Bitcoin Crypto News

Bitcoin (BTC) Price To Reach In Millions By 2030, Says Analyst

A well-known, conservative crypto analyst gave a bullish commentary about the price of Bitcoin. According to a YouTuber, further proliferation of the digital asset will cause a steady rise of BTC to a million dollars. On a YouTube video, InvestAnswers signaled that BTC is approaching diminishing returns. Diminishing return is when an asset gets to a point where increased future investment yields less profit. The crypto analyst said that BTC yields investors five times less profit every new market cycle in comparison to the previous one.  Related Reading: Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets Bitcoin Primed To Trade For Millions Of Dollars By The Year 2030 However, the analysts gave a different view on bitcoin that was in contrast with the apparent diminishing return of the digital asset. They cited that the value of networks grows as the number of participants increases, according to Metcalfe’s law.  If Bitcoin follows the trend of disruptive networks like cellphones and the internet, applying Metcalfe’s law projects a bullish case scenario for bitcoin. In that vein, a modest consideration of BTC’s future price will put it at over a million dollars by the year 2030.  The host made it clear that this prediction was strictly based on the scientific possibility that Metcalfe’s law holds for the number one cryptocurrency in the world. It is, however, not subject to wishful thinking. According to the analyst, the bitcoin digital assets’ adoption follows the historical patterns of preceding technologies.  Quite like InvestAnswers, there have been several sightings of multiple users across the internet, supporting the future appreciation of bitcoin’s price.  Crypto Market Cycles  Since speculation says bitcoin is still bullish in the long run, many are looking forward to taking advantage of the next market cycle.  The market cycle explains the ebb and flow of a market. Usually, new markets have a slow start. They pick off from a point where people show little or no interest. But as interest in the asset starts to increase, demand rises, and its price starts to inflate as a result. A complete market cycle has four phases: accumulation, markup, distribution, and markdown.  Related Reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge As mounting interest takes the price of the commodity to new highs, it gets to a point where it eventually peaks. Investors become satisfied with their returns. And then sell off the asset causing tremendous sell pressure. Therefore, the price begins to drop. After one market cycle ends, the next begins shortly. Bitcoin Price Action  Bitcoin has roughly ranged between $22,000 and $18,000 for most of the 3rd quarter of this year. Investors are keenly eyeing the condition of the broader market as a go-ahead to pump funds into risky assets like bitcoin. Featured image from Pixabay and chart from TradingView.com

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Okse CEO Tobias Graf Reveals More Information About Company’s Crypto Visa Card

Okse CEO Tobias Graf Reveals More Information About Company’s Crypto Visa Card

Tobias Graf, CEO of Okse, has provided additional details regarding the business’s cryptocurrency Visa card. The creator of Okse has discussed his idea of a decentralized future where crypto and fiat are interchangeable without any issues. Graf established Okse to enable financial independence for millions of people. Dynamic co-founder and CMO Motaz (Eljaboom) and dependable […]

Bitcoin Crypto News

Glassnode: Bitcoin Is Currently In “Bear To Bull” Transition Period

Data from Glassnode suggests Bitcoin is currently in the historical bear market to bull market transition period. Bitcoin Correlation Between Price And Supply In Profit Has Recently Been Below 0.75 As per a recent report by Glassnode, the BTC correlation between the price and the supply in profit generally observes multiple drops below 0.75 during transitional periods. The “supply in profit” is an indicator that measures the percentage of the total Bitcoin supply that’s holding some profit right now. The metric works by looking at the on-chain history of each coin to see what price it was last moved at. If this previous selling price is less than the current BTC value for any coin, then that particular coin has some unrealized profits at the moment. Related Reading: Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance The correlation between the crypto’s price and its supply in profit tells us whether the two metrics have been moving in the same direction or not. Now, here is a chart that shows the trend in this Bitcoin correlation over the history of the crypto: The value of the metric has been low multiple times in recent days | Source: Glassnode’s Market Pulse Whenever the correlation is positive, it means the price and the supply in profit are both moving in the same direction. On the other hand, negative values imply they are going opposite ways. As you can see in the above graph, Bitcoin has historically had values above 0.9 for a majority of the time during each of the previous price cycles. However, during periods of transition between bull markets and bear markets (as well as vice versa), the indicator usually observes multiple drops below 0.75. According to the report, these deviations occur in the case of bear to bull transitions because at late bear market stages, sellers turn exhausted while the remaining investors become reluctant to move their funds out of frustration, thus decreasing the correlation between price and supply in profit. Related Reading: Number Of Bitcoin Addresses Sending BTC To Exchanges Continues To Drop And during the opposite transitions, the supply in profit generally surges to almost 100% (as the price rises to a new ATH), thus diminishing any correlation with the price. Recently, the indicator has observed multiple plunges below the 0.75 threshold, suggesting that Bitcoin is currently in the historical bear to bull transition zone. BTC Price At the time of writing, Bitcoin’s price floats around $19.1k, down 4% in the last seven days. Over the past month, the crypto has lost 10% in value. The below chart shows the trend in the BTC price over the last five days. Looks like the value of the crypto hasn’t shown much movement in the past few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

