Bitcoin
Is Bitcoin Price Primed For New Record High? Analyst Provides Update On $78,000 Prediction
Published
3 months agoon
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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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US Bitcoin ETF Ends Week With $149.4M Outflow, Will It Impact BTC Rally?
Published
9 hours agoon
January 11, 2025By
adminSpot Bitcoin ETFs, a year after their approval, remain the talking point of the town. However, the outflow recorded on the last day of this week is causing worry. That marked the second outflow day with BlackRock’s IBIT leading the pack with a massive amount of outbound movement.
US Bitcoin ETF Records Outflow
This week ends with an outflow from US Bitcoin ETF according to a report by Farside Investors. The total outward movement stands at $149.4 million with BlackRock’s IBIT leading the pack. The issuer of the US Crypto ETF noted $183.6 million worth of outflows to its name followed by Bitwise’s BITB at $1.6 million.
Several issuers didn’t report their numbers but others did show positive sentiments. This includes Fidelity’s FBTC, Ark’s ARKB, and Grayscale’s GBTC. Their flows were $16.6 million, $5.7 million, and $13.5 million, applicable in the same order. It remains to be seen if interest in Spot Bitcoin ETFs will change in the coming days, or maintain a similar momentum till Donald Trump takes the US Presidential office.
Effect on BTC Price
The significant outflows from the US Bitcoin ETF have had little impact on the BTC price today. The flagship cryptocurrency has been down slightly by 0.18% in the last 24 hours but has traded in green for most of the hours. The price has also been down by 4.03% and 6.40% in the last 7 days and 1 month, respectively, potentially demonstrating a correction after it achieved the milestone of $100,000. The market cap of Bitcoin tokens has plunged by 0.26% and the 24-hour trading volume has taken a hit of 10.13%. Open Interest is down by 0.95% amid the volatility of approximately 3.62%.
A few factors show that the BTC rally will eventually get back to mark upticks. Dips in the prices of Bitcoin tokens are being looked at as a chance to accumulate more BTC at a discounted price. Another factor includes the nomination of Paul Atkins as the SEC Chair to replace Gary Gensler who is preparing to step down when Donald Trump assumes the office.
Besides, the latest US job data also appears to have encouraged investments which would fuel a rally for Bitcoin and altcoins in the coming days. What’s still a concern is the size of the rate cut which is anticipated to be 25 bps in the next FOMC.
What’s Happening to Spot Ether ETF?
Amid the Bitcoin ETF outflux, it is worth noting that the sentiment of outward movement is mutually shared with Spot Ether ETF except, it’s Fidelity’s FBTC leading the chart. The issuer recorded an outflow worth $65.4 million on January 10, 2025, as no data from BlackRock made its way to the surface. The only other issuer that reported its number was Bitwise’s ETHW which was $3.1 million.
Total outflows stood at $68.5 million taking the historical cumulative inflow to $2,456.3 million. Spot Ether ETFs, too, marked the second day of outflows after January 08, 2025, when the negative flow was $159.4 million.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin
First Sitting U.S. President to HODL meme coins
Published
16 hours agoon
January 11, 2025By
adminGOP leader and Billionaire businessman Donald Trump will be the first sitting U.S. President to hold meme coins.
Magic internet money maybe, but the President has some.
Once sworn in as the 47th President of the United States, Donald Trump would be the only sitting U.S. leader in history with meme coin holdings.
Arkham reported roughly $8 million worth of meme coins in Donald Trump’s crypto wallet. The White House returnee holds $5.5 million of TROG tokens, $1.5 million of a TRUMP meme, 1.3 billion GUA coins valued at almost $400,000, and $167,000 TRUMPIUS.
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Bitcoin
Genius Group buys $5m more in Bitcoin, totaling treasury to $35m
Published
1 day agoon
January 10, 2025By
adminGenius Group Limited has increased its Bitcoin Treasury to $35 million.
This purchase surpassed its milestone ahead of schedule in its ongoing effort to amass $120 million in Bitcoin holdings, according to a company release.
The latest purchase comes just two months after the Singapore-based, AI-powered education company announced its “Bitcoin-first” strategy in early November.
Genius Group added $5 million worth of Bitcoin (BTC) purchases, bringing its total holdings to 372 BTC at an average acquisition price of $94,047 per Bitcoin.
As of Jan. 9, the company’s Bitcoin Treasury was valued at $35 million, reflecting the current Bitcoin price of around $94,000.
With Genius Group’s market capitalization at $42 million, its BTC-to-price ratio stands at 83%.
Genius Group’s additional loan
To further grow its Bitcoin Treasury, Genius Group has increased its loan with Arch Lending from $10 million to $14 million, maintaining a loan-to-value ratio of 40%, according to the release.
The company is heavily leveraging crypto-backed loans to fund its reserves without selling Bitcoin, in line with its strategy of allocating 90% or more of its reserves to Bitcoin.
Genius Group, which integrates AI solutions into education, views Bitcoin as a key component of its financial strategy. CEO Roger Hamilton has compared the company’s approach that of other publicly traded firms that have adopted Bitcoin as a reserve asset, emphasizing its potential as a “store of value” in the digital economy.
The firm’s “Bitcoin-first” strategy aligns with its broader plans to incorporate blockchain technology into its AI-powered educational platforms. These plans include implementing on-chain certifications and reward systems using Bitcoin’s Lightning Network.
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