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ETH’s Price Sparks Trader Interest Amid Growing Impatience Santiment, a leading crypto analytics platform, highlights Ethereum’s price at $1,700 and its significance among the top cryptocurrency contenders. The current state of ETH has traders growing increasingly impatient, a trend historically associated with potential price bounces. This pattern is caused by witnessed wallet disposals at lower price points, which historically increases the possibility of a price rebound. advertisement Adding to the intrigue, Whale Alert, a platform tracking significant cryptocurrency transactions, reported a transfer of 55,050 ETH (valued at approximately $93.7 million) from an unknown wallet to Binance. This large-scale movement of Ethereum adds an air to the ongoing sentiment. As of now, Ethereum is trading at $1,705.03, reflecting a marginal 0.08% decrease. The cryptocurrency now has a market capitalization of $205.02 billion. Notably, the attractiveness of Eth...

The world’s largest asset manager has been waiting to offer an exchange-traded fund for its iShares Bitcoin Trust in the United States. The United States Securities and Exchange Commission (SEC) has delay ed an application for a Bitcoin (BTC) exchange-traded fund from global asset manager BlackRock. BlackRock, a firm with more than $8.5 trillion in assets under management, had a decision on its iShares Bitcoin Trust delay ed following an application with the SEC. In June, BlackRock lodged an application  for a BTC-backed ETF with Coinbase listed as the planned custodian of the fund’s Bitcoin holdings and the Bank of New York Mellon in charge of its fiat accounts. BlackRock's filing outlined the value of the shares in removing “obstacles represented by the complexities and operational burdens involved in a direct investment in Bitcoin”. The ETF delay came after cryptocurrency asset manager Grayscale Investments petitioned to have an SEC decision overturned that had originally d...

Kennedy thinks that digital assets like bitcoin could help people with their money problems, and he was against the idea of a digital dollar being released in the future. Robert F. Kennedy Jr., the nephew of former President John F. Kennedy, who challenged Joe Biden for the Democratic candidacy in 2024, blamed the Federal Reserve for the financial sector’s woes. He thinks that cryptocurrencies like bitcoin could be a way for people to stay afloat “when this bubble bursts.” Anti-CBDC and Pro-Bitcoin Robert F. Kennedy Jr., a nephew of John F. Kennedy, is running for president in 2024. (assassinated in 1963). The Democratic candidate has strong opinions on a lot of controversial issues. For example, he is a fierce opponent of the COVID-19 vaccination program, an outspoken environmentalist, and an opponent of nuclear power. In a recent tweet, Kennedy also said that he was in favor of bitcoin. He said that the Federal Reserve and other major ban...

Google Cloud and the government of El Salvador have entered into a 7-year partnership to digitize the country’s infrastructure in various sectors. Google Cloud announced a new partnership with the government of El Salvador on Aug. 29 to establish an office and provide Google Distributed Cloud (GDC) services in the country.  The partnership aims to digitize the country, update government services and improve the healthcare and education systems. The GDC will also help bring infrastructure closer to where data is generated for El Salvador. Nayib Bukele, the country’s president, said he believes El Salvador is quickly becoming a "hub for innovation.” “El Salvador is moving forward. We believe technology and foreign investment are key for development.” He also took to social media and posted about the partnership with a smirking smiley face emoji. Google plans to establish operations in El Salvador Official press release from @Google:https://t.co/Fm1i3YizNr — Nayib Bukele (@nayi...

Grayscale recently won its lawsuit against the SEC, scripting yet another historic victory for the crypto industry. On the back of this development, the price of Bitcoin initiated a hype pump and rose to $28,143. The rally was accompanied by a multi-month high in the asset’s futures open interest. On the heels of a win for Grayscale in court, today is set to be the biggest jump in Bitcoin futures open interest since November. pic.twitter.com/XwoWVahBTf — Velo Data (@VeloData) August 29, 2023 Also Read: Argentina is Adopting Bitcoin Faster than El Salvador: Ark Invest A spike in open interest usually means more traders are entering the market. Historically, such moves tend to strengthen ongoing trends. However, the rise in speculative interest could prove detrimental if it is not accompanied by a parallel rise in spot volume. So, in this article, we will analyze if the current uptrend in Bitcoin is sustainable or not. Source: CNBC Was BTC’s Rally a Spot-...

BTC sees selling pressure following the release of FOMC meeting minutes. A popular data platform predicts a 2.01% rise in Bitcoin price, indicating a buying opportunity. Technical indicators suggest BTC’s short-term SMA will hit reach $31k by August. Bitcoin has encountered an unexpected surge in selling pressure following the latest release of the United States Federal Open Market Committee (FOMC) meeting minutes. While most officials agreed to maintain the current interest rates, a few suggested a slight increase of 25 basis points. Looking ahead to 2023, most of the committee expects further rate hikes. As a result, Bitcoin’s price has dropped from its June high of $31,400 to about $30,700. This downward pressure extends beyond BTC as the global crypto market valuation similarly dipped, shedding over $100 billion from $1.23 trillion. Despite the minor decline, Bitcoin’s price is still above the immediate support level of $30,533, with a stro...

