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Bitcoin Price Prediction as Weekend Trading Volume Pushes Past $10 Billion – Here are Key Levels to Watch

today 11/05/2023
Bitcoin Price Prediction as Weekend Trading Volume Pushes Past $10 Billion – Here are Key Levels to Watch

Bitcoin Price Prediction as Weekend Trading Volume Reaches $10 Billion – Here are Key Levels to Monitor

Bitcoin's trading volume exceeded $10 billion over the weekend, indicating strong activity in the market. The cryptocurrency saw a modest increase of around 1.50% on Sunday, with its price reaching $35,228.

The rise in Bitcoin's value is accompanied by positive endorsements from industry leaders. Fidelity's director praised Bitcoin as a modern version of gold with significant growth potential, while personal finance author Robert Kiyosaki emphasized Bitcoin's potential for long-term financial security.

These optimistic views come at a time when gold demand from central banks has decreased due to global tensions, making Bitcoin an attractive option for investors seeking stability and potential returns. As the market continues to change, investors and traders are closely watching Bitcoin's price levels.

Fidelity's Financial Director Calls Bitcoin "Exponential Gold"

Jurrien Timmer, Director of Global Macro at Fidelity, compared Bitcoin to "exponential gold," highlighting its status as a commodity that can act as a hedge against monetary depreciation and a store of wealth.

He noted that historically, in times of negative real rates, high inflation, and unsustainable money supply growth, gold tends to perform well.

Although gold is considered money, Timmer pointed out that it is mostly used as a store of wealth and not as a medium of exchange due to its laborious nature and deflationary tendencies.

Bitcoin and gold are often compared because they share this characteristic.

According to Timmer, Bitcoin has the potential to be a digital store of value. Fidelity's endorsement of Bitcoin, as a major player in the financial services industry, could positively impact the cryptocurrency's price by solidifying its position as a hedge against economic uncertainty.

Robert Kiyosaki Believes Bitcoin Equals Lifelong Financial Security

Robert Kiyosaki, the author of "Rich Dad Poor Dad," explained that wealthy individuals recognize the value of holding real assets like bitcoin, silver, and gold for long-term financial independence and stability.

According to Kiyosaki, the wealthy focus on acquiring assets like real estate, oil, and food production that generate tax-free income.

They avoid traditional employment and assets that are vulnerable to depreciation due to market volatility, inflation, and taxation.

Instead, they invest in physical assets like gold, silver, and bitcoin that provide actual, tax-free income. Kiyosaki's support of Bitcoin as a source of financial stability may have contributed to the positive market sentiment.

Q3 Reports: Central Bank Gold Demand Declines Amid Global Turmoil

According to a report by the World Gold Council, central banks worldwide have increased their gold reserves by acquiring 337 metric tonnes during the third quarter of 2023. Although this didn't break the record from the same quarter last year, it contributed to a high total of 800 metric tonnes for the year.

The continued interest of central banks in gold indicates a steady and consistent demand for the precious metal, which could lead to a high year-end total in 2023.

Gold has increased by 9.4% in the past month, while Bitcoin has increased by 25%. As central banks' demand for gold decreased in Q3, speculation arose that it may be time for bitcoin, which could be a reason for the rising prices of BTC.

Bitcoin Price Prediction

In the current financial landscape, Bitcoin remains prominent, experiencing minor fluctuations within the past 24 hours. The cryptocurrency's current price is approximately $35,120, with a slight decrease of 0.51%.

The four-hour chart shows a complex narrative, with a pivot point at around $34,990.

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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

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