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Here Is How Bitcoin (BTC) Could Do Another 10% in 24 hours

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Bitcoin (BTC) has once again proved itself as being the King of Crypto. Its amazing 10.65% gain in the last 24 hours, and at the moment of writing this, has enabled BTC to rise from levels of $6,700 just yesterday, to current levels of $7,424. As a result, all other coins and tokens are in the green. As a matter of fact, the total market capitalization has risen from Sunday levels of $250 Billion to current levels of $293 Billion. At this rate, the $300 Billion total market capitalization will be reached by the start of the weekend.

But how will Bitcoin do another 10% in 24 hours and get to $8,000?

Only a few hours ago, Global Coin Report had indicated the following 4 factors as to how BTC will get to $10,000:

  1. Proof positive Technical Analysis that indicates the only direction is up for the King of Crypto
  2. The Bitcoin ETF discussion with a pending ruling by the SEC in August
  3. BlackRock Investment firm declaring they are exploring blockchain and cryptocurrency
  4. Billionaire Investor, Steven Cohen announcing that he was investing in a crypto hedge fund

The current market surge is as a result of the above 4 factors. But there is a new development that will make the 10% gain a possible repeat in the next 24 hours.

This new development is that the new CEO of Goldman Sachs, David Solomon, is also eyeing Bitcoin and cryptocurrencies. It is now official that the New York-based investment bank is looking into adding Bitcoin and Cryptocurrency services to its portfolio. The new CEO stated that the bank is currently offering clients publicly traded derivatives tied to Bitcoin.

Mr. Solomon knows that investment banks need to evolve with the times to stay relevant. Otherwise, their fate will be similar to that of the Polaroid camera or Kodak which slowly became obsolete for lack of embracing technological change. Solomon is quoted as saying:

“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.”

This is a clear indication that the current reversal of fate in the crypto-markets might just be permanent and a $25,000 BTC value by the end of the year is still a possibility. There is also the new feeling that Bitcoin could replace fiat currencies in the near future.

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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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