DeFi News Official TheBitTimes.com

Bitcoin faces a watershed moment thanks to an inflammatory cocktail of inflation spurred by war — and a $1 million BTC price is still possible, the former BitMEX CEO says. Bitcoin (BTC) faces a “ trigger ” moment which keeps a $1 million BTC price tag in play, one of its household names says. In a blog post titled “The Periphery” released on Oct. 24, Arthur Hayes, former CEO of crypto exchange BitMEX, said that Bitcoin is already warning markets about the future. "Global wartime inflation" to drive Bitcoin, gold price With the United States increasingly invested in two new wars, the risk of escalation worldwide is growing, Hayes believes. The timing is conspicuous — the U.S. Federal Reserve faces persisting inflation but has halted interest rate hikes, and a so-called “bear steepener” looms for the economy. “The structural hedging needs of banks and the borrowing needs of the US war machine reflexively feed on one another in the US Treasury market,” he wrote. “If long-term U...

Despite the hype surrounding cryptocurrencies, few people are using the digital asset for its intended purpose — payments. Cryptocurrencies offer several advantages to traditional money, including lower costs, faster transfers, and decentralized systems that do not collapse at a single point of failure. Despite these benefits, many people don’t consider digital currencies practical for everyday use. Moreover, the currently available crypto debit card solutions often require tedious transfers and incur high fees, making the process unfeasible for everyday users. Leading crypto exchange Bybit wants to change that, promising to make using cryptocurrencies more convenient and rewarding for users. There are more and more companies accepting crypto currencies as a form of payment . While there has been some institutional interest, it hasn’t been enough for most businesses to start accepting digital currency transactions. As a result, it is difficult for a cryptocurrency user to make purch...

Some analysts say GBTC’s discount is narrowing because investors are pricing in the SEC’s approval on several pending spot Bitcoin ETF applications. Grayscale’s Bitcoin investment vehicle, Grayscale Bitcoin Trust (GBTC) is trading at its lowest discount in nearly two years, as spot Bitcoin ETFs continue to inch toward potential approval in the United States. The latest data from YCharts shows GBTC’s discount to Bitcoin net asset value (NAV) has narrowed to 15.87% as of Oct. 13. Discount to net asset value (NAV) is a percentage that measures the amount that a mutual fund or ETF is trading below its net asset value. The metric is used to track how far away a security is trading away from its true value. Data shows that GBTC’s discount began to narrow when BlackRock and several other financial institutions filed spot Bitcoin ETF applications in mid-June, where the discount fell from 44% on June 15 to 26.7% by July 5. Since then, the figure has continued to narrow. GBTC’s Discount to N...

BTC price has various reasons to return to $20,000, from a "head and shoulders" pattern to a FUD-induced cascade, Bitcoin analysis warns. Bitcoin (BTC) hit six-week highs to start October, but some forecasts still see a BTC price return to $20,000. While up around 6% since the start of last month and now circling $27,500, Bitcoin is not fooling many with its current price behavior. Analyst: October "should be bearish" for Bitcoin later on BTC price strength in recent weeks has many market participants hoping for a push to — and even through — $30,000 resistance. For some, however, there remains every reason to be cautious. In X analysis published on Oct. 2, popular trader and market analyst CryptoBullet reiterated that $20,000 is still very much on the radar as a BTC price target. The latest trip to $28,600, he argued, is now forming the right hand shoulder of a classic “head and shoulders” chart pattern — with downside logically due to follow if it completes. “S...

The latest delays came two weeks before the second deadline for many applicants. Despite United States Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres calling on the Securities and Exchange Commission (SEC) to immediately approve the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs), the agency once again delay ed its decision .  When it comes to spot Ether (ETH) ETFs from VanEck and ARK 21Shares, the SEC delay ed making decision s until Dec. 25 and Jan. 10, respectively, while GlobalX will have to wait until Nov. 21 for the commission’s decision . It also delay ed deciding on the spot Bitcoin ETF applications of Invesco, Bitwise and Valkyrie until mid-January. The latest delays came two weeks earlier than the scheduled second deadline date for many applicants, who had been expecting to hear from the securities regulator by Oct. 16–19. The timing of the delays may have been related to the narrowly avoided U.S. government shutdown, which would have disr...

