Archive for the ‘Bitcoin’ Category

Bitcoin price rally driven by key market dynamic, analyst – Yahoo! Voices

Bitcoin's price has seen a notable increase in the past week. The rise has been driven in some part by a dynamic between short and long-term bitcoin holders, according to an analyst.

Bitcoin (BTC-USD) has risen by 4.5% in the past week, now changing hands at $27,602, (22,771) according to CoinGecko data.

This is a retrace from a height of $28,500, that was reached on Monday. The early October high marked a significant price point that has not been reached since August 17, 2023.

Read more: Crypto live prices

"Bitcoin now finds itself in a technical range, confined between the resistance level of $28,500 and the support level of $27,100," CryptoQuant analyst Adam Mourad told Yahoo Finance UK.

The analyst explained the underlying factors that could be at play. Mourad described a market dynamic that has developed between short and long-term bitcoin holders. He referred to on-chain metrics that demonstrated long-term holders acquiring the digital assets that are being sold by short-term holders.

"The supply held by short-term holders has dipped to its lowest point in nearly eight years, a level not seen since November 2015, with a value of 3.8 million bitcoins," the analyst said.

Conversely, the CryptoQuant analyst referred to on-chain data that showed the supply of bitcoin held by long-term holders has reached an all-time high, standing at 15.6 million bitcoins.

He added that long-term holders have a deeper belief in the asset and will hold and accumulate the asset. A dynamic that favours price appreciation.

Long-term holders of bitcoin wait in hopeful anticipation that an approval of a spot bitcoin ETF by US regulators is forthcoming. A spot bitcoin ETF is a financial product that investors hope will open the gateway for mainstream capital to flood the crypto market.

At a conference in London this week, former BlackRock (BLK) managing director Steven Schoenfield said he believed the SEC could approve a spot bitcoin ETF within 3-6 months based on mounting regulatory pressure. This relatively short timeframe marks a shift in Schoenfields outlook. He had previously projected a longer nine to twelve months window.

Read more: Institutional investment brings new momentum to crypto

During a panel discussion on ETFs at CCDatas Digital Asset Summit in London, Schoenfield explained his updated forecast is based on a view that there has been a significant improvement in the dialogue between the Securities and Exchange Commission (SEC) and financial industry figures. The SEC is the US financial regulator that will make the decision whether to approve the multiple spot bitcoin ETF filings that have been filed.

Watch: Crypto bosses pouring millions into anti-aging tech to live longer | The Crypto Mile

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Bitcoin price rally driven by key market dynamic, analyst - Yahoo! Voices

Bitcoin’s ‘Uptober’: possible impact on XRP, Cardano, and InQubeta – crypto.news

The crypto community is buzzing with excitement as October unfolds, heralding the arrival of what many in the digital asset space call Uptober. For years, this month has gained a reputation for fostering positive price momentum for Bitcoin and the broader cryptocurrency market. The resurgence of Uptober has once again ignited hopes and speculations about what lies ahead for the crypto market.

Beyond the immediate implications for Bitcoin, many investors question how this bullish momentum might spill over to other cryptocurrencies, especially XRP, Cardano (ADA), and InQubeta (QUBE).

Drawing parallels to BTCs uptrend, InQubetas approach to crowdfunding has drawn attention from the crypto community, leading to its rapid ascent on the decentralized finance (defi) crypto list.

This article delves into Uptobers significance and explores its potential effects on these top digital assets.

InQubetadistinguishes itself from conventional cryptocurrency ventures by focusing on the artificial intelligence (AI) sector in a tech-driven era.

InQubeta introduces a non-fungible token (NFT) marketplace rooted in equity and powered by blockchain technology and smart contracts.

By engaging in this presale, acquiring QUBE means aligning with the AI revolution and potentially reaping the rewards.

InQubeta employs a unique token vesting approach, gradually releasing tokens over 12 weeks, promoting stability and investor trust.

As Bitcoin enters the bullish month of Uptober, with October historically favoring cryptocurrencies, InQubeta aligns with the trend.

This presale, spanning ten stages, has sold nearly 381 million tokens, amassing over $3.4 million in stage 4.

