Could $72,000 Move Be Next for Bitcoin? U.Today - In anticipation of the potential next major breakout Bitcoin is steadily rising toward the $72,000 mark. After successfully breaking through the upper limit of its prior declining channel Bitcoin has maintained its position above this level, which is encouraging and may signal additional upward momentum. By holding support above the upper limit of the long-standing descending price channel that characterized a large portion of its recent movement Bitcoin has demonstrated its resilience in the current price action. This move above earlier resistance might now serve as a level of support possibly creating the framework for an ongoing upward trend. If Bitcoin is able to hold above this crucial barrier it might be preparing for a more noticeable upward move. A psychological milestone would be reached if Bitcoin were to reach $72,000, which would also strengthen the momentum it has been gaining in recent months. The argument for this upward continuation is supported by the technical indicators that are currently in use such as the moving average alignment. Maintaining upward pressure will depend on Bitcoin's ability to remain above the 50-day and 100-day moving averages, which are trending upward and supporting the bullish sentiment. On the daily chart the RSI indicator is likewise displaying consistent momentum without reaching overbought levels, indicating potential for additional growth. Bitcoin must hold above the short-term support levels at $65,000 though in order to confidently aim for $72,000. As a former resistance this support level might offer a strong foundation for Bitcoin to test higher levels without being immediately pressured to sell.

Bernstein is out with a comprehensive Bitcoin investing guide. Here is a summary Bernstein's research analysts released a detailed Bitcoin investing guide that pointed out the rise in institutional involvement in Bitcoin investing, along with the rising role of Bitcoin as a corporate treasury asset. The report titled ‘From Coin to Computing: The Bitcoin Investing Guide’ also made predictions for the future trajectory of Bitcoin price as well as shed light on the rising market for Bitcoin ETFs. It also stressed the increasing convergence of Bitcoin with AI infrastructure. Key insights Institutional Surge in Bitcoin ETFs According to Bernstein, global asset managers have increased their holdings of Bitcoin and Ethereum ETFs to nearly $60 billion in 2024. In comparison, their holdings stood at just $12 billion in September 2022. It described the launch of Bitcoin ETFs as the most successful in the history of exchange-traded funds, with $18.5 billion in inflows year-to-date since its introduction in January. "With institutional players flocking to Bitcoin, ETFs are proving to be the entry point for large-scale investment in digital assets," Bernstein stated. The report further noted that ten leading asset managers, including high-profile names, have set up regulated Bitcoin and Ethereum ETFs. Bitcoin’s Path to $200,000 by 2025 Bernstein is clearly bullish about Bitcoin’s price as the report predicted that the cryptocurrency could reach $200,000 by the end of 2025 on the back of the surge in institutional interest, particularly through ETFs. To be sure, Bitcoin has already risen by 120% over the last 12 months, with its market cap swelling to $1.3 trillion. “With institutional adoption accelerating, we expect Bitcoin to triple from its current levels,” Bernstein projects, adding that Bitcoin miners have scaled their computational capacities to match the growing demand. Bernstein expects that larger financial institutions are anticipated to play a more dominant role as the market matures. The report also hinted that Wall Street could replace Satoshi Nakamoto, Bitcoin's pseudonymous creator, as the top wallet holder by 2024. The Rise of Bitcoin as a Corporate Treasury Asset Bitcoin’s rising role as a corporate treasury asset was another central theme in Bernstein’s latest report. It noted that firms like MicroStrategy are leading the charge, with more than 99% of its cash holdings in Bitcoin. MicroStrategy Incorporated (NASDAQ:MSTR)’s strategy of acquiring Bitcoin in large quantities has made it one of the largest corporate holders of the asset. It currently owns 1.3% of the total supply. The report also pointed to Bitcoin’s superior returns on the back of exposure through equities such as MicroStrategy, as opposed to holding the asset directly or via ETFs. “We view MicroStrategy as an active leveraged Bitcoin equity strategy,” said Bernstein. Consolidation in the Bitcoin Mining Industry The Bitcoin mining industry is witnessing a slew of consolidations, with major players like Riot Platforms (NASDAQ:RIOT), CleanSpark (NASDAQ:CLSK), and Marathon acquiring smaller miners. The report noted how industrial-scale mining operations are increasingly dominating the space by acquiring smaller, less organized mining outfits. Bitcoin miners are consolidating to manage at least 20 gigawatts of global power supply, according to the report.

