Tag Archives: bitcoin

Bitcoin Set to Rise Beyond $70,000 in ‘Coming Weeks,’ Experts Say

Bitcoin Set to Rise Beyond $70,000 in ‘Coming Weeks,’ Experts Say

Bitcoin’s price surge shows no signs of slowing down, with some predicting a breach of the $70,000 price tag in the coming weeks.

The world’s largest crypto is currently trading at over $67,600 after swelling to highs not seen since the beginning of August, CoinGecko data shows.

Yet is the current rally sustainable?

According to Jonathan de Wet, chief investment officer at Zerocap, Bitcoin’s upward momentum remains robust, he opined in an investor note on Wednesday.

 “We see [Bitcoin] at $70,000 in the coming weeks,” de Wet stated, pointing to a technical breakout providing a solid foundation for further gains.

Several tailwinds are beginning to converge, including political developments in the U.S., fueling optimism over favorable policy geared toward the crypto industry.

Republican nominee and former President Donald Trump has vowed to make the U.S. the world’s crypto capital, alongside protecting users’ right to custody their assets.

Democratic nominee and current Vice President Kamala Harris, meanwhile, has promised to create rules of the road for crypto while attempting to foster innovation.

Trump’s plans to create a Bitcoin reserve could mark a turning point for crypto regulation, Anndy Lian, an intergovernmental blockchain expert, told Decrypt.

“This political backing could lead to a more favorable regulatory environment, boosting investor confidence and demand,” Lian said.

Lian believes Bitcoin will reach its all-time high next week, driven by global monetary policies, including extensive rate cuts by major central banks that could boost risk assets, including crypto.

Still, questions linger over China’s economic strife, de Wet said, which includes soaring local government debt, slow growth, and weak demand for goods and services.

The world’s second-largest economy has vowed to inject hundreds of billions of dollars through stimulus measures to kickstart its stock market and spur demand.

There’s also concerns surrounding geopolitical tensions in the Middle East as the region remains a dominate player in energy production and trade suppy chains.

However, traders have nothing to fear from that end if BitMex co-founder Arthur Hayes’ musings turn out to be right.

 

Source: https://decrypt.co/286814/bitcoin-rise-beyond-70000-coming-weeks-experts-say

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Bitcoin Traders Are Eyeing This Week’s CPI Data. Here’s Why

Bitcoin Traders Are Eyeing This Week’s CPI Data. Here’s Why

Traders are bracing for U.S. Consumer Price Index data this week, with a positive print likely influencing Bitcoin’s next price rise, analysts say.

Coupled with strong nonfarm payroll numbers, the “Uptober” narrative has helped buoy support for the world’s largest crypto at around $60,000, according to digital assets firm QCP Capital.

“After a shaky start, Uptober seems to be back on track,” QCP Capital wrote in a note on Monday. “Bitcoin is as at similar levels to where it started last Monday.”

Bitcoin has dipped 2% to $62,570 after briefly touching $64,000 on Monday, while Ethereum has slipped 3% to $2,432, data from CoinGecko shows.

CPI is projected to rise by just 0.1% in September, marking the smallest increase in three months. On a year-over-year basis, the CPI is expected to climb 2.3%, reflecting the sixth consecutive slowdown and the lowest level since early 2021.

“All eyes are on US CPI,” QCP wrote. “With the recent strong US wage and jobs numbers, the market will be paying close attention to this print for any signs of an uptick in inflation.

The CPI helps the Federal Reserve assess inflation.

A rise could lead to higher interest rates to curb spending, which often pressures risk assets like Bitcoin as investors shift to safer investments. Conversely, a lower CPI might signal room for rate cuts, which could benefit risk assets by encouraging more speculative investments.

As inflation impacts the Fed’s decisions on rates, it also directly influences how investors approach Bitcoin and other cryptocurrencies.

Anndy Lian, an author and intergovernmental blockchain expert, told Decrypt that the anticipation around the CPI data has already had an impact, as Bitcoin rebounded from its $60,000 low and is now positioning itself for a potential rally.

“In the past, Bitcoin has been volatile in response to CPI data,” Lian said. “Positive CPI results, reflecting a strong economic environment, have often led to price increases.

On the other hand, higher-than-expected inflation data could raise concerns about stricter monetary policy, which might adversely affect Bitcoin’s price, Lian said.

 

 

Source: https://decrypt.co/285073/bitcoin-traders-eyeing-this-weeks-cpi-data

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Bitcoin traders await key CPI data for signs of inflation trends

Bitcoin traders await key CPI data for signs of inflation trends

Bitcoin (CRYPTO:BTC) traders are closely watching this week’s U.S. Consumer Price Index (CPI) data, which could provide crucial insights into inflation trends and influence the next price movement of the cryptocurrency.

Analysts believe a positive print could pave the way for Bitcoin’s continued rise, following recent support for the “Uptober” narrative.

Digital assets firm QCP Capital noted that Bitcoin has maintained support around $60,000, buoyed by strong nonfarm payroll data and the general market trend in October.

“After a shaky start, Uptober seems to be back on track,” QCP wrote, adding that Bitcoin has returned to similar levels seen earlier in the month.

As of Monday, Bitcoin briefly reached $64,000 before dipping 2% to $62,570, while Ethereum fell 3% to $2,432, according to CoinGecko data.

The CPI is projected to increase by just 0.1% in September, marking the smallest rise in three months.

Year-over-year, the index is expected to rise 2.3%, the lowest level since early 2021, reflecting the sixth consecutive slowdown.

QCP highlighted that “all eyes are on US CPI,” as investors are keen to see if inflation is cooling, especially in light of recent strong wage and jobs data.

Inflation trends, as measured by the CPI, help guide the Federal Reserve’s decisions on interest rates.

If the CPI shows a rise, it may lead to higher interest rates, which could pressure risk assets like Bitcoin.

On the other hand, lower inflation could create room for rate cuts, benefiting speculative investments like cryptocurrencies.

Blockchain expert Anndy Lian noted that Bitcoin has historically been volatile in response to CPI data.

He added that positive CPI results often boost Bitcoin prices, while higher-than-expected inflation might signal stricter monetary policies, potentially affecting Bitcoin negatively.

At the time of writing, the Bitcoin price was $62,634.92.

 

Source: https://www.bitget.com/news/detail/12560604254521

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j