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- Mark Cuban: Bitcoin Demand to Outpace Supply, BTC Is a Great Store of Value
Billionaire investor Mark Cuban, a minority owner of the National Basketball Association (NBA) team Dallas Mavericks, expects the price of bitcoin to go up due to the supply-demand dynamic. “I do feel that the demand is going to exceed the number of people selling,” he explained, adding that bitcoin is “a great store of value.”
Mark Cuban Explains Why He Invests in Bitcoin
Billionaire investor Mark Cuban shared why he invests in bitcoin on CNBC Monday. Cuban is a Shark Tank star and a minority owner of the National Basketball Association (NBA) team Dallas Mavericks.
When asked how much of his portfolio is in cryptocurrency, Cuban replied: “I don’t even know how much, but it’s happy. Bitcoin, in particular. Ether … ETH to a smaller extent.” He explained: “Bitcoin is just driven by supply and demand. There’s only going to be 21 million of them.” The Shark Tank star elaborated:
The more people that buy and the fewer people that sell, that means the price is going to go up. That’s just the nature of it. It’s a great store of value. That’s why I have an investment in it, because I do feel that the demand is going to exceed the number of people selling.
Commenting on whether the U.S. Securities and Exchange Commission (SEC) will approve a spot ethereum exchange-traded fund (ETF), Cuban said: “ETH, we will see what happens with the ETF and whether or not that gets approved. But because of the way it works, it’s a little bit different and it’s a little bit more driven by utility, but there’s more and more applications coming for the utility.”
A decision on the approval of a spot ethereum ETF by the SEC is anticipated in May. Analysts are divided, with some, like Standard Chartered Bank, expecting a green light, while others, like JPMorgan, remain cautious.
Cuban continued: “The biggest disappointment of crypto so far has been there’s not that one application where you go to your grandma and she says, ‘I have got to get this new crypto app because all my friends are using it’ — kind of like we saw in the early days of apps with Instagram. We need that transitional application for crypto to be ubiquitous.” The billionaire concluded:
But, until then, just from an investment perspective, I’m investing in bitcoin over gold all day every day, and I have said that for years.
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https://crypto.news/sec-postpones-decision-on-blackrock-and-fidelitys-ethereum-spot-etf/
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- Bitwise CIO Says Bitcoin Could Top $ 200K This Year Citing 'Too Much Demand, Not Enough Supply
'Bitwise’s chief investment officer says bitcoin price could surge above $ 200K this year due to a “massive supply-demand dynamic,” emphasizing that “there’s too much demand and not enough supply” for the cryptocurrency. Predicting “an even bigger wave” of demand for bitcoin due to spot bitcoin exchange-traded funds (ETFs), he described: “It’s in a new era of price discovery and I think prices could go substantially higher from here.”
‘There’s an Even Bigger Wave Coming’
Bitwise Asset Management’s CIO, Matt Hougan, shared his bitcoin outlook in an interview with CNBC on Thursday. Bitwise’s bitcoin ETF (BITB) is among the 11 spot bitcoin exchange-traded funds (ETFs) that were approved by the U.S. Securities and Exchange Commission (SEC) in early January.
“We’re seeing enormous demand for the Bitwise Bitcoin ETF and across all these ETFs,” he shared. “You’re seeing retail investors come into these ETFs, you’re seeing hedge funds, you’re seeing RIAs [registered investment advisors] or independent financial advisors.” The chief investment officer added:
I think there’s an even bigger wave coming in a few months as we start to see the major wirehouses turn on. But this has been Bitcoin’s IPO moment. It’s in a new era of price discovery and I think prices could go substantially higher from here.
He elaborated: “When these ETFs first launched, they were not turned on at the major wirehouses, at the major institutions. So the initial demand out of the gate for any ETF … is primarily retail and independent financial advisors and hedge funds. So, I think that’s the primary driver, that’s what we’re seeing.”
Noting that funds are flowing into ETFs from both institutions and retail investors, the Bitwise CIO described: “It’s just new demand. If you think about bitcoin pre the ETFs, there was only a small set of investors who could buy it. Now, almost everyone can buy it.” He continued: “The supply-demand dynamic is just off the hook.
2024 Bitcoin Price Prediction
Hougan explained that Bitwise said in its 2024 prediction, published in December last year, that “bitcoin would trade at new all-time highs above $ 80,000 a coin.” However, he admitted: “Based on what we’re seeing in our ETFs and these other ETFs, I think we have to revise that upward.” He opined:
It could be $ 100,000. It could be $ 200,000. It could be higher than that. There’s simply this massive supply-demand dynamic going on.