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Bitcoin (BTC) Whale Buying Shows Something Big Coming U.Today - Bitcoin maintains the leading market activity in the broader digital cryptocurrency ecosystem. In the past few days, Bitcoin has witnessed a relatively stable price surge. With this latest trend, the price of Bitcoin is now just about 8% from its all-time high (ATH) of $73,500, attained in March this year. As the market witnesses this frenzy, Bitcoin whales are snapping up a huge chunk of the digital currency. Bitcoin whale accumulation hits record high Quinten Francois, a crypto analyst, shared insight into whales' activities in the past few days in a post on X. Francois’ chart shows that Bitcoin whales accumulated about 60,000 BTC within 24 hours, representing a rare level in Bitcoin’s history. “Never in the history of Bitcoin have whales been buying BTC this aggressive,” Francois wrote. This highlights that the current accumulation of Bitcoin by whales has surpassed records previously set on the market. Experts say this kind of purchase by these large holders signals renewed confidence in Bitcoin’s future price appreciation. Notably, whales go on a "shopping spree" for an asset when there are indications of positive price movement or an advantage to gain. This could result from an expected positive event, such as the likelihood of the price hitting a new level. Are Bitcoin whales playing long game? Overall, the whales' activities highlight the broader interest of investors, including institutional players. Recently, BlackRock’s iShares Bitcoin Trust (IBIT) raked in $760 million of Bitcoin inflows within three days. Notably, many traditional investors are beginning to embrace digital assets through exchange-traded funds (ETFs), which have helped boost the number of whales on the market.

Bitcoin (BTC) Breakout Confirmed: 3 Price Levels to Watch Next U.Today - Finally confirming a significant breakout above $67,000, Bitcoin (BTC) may be about to experience a change in momentum. BTC looks to be gaining significant strength, and traders are beginning to focus on the next important price levels as On-Balance Volume (OBV) confirms the breakout across Binance and other major exchanges. The psychological barrier of $70,000 is the first level you should watch. In the past, sellers have tended to intervene in this area as a point of resistance. Considering the momentum thus far, breaking through this level may set off a rapid upward move that could result in a new all-time high. As they get closer to this level, traders should pay particular attention to volume, as it has the potential to either halt the rally or confirm a more bullish continuation. Currently, $63,000 serves as a solid support level for Bitcoin on the downside. This is an important sector that might offer protection should there be a reversal following the most recent surge. It would still be deemed healthy for Bitcoin to retrace toward $63,000 in order to give it time to cool down before launching another upward move. Bitcoin's ability to maintain this support level would suggest that consumers are still very much in charge. If we go beyond $70,000, we will probably find that the next target for Bitcoin is roughly $75,000. At this point, sellers might try to take profits as midterm resistance. But if buying pressure picks up and the price breaks above $70,000 with significant momentum, $75,000 would be a realistic short-term target.

