PlanB predicted that the price of Bitcoin could hit USD 288,000 this year, but the markets will first have to undergo some changes. A recent report from Kraken states that Bitcoin could be worth USD 96,000 if the latest upward trend continues.

The price of the first cryptocurrency in the market reached another all-time high above USD 68,000 for the first time. Bitcoin has become a store of value asset like gold among many investors. For that reason, they use cryptocurrencies as a haven amid growing concerns about inflation.

Analysts point out that this new milestone in the price of Bitcoin occurred on a historic date. The market capitalization of the cryptocurrency exceeded one million US dollars for the first time in November 2010.

Amid the current bullish cycle, PlanB has forecast that the price of Bitcoin could hit USD 288,000 next year. The analyst believes that markets will need to see some real fireworks in 2022 to meet the projection.

Bitcoin is trading at around USD 68,565 and has accumulated a 2.9% profit in the last 24 hours. Its trading volume is more than USD 38.7 billion, and its market capitalization is approximately USD 1.3 trillion, according to CoinGecko.

Kraken Predicts that the Price of Bitcoin Could Hit USD 96,000

Kraken recently published a report titled October 2021 Market Recap and Outlook, which deals with the value of Bitcoin. The document states that it should reach around USD 96,000 if the latest upward trend continues.

The report also notes that November is usually the most volatile month and offers the highest monthly returns. The comments in that document come amid many predictions about the prices of the pioneering cryptocurrency. It particularly mentions the last all-time high that the value of Bitcoin recently reached.

The Whales Motivated the Latest Bitcoin Bullish Run

There is still an expectation of further spikes in the price of Bitcoin among investors. The part of the supply of BTC that has been idle for the last three months has reached an all-time high of 85%.

The most recent report from Glassnode notes that that milestone is due to investors not spending their coins.

Long-term holders are addresses that have not moved their BTC in one or more years. Although they are among those accumulating coins most actively, they only move 6,500 BTC daily.

The CEO of Apple Reveals that He Owns Cryptocurrencies

Apple CEO Tim Cook revealed that he has invested in cryptocurrencies from a personal point of view. He noted that the technology company has not mentioned whether it intends to buy those assets.

The executive told The New York Times that he believes it is reasonable to own it as part of a diversified portfolio. Although he does not recommend anyone to buy cryptocurrencies, he confessed that it is interesting to invest in them.

Cook stressed that he would not invest in cryptocurrencies as he does not believe that people buy Apple shares to expose themselves to cryptocurrencies. He added that Apple has no immediate plans to accept those assets as a form of payment.

By Alexander Salazar

Both futures-based and product-based ETFs carry the same level of risk. ETFs traded in OTC markets have lower prices because they have not registered with the SEC.

Tom Emmer and Darren Soto, Congressmen from the United States of America, highlighted their disagreement with the approval of Bitcoin futures ETFs by the Securities and Exchange Commission (SEC). Officials argued that if this instrument gets authorized, they should still give way to ETFs supported directly in Bitcoin.

The congressmen revealed their opinion and their allegations through a letter sent to the president of the SEC, Gary Gensler. The first argument highlighted by Emmer and Soto is that ETFs supported directly in Bitcoin bring more protection to their investors than ETFs based on derivatives contracts of this cryptocurrency.

This protection happens because the price of product-based ETFs gets rooted directly in the value of the product. A vital point that also appears in the letter is that both ETFs, both futures-based and directly product-based, show the same risk of manipulation and fraud to their owners.

According to the investor’s preference for these instruments, the balance goes in favor of product-backed ETFs. The congressmen highlighted in their letter that gold-based ETFs have more than USD 55 billion in assets in the market, while those based on gold futures barely surpass USD 50 million.

The most vital difference between ETFs based directly on a product, also known as spot, and future ETFs is that the issuers count on a physical reserve of the product in question.

On the other hand, futures ETFs meet their roots on a derivative of the product in question. According to this contract, a purchase and sale agreement may happen at a price and on a specific date.

Some Bitcoin ETF Investors Still Lack SEC Protection

Finally, the congressmen mentioned what happens in the OTC (Over The Counter) markets with certain Bitcoin ETFs. In such cases, even though these markets voluntarily comply with the SEC’s guidelines for ETF trading, the prices are much lower than fair. This situation happens because they cannot properly register as an ETF with the SEC.

According to the congressmen, both ETFs based directly on the product and those ETFs based on their futures are equally beneficial for investors. Therefore, each participant in the exchange should count on features that could allow them to choose the product they consider best suited to their needs.

The Arrival of the First Bitcoin ETFs and their Impact on the Market

On October 19, 2021, the first Bitcoin ETF made its entrance in the New York Stock Exchange (NYSE). It is a Bitcoin futures-based ETF whose issuer is the investment firm ProShares. This fact boosted the price of bitcoin to an all-time high, above $ 66,000.

The second SEC-approved Bitcoin ETF arrived in October 22. It is also a futures-based ETF issued by Valkyrie Funds and traded on the Nasdaq stock exchange.

The letter the congressmen Emmer and Soto sent to the president of the SEC may differ regarding ETFs based on futures and those based on the product.

By: Jenson Nuñez

The price of the pioneering cryptocurrency is struggling to stay above USD 60,000, which is why the whales began to react. The value of the pioneering cryptocurrency has remained relatively flat during the last seven days, while that of some altcoins has risen.

