Here’s When Bitcoin (BTC) Price Will Rise to $500,000, Analyst James Van Straten Predicts

Audy Castañeda
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Here’s When Bitcoin (BTC) Price Will Rise to $500,000, Analyst James Van Straten Predicts

Van Straten believes that Bitcoin has the potential to reach $500,000 during this market cycle.

CryptoSlate Senior Analyst James Van Straten has sparked discussions in the crypto space with his recent tweet, presenting compelling reasons behind his bullish stance on Bitcoin’s future performance.

In a recent tweet post, James Van Straten compared Bitcoin’s current cycle to previous ones, emphasizing its notable outperformance. He noted that when analyzing the peak returns of the 2015-2018 cycle and the 2018-2022 cycle, Bitcoin’s current momentum stands out.

Van Straten’s post on X dated December 24 reads as follows:

“One of the reasons I think #Bitcoin will get to 500k a coin this cycle.

Is it currently outperforming the 2015 to 2018 cycle and the 2018 to 2022 cycle from the low.

The peak of the 2015 to 2018 cycle was 11,000%

While the peak of the 2018 to 2022 cycle was 2,000%.

The ETF will break the diminishing returns this cycle.”

BTC Next Mark at $500K

The peak from the 2015 to 2018 cycle was 11,000%, while the peak from the 2018 to 2022 cycle was 2,000%. Perhaps the ETF will break the diminishing returns of this cycle.

This observation suggests that Bitcoin’s performance in the current market cycle is defying historical patterns, providing a basis for Van Straten’s bullish prediction of $500,000 per Bitcoin.

However, its bullish outlook implies a potential 940% upside from the current trading value of $43,150, according to the Coinpedia report.

Can Bitcoin (BTC) Hit $50,000 in the Last Week of the Year?

The BTC price has been on an upward trend since the beginning of the year. Bitcoin surged 160%, leading to a new yearly high of $44,700 on December 8. The high was reached above the 0.5 Fib retracement resistance level.

However, it is unclear whether BTC has surged since the price closed below the area the next week and then again above it the following week. This movement adds uncertainty about whether the trend is bullish or bearish.

Cryptocurrency traders and analysts have a bullish outlook on the future trend. CredibleCrypto believes that the price of Bitcoin will continue to rise due to the operation between spot and futures buyers. In this reasoning, the increase in spot purchases on Coinbase, the restoration of funding, as well as the decrease in open interest, were highlighted.

One factor that could influence a BTC price increase is the possible approval of a Bitcoin spot ETF by the US Securities and Exchange Commission. Several financial giants have already submitted applications to introduce such a product. type in the United States, BlackRock, Invesco and Fidelity being some examples.

Bitcoin Reverses Gold Market Cap

In a previous tweet, Van Straten made another bold prediction about Bitcoin’s market capitalization.

“My prediction is that Bitcoin will change the gold market cap or we will get very close to it in Q4 2025. About 4000% increase from the cycle low.” he stated.

This forecast implies that Bitcoin could surpass or come close to meeting gold’s market capitalization by the fourth quarter of 2025, which would mark a substantial rise from the current cycle low.

Van Straten’s projections contribute to ongoing discussions about Bitcoin’s role as a store of value and its potential to challenge traditional assets like gold. The cryptocurrency community is eager to witness these predictions unfold as Bitcoin continues to evolve in a rapidly changing financial landscape.

By Audy Castaneda

Will OKX Overtake Binance in Market Share?

Audy Castañeda
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Will OKX Overtake Binance in Market Share?

Binance’s market share has dropped to around 43% from around 65%. OKX has seen an increase in its market share from approximately 4% to approximately 11%.

2023 will not be remembered as a good year for Binance. The world’s largest crypto exchange has seen its spot market share gradually decline over the past 12 months, in what appears to have been a user response to the problems that have surrounded the company in the last few months.