Bitcoin (BTC) on Verge of Hitting New High of $78,000: Details U.Today - Popular on-chain analyst and trader Ali Martinez has just mapped out the road to a new all-time high (ATH) for Bitcoin (BTC). Taking to X (formerly Twitter), Martinez retweeted his prior Bitcoin price prediction and added more information about it. In his previous tweet from Sept. 23, the analyst predicted that BTC can hit a new ATH. He said that, in his opinion, it would be great for Bitcoin to drop to the $60,000 price level and shatter the hopes of the community. However, he mentioned that after this drop, BTC would rebound to $66,000 and then see another drop toward $57,000. After that, the Bitcoin price would finally break out toward $78,000. This surprising-yet-crucial take from Martinez seemed confusing at the time. However, Bitcoin is surprisingly following this same path. In the last few weeks, the leading cryptocurrency actually witnessed a drop to $60,000 before rebounding to $66,000 and again retracing to $57,000. The first three points from Martinez’s prediction have come to fruition. Bitcoin's new all-time-high scenario Only his prediction of a new ATH at $78,000 is left now, as the community is waiting to see whether it actually happens or not. Seeing this, Ali Martinez reiterated his stance earlier today. He reminded his followers about his Bitcoin price prediction and mentioned that $78,000 is indeed the next target for the BTC price. Bitcoin, as of writing time, is trading at $65,673 after an increase of 1.18% in the last 24 hours. The cryptocurrency is already up 9.45% in value over the last 30 days. The current sentiment on the market is very bullish, and seeing the anticipation around the "Uptober" theory, it is likely that BTC is on the verge of hitting a new all-time high.

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Leading Stablecoin Issuers & Crypto Firms Embrace International Set Of Stablecoin Standards London, United Kingdom, October 9th, 2024, Chainwire Stablecoin Standard’s newly introduced set of global standards receives endorsement from a number of stablecoin issuers, including GMO-Z.com Trust Company (‘GMO Trust’), StraitsX and BiLira, that offer G10 currencies including JPY, SGD, TRY & USD Standards also endorsed by top ecosystem participants including Fireblocks, Solana, Bitstamp, Zodia Markets and JST Digital Stablecoin Standard, the industry body for stablecoin issuers globally, today announced that their recently unveiled set of global standards for stablecoin issuers have been endorsed by some of the leading stablecoin issues and ecosystem participants in the industry. Among those who have endorsed are Archblock, BiLira, Bitstamp, GMO-Z.com Trust Company (‘GMO Trust’), JST Digital, Fireblocks, Solana Foundation, StraitsX and Zodia Markets, signaling a new era of cooperation and standardization within the stablecoin industry. The standards, announced by Beth Haddock, Global Policy Lead at Stablecoin Standard, at the Annual Flagship Event in Singapore, were designed to promote operational resilience, transparency and consistent issuer commitments globally. Stablecoin Standard’s Policy Working Group created the high-level standards that are both general and actionable, while being sensitive to the innovation in the market. Beth Haddock, Global Policy Lead at Stablecoin Standard, commented on the endorsements: "Their endorsement not only validates the rigor of our proposed framework but also underscores the importance of creating a stable, transparent, and resilient environment for digital currencies. This milestone, following discussions at our annual meeting, sets a strong foundation for the continued evolution of the ecosystem.” The endorsement of the standards lays the groundwork for a stablecoin ecosystem that prioritizes transparency, security and consumer protection. With increased scrutiny from regulators and growing demand for digital assets, unified standards can provide clarity and assurance to both industry participants and the public. Stablecoin Standard’s new framework aims to accelerate the adoption of stablecoins by fostering greater confidence among consumers, regulators, and traditional financial institutions. Ramy Soliman, Co-Founder of Stablecoin Standard, commented on the endorsements: “The endorsement of our global standards by leading stablecoin issuers such as, BiLira and ecosystem participants, including industry leaders like Solana, Zodia Markets and JST Digital, is a vital step toward establishing a unified, trusted framework for the entire sector. As stablecoins continue to redefine the future of digital payments, these standards will provide the foundation for long-term growth, transparency, and security. This collective commitment—solidified during discussions at our annual meeting—not only underscores the industry’s dedication to fostering innovation but also demonstrates a concerted effort to align with evolving regulatory expectations and build the consumer trust essential for stablecoins to thrive globally.” Stablecoin Standard and its endorsing members plan to continue refining these standards for implementation with the goal of achieving industry-wide adherence by Q4 2025. Quotes from Endorsers: Sinan Koç, Co-founder and CEO of BiLira, commented on their endorsement, “As a stablecoin issuer, BiLira has always prioritized transparency, security, and adherence to high standards, which is why we are proud to endorse the Stablecoin Standard’s newly introduced set of global standards. TRYB is governed with a commitment to uphold these principles, which we believe are essential for fostering trust and stability in the rapidly evolving digital asset space. We support this initiative as a significant step towards a more resilient and unified stablecoin ecosystem.” Ran Goldi, SVP Payments and Network at Fireblocks, commented on their endorsement, "With more than a dozen stablecoins issued on Fireblocks, we strongly believe standards are the right path for our ecosystem with regard to interoperability and reaching the holy grail of instant liquidity any time, anywhere. SCS is taking a big, bold step, and we proudly endorse and stand with them on this journey."