Bitcoin’s failed breakout to the upside shows that the range-bound action could continue for some time but that may not hinder the bullish possibilities in TON, LINK, MKR, and XTZ. Bitcoin (BTC) tried to break out of its range in the first half of last week but the bulls could not sustain the higher levels. Bitcoin is back inside the range and is trading near the $26,000 level. The price action of the past few days has formed two successive Doji candlestick patterns on the weekly chart, indicating uncertainty about the next directional move. Although it is difficult to predict the direction of the breakout, the downside could be limited in the near term on expectations that the United States Securities and Exchange Commission (SEC) may eventually approve one or more pending applications for a spot Bitcoin exchange-traded fund. Former commission chair Jay Clayton sounded confident when he said in a recent interview that “an approval is inevitable.” Crypto market data daily view. Sourc...

In a recent Twitter Space session, Binance CEO Changpeng Zhao, CZ, predict ed the upcoming bitcoin bull market. During the ask-me-anything session on July 5, CZ addressed various topics, including BlackRock’s entry into the cryptocurrency market, regulatory actions against Binance, and his forecast for the upcoming bull run. https://t.co/OENe6Ul4ag — Binance (@binance) July 5, 2023 He noted that bitcoin tends to follow four-year cycles and highlighted the significance of the next Bitcoin halving event in 2024. While CZ acknowledged that he couldn’t predict the future with certainty, he anticipated that the next bull market would start around 2025. CZ also commented on BlackRock’s entry into the spot Bitcoin exchange-traded fund (ETF) space. He viewed this development as highly beneficial for the crypto industry. Despite concerns about the compatibility of traditional finance companies with Bitcoin’s decentralized nature, CZ downplayed the risk of ...

Bitcoin (BTC) recently broke above the $28,000 mark after 12 days. CryptoQuant attributes this upsurge to the derivatives market rather than the traditional spot exchanges.  The CryptoQuant report highlighted some key factors that likely propelled this price rally. The report further calls for caution amid the growing FOMO (fear of missing out) creeping into the market. The recent $BTC rally was driven by Derivatives Exchanges, not Spot Exchanges "There is a tendency for prices to change significantly even with small trading volumes because the overall liquidity in the cryptocurrency market has decreased." by @mac_d46035 Link… pic.twitter.com/7dNkioAP0B — CryptoQuant.com (@cryptoquant_com) August 30, 2023 Interestingly, a comparison of the trading volumes of spot and derivatives exchanges indicates a decrease in the role of spot exchanges in driving the price up. This suggests that the surge in BTC price yesterday was not primarily driven by spot exchanges, per t...

Sharing his skepticism towards the government, the conservative businessperson asserts that the “shadow government” in Washington is operating without restraint. According to the entrepreneur, federal courts represent the final defense against the “unlawful rogue actions” of government agencies identified by acronyms. In the situation involving Grayscale, the court’s decision validated this stance. advertisement In his Wednesday Twitter post, Ramaswamy said: “This decision is strong and clears a path to keep Bitcoin and blockchain innovation in the U.S. instead of overseas. But this should have never reached the courts in the first place.” In their lawsuit, Grayscale accused the SEC of approving other Bitcoin products like the future ETFs while having no grounds for rejection for the spot Bitcoin ETFs. US Courts Favoring Bitcoin and Crypto As pointed out by Vivek, recent months have witnessed courts siding with...

Bitcoin Realized Cap HODL Waves signal that the current bull market launch is a classic repeat of BTC price history. The Bitcoin (BTC) metric that nailed the pit of the 2022 bear market says its uptrend is still intact. In an X post on Aug. 22, creator of on-chain analytics platform LookIntoBitcoin, shared some good news in the form of Bitcoin’s Realized Cap HODL Waves (RHODL). Analyst: "New money" flowing into Bitcoin in 2023 While last week’s 10% BTC price dip has upended some of the on-chain landscape, RHODL is one of the metrics taking a longer-term view of what remains a timely bull market. The metric takes existing HODL Waves data — which groups the BTC supply by when each coin, or specifically UTXO, last moved — and weights it by realized price, i.e. the price at which it last moved. If this sounds complicated, the results have clear implications. “Peaks in younger age bands highlight periods where they have a proportionally higher Realized Value weighting relative to...