He stressed that there is “net new demand and a fixed supply,” emphasizing that there is “actually a reduction in new supply coming up in April with the halvening.” The executive noted: “Sometimes, investing is complex. Sometimes, it’s easy. With bitcoin right now, it’s just about supply-demand and there’s too much demand and not enough supply.”
Recently, a $ 30 billion investment platform approved four spot bitcoin ETFs, including Bitwise’s bitcoin fund. Last week, reports emerged that Bank of America’s Merrill Lynch and Wells Fargo have also been offering spot bitcoin ETFs to some clients. Last week, Bitwise CEO Hunter Horsley said the price of bitcoin could hit $ 250,000 sooner than most people would imagine
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- 💥When BTC ATH? 🤔😉
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- In Its Entire History, Bitcoin Has Only Spent 0.81% of Its Life Above the $ 60K Line
As of Sunday, March 3, 2024, bitcoin’s value persists in the $ 60,000 per unit vicinity, signaling the fifth instance this year that its price has sustained above this level. Naturally, as bitcoin’s value escalates, its duration above such thresholds shortens when contrasted with past significant milestones such as $ 30,000, $ 40,000, and $ 50,000.Bitcoin’s Price Discovery Journey in the First Quarter of 2024
Throughout its history, Bitcoin (BTC) has experienced several significant uptrends, notably in 2013, 2017, and 2021. The 2021 uptrend was particularly notable for its double peak, with bitcoin’s price hitting two zeniths, forming a unique pattern that precipitated a reversal in its trajectory.
This bull run is also memorable for BTC eclipsing its 2017 peak of $ 20,000 per unit, with the cryptocurrency’s value soaring to an all-time high (ATH) of $ 69,044 per coin on Nov. 10, 2021. Before the ascent to $ 60,000 in 2024, BTC’s price had breached the $ 60,000 mark for a cumulative 40 days in 2021
Nearly three years to the date, bitcoin’s value first reached $ 61,200 on March 14, 2021, but it remained at this level for only one day. By April 12, the momentum returned, pushing the price over $ 60,000 for a span of six days.
It wasn’t until October 2021 that BTC’s price would once again climb above $ 60,000, achieving this milestone on Oct. 16. The final occasion that year when BTC exceeded this price point was 835 days ago, on Nov. 18, 2021.
Since its inception by Satoshi Nakamoto in 2009, the Bitcoin network has been active for a total of 5,538 days. After surpassing the 2017 milestone, BTC’s value has been recorded over the $ 20,000 mark for 1,053 days, which accounts for 19.01% of its existence.
The currency has stayed above $ 30,000 for 670 days or 12.09% of its life, and above $ 40,000 for a total of 420 days. As bitcoin’s value escalates, the duration at these elevated levels diminishes, with the price being over $ 50,000 for 163 days.
This indicates that throughout bitcoin’s lifespan, it has been priced above $ 50,000 for 2.94% of the time and above $ 60,000 for merely 0.81% of its existence. Bitcoin’s current upswing could potentially evolve into a scenario featuring multiple zeniths, possibly marking another double or even triple peak against the U.S. dollar.
Since Feb. 28, BTC has successfully stayed over $ 60,000 so far, though the duration of this trend remains uncertain. Should BTC surpass its previous all-time high (ATH) of $ 69,044 and breach the significant $ 70,000 milestone, it would enter a phase of price discovery, highlighting the market’s new valuation of bitcoin.
Nevertheless, speculation persists, notably from JPMorgan’s analysts, regarding a possible descent beneath the $ 60K mark. The U.S. bank’s market analysts anticipate a decline to $ 42K following the halving event.
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- NFT Market Booms With 35% Sales Increase as Cryptocurrencies Rally
As the value of cryptocurrencies has risen, the non-fungible token (NFT) market has experienced a 35.14% increase in sales compared to the preceding week. This marks the third consecutive week of sales growth in the NFT sector, with NFTs based on Bitcoin leading the charge throughout this period.
NFT Sales Surge Past $ 412 Million in Weekly Market Triumph
Data gathered by Cryptoslam.io this weekend reveals that NFT sales over the last seven days amounted to $ 412,384,130, marking a 35.14% uptick from the sales figures of the previous week. Among the 21 different blockchains analyzed for NFT sales volumes, Bitcoin was at the forefront, amassing $ 154.82 million, a jump of 103.29%.
Ethereum closely followed with $ 153.94 million in sales over the same period, showing a 10.60% increase in ETH-based NFT transactions. The top five blockchains, including Solana, BNB Chain, and Mythos Chain, all reported growth in NFT sales compared to the previous week.
Bitcoin’s Uncategorized Ordinals emerged as the week’s highest-grossing NFT collection, securing $ 39,037,963 in sales, a significant 213.99% increase from the prior week. Following closely was the Nodemonkes collection, which achieved $ 32,648,037 in NFT transactions.