According to figures provided by CCData, Binance’s market share so far in December was only 30.1%, compared to 55% at the beginning of the year. From January to September, the stock market’s monthly spot volumes fell by more than 70%, from $474 billion to $114 billion.

The figures are similar when considering combined spot and derivatives trading, where Binance saw its market share decline from 60% to 42%, while OKX’s grew from 9% to 21%.

From the abovementioned, it is evident that Binance [BNB] is experiencing a gradual decline in its market share, while OKX [OKB] appears to be gaining momentum by capturing the lost market share. What is the current comparison between these two exchanges?

Binance Loss, OKX Gain

At the beginning of the year, Binance dominated the exchange market with a share of more than 50%, specifically around 65%. Coinbase is a distant second with around 8.2%, and OKX also has a market share of around 4.1%.

Recent data, however, showed a change in market dynamics. Binance’s market share has decreased to around 43.5%, meaning a loss of more than 20%. Observed data showed that other exchanges have absorbed the loss.

OKX emerged as a big winner, with its market share now at 11%. Furthermore, Bybit saw growth, increasing its market share to over 9%, while Coinbase’s share remained at around 8%.

Binance and OKX Trading Volume in 24 Hours

An examination of the 24-hour spot trading volume on CoinMarketCap showed that Binance held the top position. Its trading volume exceeded $9.7 billion most recently. This dominance is further accentuated by its considerable popularity, which is evident in weekly visits of over 13 million.

In comparison, OKX had a trading volume of over $1.8 billion and a weekly view count of over 6.5 million. OKX’s weekly visits and 24-hour volume surpassed Coinbase, which was in second place.

Shifting focus to derivatives trading, Binance also took the lead with a 24-hour volume of more than $38 billion, according to data from Coinglass. Furthermore, Binance had open interest of more than $13 billion, according to this analysis.

In this category, OKX took the second position with a 24-hour volume of over $14 billion and open interest of over $4 billion.

OKB and BNB: Trend Analysis

Examination of the tokens from both exchanges showed a continued trend of downward values. However, BNB showed a more positive trend as it was trading at around $268 at the time of publication, down almost 1%.

Despite this price drop, the overall BNB trend remained strong, as evidenced by the Relative Strength Index (RSI) line. The line was above 60, indicating an uptrend.

On the other hand, OKB was trading at around $55 at the time of writing, with a more moderate drop in value. However, its RSI was below the neutral line, indicating a bearish trend. Despite the drop in value, the evaluation suggested that BNB is currently showing a more positive market trend compared to OKB.

By Audy Castaneda

SEC Chairman Sparks Applause and Criticism in the Crypto Community with His Stance on Compliance, And Other News

Leonardo Perez
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SEC Chairman Sparks Applause and Criticism in the Crypto Community with His Stance on Compliance, And Other News

The SEC Chairman’s recent statement on cryptocurrency compliance has generated divided responses in the community.

SEC Chairman Gary Gensler sparks mixed reactions in the crypto community following his recent statement regarding compliance in the cryptocurrency space.

In a post on X dated December 22, the president of the United States Securities and Exchange expressed his concern about the high level of non-compliance in the crypto space:

“There is a lot of noncompliance in the crypto space. It undermines confidence when so many people have been hurt and all they can do is stand in line in the bankruptcy court. Further, this can make it hard for the good faith actors to compete.”

The response from the community was immediate, applauding and criticizing Gensler’s position. Members noted that the SEC has been constantly urged to clarify its position on compliance.

Ripple Legal Director Reveals Settlement Proposal Ahead of SEC Lawsuit

Stuart Alderoty, Ripple’s chief legal officer, reveals details about the US Securities and Exchange Commission’s (SEC) settlement proposal ahead of the lawsuit filed against the company in December 2020, shedding light on a crucial chapter in the controversy regulation around XRP:

“Before the SEC sued Ripple, Chris and Brad (3 yrs. ago today) they offered us the following settlement: the SEC would announce to the market that XRP is a security and the market would be given a short window to “come into compliance.”