A recent filing released by the FBI carries a concise yet potent message: “The Federal Bureau of Investigation gives notice that property listed was seized for federal forfeiture for violation of federal law.” advertisement List of FBI Confiscated Crypto The seized digital assets primarily comprise Ethereum (ETH) tokens, amounting to $800,000. The largest single seizure occurred in the Eastern District of Virginia, where Ether valued at $463,811 were confiscated. This seizure underscores the agency’s resolve and effectiveness in pursuing criminal activities linked to digital assets. Notably, Florida and Virginia had the most crypto assets seized out of all the states in the United States. While ETH was the most seized digital asset, Stablecoins did not escaped the scrutiny of the FBI . Among the notable seizures, DAI, a stablecoin worth $469,000, was confiscated in the Eastern District of Virginia.  Additionally, memecoin often viewed wi...

Blockstream intends to buy and store ASIC mining hardware ahead of Bitcoin’s halving in 2024. Blockchain technology firm Blockstream is looking to raise up to $50 million to purchase and store mining equipment that it perceives to be undervalued on secondary markets. Speaking exclusively to Cointelegraph, Blockstream mining sales head James Macedonio unpacked the company’s plans to take advantage of a “huge separation” in the value of Bitcoin (BTC) and ASIC mining equipment. Blockstream is partnering with Luxembourg-based digital securities marketplace STOKR to launch the Blockstream ASIC (BASIC) Note. Macedonio said that blockstream will look to initially secure $5 million for its Series 1 BASIC Notes, each valued at $115,000, to buy ASICs at scale, store and then sell them back to the market as demand for hardware picks up into 2024. The 24-month investment note is set to be available to accredited international investors, while Macedonio said that the firm anticipates seeing retu...

A Bitcoin ETF is on the cusp of receiving approval in the United States — and it may not be long before we see one in Hong Kong or elsewhere in Asia. But not everyone’s on board with the crypto ETF train. Critics argue that Bitcoin-linked ETFs could be even worse than centralized exchanges for the crypto market. Their main beef? There’s zero possibility of withdrawing the underlying instrument. This means the holders are never able to take advantage of the single most important feature of Bitcoin: the ability to control their funds without a need to trust anyone. And it’s not just talk. The potential of these investment vehicles is already being realized in markets like Canada. The Purpose Bitcoin ETF, for example, raked in over $400 million in assets under management within just two days of its launch. It’s no longer a question of whether crypto is an asset class. It’s like a starter pistol has been fired, and the institutional investors are off to the races, setting the stage for a ...

An Ontario resident lost $35,000 worth of bitcoin to scammers who sold them fake firewall software while pretending to work for Silicon Valley giant Microsoft. As reported by CTV News, the scam began with a pop-up on the unnamed victim’s computer that told them to call the number shown to update their virus protection. They did as instructed and were connected to a scammer who claimed to work for the software company and subsequently persuaded them to install what they believed to be a new firewall. The following day, the Adelaide Metcalfe resident received a call from another supposed Microsoft employee who claimed to be checking up on their newly-installed software. During the call, the ’employee’ gained remote access to the target’s computer and banking details . Canadian police now use Chainalysis to track and return stolen crypto Read more: Crypto whales targeted in wave of home invasions near Vancouver They then explained that a deposit had accidentall...

Bitcoin is facing challenges in surpassing the $30,000 mark right now. Amidst minor adjustments, traders and investors are looking to find opportunities to acquire the asset at more favorable prices. However, the question remains: which day of the week offers the most cost-effective option to purchase the king coin? Also Read: Bitcoin Volume Drops to 30-Month Low: Market in ‘Summer Slumber’ Does Bitcoin Offer the Best Deals During Weekends? Google’s AI tool has determined that Sundays are the optimal days for buying Bitcoin, based on a thorough Analysis of historical market data. The AI tool’s recommendation is further reinforced by its finding that Saturdays rank as the second-best day of the week for purchasing the asset. Bard outlined three reasons for promoting Sundays as the most cost-effective day for purchasing Bitcoin. They are, “Trading volumes are typically lower on weekends, which can lead to lower prices. There is less news and volatility ...