With the QUBE tokens current value at $0.0133 and its positioning on the defi crypto list, experts foresee InQubeta mirroring BTCs rally.

To join InQubetas presale, investors can acquire QUBE using Ethereum (ETH), BTC, or USDT.

After the presale, buyers will receive airdropped tokens, including attractive bonus tokens.

Uptober, a term coined by the crypto community, signifies the historical bullish trend that often sweeps across Bitcoin and other cryptocurrencies in October. Historical data since 2013 shows October as predominantly positive for Bitcoin, with just two exceptions.

On Oct. 1, Bitcoins price soared past $28,000, marking its highest level since mid-August. This surge, propelling BTC to nearly $28,500 and recording a 4% increase in under 24 hours, rekindles hopes of a sustained uptrend.

This bullish BTC sentiment is rippling across the crypto space, boosting market sentiment for coins like XRP, ADA, and QUBE. As Bitcoin takes the lead, these top defi coins, renowned for innovation, could gain more investor attention, potentially fueling a broader crypto market uptrend in Uptober.

Ripple, a blockchain company, enables fast and cost-effective international money transfers. XRP is a bridge between different fiat currencies, making cross-border transactions swift and efficient. Ripples vision is to revolutionize global financial transactions, making value move as seamlessly as information.

XRP has shown signs of a potential breakout in recent market developments. On-chain transaction volume in profit, as shown by the data from Santiment, reached 3.48 billion XRP on Oct. 1. XRP has not witnessed such profit-taking levels since February 2021, suggesting that the coin may be on the brink of a significant price move.

Cardano is a blockchain platform known for its emphasis on sustainability, scalability, and a research-based approach to development.

Recently, ADA broke above a descending triangle pattern. This formation signals a potential bullish trend reversal that may support prices in the sessions ahead.

Following the breakout, ADA rallied, increasing investors optimism.

Cardanos bullish performance aligns with the prevailing sentiment of optimism this Uptober, suggesting that it might capitalize on improving market sentiment.

Uptober expectations may support Bitcoin and could improve market sentiment. Conversely, XRP, ADA, and QUBE are following suit, gaining momentum and increasing investor interest. InQubeta can be a go-to choice for seasoned investors searching for opportunities in the AI sector in the ongoing QUBE presale.

Visit InQubeta presale

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Bitcoin's 'Uptober': possible impact on XRP, Cardano, and InQubeta - crypto.news

Crypto Price Today: Bitcoin and Ether See Profits, Losses Hit Altcoins Like Solana, Tron – Gadgets 360

Bitcoin minted a profit of 0.91 percent on Thursday, October 5 to trade at the price point of $27,680 (roughly Rs. 23 lakh). This marks the third consecutive day that Bitcoin is trading in the range of $27,000 (roughly Rs. 22.4 lakh). Over the last day, Bitcoin has shown a substantial rise in its value. The asset, that was priced $27,403 (roughly Rs. 22.8 lakhs) yesterday, rose by $277 (roughly Rs. 23,050). As per market experts, October is expected to bring market consolidation and sideways movement, providing opportunities for long-term investors.

Bitcoin's gain follows a market calm-down after Monday's sharp rally, easing traditional market headwinds, Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Ether joined Bitcoin on the profit-side of the crypto chart on Thursday. ETH is presently trading at $1,643 (roughly Rs. 1.36 lakh) after seeing a miniscule gain of 0.8 percent. In the last 24 hours, ETH rose in price by $3 (roughly Rs. 250).

Other cryptocurrencies that registered gains today include Binance Coin, Cardano, Dogecoin, Polygon, Litecoin, and Shiba Inu.

Small profits were also churned by Chainlink, Avalanche, Monero, Cronos, Bitcoin SV, and Elrond.

Avalanche's AVAX, a Layer 1 blockchain, has been a top performer in CoinDCX among major cryptocurrencies, with an impressive eight percent surge in the last 24 hours, the CoinDCX research team told Gadgets 360. This rally in AVAX price comes due to the gaining popularity of its social app Stars Arena, which is a direct competitor of the very popular base chain app Friend.tech.

