Bitcoin
Bitcoin rallies and sentiment peaks as major pro-crypto moves emerge
Published
3 months agoon
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adminBitcoin’s recent 20% surge over the past three weeks has reinvigorated bullish sentiments among traders, according to data from Santiment.
This sentiment shift marks the most positive outlook on Bitcoin (BTC) since March 2023, with the term “Bitcoin” being discussed more favorably on social media than at any point in the last 16 months.
Santiment’s weighted sentiment index, which gauges the ratio of positive to negative comments on X, has soared to a 16-month high. The price rally has seen Bitcoin surpass the $67,000 mark, reflecting a 6.22% increase since July 25, per data from crypto.news.
Bitcoin’s price touched $69,404 on July 28, its highest since June 12, although it’s currently trading around $67,770.
This bullish turn follows cooler-than-expected inflation data, suggesting potential multiple interest rate cuts by the U.S. Federal Reserve this year.
The leading cryptocurrency has climbed over 23% from its local bottom of $53,550 on July 5, spurred by strong dip-buying from Bitcoin ETF investors.
These products have continued their impressive streak, with fresh inflows of $534 million in the last week. Notably, BlackRock’s Bitcoin ETF has almost crossed the $20 billion mark in assets under management.
Adding to the positive sentiment, U.S. Senator Cynthia Lummis has introduced a detailed plan for a national strategic Bitcoin reserve.
The announcement, made on July 27 during the Bitcoin 2024 conference in Nashville, came amid growing pro-crypto sentiment. Lummis announced the Bitcoin reserve legislation directly after President Donald Trump delivered a keynote at the event. Trump expressed robust support for the crypto industry during his speech, announcing the Bitcoin reserve toward the end. Trump’s overall endorsement and Lummis’ policy proposal have further buoyed the market’s optimistic outlook.
In more potentially bullish news from Washington, yesterday, reports surfaced that Vice President Kamala Harris’ campaign team had reached out to top U.S. crypto companies in an effort to “reset relations.”
The confluence of Bitcoin’s price rally, strategic legislative proposals, and high-profile endorsements highlight a burgeoning bullish phase for the cryptocurrency market, setting the stage for potential significant developments in the near future.
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All-Time High
Why Bitcoin Will Soar Above Its Fresh Record: Van Straten
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11 hours agoon
November 9, 2024By
adminEven after breaking through $77,000 for the first time, bitcoin’s price looks very likely to keep soaring, CoinDesk senior analyst James Van Straten argues.
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Bitcoin
Bitcoin Realized Cap At All-Time High As Price Hits $77,000 For The First Time
Published
15 hours agoon
November 9, 2024By
adminOpeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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Bitcoin
Bitcoin (BTC) Price Tops $77K Record as Muted Funding Rates Suggest Crypto Rally Has More Room to Run
Published
1 day agoon
November 9, 2024By
adminWhile crypto assets booked double-digit gains during this week, with BTC sitting at record highs, funding rates for perpetual swaps on crypto exchanges are much closer to neutral levels than the market top in early March, CoinGlass data shows. Funding rate refers to the amount long traders pay shorts to take the opposite side of a trade. When funding rates are negative, shorts pay the fee to longs, as this relationship often occurs during bearish periods.
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