Bitcoin Price

Spot Bitcoin ETF approval to propel BTC to $1M in ‘days to weeks,’ says Samson Mow

Bitcoin is likely to reach $1 million quickly due to a “torrent of money” coming from institutional investors in 2024, according to the Jan3 CEO.

Bitcoin (BTC) will likely reach $1 million in the “days to weeks” following the approval of a spot BTC exchange-traded fund (ETF), according to Jan3 CEO Samson Mow.

“You’re hitting a very limited supply of Bitcoin on the exchanges and available for purchase with a torrent of money,” Mow said, referring to the inflow of institutional capital that is expected following a potential spot ETF approval.

“This is why you can go really high all at one time,” he added.

$100K BTC? Don’t undervalue Bitcoin ETF influence, says Adam Back

Resolving recent systemic failures in the cryptocurrency ecosystem and the prospect of spot Bitcoin ETF approvals could drive Bitcoin to $100,000 in 2024.

The COVID-19 pandemic, rampant inflation and regional conflicts directly influenced Bitcoin’s (BTC) drop in value over the past two years. However, 2024 promises to be a resurgent period, according to Blockstream CEO Adam Back.

The cryptographer, who pioneered the proof-of-work algorithm applied in Bitcoin’s protocol, tells Cointelegraph that the preeminent cryptocurrency is trailing below the historical price trend line of previous mining reward halving events.

Back weighed in on the potential price action of Bitcoin as the next halving approaches, which will see Bitcoin miners’ block reward reduced from 6.25 BTC to 3.125 BTC. Block reward halvings are programmatically hardwired into Bitcoin’s code, taking place after every 210,000 blocks.

Is El Salvador’s Bitcoin gambit finally paying off?

The rise in El Salvador’s bond prices “almost defies gravity,” and it may soon have access to Eurobond markets, said Santander Bank.

El Salvador’s controversial $117.5 million Bitcoin investment briefly swung into profitability this past week for the first time in two years.

This was a milestone of sorts because, until then, not much had gone right crypto-wise for the impoverished Central American nation.

El Salvador still hasn’t come close to making Bitcoin (BTC) a medium of exchange as was anticipated when it made Bitcoin legal tender in September 2021, the world’s first nation to take such a step.

Bitcoin to surge to $80K as stablecoins overtake Visa in 2024: Bitwise

Bitwise isn’t alone in its bullishness on stablecoins with Circle CEO Jeremy Allaire predicting the explosive growth of the sector due to a “huge appetite” for digital dollars.

Bitcoin is poised to record a new all-time high of $80,000 in 2024, the same year stablecoins are set to collectively settle more money than payments giant Visa, says a Bitwise senior research analyst.

In a Dec. 13 post to X (formerly Twitter), Bitwise’s Ryan Rasmussen outlined ten bullish predictions for the crypto industry in 2024, with one of the major themes being the explosive growth of the stablecoin industry.

According to Bitwise, stablecoins will be used to settle more volume than Visa payments volume, describing the dollar and other asset-pegged tokens as one of crypto’s most “killer apps.”

Bitcoin to surge to $80K as stablecoins overtake Visa in 2024 — Bitwise

Bitwise isn’t alone in its bullishness on stablecoins, with Circle CEO Jeremy Allaire predicting the explosive growth of the sector due to a “huge appetite” for digital dollars.

Bitcoin (BTC) is poised to record a new all-time high of $80,000 in 2024, the same year stablecoins are set to collectively settle more money than payments giant Visa, says a Bitwise senior research analyst.

In a Dec. 13 post on X (formerly Twitter), Bitwise’s Ryan Rasmussen outlined 10 bullish predictions for the crypto industry in 2024, with one of the major themes being the explosive growth of the stablecoin industry.

According to Bitwise, stablecoins will be used to settle more volume than Visa payments volume, describing the dollar and other asset-pegged tokens as one of crypto’s most “killer apps.”

Why has Bitcoin price hit new all-time highs in Turkey, Egypt, Nigeria and Argentina?

Bitcoin is proving its value as an inflation hedge and store of value by hitting repeat all-time highs in multiple currencies.

Since bottoming around $16,800, Bitcoin (BTC) has displayed resilience throughout 2023, posting over 153% gains year-to-date and 143% over the last 12 months to outperform major tech companies.

Despite this impressive performance, the flagship cryptocurrency’s price is still 39% below the all-time high (ATH) level against the U.S. dollar reached in November 2021.

Meanwhile, Bitcoin continues to hit new ATHs in Argentina, Turkey, Egypt, Nigeria, Lebanon and Pakistan.

US accounting standards board rules will reflect institutional crypto assets’ fair value

The U.S. FASB has decided that crypto assets will be represented at their fair value in accounting beginning late next year.

Crypto companies and institutions holding crypto assets will be able to record the value of their crypto more realistically under accounting rule changes in the United States.

The Financial Accounting Standards Board (FASB) finalized the new rules on Dec. 13. The FASB is the organization that sets accounting and reporting standards for the U.S. Generally Accepted Accounting Principles (GAAP). GAAP-standard financial reports are required from companies that trade on public markets in the United States.

Bitcoin’s water consumption: A new environmental threat?

New studies have examined the water consumption of Bitcoin, with alarming results.

Bitcoin, the world’s leading cryptocurrency, has long been under scrutiny for its environmental impact due to the energy-intensive nature of its mining process.

Since its inception in 2008, Bitcoin has never been hacked. Its tight security, provided by its proof-of-work (PoW) consensus mechanism, provides value to the cryptocurrency.

PoW, however, is energy-intensive and relies on complex cryptographic algorithms requiring vast computational power.

Bitcoin price sell-off continues, but data highlights need for healthy correction

Bitcoin price opened the week with a sharp sell-off, but on-chain and technical data points to a much-needed cooling-off period.

Bitcoin price is down 5% over the last 24 hours to trade at $41,645 on Dec. 11. Despite the sharp price correction, technical indicators and on-chain data show that Bitcoin (BTC) still displays strength as bulls strive to push the price back above $44,000.

Bitcoin dropped as much as 7.2%, falling to $40,300 on Coinbase, triggering a conversation among analysts. Julio Moreno, head of research at on-chain analytics firm CryptoQuant, said that the flagship cryptocurrency’s price was “overheating after the recent rally above” the $40,000 psychological level.

More data from on-chain data analysis firm Lookintobitcoin highlighted exhaustion among bulls. According to its December 2023 report, Bitcoin’s price has reached its golden ratio multiplier near-term target, highlighted by the Crosby Ratio, which shows Bitcoin’s near-term price at “over-extended levels,” resulting in the need to correct, or at least slow down.

One-hour Bitcoin block times: What do they mean and are they frequent?

Extended Bitcoin block times have been in the headlines recently, but are they really that big of a deal — or even very common?

A Bitcoin (BTC) block that took over an hour to mine made headlines earlier in November. This is despite Bitcoin’s core protocol being written to aim to mine a block every 10 minutes.

Block 815,690 is the latest outlier to generate press speculation. This block took one hour and nine minutes to mine on Nov. 7. Public interest in an hour-plus confirmation time is not a singular event. Roughly once or twice a year, a media outlet picks up on a long block validation event and decides to run with the story.

On Oct. 17, 2022, a prominent crypto news site reported on a block that took one hour and 25 minutes to mine, which spurred a flurry of similar reports. As the story spread widely on social media, some fans reveled in the relative speed of their favored centralized altcoin.