Bitcoin
Bitcoin (BTC) On Track For ‘Strongest September Performance’
Published
2 hours agoon
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adminBitcoin (BTC), the largest cryptocurrency by market capitalization, has led the market recovery with its surge to the $63,000 mark. Following the recent developments, the flagship cryptocurrency’s performance has seen an 8% weekly surge, driving BTC to one of its best September performances since its creation.
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Bitcoin Registers Sixth Green Daily Candle
During the first week of the month, Bitcoin saw its price struggle to keep above the $55,000 mark, plummeting to the $52,000 support zone and raising investors’ alarms. The rest of the sector followed BTC’s lead, dropping 12% to a market capitalization of $1.81 trillion earlier this month.
Since then, the market has seen a significant boost, mostly fueled by the US Federal Reserve’s (Fed) rate cut. Following the Fed’s announcement, the sector recovered 5%, continuing its ascending trajectory throughout the weekend.
Due to the positive market sentiment, crypto investment products ended the week with $321 million in inflows, the second weekly positive net flows in a row. The inflows were led by Bitcoin-based products, which registered $284 million last week, according to the CoinShares report.
BTC, propelled also by Kamala Harris’ recent acknowledgment of the crypto industry, recovered 20% from the monthly lows of September 6. The rebound pushed the cryptocurrency’s price toward the $64,000 resistance level, which was last held a month ago.
After failing to reclaim the key resistance level, Bitcoin’s price has been hovering between the $63,000-$63,900 range throughout Monday morning, registering six green daily candles since September 17.
Will BTC See Four Green Months In A Row?
BTC’s recent price action has translated into green numbers in the month-to-date (MTD) timeframe, making September a green month for the cryptocurrency. Coinglass data reveals that the flagship crypto displays a 7.94% return MTD.
This performance was noted by some market watchers, who suggest that Bitcoin is on its way to registering its best September so far. In an X post, Crypto Jelle highlighted that BTC “is currently on track for the strongest September performance in its history” after its current MTD return surpassed that of September 2016.
To the analyst, the flagship cryptocurrency is preparing for a “promising” performance next quarter. Jelle also pointed out that BTC has only closed September with green numbers three times.
However, the times this has happened, the cryptocurrency’s monthly returns have closed in the green for four months straight. This suggests that Bitcoin may be on the verge of a massive bull run for Q4.
Close this month in the green, and the odds are high October, November and December will close green as well.
He pointed out that this week will be “decision time” for the flagship cryptocurrency, as a higher high is “within an arm’s reach.” A push above the $65,000 resistance level would “flip the narrative” and see BTC moving to levels not seen since early August.
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The cryptocurrency’s chart displays a “massive descending broadening wedge,” which has the potential to hit $90,000 after a breakout. Ultimately, the analyst considers that Bitcoin won’t trade within this pattern for much longer.
As of this writing, the flagship trades at $63,700, a 1.7% and 10% surge in the daily and weekly timeframes.
Featured Image from Unsplash.com, Chart from TradingView.com
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Donald Trump Says Crypto Could Help Pay Off $35 Trillion U.S. Debt
Published
11 hours agoon
September 24, 2024By
adminDonald Trump has increasingly embraced Bitcoin and crypto during his 2024 presidential campaign. Recently, when asked about the future of crypto, Trump responded that he thinks “crypto has got a great future” and floated using it to pay off the $35 trillion U.S. national debt.
Trump has now often spoken positively about Bitcoin. Recently, he became the first U.S. president to make a Bitcoin transaction when he bought cheeseburgers using the Bitcoin at New York’s Bitcoin-friendly PubKey bar.
The former president said at a recent event that crypto has “got a great future” and teased the possibility of using Bitcoin and crypto to pay off the nation’s $35 trillion debt obligations.
This aligns with Trump’s previous positive statements about Bitcoin and crypto, as he courts the growing Bitcoin and crypto voter bloc. He has promised to make the U.S. the “crypto capital of the world” if elected again.
Meanwhile, his opponent Kamala Harris made her first crypto-related pledge at a New York fundraiser. She stated her administration would “encourage innovative technologies like A.I. and digital assets, while protecting our consumers and investors.”
While Harris did not explicitly mention Bitcoin or crypto, the comment signals a positive stance as she vies for crypto-friendly voters. It contrasts with her previous silence on the issue.
With both leading presidential candidates now openly discussing Bitcoin and crypto-related policies, it seems Bitcoin and crypto are entering the political mainstream.
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artificial intelligence
AI-Related Cryptos Lead Altcoin Surge; Bitcoin Breakout Nears with Several Catalyst in Q4: Analyst
Published
14 hours agoon
September 23, 2024By
adminNEAR, RNDR, TAO and LPT booked double-digit gains as artificial intelligence-focused tokens were the best performers within the CoinDesk 20 Index.
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Bitcoin
Bitcoin (BTC) Will Thrive Regardless of US Election Outcome, Says VanEck’s Matthew Sigel
Published
23 hours agoon
September 23, 2024By
adminAn analyst from one of the biggest asset managers in crypto says any result of the November election will end up being bullish for Bitcoin (BTC).
In a new report for VanEck, Matthew Sigel, the firm’s head of digital asset research, says that the US federal election will likely have a significant impact on the crypto space, but will be bullish for Bitcoin regardless of which party wins.
Sigel says that both Kamala Harris and Donald Trump are bullish for Bitcoin, with only nuanced implications for digital assets.
Sigel adds both candidates will likely maintain fiscal spending – or increase it – which could lead to further quantitative easing (QE), which has historically been bullish for the asset class.
Should Kamala Harris win the November election, Sigel sees Bitcoin outperforming the broader crypto market.
“Suppose Kamala Harris were to retain Gary Gensler as SEC Chair or align closely with the Elizabeth Warren wing of the Democratic Party when it comes to finance policy, which looks increasingly likely. In that case, the digital assets industry generally is expected to confront a tightening regulatory environment that would dampen institutional adoption of digital assets in the U.S., further restricting domestic entrepreneurial activity.
On Bitcoin alone, however, we would argue that a Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would, in our view, accelerate many of the structural issues that drive Bitcoin adoption in the first place…
Should that happen, Bitcoin’s unique regulatory clarity will likely make it even more competitive than other digital assets.”
Conversely, Sigel says the firm believes that another four years of Donald Trump is “generally bullish for the entire crypto ecosystem” as the administration is likely to be more business-friendly, particularly to crypto, perhaps.
“Regardless of the election outcome, the trend of growing fiscal deficits and rising national debt will likely continue. This suggests a weakening of the U.S. dollar, a macroeconomic environment in which Bitcoin has historically thrived.”
At time of writing, Bitcoin is trading for $63,769, up 1.12% in the past day.
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