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Bitcoin price spike expected to reach $10000 as the crypto market catches steam

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According to a prominent asset management firm, BlackRock Inc. a company that was seriously looking into investing in cryptocurrency, virtual currency prices have improved significantly. All top ten virtual coins apart from Tether, have experienced positive improvements today with Bitcoin Cash leading the pack with a more than ten percent growth.

However, Larry Fink, the CEO of BlackRock Inc, seems to be taking things in a new direction with his reports that he denies any plans by the company to invest in cryptocurrency. Prices are yet to respond to the news, but if previous trends are anything to consider, then the current bull run might not last for long.

Virtual Currency Market in the Green

It seems that all the top ten cryptocurrencies except Tether are performing well recording positive growth statistics since the news emerged that BlackRock Inc. was looking into investing in the crypto market.

In the process, Bitcoin has reportedly gained almost 5% in value, crossing the $6,600 price level. The number one ranked virtual currency has increased by approximately 300 US dollars in a single day recording the highest 24-hour growth in the last one month.

IOTA, Cardano, and EOS have also recorded significant 24-hour growth levels.

Much of the current bull run being experienced is being attributed to rumors that BlackRock was preparing itself to invest in the various virtual currencies. According to unnamed inside sources, BlackRock Inc., the world largest ETF provider is gearing up a team to evaluate virtual currency and blockchain technology investments.

After a few days of stability in the $250 billion level, the cryptocurrency space has started to show robust growth, potentially eyeing a value flight to the $300 billion region thanks to the rally initiated by Bitcoin Cash and Bitcoin.

On 16th July, the prices of Ether, Ripple, EOS, Bitcoin Cash, and Bitcoin appreciated by 3 to 8 percent, with EOS taking the number one slot of the digital currency that recorded the most significant gain amongst all the other leading digital currencies.

BTC volume, which usually is a key pointer for short-term growth, rebounded to $4.5 billion while Ether’s volume, the default digital currency for Ethereum, increased to about $2.2 billion.

On the world’s largest virtual currency exchange, Binance, Bitcoin’s volume against Tether’s (USDT), spiked from $130 million to about $170 million within 12 hours, recording a significant growth of about 31%.

The recent price surge Bitcoin gathered in its corrective rally from 6,250 US dollars to 6,550 US dollars could ultimately send Bitcoin to the 6,800 US dollar price level, which if attained, opens the prospect for an upward climb up to 10,000 US dollars.

For Bitcoin to move beyond the 7,000 US dollar price mark, it will require to be supported by a $5 billion bitcoin volume that will, in turn, allow digital assets and small tokens to record significant upward movements.

Over the past three months, Bitcoin has consistently been recording weekly losses with a steady downward trend. If the number one digital coin manages to maintain stability throughout the week over the 6,500 US dollar level, it is possible for Bitcoin to eye a mid-term rally that will take it to $10,000 mark, with even a low at 7,000 US dollar.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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