In response to the SEC’s suggested terms before taking legal action, Alderoty proposed that Ripple publicly declare that XRP was a security, and he gave the market a short period to adjust to regulations.

The SEC, on December 22, 2020, charged Ripple co-founders Christian Larsen and Bradley Garlinghouse with conducting an unregistered offering of digital asset securities, raising more than USD 1.3 billion.

DeCurve Finance to Refund $49.2 Million After $61 Million Hack in July

The community behind decentralized finance (DeFi) protocol Curve Finance has cast a majority vote in favor of refunding liquidity providers affected by a $61 million hack that occurred last July.

According to on-chain data, 94% of token holders approved the distribution of tokens totaling $49.2 million on December 21. These funds are intended to cover losses suffered by the Curve, JPEGd, Alchemix and Metronome pools. The loss calculation includes the amount of Ether (ETH) and CRV tokens present in the pools before the hack, as well as the lost CRV issuances that would have been distributed to liquidity providers during the last few months.

Curve’s proposal states that the community fund will provide Curve DAO (CRV) tokens for compensation, and that the final amount also incorporates a deduction for tokens recovered since the incident.

The SEC Puts Another Pressure on the Crypto Community, This Time with a Historic Fine on BarnBridge DAO

In a recent statement, the United States Securities and Exchange Commission (SEC) announces a settlement agreement with BarnBridge DAO, a decentralized autonomous organization (DAO), and its founders, Tyler Ward and Troy Murray.

The SEC imposed a substantial fine on the BarnBridge DAO platform for the sale of unregistered securities, specifically, crypto-structured securities known as SMART Yield securities.

The SEC’s legal action centers on allegations of unregistered offer and sale of these structured securities, with the entity agreeing to pay more than $1 million in fines under the settlement. Additionally, the lawsuit noted violations related to the operation of BarnBridge’s SMART Yield pools, deeming them unregistered investment companies.

By Leonardo Perez

Bitcoin Crash: Arthur Hayes Reveals What Will Make Pioneering Crypto Fail

Audy Castañeda
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Bitcoin Crash: Arthur Hayes Reveals What Will Make Pioneering Crypto Fail

In his last article of the year, Hayes claimed that TradFi asset managers would “completely destroy Bitcoin” if the ETFs they manage were a huge success. He made this statement while alluding to the uniqueness of Bitcoin.

Former CEO and co-founder of cryptocurrency exchange BitMEX, Arthur Hayes, shared his thoughts on what could lead to Bitcoin’s downfall.

His recent comment also echoes the reservations the cryptocurrency founder has about the possible launch of Bitcoin spot ETFs.

TradFi Could Lead to the Fall of Bitcoin

Hayes mentioned that the most important crypto token is different from “any other monetary instrument that humanity has ever used.”

Due to the uniqueness of Bitcoin, Hayes believes that it was not created to be in the hands of these asset managers. As such, they could end up destroying the crypto token, especially in a world where the world’s largest asset managers end up holding all the Bitcoin in circulation. If that were to happen, these companies would end up storing these crypto tokens, which should not be the case in Hayes’ opinion.

The BitMEX co-founder noted that Bitcoin “only exists if it moves” and that it “will die” if it is not used. His stance stems from the fact that he sees Bitcoin more as an asset meant to be actively traded rather than simply a store of value.

To justify this claim, he argued that TradFi companies will continue to acquire more BTC. As a result, Bitcoin transactions could decrease as people tend to choose ETFs instead of holding Bitcoin directly:

“Let’s imagine a future where the largest Western and Chinese asset managers hold all the Bitcoin in circulation. This happens organically, as people confuse a financial asset with a store of value. Due to their confusion and laziness, people buy Bitcoin ETF derivatives instead of buying and holding Bitcoin in self-custodied wallets. “Now that’s a handful of companies holding all of the Bitcoin, and they have no real use for the Bitcoin blockchain.”