These two leading collections were succeeded by Pandora, Creepz, and Cryptopunks, making up the top five NFT collections by sales volume. Additional noteworthy NFT collections featured NATCATS TAP NFTs and Dmarket NFTs.
The week’s priciest NFT transaction occurred on the Bitcoin blockchain, where an NFT named “Burgie” was purchased for $ 1.44 million just three days ago. A Solana-based NFT titled “Composable Restaking Position” changed hands for $ 1.1 million, while Ethereum’s “Lif3 v3 Position” NFT fetched $ 597,800. Additionally, a BNB Chain “Lockdeal” NFT was acquired for $ 416,504 about a day ago, and a Polygon “Dfyn” NFT was sold for $ 100,000 two days ago
- 🚦 Bitcoin: Ranging
- Bitcoin's price remains steady, neither significantly rising nor falling.
✅ Ethereum: Pumping
- Ethereum is experiencing a surge in price, showing positive momentum.
💰 Money Flow: Bitcoin to ETH
- Investors are shifting their funds from Bitcoin to Ethereum and other high-cap coins.
📈 Transition: High Caps to Low Caps
- As money moves from high-cap coins, it's expected to flow into low-cap and "shitcoins".
🔥 Altseason Approaches
- These movements indicate that we may be nearing the beginning of altseason, where alternative cryptocurrencies see significant price increases.
- Bitcoin’s Current Surge Is Outperforming Previous Pre-Halving Rallies, According to Analyst – Here’s His Outlook
A cryptocurrency strategist is forecasting the path forward for Bitcoin (BTC) after a double-digit rally over the past couple of days.
The crypto analyst pseudonymously known as Rekt Capital tells his 59,700 YouTube subscribers that as the halving scheduled for April approaches, Bitcoin’s current price performance appears to be more bullish than in previous pre-halving periods
When we look at historical performances in the 60 days before the halving, we tend to see pre-halving rallies. And this is a pre-halving rally as well. But the point is here that this is overperforming, this is outperforming.”According to Rekt Capital, Bitcoin possesses more upside potential ahead of the halving.
“So this pre-halving rally is going strong and it will still go strong for a few more weeks. But before the halving is probably where we’re going to start see some topping out.”
On how severe the correction is likely to be and how long it could last, the pseudonymous strategist says,
“After what was an explosive pre-halving rally, I wouldn’t be surprised to see a pre-halving retrace followed by some sort of sideways movement for a few months. Because this vertical price action it’s wonderful, it’s exciting, but it can’t continue forever.
So this pre-halving retrace is going to likely occur, whether it’s just 10%, 15%, 20%, maybe 25% if we’re lucky. But a retrace does need to occur, for that’s always going to be a healthy thing in a cycle.”
Bitcoin is trading at $ 62,159 at time of writing, up by around 22% in a week.
- JPMorgan Chase Refuses To Reimburse Customer Robbed at Gunpoint – Here’s How the Victim Fought Back
Banking giant JPMorgan Chase reportedly refused to refund a customer who was forced to make a transfer while staring down the barrel of a gun.
Chicago resident Victoria Karwowski says she and her roommate were suddenly approached by a group of thieves who wanted to drain her Chase account, reports ABC Chicago.
“All three of them armed with guns, masks, hooded, demanding all of our stuff. One of them started chasing my friend.
They were all holding their guns up to me, telling me to give them my passcode to my phone.”
Karwowski says the thieves forced her to give up her Chase banking app password. Once they had access, they drained $ 1,700 from her account using the payment network Zelle.
“They sent themselves all the money in my account… It’s a very traumatizing experience. I was so on edge and so unwell.”
Karwowski says she received a $ 1,700 credit while Chase investigated the case. But a few weeks later, the banking giant closed the case, stating she authorized the transfer.
After the initial denial to reimburse her, Karwowski sent Chase a police report along with a video of the crime to support her claims but the lender rejected her appeals again.
At that point, Victoria sought the assistance of ABC Chicago’s I-Team, who immediately got in touch with Chase and Zelle. In a matter of days, she was able to get her money back in full
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- Bitcoin OTC Desks ‘Dried Up To 40 BTC’: What This Means
The availability of Bitcoin (BTC) on Over-the-Counter (OTC) desks has sharply decreased, with reports suggesting that at one point, only about 40 BTC were available for sale. This news has significant implications for the market and could herald a new era in BTC trading dynamics.