The overall valuation of the crypto market rose by 0.74 percent in the last 24 hours to sit on the mark of $1.09 trillion (roughly Rs. 90,73,323 crore), as per CoinMarketCap.

A notable number of cryptocurrencies did see losses today. These include Tether, Ripple, USD Coin, Solana, Tron, Polkadot, and Bitcoin Cash.

Industry experts are optimistic that newer developments and upcoming Web3 developments will keep the sector hot and running.

A special focus yesterday remained on the exit of Jayanti Kanani from Polygon, popularly known as JD, the co-founder of India-based layer-2 MATIC (+0.4 percent). According to his post on x.com, Jayanti has embarked on a new journey, which could mean a new venture he might be starting. The overall crypto market seems to be calming down after Monday's sharp rally, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Crypto Price Today: Bitcoin and Ether See Profits, Losses Hit Altcoins Like Solana, Tron - Gadgets 360

ChatGPT breaks down 9 factors that can end Bitcoin as we know it – Finbold – Finance in Bold

Proponents of Bitcoin (BTC) argue that its decentralized nature offers protection against threats encountered by traditional financial systems. Nevertheless, like any other financial or investment product, Bitcoin is not immune to various threats that could potentially affect its existence.

In this context, Finbold sought insights from the artificial intelligence platform ChatGPT developed by OpenAI to understand the factors that could potentially bring about the end of Bitcoin as we know it. We posed the question, What can end Bitcoin as we know it? to the most advanced ChatGPT-4 premium AI version. Through this analysis, it became apparent that the pioneering cryptocurrency faces a spectrum of challenges, both external and internal, which are highlighted below:

The tool suggested that one of the most discussed vulnerabilities is the dreaded 51% attack. If a single entity gains control of over 50% of the Bitcoin networks computational power, it could potentially wreak havoc. Such an entity could double-spend coins or halt transactions. ChatGPT acknowledged that although this type of attack is expensive and unlikely to be financially practical, stating that at the moment, it remains a theoretical threat.

Another technical vulnerability is quantum computing. ChatGPT states that if quantum computers become powerful enough, they could break Bitcoins cryptographic security measures. It is worth noting that the crypto community has since identified this risk with plans to quell it.

Bitcoins decentralized nature has made it an attractive option for those looking to circumvent traditional financial systems. However, this very characteristic puts it in the crosshairs of governments worldwide. As per ChatGPT, regulatory crackdowns and bans on Bitcoin could significantly impact its adoption and drive users toward other digital assets or traditional currencies. In general, regulatory uncertainty is a constant shadow that the cryptocurrency world must navigate, making it a persistent concern for the future of Bitcoin.

Bitcoins value and adoption have been intricately tied to economic factors for years. Therefore, ChatGPT pointed out that a significant loss of confidence in Bitcoin due to major financial losses, large-scale fraud, or other scandals could lead to reduced adoption and value. At the same time, it cited threats such as a newer cryptocurrency or technology emerging with vastly superior features, which might overshadow Bitcoins first-mover advantage.

The viability of Bitcoin has been questioned over the cryptocurrencys Proof-of-Work (PoW) consensus. Against this backdrop, the AI tool pointed out that critics argue that its energy consumption is unsustainable and harmful to the planet. Therefore, if concerns about its energy consumption continue to grow, there may be a substantial shift towards more eco-friendly cryptocurrencies or consensus mechanisms, potentially eroding Bitcoins dominance. As the world becomes increasingly conscious of environmental issues, Bitcoins environmental footprint remains a point of contention. However, it is worth noting that major miners are trying to turn to renewable energy sources for Bitcoin mining.

ChatGPT acknowledged that Bitcoin has faced persistent challenges in terms of transaction speed and costs, especially during heightened demand. While initiatives such as the Lightning Network have been introduced to tackle these issues, the risk of an inadequate scaling solution could potentially hinder Bitcoins ability to achieve wider adoption. The ongoing challenge of scaling is a critical issue that the Bitcoin community must continue to tackle to uphold its status as a viable digital currency.