Crypto News

California State Kills Main Crypto Bill, Why?

One of the pressures in the crypto market is regulation. Many countries’ regulators are consistent in supporting the control and monitoring of crypto assets. These regulators always create laws to manage the industry and protect investors’ funds. California and New York are taking the lead in global crypto regulations. For instance, crypto companies in New York currently operate under a law mandating them to get a “BitLicense” before offering virtual asset services. The law has become operational in the State, although the current mayor Eric Adams is not supportive of the law. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why But apart from these top players, other States such as Arizona and Wyoming are also coming up with diverse crypto regulations. California Bill For Crypto Businesses And Exchange Another bill, like the BitLicense law, emerged in California. The “Digital Financial Assets Bill” will mandate exchanges and businesses in the industry to get a license from California regulators. This bill had earlier passed the assembly with a 71-0 vote. It also gave the senate and now awaits the Governor, Gavin Newsom, to sign it by September 30. Unfortunately, but surprisingly, Newsom vetoed the bill. The decision has surprised the regulators, but the crypto community is thrilled about it. Newsom wrote to the California State Assembly, stating that he would veto the bill. According to him, the crypto oversight bill is unsuitable for the State. The Governor believes that the crypto industry is gaining more popularity by the day. As such, there should be a transparent law protecting the citizens of the State. To achieve that, Newsom mentioned that his administration had researched the crypto industry to uncover protective approaches for investors. Therefore, signing a bill without cognizance of his research will be wrong. Also, he pointed out that the federal mid-term election is in the pipeline and should be completed first. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? According to Newsom, the bill will draw tens of millions from the State’s general fund. This amount will be required in the cost-benefit analysis of the bill and will be accounted for during the State’s budgeting process. So, he suggests that the regulators wait for now and develop a flexible approach to strike a balance between innovation and protection. The Digital Asset Community Rejoices Every regulation in the crypto industry affects operations in one way or another. That’s why the community applauds Newsom’s actions to keep the bill. The Blockchain Association Jake Chervinsky applauded the Governor’s guts and strength in standing up to the State Assembly. Also, Miles Jennings from a16z praised Newsom for his support of Web3 in California. Featured image from Pixabay, chart from TradingView.com

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WazirX Announces Delisting of USDC, USDP, and TUSD in a Clear Boost to BUSD

Stablecoins Are Great For Payment But Bitcoin Is The Best Answer For Inflation, Says Facebook’s Crypto Chief

India-focused crypto exchange WazirX will unlist three leading stablecoins — Circle’s USDC, Paxos’ USDP, and TrueUSD’s TUSD — effective September 26. In a statement, the company said that users could withdraw their funds by October 5, after which these stablecoins will automatically be converted into BUSD. “WazirX has stopped deposits of USDC, USDP, and TUSD, […]

Bitcoin Crypto News

GEM Digital Invests $50 Million In ParallelChain Lab’s Mainnet Development

Ahead of ParallelChain mainnet launch, GEM Digital Limited, a digital asset investment, has reportedly invested $50 million into the firm. The investment is targeted at the ParallelChain Lab Layer-1 protocol development project. The blockchain industry keeps growing in strength as more funds enter the industry. The DeFi community is one part of the blockchain industry […]