Showing posts with label bitcoin prices. Show all posts
Showing posts with label bitcoin prices. Show all posts

Bitcoin ETFs Go Live... BTC Immediately LOSES Value - Why it Happened, and When Do Things Go BULLISH?!

bitcoin etfs

The announcement couldn't have happened any weirder, as the Bitcoin ETF's that were approved today were first announced by the SEC on X (Twitter) two days ago... but then they claimed their account was hacked, and stated that no ETFs had been approved.

Now that we know the supposed 'hack' simply posted accurate information before it was official, some are questioning if it was an error all along.

But how we found out doesn't really matter anymore, because it's now confirmed and re-confirmed that the Securities and Exchange Commission officially approved 11 applications for Bitcoin ETFs, the largest firms among them include BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck.

Trading Begins...Now!

Because the SEC must respond to applications  ETF applicants were anticipating an answer from the SEC at any moment, they were ready to go before officially receiving approval - because of this, they went live the next day.

In their first day, the newly approved Bitcoin ETFs saw a combined $5 billion in volume, top performers so far are BlackRock's iShares Bitcoin Trust which is trading under "IBIT.O", Grayscale Bitcoin Trust "GBTC.P", and ARK 21Shares Bitcoin ETF with symbol "ARKB.Z".

They Say It's a "Game Changer" - But To Who?

Traders from both the stock and crypto world have repeated the words "game-changer" when describing the impact this could have on cryptocurrencies, citing the new investors who now have exposure to the world's largest cryptocurrency. So who are these investors? If they're interested in Bitcoin, what were they waiting for?

The newly launched ETFs all fighting over what they believe is a large segment of both individuals and companies that are interested in investing in Bitcoin, but hesitated to pull the trigger and buy some. Many potential investors cite their main concern is simply how to securely hold worth of a digital assets, which can be intimidating on a technical level.

For a company, acquiring crypto comes with all new cyber-security concerns, where every employee is a potential security hole. Stocks can't really be 'hacked' and stolen, gold and silver can be stored in any bank vault - while storing crypto safely and securely is easy to do, people who aren't experienced with tech are often too intimidated by the risks.

Now, individuals, companies, and even smaller investment firms can pass the responsibility of storing Bitcoin securely on to the industry giants, who have the budget necessary for hiring cybersecurity experts and the tech needed to implement multi-level security systems.

A Tsunami of Money Headed Towards Crypto?

Many believe the floodgates are now open for massive amounts of institutional investment funds to enter the market, and their reasoning actually makes a lot of sense.

The companies that were just approved to offer Bitcoin ETFs represent $20+ trillion in assets under management - meaning if just 2% of that goes toward crypto we'll see $400,000,000,000 (400 billion) injected into the market. 

The crazy thing is, that estimate may be way too small, as we've talked with multiple financial advisors at multiple firms over the past few years when covering various stories about crypto being implemented into their business - one thing we repeatedly heard was that they recommend their client's portfolio to contain anywhere from 5% to 10% crypto.

A recent survey of financial advisors conducted by VettaFi and Bitwise found that 88% said they support investing client's funds in bitcoin, but were waiting for spot bitcoin ETF to be approved.

Then Why Did Bitcoin DROP Following ETF Approval?

With the overwhelming opinion being that the ETFs would be approved, along with the deadline of Jan 10th being public, by the time the ETFs were officially approved every investor who bought more bitcoin with this in mind bought days or weeks ahead. 

Which is why the quote "buy the rumor, sell the news" is something most in the crypto world are used to seeing.  Most buying relating to a news story happens as speculation grows, once that speculation becomes fact, people sell.

Massive Bull Run About to Begin... VERY Soon?

In closing, the only thing we've officially gained this week are new possibilities, a 'reasonable expectation' for Bitcoin's future price just went up.  But if there's one thing I've learned in my 6 years in the crypto world; prepare for what COULD come next, and never believe you know what that will.

With that said, prices have returned to where they were before ETF hype took over the headlines - so if the 'sell the news' process is complete, the market is probably about to turn positive. If it does, I believe it'll have some strength behind it - many people recently took some profits, and in the Bitcoin world a lot of selling is followed by lot of buyers looking to buy more at a lower price. 

Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

Bitcoin Selling For $98,000 ...In Nigeria!? Why Things Are So F*#@'d Up There...

Bitcoin prices in nigeria

In Nigeria, each bitcoin costs more than $98,000, and its price continues to rise uncontrolled. While this could be the dream of many bitcoiners, the reality is that it has become a nightmare for Nigerian traders.

All this is the product of a government-imposed measure prohibiting the marketing of digital assets.

It's a financial blunder that has led to Bitcoin being 56% more expensive than the average value worldwide. While bitcoin has barely exceeded $57,000 in most countries worldwide, the price in Nigeria continues to rise to $100,000 dollars.

Before the ban on trading cryptocurrencies imposed by the Central Bank of Nigeria, the exchanges held cash  in banks and had a steady stream of deposits." Before, there was a single source of liquidity," says The CEO of Naijacrypto Chiagozie Iwu, and therefore there was always cash to exchange bitcoins, and the price was stable.

Will The Nigerian Government Reverse Their Decision? 

Iwu believes that there is a possibility that the Nigerian government will revoke the decree against cryptocurrencies in the future and allow trading again. However, this option is hard to believe when we consider that the state narrative is that Bitcoin is a threat to the economy.

Recently Nigerian Senator Mohammed Musa accused Bitcoin of turning the national currency into an "almost useless" asset. A speech that reinforces the idea that it is better that Bitcoin does not circulate within the country.

Author: Adam Lee
Asia News Desk 

Bitcoin Touches, But Struggles To Hold $18,000! Prepare For What Will Probably Happen Next...

Bitcoin prices

*Updated* Article & Headline Updated To Reflect The $18,000 Price Being Reached...

Bitcoin's bull run continued today, breaking the $18,000 barrier but dropping back to the high $17k's just minutes after. 

It is the first time since the beginning of January 2018 that we've seen these levels.

In our article last week titled 'Bitcoin Has Been Above $15k Only 20 Days, EVER - Until Now!' we explained why this time is different from 2018, and why we do not expect a crash to follow the next time we set new all time high.

What To Expect Next:

'There will be no crash' does not mean there won't be some downward movement as well.

After all - this is Bitcoin, and if you've been trading it right you've come to love the ups and downs.

On that note, some are expecting things to take a slight downturn soon, before we set new records and break into the $20,000+ range for the first time.  This will happen either right after, or just a little before $18k.

"Consolidations are getting shorter without much retracement. Blow-off top is coming soon." one trader shares his thought on the current charts.

I wouldn't be surprised to return to $16,000, or at the most, a drop into the $14,000's before the next run up, where I believe we will make history and set that new 'all time high' as we cross the illusive $20,000 barrier. 

Author: Mark Pippen
London News Desk