Observing the movements of the Bitcoin whales allows knowing the current situation in the market of the pioneering cryptocurrency. According to reports from Whale Alert, that group of holders recently moved 29,445 BTC, which seems to be somewhat lower than on other occasions. Although it is just a micro analysis, it shows the unusual way those investors conducted their transactions.

The whales moved 28,315 BTC through 17 operations, most of which occurred from unknown wallets to exchanges. That implies a trend towards the introduction of 10,949 BTC of liquidity into the cryptocurrency market. That is the first time that it has exceeded the accumulation level during the week. On November 5^th, it had only reached 1,793 BTC through four operations.

However, there have been three transfers between unknown wallets for 15,100 BTC over the week. No one has confirmed yet whether or not it is the same address making similar movements on different days. Lastly, the most recent transaction recorded occurred between exchanges for a total of 473 BTC.

According to data from Whale Alert, there were recently two trades where holders moved 700 BTC from an exchange to an unknown wallet. In the opposite direction, there was a trade for 430 BTC. Therefore, the whales have only moved 1,130 BTC so far, for a total of 28,315 BTC in just one day.

A Brief Analysis of the Movements of Bitcoin

In the last week, the Bitcoin whales conducted at least 40 transactions, in contrast to previous ones. The price of the cryptocurrency at USD 64,000 on November 2^nd might have contributed to that.

The value of Bitcoin has pulled back since then and now is around USD 60.6 thousand after losing 0.47% in just one day. The range of the price of the crypto asset remains between USD 60,138 and USD 61,581

Observing the Context of Bitcoin Besides the Movements of the Whales

It will be impossible to notice some things about Bitcoin just by following the movement of the whales. Observing Bitcoin in context allows comparing the evolution of its price to that of other crypto assets. For example, the value of the pioneering cryptocurrency remained relatively flat during the last seven days. In contrast, Ether (ETH) had a 4% increase while Solana (SOL) had a 23% rise during the same period.

Investors could be looking for the next catalyst for another upward trend, but its lack could make BTC vulnerable to a breakout below USD 60,000.

This year, Bitcoin has had two bullish streaks, which were different from those of previous years. A distinction has been the decrease in the expectation of volatility. Besides, recent studies suggest that the trading volume in the BTC spot market continues to drop despite the recent increase in its price. Therefore, the market seems to be looking to defend the USD 60 thousand support level.

By Alexander Salazar

A press release claiming that US supermarket giant Kroger would accept Bitcoin Cash as payment caused the value of the cryptocurrency to spike. The hash rate of Ethereum has hit consecutive highs this year, even above the point at which its drop forced Chinese miners to migrate.

Bitcoin is rapidly gaining ground against gold in the top asset ranking, according to data from CompaniesMarketCap. MicroStrategy CEO Michael Saylor recently predicted that the pioneering cryptocurrency would replace all gold funds on the stock market within two to three years. He added that it would become the leading asset index for the Western market and eventually displace the SPDR S&P 500 ETF Trust (SPY).

Saylor, who has invested much money in the cryptocurrency, said it was necessary to have a Bitcoin spot ETF to achieve that. He believes that billions, tens of billions, hundreds of billions, and even trillions of US dollars will flow into those spot ETFs.

The executive added that those spot ETFs would hold underlying Bitcoin and serve as an institutional gateway for investors wanting direct exposure. BTC is currently trading at around USD 63,000 and has accumulated a 1.9% profit in the past week, according to CoinGecko.

A Fraudulent Press Release Causes the Price of Bitcoin Cash to Spike

A press release recently claimed that US supermarket giant Kroger would accept Bitcoin Cash as payment this Christmas. Consequently, the value of the cryptocurrency experienced a sharp increase, which did not last long as the information was false.

Following the fraudulent announcement, the value of the crypto asset rose by more than 4.6%. It went from around USD 602.63 to USD 630.70 in less than 15 minutes. After that, the price of BCH pulled back below the level it had before the publication. That fraud is similar to the one occurring in September, where they claimed that Walmart would start accepting Litecoin.

Bitcoin Cash is currently trading at around USD 600 and has accumulated a 2.7% profit in the past week. Its daily trading volume is above USD 8 billion, and its market capitalization is approximately USD 11.33 billion, according to CoinGecko.

The Bulls Are Not Very Determined Although the Price of Ether Increases

The price of Ether (ETH) continues to climb steadily, and the bulls do not want to give up control to the sellers. However, they do not seem to be very determined.

Ether is trading at around USD 4,626 and has accumulated a profit of 7.1% in the past week. Its daily trading volume is above USD 16.37 billion, and its market capitalization is approximately USD 549 billion, according to CoinGecko.

In general, fundamentals remain optimistic, although the congestion of the network is still causing trouble.

The hash rate of the Ethereum network has been hitting consecutive highs since January. It has even reached far above the point at which its drop forced Chinese miners to migrate.

Although that indicates the excellent health state of the network regarding security and adoption, fees are still high. The approval of a token to trade on Uniswap could lead to a charge of up to USD 50.

There is a growing amount of value blocked on two-layer networks due to that situation involving high operating rates. Those systems interact with the Ethereum virtual machine to offer cheaper fees.

By Alexander Salazar