He also highlighted the fact that the Bitcoin network would also die if this happened. Miners are known to earn transaction fees from the network they use. However, if these tokens were no longer traded but rather stored, these miners would have no choice but to shut down their operations.

The end result is that miners are forced to turn off their equipment, unable to sustain the energy costs necessary for its operation. This scenario could lead to the tragic demise of Bitcoin.

Hayes’ Doubts about A Bitcoin Spot ETF

Arthur Hayes’ latest comment comes ahead of a possible approval of pending Spot Bitcoin ETF applications. The former CEO of BitMEX had already made public his reservations about these funds and their issuers. He then mentioned that these TradFi institutions were not bullish on Bitcoin, but were simply making this move to become “crypto guardians.”

Hayes also went on to discuss how these companies’ interest in Bitcoin goes against Satoshi’s vision of a decentralized system. However, unlike Hayes, some are looking to see the silver lining and how institutional interest in the top cryptocurrency can help its widespread adoption.

Bloomberg analyst Eric Balchunas had once mentioned the importance of these Bitcoin spot ETFs, especially considering that many could choose to hold Bitcoin instead. In his opinion, these ETFs are important because of the convenience they offer investors.

Meanwhile, others are excited about the amount of capital that could flow when these ETFs are approved.

By Audy Castaneda

Marathon Digital (MARA) Stock Jumps Over 628% YTD Amid Significant ATH Drop

Leonardo Perez
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Marathon Digital (MARA) Stock Jumps Over 628% YTD Amid Significant ATH Drop

According to experts, the current rise of MARA may be closely related to a possible approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.

Recent reports show that Marathon Digital has been eager to expand its business. Shares of Bitcoin mining company Marathon Digital Holdings Inc (NASDAQ: MARA) have so far seen notable growth in 2023. This comes after they surged 628.82% since January 1 to take its current price to $26.47 on MarketWatch.

The rise coincides with two significant developments fueling speculation about the future price of Bitcoin.

Numerous ETF analysts anticipate the possible approval of the Bitcoin spot ETF by the US Securities and Exchange Commission (SEC) on January 10. This approval could trigger a significant influx of capital. Furthermore, especially if big players like BlackRock and Grayscale are granted permission to offer it to their clients.

On the other hand, the Bitcoin halving, which occurs approximately every four years. This has historically triggered price surges as the rate of new Bitcoin issuance declines by 50%.

Although the share price shows a significant drop from its all-time high of $166.40, it also indicates an appreciable gain over the last 12 months. However, the rise of MARA has been linked to two separate events that have become increasingly popular and are believed to be responsible for the hype around Bitcoin (BTC) and its future price.

What Analysts Are Saying About Marathon Digital (MARA) Stock Rising

The US Securities and Exchange Commission (SEC) is expected to give a verdict on the matter before January 10, 2024, which in turn will trigger a massive capital inflow. The main applicants for the Bitcoin ETF are major asset management companies such as Black Rock, Grayscale and others.

Another reason for the positive sentiment around the BTC price is the halving event that will occur in April 2024. Once every four years or so, the rate at which new Bitcoins are put into circulation is halved. This is to ensure shortages and also leave room for demand to remain high.

Interestingly, however, historical records show that the halving event has always caused a price increase. So, the expectations are that the next one will not be an exception.

Firm Eye Expansion

Meanwhile, recent reports also show that Marathon Digital has been eager to expand its business. In line with that ambition, the company recently announced that it had reached an agreement to purchase two operational Bitcoin mining sites.

According to the announcement, the acquisition deal was worth $178.6 million, to raise Marathon’s operating capacity to 390 megawatts. With the new acquisition, Marathon may have gone from being an asset-light organization to managing a diverse portfolio of Bitcoin mining operations.

However, previous reports documented the impact of record temperatures on Marathon’s production. On September 6, it was reported that Marathon attributed the decline in Bitcoin mining productivity in August to severe weather conditions.

