels in case of a retracement.

https://cointacted.com/newspaper/whats-next-for-bitcoin-ethereum-and-chainlink-price/

Analyst Eric Krown Crypto is warning Bitcoin investors that this might be the last heads-up for February. In a recent video, Krown talks about how Bitcoin has been doing well, showing five straight green months, which hasn’t happened since September.

Krown looks at the history and notes that usually, after a green month, there are about three more before a red one. The current trend puts Bitcoin in a unique spot, possibly heading for a sixth green month.

However, Krown also points out some signs on the monthly chart that suggest Bitcoin might be undecided, potentially hinting at a reversal. He thinks February could be a chance for a correction, given Bitcoin’s rapid rise without many pullbacks since September.

Switching to the five-day chart, Krown notes the volatility at extreme lows and the stochastic momentum setup indicating a downside disposition. He suggests a potential short-term rally to $44,000 or $45,000 before a more likely move to the downside, stressing the importance of $46,000 as a bullish confirmation level.

In simpler terms, Krown thinks Bitcoin might take a breather and go down a bit, possibly to around $40,000, before potentially going up again. He reminds everyone to be cautious and pay attention to key levels to confirm where Bitcoin might be headed. While discussing the worst-case scenario, which could be around $28,000, he believes $42,250 is critical to watch for confirmation of a local high.

Bitcoin is at a big decision point. It dropped 12% from its recent high last month and now faces the risk of breaking the critical $40,000 support. This $40,000 level has supported Bitcoin strongly in the past, making some people hopeful for a possible bounce back. However, if Bitcoin falls below $40,000, the next support level is around $30,000. At the time of writing, Bitcoin is trading at $42,800.

https://cointacted.com/newspaper/bitcoin-btc-price-at-risk-of-dropping-below-30k-if-this-happens/