Bitcoin (BTC) rose within a few steps of $63,000 today for the first time since April 18. The recent surge in the price may have been caused by various documents pointing to the eventual approval of a futures-based BTC ETF by the United States Securities and Exchange Commission. According to these documents, the regulator may be close to green lighting the application to list Valkyrie’s Bitcoin Strategy exchange-traded fund ETF on Nasdaq. Analysts pointed out that the price of gold had risen sharply leading up to the launch of the first U.S.-based gold ETF in 2004. Thereafter, the rally continued …

Bitcoin (BTC) has been sustaining above $54,000 for the past few days but that has not resulted in euphoria among investors. Google Trends data shows that Bitcoin search interest has not picked up in recent days and is nearing one-year lows. Some analysts believe that this is a sign that only stronger hands are accumulating. A recent report from CoinShares also showed that institutional investors pumped more than $226 million into Bitcoin products in the week ending Oct. 8. The analysis firm estimates that the total assets under the management of institutional crypto products have ballooned to $66.7 billion, just …

Bitcoin (BTC) resumed its rally on Oct. 11 and climbed close to $58,000. This marks an almost 100% recovery from the May plunge and shows that any regulatory action by China is having only a temporary effect. The strong rally in Bitcoin in the past few days has boosted sentiment and analysts are back with their six-figure projections. Geoffrey Kendrick, head of emerging market currency research at Standard Chartered, anticipates Bitcoin to rally to $100,000 by early next year. David Gokhshtein, the founder of Gokhshtein Media and PAC Global, was even more bullish as he expects Bitcoin to reach $100,000 …

Bitcoin (BTC) has continued to trade near the $55,000 level. The sharp rally in Bitcoin has pushed its market dominance from 40.70% on Sep. 12 to about 45% on Oct. 11. This shows that the strong recovery in cryptocurrencies has been led primarily by Bitcoin. This sharp run-up in Bitcoin has pushed the Fear and Greed indicator into the Greed zone. Although this indicator suggests that markets may have run up quickly in a short time, it does not necessarily signal a confirmed short-term top. History suggests that traders who sold their Bitcoin positions on this metric alone could have …

Bitcoin’s (BTC) rally above $50,000 seems to have received a boost from institutional buyers who are looking to hedge their portfolio against increasing inflation, said JPMorgan in a note to its clients on Oct. 7. The bank’s analysts speculated that institutional investors may be preferring Bitcoin over gold as a better hedge against inflation. A recent study titled “Cryptocurrencies and the Sharpe Ratio of Traditional Investment Models” by crypto asset management firms Iconic Funds and Cryptology Asset Group showed that the addition of cryptocurrencies to any portfolio improved returns and risk-reward performance of the portfolio. Bloomberg senior commodity strategist Mike …

Bitcoin (BTC) is facing rejection near $50,000, indicating that bears are not ready to give up without a fight. Many analysts expect Bitcoin to soar in the last quarter of the year and stock-to-flow model creator PlanB says the “worst-case scenario” for Bitcoin in October is $63,000 and $98,000 by November. PlanB is not alone in his bullish projection. Using Bitcoin’s relative strength index (RSI) indicator during the four-year cycle, Twitter commentator TechDev suggests that the second leg of the 2021 bull run may just be getting started. The trader expects Bitcoin’s cycle top to be around $200,000. While historical …

The sentiment in the crypto markets can change quickly as seen from the Crypto Fear and Greed Index, which rose from levels of extreme fear on Sept. 30 to neutral on Oct. 3. The sentiment may improve further if Bitcoin (BTC) breaks out and sustains above the psychologically critical level at $50,000. One important event that may boost short-term sentiment is the United States Securities and Exchange Commission’s (SEC) decision on Bitcoin exchange-traded fund (ETF) applications. Although the SEC extended the deadline of four Bitcoin ETF applications by 45 days on Oct. 1, Bloomberg’s senior ETF analyst Eric Balchunas is …

The month of September stayed true to its billing as a historically weak period for cryptocurrencies. Bitcoin (BTC) closed the month with a loss of about 7%. However, October may bring cheer to the bulls because Bitcoin has risen in six of the past eight years, falling only in 2014 and 2018. The bulls started the month on a positive note as bears scurried to close their short positions. Data shows that more than $270 million worth of short positions were liquidated within minutes. The enthusiasm for Bitcoin was shared by several altcoins that alsosurged higher on Oct. 1. Bitcoin …

Bitcoin (BTC) and Ether (ETH) are attempting to bounce off their critical support levels as bulls try to thwart attempts by the bears to deepen the correction. Tesla CEO Elon Musk said at the Code Conference in California recently that governments cannot “destroy crypto,” due to its decentralized nature but can “slow down its advancement.” Data shows that whales have been moving record amounts of Bitcoin in the past two weeks. The total transfer volume of transactions, worth $10 million and higher, has surpassed levels seen when Bitcoin’s price was near $60,000. According to on-chain analytics resource Material Indicators, “smaller” …

Last week was challenging for crypto traders, with Sept. 24’s FUD-triggering crypto-ban news out of China wiping out much of the gains that investors had managed to rake in earlier in the week. Between Sept. 18 and 25, the top 100 altcoins shed as much as 14.4% of their aggregate value, while Bitcoin (BTC) lost 12.5%. The number of altcoins posting double-digit returns was unusually low as well. Data from Markets Pro, Cointelegraph’s subscription-based data intelligence platform, shows that only eight assets out of the hundreds tracked gained more than 10% against the United States dollar. While trading is an …

Bitcoin (BTC) and Ether (ETH) recovered a large part of the losses that happened due to the knee-jerk reaction to China's regulatory crackdown on Sept. 24. This suggests that crypto markets have absorbed the news-based selling, with long-term investors likely using the dip to accumulate. However, a rally may have to wait as market participants watch the outcome of the infrastructure bill this week, which could see the debate start on Sept. 27 and the final vote on Sept. 30. The broad definition of a “broker” may cause some volatility in crypto markets but HODLers are unlikely to be shaken. …

The crypto market’s recovery was rocked on Sept. 24 after news that China's government is adopting a new set of measures that includes stronger inter-departmental coordination to “cut off payment channels, dispose of relevant websites and mobile applications” to crack down on illegal cryptocurrency transactions efficiently. Although the news has caused a selloff, long-term investors are unlikely to be perturbed because, apart from announcing additional measures to enforce the existing ban effectively, there is nothing else that has changed. China first announced a ban on cryptocurrencies back in September 2017 and that news had also resulted in a sharp correction …