A Matter of Overreach or Protection? The commission’s concerns were evident. Despite unclear prospects of use or profit, the enthusiasm with which people invested in the NFTs was alarming. However, the dissenting commissioners argued that the legitimate concerns don’t necessarily grant the US SEC jurisdiction. The promotional statements made by the company and its purchasers, they say, don’t align with promises typically seen in investment contracts. advertisement For context, according to the commissioners , when artists or manufacturers market tangible goods such as watches or art, promoting the potential of the brand’s value isn’t usually grounds for SEC scrutiny. The commissioners emphasized this distinction, arguing that the NFT scenario presented a similar case. Moreover, for registration violation cases, the usual remedy is an offer of rescission. Impact Theory had already proposed repurchase programs, compensating the...

Benjamin Cowen, a prominent strategist, argues a crypto asset fund reallocation is benefiting Bitcoin (BTC). As individuals abandon altcoins for Bitcoin, Cowen tells his 783,000 YouTube subscribers that Bitcoin dominance is rising. As people move to Bitcoin, Cowen says even Ethereum (ETH) loses value. “The altcoin market is highly illiquid and people are flocking to the relative safety of the blue chips that sends the dominance of Bitcoin higher… The altcoin market bleeds to ETH and Bitcoin. Theoretically, ETH bleeds to Bitcoin as well. The dominance goes up and it sends you the Bitcoin/US dollar valuation higher at the expense of the altcoin market liquidity. At some point, the altcoin market liquidity can no longer sustain the Bitcoin price… as Bitcoin rolls over, the altcoin market gets even more wrecked.” The macroeconomic situation favors Bitcoin over altcoins, according to the prominent crypto analyst. “We essentially have this dynamic wher...

Bitcoin is a highly volatile asset. During price corrections, a significant number of investors tend to abandon the asset. At the same time, however, there are bullish people who keep doubling down on their convictions. MicroStrategy is one such entity. A recent CoinGecko Analysis report brought to light, “MicroStrategy’s Bitcoin (BTC) holdings averages at 74.3% of its total balance sheet assets, since they started acquiring Bitcoin in 2020, to date.” Source: CoinGecko Also Read: Crypto: 31% Investors Willing to Follow AI Advice Without Verifying MircoStrategy’s Cash Assets Drop From 50% to 4% The company initially acquired 21,454 BTC on Aug. 11, 2020. That marked the first time a publicly traded company bought and held Bitcoin. Since the company incorporated its BTC Strategy, its stock has outperformed Gold, Silver, and the Bond index. Parallelly, MSTR has also been able to outperform big tech stocks like Netflix, Amazon, and Meta. Michael Saylor has tim...

The BTC price looks frail as August comes to an end, and with Bitcoin bulls out of ammo, traders are preparing for more pain. Bitcoin (BTC) starts a new week struggling with $26,000 as August becomes its worst month of 2023. BTC price strength remains dubious after a snap crash 10 days ago, with bulls unable to wrestle back control of the market to provide a relief bounce. The outlook is similarly uncertain, with September traditionally a poorly performing month for Bitcoin, and with the August monthly close just days away, could another downside surprise lie in store? Macro triggers are again taking a back seat this week, with Personal Consumption Expenditures (PCE) Index data the highlight in what is otherwise a cool week for crypto contagion. That said, traders and analysts are on their toes, and with no hint of a rebound in sight, many are still braced for worse to come. Cointelegraph takes a look at the main BTC price performance talking points for the week ahead. BTC price sags...

Cointelegraph analyst and writer Marcel Pechman breaks down consumer debt and why it might lead to a good outcome for BTC. On the latest episode of Macro Markets,  Cointelegraph analyst Marcel Pechman explains why United States consumption remains strong while auto-loan and credit card balance delinquency is accelerating. According to Pechman, consumer s built a cushion of extra cash savings as the U.S. government injected money to avoid a recession and temporarily forgave student loan repayments. But, according to investment bank JPMorgan, “ consumer s have spent down the entirety of their excess savings from the pandemic, which at one point totaled more than $2 trillion,” as reported by Business Insider. Pechman believes that if JPMorgan’s predictions are correct, the stock market should have been trading much lower. Still, Pechman doesn’t think that betting against the S&P 500 is sound advice, given that inflation is right around the corner and the government will be forced to ...

BRICS will expand to BRICS + as Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia join the alliance. The combined GDP of the 11 nations climbs above $33 trillion and goes ahead by $8 trillion from the US. The GDP of the US currently stands at $25.5 trillion in 2023. BRICS + currently controls nearly 30% of the world’s economy and could rise further if many more countries join the bloc. This puts the US and other developed nations at risk, as developing countries are growing stronger than the West. The new alliance could re-negotiate trade agreements and tilt the playing field in their direction for better financial prospects. Also Read: BRICS Expansion Will Significantly Speed-up De-Dollarization BRICS+ Projected To Control 50% Of the World’s GDP Source: geopoliticaleconomy.com Bloomberg has forecast that BRICS + could control close to 50% of the world’s economy by 2050. According to the forecast, BRICS + GDP could reach approximately 48% of the world...

Crypto Exchanges and Investors to Report Holdings According to the document, cryptocurrency brokers would be expected to report new information on users’ sales as well as the transfer of digital assets to the Internal Revenue Service ( IRS ).  advertisement These brokers include exchanges, payment processors, and certain hosted wallets and they will be required to report earnings on digital assets including Bitcoin (BTC), Ethereum (ETH), and even Non-Fungible Tokens (NFTs).  Decentralized exchanges are not particularly left out as they will also need to retrieve users’ information and conduct the other necessary reporting. This proposed rule is part of the 2021 Infrastructure Investment and Jobs Act that included crypto language to increase reporting made by brokers on customers’ crypto activity. The Treasury Department claims to be doing this so that “everyone plays by the same set of rules.”  Recom...