OTC Desks Had 40 Bitcoin Available On Wednesday
Caitlin Long, the CEO and founder of Custodia Bank, provided an eye-opening account of the current state of the OTC Bitcoin market. Through a series of posts on X (formerly Twitter), Long noted, “The #HODLgang has mostly held…I spent time in NYC over the past couple of days and it’s clear why the Bitcoin price spiked this week: there was almost no BTC available for sale on the big OTC desks.
Echoing Long’s observations, Samuel Andrew, a noted figure in the crypto space, added, “OTC desks are nearly dried up. Very little Bitcoin available that’s easily accessible to meet demand. BlackRock and Fidelity are moving size in ways crypto has never seen before.” Long added:This scarcity of BTC on OTC desks is not an isolated incident but part of a broader trend indicating a significant shift in the market. Glassnode, a leading blockchain data and analytics firm, reported that Bitcoins held by OTC desks are at their lowest level in five years. Although Glassnode tracks only a portion of the OTC market, the data points to a clear trend of dwindling BTC availability.
What This Means For BTC Price
The implications of this trend are manifold. Firstly, it suggests a potential supply shock in the Bitcoin market, driven by increased demand from institutional investors and large corporations looking to add Bitcoin to their portfolios, as well as the introduction of spot Bitcoin ETFs. This supply shock could lead to a shift in price discovery from OTC desks to public exchanges, where the real market price of Bitcoin will be determined more transparently.
The shortage of Bitcoin on OTC desks also means that large investors and ETFs like BlackRock and Fidelity, who traditionally bought Bitcoin in bulk at a discount through these desks, may no longer have this option. This could further drive demand on public exchanges, potentially leading to significant price movements.Analysts are already speculating on the possible outcomes of this situation. Alessandro Ottaviani, a prominent analyst, suggested, “After today, god candles ($ 10k in the daily), before the halving are possible and realistic.”
This sentiment was echoed by Francis Pouliot, CEO of Bull Bitcoin, who remarked on the self-correcting nature of the market: “OTC desks like http://BULLBITCOIN.COM never run out of Bitcoin. The price goes up, and people sell. If people don’t sell, the price goes up more.”
Adam Back, a Bitcoin OG and cypherpunk, provided a bullish outlook, stating, “$ 100k by halving day. People starting to believe. Bears, leveraged shorts rekt, scared-off, profit take limit orders moved upwards or just deleted to wait-and-see; OTC desks out of coins, daily $ 500m / 10k BTC ETF buy walls. This can gap upwards fast. 51 days to go [until Halving].”
In conclusion, the depletion of BTC supply on OTC desks marks a pivotal moment for the market. With the upcoming halving event in April and institutional interest at an all-time high, the stage is set for potentially unprecedented movements in the Bitcoin market.
At press time, BTC traded at $ 61,903
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https://news.bitcoin.com/mad-money-host-jim-cramer-expects-spot-ethereum-etf-to-bloom-soon/
- Ordinals Market Registers Record Sale: Bitcoin Budgie Changes Hands for Over $ 1.1 Million in BTC
Leonidas, the pseudonymous founder of Ord.io, an ordinals explorer, has reported one of the biggest sales of inscriptions, the so-called Bitcoin native non-fungible tokens (NFTs), to date. Leonidas stated that the second inscription on the Bitcoin blockchain had been sold for 24.48 BTC (over $ 1.1 million), predicting that more sales will beat this record in the short term.
Inscriptions Market Registers Biggest Sale to Date: 24.48 Bitcoin
Ordinal inscriptions, a protocol that allows the representation of images and other data directly on top of the Bitcoin blockchain, are breaking sales records. Leonidas, the founder of ord.io, an inscriptions browser/ explorer, stated the largest ordinals sale ever registered on February 28, when the second inscription in the Bitcoin blockchain changed hands
This inscription was sold for 24.48 BTC, worth about $ 1.1 million at the time of writing. The non-fungible token (NFT) is part of the Bitcoin Budgies collection and shows an animation of a cartoon budgie moving its head against a black background. The asset was inscribed on December 19, 2022, for 2,479 sats. The inscription reached its record price in a year and two months.Leonidas showed his optimism for the future of the ordinals protocol in the short term as part of a looming cryptocurrency bull market. He stated:
1 sat sold for over 1 million dollars for the first time last night. Before this cycle is over I predict 1 sat will sell for over 100 million dollars. Ordinals is just getting started.
There have been relevant sales involving significant sums of money for ordinals before. For example, “Genesis Cat,” a unique piece of the Quantum Cats collection, was sold for $ 254,000 at a Sotheby’s auction held in January. “Genesis Cat” managed to smash its sales estimate by 6X.
However, inscriptions continue to be at the forefront of a debate that faces two sides, one that considers them an evolution in the usage of the Bitcoin block space and a new enabling technology, and those who believe that it is spam that does not conform with the rules of the Bitcoin network.
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