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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    An imminent skyrocketing rise for Bitcoin, heading towards a new historical level at $160,000

    Rocky
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    An imminent skyrocketing rise for Bitcoin, heading towards a new historical level at $160,000 Empty An imminent skyrocketing rise for Bitcoin, heading towards a new historical level at $160,000

    Post by Rocky Thu 21 Dec 2023, 5:11 am

    An imminent skyrocketing rise for Bitcoin, heading towards a new historical level at $160,000

    An imminent skyrocketing rise for Bitcoin, heading towards a new historical level at $160,000 27574
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    Economy News-Follow-up
    A combination of catalysts and historical behavior is expected to push Bitcoin to a new record high near $160,000 in a widely expected bull market that analysts say will be in 2024.
    This coincides with Bitcoin rising above the $44,000 level during the past few hours, but it retreated slightly from this level during these moments of today’s trading.
    Expected demand for Bitcoin from several exchange-traded funds (ETFs) in the US, the upcoming halving event and growth in broader stock markets on the back of interest rate cuts could boost Bitcoin prices to at least $50,000 in the short term, according to a company analysis. (CryptoQuant) in a report issued on Wednesday.
    The report stated that the Bitcoin and cryptocurrency markets could enjoy a positive year in 2024 amid the impacts from the market evaluation cycle, network activity, Bitcoin halving, macroeconomic indicators, exchange-traded funds, and also increased liquidity of stablecoins.
    “On-chain evaluation and network metrics indicate that Bitcoin is still well within the bull market and may target $54,000 in the medium term and $160,000 as the high of this cycle,” the report explained.
    Bitcoin has historically risen after a halving event - which automatically reduces the supply of new coins on the market - and the price of the digital currency is likely to see an increase after the event scheduled to take place next in April 2024.
    Meanwhile, more than seven major traditional financial players, such as BlackRock and VanEck, are in talks with the US Securities and Exchange Commission regarding Bitcoin ETFs, with reports indicating that the ongoing talks are positive so far.
    The biggest development in 30 years
    Prominent bitcoin holders say the development is likely one of the biggest on Wall Street in “30 years.” “The approval of a Bitcoin fund may be the biggest development on Wall Street in 30 years,” Michael Saylor said in an interview with CNBC on Tuesday, noting that the last new similar product was the S&P 500 ETF. Saylor's subsidiary, MicroStrategy, is the largest public owner of Bitcoin, with assets in its treasury amounting to more than $8 billion.
    Traders also expect the US Federal Reserve to cut interest rates in 2024 as inflation continues to decline - and historically low interest rates have led to big bets on risky assets such as technology stocks and cryptocurrencies.
    However, Crypto Quant warned in its report that prices may continue to decline in the short term as new investors hold onto large unrealized gains.
    “There is some price correction risk given that short-term holders of bitcoin experience high unrealized profit margins, which have historically preceded price corrections,” the analysts said.
    Bitcoin is up more than 160% year-to-date, which could create a potential bearish scenario before the new year on profit-taking.
    Cryptocurrencies at 12:10 pm Saudi time
    The combined market value of the crypto market during these moments of today’s trading amounted to approximately $1.61 trillion. The trading volume reached about $58.20 billion, according to data available on Investing Saudi Arabia.
    Bitcoin rose during the last 24 hours to the levels of $43,730, by 2%, while recording weekly gains of 2.1%. Its market value now stands at $855 billion.
    While "Ethereum", which is the largest digital currency by market value after Bitcoin, rose by about 0.15% during the last 24 hours, to reach $2,212, with weekly losses amounting to 2.8%, and a market value of about $265 billion.
    The price of Binance Coin BNB/USD rose by 2.3% to record $264.
    While Ripple gained approximately 0.9% of its value, recording $0.61581, while it declined by 1.8% in the last 7 days.
    Solana jumped by 12.9% in the last 24 hours to $86.11, and is rising by 21% in the last 7 days.
    Cardano witnessed a rise to $0.6017, by 1.9%, while it fell during the last 7 days by 6%.
    At the same time, Dogecoin rose to the level of $0.091619, by 1.7%.
    Avalanche AVAX/USD jumped 10%, recording $46.07, an increase of 21% in the last 7 days.
    Polkadot also rose 8.8% in the last 24 hours, to $7.55.


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    Added 12/21/2023 - 12:40 PM
    https://economy-news.net/content.php?id=38712

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