Internal disputes within the Bitcoin community have sporadically arisen, particularly concerning its development trajectory. ChatGPT warns that should these disagreements escalate, they have the potential to result in additional forks, similar to the Bitcoin Cash (BCH) split, which could ultimately erode the communitys cohesion. The tool notes that sustaining a unified vision for Bitcoins future is imperative for its enduring success in the long run.

The AI tool suggests that the Bitcoin network is not immune to global disruptions. Natural disasters, widespread infrastructure failures, or global-scale cyber-attacks could disrupt the Bitcoin network, causing temporary or long-term damage. The resilience of the Bitcoin network in the face of unforeseen events remains an ongoing concern.

Governments such as the United States and China are actively exploring the potential of digital currencies, which could lead to the introduction of Central Bank Digital Currencies (CBDCs) as potential substitutes for cryptocurrencies. In this case, ChatGPT opines that if prominent nations successfully deploy and endorse their CBDCs, these could present a more secure and regulated option compared to Bitcoin for everyday transactions, potentially diminishing Bitcoins attractiveness. The advent of CBDCs poses a notable competitive challenge to Bitcoin.

It is worth noting that the cryptocurrency ecosystem relies heavily on exchanges and wallet providers. Therefore, ChatGPT suggested that if a major exchange or wallet provider collapses or faces severe security issues, it could undermine confidence in the broader cryptocurrency ecosystem and impact Bitcoin. Therefore, safeguarding the infrastructure of the cryptocurrency world is essential to maintaining trust and stability.

In conclusion, while Bitcoin has withstood numerous challenges and has a resilient community of users and developers, it remains vulnerable to various internal and external factors. Staying abreast of these potential threats and actively addressing them will be crucial for the continued success and relevance of Bitcoin as a global digital currency.

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ChatGPT breaks down 9 factors that can end Bitcoin as we know it - Finbold - Finance in Bold

Owner of 8K bitcoin lost in landfill threatens to bankrupt local council – Protos

A Welsh bitcoin investor who accidentally lost 8,000 bitcoin a decade ago after throwing the hard drive into the trash is now threatening to sue the local council overseeing the landfill its in and potentially bankrupt them, as he seeks to win $557 million in legal fees.

Newport City Council (NCC) has repeatedly said no to James Howells request to dig up the landfill and search for his bitcoin. However, as reported by the Telegraph, Howells is preparing to sue the council and stop them from carrying out other works on the site.

The proposed lawsuit aims to secure 446 million ($557 million) in damages, a value that matches the highest recorded price of his lost bitcoin.By asking for this amount, Howells is threatening to bankrupt NCC, saying that the recently declared bankrupt Birmingham City Council would not be the only Labour-run council to go bankrupt this year.

Ive tried everything I can for 10 years, they didnt want to play ball, so now we have to go down the legal route, he said.

In the open letter he sent to the council on September 4, Howells demanded they let him begin his landfill excavation work by September 18. Hes also asking for a judicial review into the lawfulness of the councils decisions throughout the bitcoin landfill ordeal.

James lost the BTC in 2013 after cleaning out his old office and throwing his bitcoin cold wallet into the trash. The 8,000 bitcoin was worth 446 million at its highest and roughly 166 million ($207 million) today.

For 10 years the council has not budged on its position, refusing Howells pleas to recover the lost bitcoin which the council says may or may not be in our landfill site.

A spokesperson said, The council has told Mr. Howells multiple times that excavation is not possible under our environmental permit, and that work of that nature would have a huge negative environmental impact on the surrounding area.

We will be offering no further comments on this issue as it takes up valuable officer time which could be spent on delivering services for the residents of Newport.

In 2022, Howells claimed to secure enough funding for the dig which documents from his legal team estimate would cost 11 million ($13.7 million).

He attempted to sway the council by promising 10% of his found bitcoin to be used in turning Newport into a crypto-mecca. He promised:

These promises, however, may not be welcomed by the residents of Newport if Howells does indeed bankrupt the Newport city council.

Do [NCC] want to spend 10,000 an hour to stop me digging a hole? How can you explain that to the taxpayers of Newport in the current climate? he said.

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Owner of 8K bitcoin lost in landfill threatens to bankrupt local council - Protos