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Bitcoin Price Prediction as MicroStrategy Buys an Additional 155 BTC – Can BTC Reach $40,000 Soon?

today 11/02/2023
Title: MicroStrategy's Bitcoin Purchase and Monetary Policy Boost Bitcoin Price - Can it Reach $40,000 Soon? In a market characterized by uncertainty, Bitcoin has surpassed the $35,000 mark, a price level it hadn't reached since May 2022. This resurgence in price can be attributed to strategic corporate moves by MicroStrategy and favorable monetary policy. MicroStrategy, led by Michael Saylor, has increased its Bitcoin holdings by purchasing an additional 155 BTC in October, amounting to a $5.3 million investment. This move has raised MicroStrategy's Bitcoin arsenal to an estimated value of nearly $5.54 billion. The Federal Open Market Committee's decision to maintain interest rates within a specific range has also contributed to this positive trend. The combination of steady interest rates and MicroStrategy's commitment to Bitcoin has injected optimism into the market. Despite the broader decline in the cryptocurrency market cap over the past 18 months, Bitcoin and Ethereum have stood out. Recent developments have sparked a positive shift in market sentiment. As investors ponder the future, the question arises: Can Bitcoin maintain its momentum and surpass the elusive $40,000 threshold soon? Currently, Bitcoin is trading at $34,523 with a 24-hour trading volume of $14 billion. It holds the top position in the CoinMarketCap rankings with a market cap of $674 billion. The cryptocurrency's circulating supply is 19,528,175 BTC out of a maximum of 21,000,000 BTC. Analyzing the 4-hour chart, Bitcoin shows crucial signs. The pivot point is set at $35,222, with immediate resistance levels at $36,040, $36,980, and $37,555. On the downside, support levels are at $33,964, $33,093, and $32,400. Technical indicators, such as the Relative Strength Index and the 50-Day Exponential Moving Average, suggest a balance between bullish and bearish sentiments. Chart patterns indicate a sideways channel breakout at $35,200, but Bitcoin retraced back to its trading range. In conclusion, the overall trend for Bitcoin remains bullish above $34,500. The short-term forecast suggests a potential test of immediate resistance at $36,040. However, caution and insight are necessary in navigating the dynamic cryptocurrency market. Additionally, for those interested in the world of digital assets, a list of the top 15 cryptocurrencies and ICO projects to watch in 2023 is available for exploration. It is important to note that cryptocurrency investments are highly volatile and risky, and conducting personal research is advised.
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Crypto Scam Based on TV Show The Boy’s Word Sweeping Russia, Warns Central Bank

Russia's Central Bank has issued a warning to citizens about a cryptocurrency scam project that is based on the popular TV show The Boy's Word: Blood on the Asphalt. The project, which also goes by the name "The Boy's Word," is described by the Central Bank as a pyramid scheme that has no official affiliation with the show. The project asks investors to pay $10 in exchange for tokens that supposedly represent the project's own cryptocurrency. The scammers promise high returns of up to 25% per day. Advertisements for the project are circulating on social media platforms, featuring music and images from the TV show, as well as stolen pictures from legitimate cryptocurrency providers' websites. The Central Bank warns that the scammers will eventually disappear with the investors' money, as the project is not licensed to operate in the financial market. Only financial organizations with permits from the Central Bank can request public investment. The project has been added to the Central Bank's list of probable financial pyramid schemes. The TV show has gained significant popularity in Russia and other Russian-speaking countries, surpassing searches related to the war in Ukraine and special military operations.

New Bitcoin ETFs See Record Daily Flows As Total BTC Holdings Rise to $3 Billion

Newly launched Bitcoin exchange-traded funds (ETFs) experienced their highest daily inflows on the fourth day of trading, with $913.6 million invested on Wednesday. This influx of capital brings the total assets under management for all recently launched ETFs to $2.9 billion. These figures, provided by Bloomberg ETF analyst Eric Balchunas, do not include flows related to the Grayscale Bitcoin Trust (GBTC), which is the largest and most actively traded Bitcoin ETF. The GBTC recently converted into an ETF on January 11 after accumulating over 600,000 BTC prior to conversion. Since the conversion, the fund has experienced consistent outflows as investors sell their long-held BTC or move to newer and cheaper Bitcoin ETFs offered by companies like BlackRock and Fidelity. On Wednesday, the Grayscale Bitcoin Trust saw $450.6 million in outflows, bringing its total net outflows since the ETF conversion to $1.6 billion. Overall, all Bitcoin ETFs have seen net flows of $1.2 billion. The first day of the ETF launch remains the day with the highest Bitcoin ETF inflows when including GBTC, though this includes seed capital such as Bitwise's initial $200 million contribution. Other Bitcoin funds and investment products have also suffered following the ETF launch, including the ProShares Bitcoin Strategy ETF (BITO) and MicroStrategy, which has seen a 25% drop in value since last Thursday. Bitcoin itself has fallen approximately 11% to $41,250 since last week, and newly launched ETFs like the iShares Bitcoin Trust (IBIT) have yet to experience a positive trading day. Coinbase, the custodian for most ETF providers, has also seen a 19% decline in value year to date.

Ethereum Staking Platform Kiln Raises $17 Million in Funding Round Led by 1kx

Paris-based Ethereum staking platform Kiln has raised $17 million in a funding round led by 1kx. The funding will be used to expand internationally and support decentralized finance (DeFi) reward models. Other investors in the round include Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank. Kiln plans to use the capital to expand its global presence, particularly in the Asia-Pacific region, and further develop its product offerings in the DeFi space. The platform has seen significant growth, with staked assets under management reaching $4.2 billion in 2023. Kiln aims to democratize value creation in the digital assets ecosystem and is the largest operator of Ethereum validator nodes, representing about 4% of the Ethereum network. The funding will also support the integration of additional reward mechanisms in the DeFi space and the development of a DeFi product for integrator customers.

Crypto Trader Makes $1 Million in 10 Days Following Elon Musk’s Bio Update

A crypto trader has made $1 million in just 10 days by investing in TROLL tokens following Elon Musk's bio update. The trader initially invested $10,000 and purchased TROLL tokens before their value skyrocketed due to Musk's bio change. The trader turned $300 into $1.03 million by selling some of the TROLL tokens. Despite a slight decrease in TROLL's value, the trader still maintains a significant gain. Other traders have also profited from the price rally of TROLL tokens, with one trader making a $2.7 million profit from a $30,000 investment. Elon Musk's influence on the crypto market is evident, as his tweets and actions can shape the direction of certain assets. For example, his tweets about Dogecoin caused its value to increase by over 50%.