Bitcoin Last Traded at One Cent This Day 14 Years Ago U.Today - Fourteen years ago today, Bitcoin, the world's first cryptocurrency, was last traded at the humble price of one cent. According to Bitcoin historian Pete Rizzo, on this day 14 years ago, Bitcoin was traded at one cent, a price that seems almost unimaginable today. This milestone marks a significant moment in the history of digital currencies, highlighting the impressive journey Bitcoin has taken from its early days. This milestone marked one of the first times Bitcoin reached a price that began to reflect its growing value. At the time, few could have predicted the meteoric rise BTC would eventually experience, transforming from an obscure digital currency. Created by the mysterious, pseudonymous figure Satoshi Nakamoto, Bitcoin was initially traded on private forums between early adopters, miners and enthusiasts. At that time, Bitcoin was still a niche project, known only to a small group of enthusiasts and early adopters. In the years since the historic one-cent milestone, Bitcoin's price has skyrocketed, reaching an all-time high of about $74,000 in mid-March this year. Bitcoin price action At the time of writing, BTC was down 0.70% in the last 24 hours to $62,527. Bitcoin fell to a low of $61,976 in early trading today, after briefly reaching a high of $64,467 on Monday, wiping away nearly all of its gains from the preceding seven days. Moving forward, cryptocurrency traders are looking to Federal Reserve meetings later this week for clues on further positioning. The fed is scheduled to disclose FOMC minutes as well as crucial economic data from August that show growth.

October 9 Crucial for Bitcoin, Here's Why U.Today - October 9 in particular is predicted to be a turning point for Bitcoin and the cryptocurrency market as a whole this coming week. The minutes of the most recent meeting on monetary policy by the Federal Reserve are scheduled to be released, and significant U.S. Economic indicators that will be released include the Producer Price Index (PPI), the unadjusted Consumer Price Index (CPI) annual rate for September and the quantity of initial jobless claims for the week ending Oct. 5. The financial markets, including Bitcoin, may become more volatile as a result of these events. Why does Bitcoin care about this? The sensitivity of Bitcoin and other cryptocurrencies to macroeconomic data is growing particularly because investors are using them as a hedge against inflation and currency devaluation. The Fed's position on interest rate inflation and the state of the economy as a whole will become clear with the release of its minutes. Higher interest rates often cause investors to gravitate toward more conservative assets, so if the minutes show a hawkish tone suggesting more rate hikes, Bitcoin may suffer. When assessing the level of inflation in the U.S., the CPI and PPI data will be essential. More aggressive tightening measures by the Federal Reserve may follow from a higher-than-expected PPI or CPI, which could indicate persistent inflation. Such acts might increase the volatility of risky assets like Bitcoin. Additionally, initial unemployment claims will provide a glimpse into the U.S. labor market. A more fragile labor market might lead the Fed to reduce its rate hikes, which would be good news for Bitcoin. Watch out for important levels and potential volatility. Bitcoin's price is probably going to be more volatile because of impending events. Investors should pay special attention to the following key levels: at $63,000, Bitcoin is getting close to a crucial resistance level. The price could move toward the next target of $65,000 if there is a breakout above this level. Strong support at $60,000 is a critical level of support when things are trending negative. The next support level at $58,000 could be the source of panic selling if this level is broken. Expect Bitcoin to spike in response to any surprises in the Fed minutes or inflation data as Oct. 9 draws near.