“The decline in Bitcoin production from July was largely due to increased curtailment activity in Texas due to record high temperatures,” the statement noted.

Coinspeaker reported last month that the company saw a more than 670% increase in its third-quarter revenue. Taking all other factors into account, it is safe to say that further growth is expected for the mining company soon.

By Leonardo Perez

Crypto Educator Vijay Boyapati Discusses the Impact of a Bitcoin Spot ETF on Retail Savings

Audy Castañeda
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Crypto Educator Vijay Boyapati Discusses the Impact of a Bitcoin Spot ETF on Retail Savings

In a detailed thread on social media platform X, Boyapati outlined the importance of such an ETF in unlocking large amounts of retail savings.

Earlier today, Vijay Boyapati, a prominent figure in the Bitcoin community and author of the book “The Bullish Case for Bitcoin,” shared his thoughts on the potential impact of a Bitcoin spot ETF (widely expected to be approved by the SEC of the US in the first half). 2024) on retail savings.

Boyapati’s Major Points

Eliminating KYC/AML friction: Boyapati began by emphasizing that a spot Bitcoin ETF could eliminate Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance hurdles, which often deter potential investors.

Investor Hesitancy. He noted that most people, upon learning about Bitcoin, are only comfortable allocating a small percentage of their portfolio due to various concerns, including custody, taxes, and understanding the nature of Bitcoin.

Challenges on the ramp. Boyapati noted that government regulations impose KYC/AML hurdles on native Bitcoin platforms, which can be discouraging for investors and often limits their ability to purchase.

Complexity and time constraints. The complexity and time required overcoming these obstacles can be daunting for average investors, who typically prefer simpler investment avenues.

Brokerage Account Comparisons. Observed that investors are more willing to undergo KYC/AML processes for brokerage accounts as they see them as primary channels for their investments and retirement savings.

Ease of ETF investment. Boyapati believes that the approval of a Bitcoin ETF would allow average investors to gain exposure to Bitcoin with a simple click, avoiding additional KYC/AML procedures.

Impact Aggregate of Small Investments. Boyapati highlighted that while individual allocations to Bitcoin may be small, the cumulative effect of these investments on traditional financial institutions could be enormous.

Early exposure and growing appetite. Boyapati argues that for many, a Bitcoin ETF Spot Bitcoin would provide them with their first real exposure to Bitcoin. He thinks the ease of investing, combined with the experience of Bitcoin’s growth, could gradually increase his appetite for a larger allocation in his portfolios.

Deepening commitment to Bitcoin. As Bitcoin becomes a larger part of the net worth of an individual, Boyapati believes that more people will delve deeper into the Bitcoin ecosystem. He anticipates this will lead to a broader understanding of the benefits of owning physical Bitcoin over an ETF.

Other Opinions

On December 23, Boyapati posted on X “A short thread on why a #Bitcoin ETF approval is hugely important to unlocking trillions of dollars in retail savings. TLDR: it removes the KYC/AML point of friction.”

Michael Sonnenshein, CEO of Grayscale Investments, appeared on CNBC’s “Squawk Box” on December 18, 2023, where he shared insights on the cryptocurrency market, focusing on the potential effects of a US-approved spot Bitcoin ETF.

A key point of Sonnenshein’s discussion was the $30 trillion US-advised market, which he believes is eagerly anticipating the launch of an SEC-sanctioned Bitcoin spot ETF. He highlighted that the approval of said ETF could generate a significant flow of investments in Bitcoin, taking advantage of this huge market.

As the new year approaches, Sonnenshein notes growing interest among investors in this development. Sonnenshein also addressed negative opinions about Bitcoin from prominent figures such as Jamie Dimon and some politicians, arguing that they are separate from the changing demands of modern investors and the public, who are increasingly seeking access to innovative technologies like Bitcoin.

By Audy Castaneda

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