A weekly update summarizing crucial news from the leading cryptocurrency.
This week kicked off with reports of the decreasing interest in Bitcoin as reflected on fewer searches on Google.
CryptoQuant CED Ki Young described whales’ behavior in the current market, stating that they seem to be in “high risk mode”. Expert Jim Cramer highlighted that BTC is on the brink of a significant drop soon. Max Keiser, in other news, predicted that the Bitcoin price could reach $220,000, a forecast shared by other experts.
Finally, amid the Palestina-Israel conflict, Hamas militants behind Israel attack raised millions in crypto, as reported by the Wall Street Journal.
Bitcoin Searches on Google Continue to Lose Ground
On October 12, the search score for the word “Bitcoin” hit new lows, currently resembling 2020 interest levels. Data retrieved by Finbold from the Google platform shows a score of 16 for this week.
However, the previous week’s scores of 16 and 15 are already as low as what was seen from October 18 to 24, 2020. Interestingly, the highest score of 100 was reached in 2021, from May 16 to 22. Consequently, when people are not on Google researching cryptocurrency, it is unlikely that they will tend to invest.
“High Risk Mode” Remains Among Bitcoin Whales, Expert Says
Ki Young Ju, CEO of CryptoQuant, a renowned Blockchain analysis firm, offered his perspective on the behavior of whales in the current market.
According to Ju, Bitcoin whales appear to be in “high-risk mode.” This is supported by the “Interexchange Flow Pulse” model, which measures the cumulative one-year net flows between the Coinbase exchange and derivatives platforms. When this indicator increases, it suggests that investors are willing to take risks by moving more BTC from traditional exchanges to derivatives exchanges.
Looking to the future, Ki Young Ju poses a reflection: “With the possibility of a new bull run, Will a “risk-on” attitude return to the crypto market in 2023?”
Jim Cramer: “Bitcoin is Approaching a Giant Fall”
Television investment guru Jim Cramer was against the idea of investing in Bitcoin or gold as a possible alternative option. As if that were not enough, he assured that Bitcoin could collapse and advised against considering it as a possible investment. He explained that “I can’t be in something where Mr. Bitcoin is about to take a nosedive.”
Max Keiser Forecasts Bitcoin Price at US$220,000
Max Keizer, the popular Bitcoin guru and advisor to Salvadoran President Nayib Bukele, predicted that Bitcoin could reach $220,000, although he did not specify when that could happen.
Keiser made this comment after a CNBC article was published reporting on the current downturn in financial markets, which has raised concerns about the economy and inflation. This prediction joins other opinions of several leaders. For example, Kevin O’Leary, Cathie Wood, Arthur Hayes and Adam Back, on the future evolution of the price of the cryptocurrency.
The Palestinian Paramilitary Group, “Hamas”, Has Raised Millions of Dollars in Crypto Donations
According to an analysis by the firm Elliptic, in 2019, the Hamas group began a fundraising campaign with cryptocurrencies. A Wall Street Journal report revealed that between August 2021 and June 2023, Hamas received more than the equivalent of $134 million in cryptocurrencies.
Subsequently, the Israeli government announced freezing measures against part of these assets. However, for David Carlisle, vice president of Political and Regulatory Affairs at Elliptic, there is still a real possibility that terrorists will continue along this line.
By Audy Castaneda
