Skip to content

Bitcoin Price Prediction as $860 Million Moved to Exchanges – Signaling Major Sell-Off Ahead?

[ad_1]

Bitcoin RecapBitcoin Recap

As the crypto market enters another week of trading, Bitcoin (BTC) has seen a slight decline to $41,978, dropping by nearly 50% on Sunday. This move coincides with a significant amount of Bitcoin, worth approximately $860 million, being transferred to exchanges, which could be indicative of a potential major sell-off on the horizon.

Adding to the market’s unease, Coinbase is set to confront the SEC in court after its plea for clear cryptocurrency regulations was denied, escalating tensions within the industry.

Meanwhile, Blackrock has engaged in discussions with the SEC on four separate occasions regarding its application for a spot bitcoin ETF, highlighting the growing interest and scrutiny in the space.

Amidst all this, there are three network movers within the BTC ecosystem that are slipping under the radar, potentially setting the stage for unexpected market dynamics.

Let’s delve deeper into this.

Coinbase vs. SEC: A Battle for Regulatory Clarity


Surprisingly, the news that Coinbase Global’s petition for regulatory clarity was denied by the US Securities and Exchange Commission (SEC) has helped to drive up the price of Bitcoin.

Market players appear to view the development as evidence of the Bitcoin space’s resilience despite the regulatory setback.

Investors may see the legal challenge against the SEC as a step toward resolving regulatory issues, given the signs of improvement that Bitcoin has demonstrated.

Some traders’ confidence has been bolstered by Coinbase’s pursuit of further clarity through legal channels, which has positively impacted Bitcoin’s prices.

Because cryptocurrency markets are so dynamic, investors should continue to be vigilant for any occurrences that could signal a change in the market.

Blackrock’s Pursuit of a Bitcoin ETF: In-Depth Dialogues with the SEC


The world’s largest asset manager, BlackRock, has met with the US Securities and Exchange Commission (SEC) four times to discuss its proposal for a spot Bitcoin exchange-traded fund (ETF). The primary topic of these meetings was the proposed rule change by Nasdaq to list and trade shares of the iShares Bitcoin Trust.

Recently, the SEC has also engaged in discussions with Hashdex, Fidelity, Franklin Templeton, and Grayscale Investments regarding their applications for spot Bitcoin ETFs.

Notably, SEC Chairman Gary Gensler stated that the regulatory body is reassessing spot Bitcoin ETF submissions in light of recent court decisions. This has increased expectations that the SEC will approve spot Bitcoin ETFs, positively influencing Bitcoin’s price.

According to Bloomberg analysts, there is a 90% chance that the proposal will be approved by January 10. Such approval could lead to increased investor optimism and potentially boost demand for Bitcoin.

Under the Radar: Three Overlooked BTC Network Movers


As the main driver of the cryptocurrency market, Bitcoin (BTC) continues to be the market leader, attracting considerable attention. To assess Bitcoin’s performance and growth, investors closely monitor several parameters beyond standard indicators like those on CoinMarketCap.

Three important on-chain indicators demonstrate its dynamics.

  • First, according to the distribution of addresses based on holding duration, 69.23% of all addresses are ‘Holders,’ meaning they have retained Bitcoin for more than a year. This group significantly outnumbers ‘Traders’ (6.78%), who hold for at least three months, and ‘Cruisers’ (23.99%), who sell frequently.
  • Second, the hashrate—a proxy for Bitcoin’s network difficulty—is crucial. On September 1, the hashrate was 368,924,260.618 TH/s, and it has currently risen to 493,313,217.742 TH/s. A higher hashrate not only enhances network security but also indirectly contributes to the asset’s scarcity.
  • Lastly, the exchange net flow, which is currently a negative $62.57 million, indicates a net outflow from exchanges. This trend could reduce selling pressure and improve sentiment surrounding Bitcoin’s price. These measurements might be viewed positively by investors, potentially boosting Bitcoin’s price.

Bitcoin Price Prediction

Top 15 Cryptocurrencies to Watch in 2023


Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.

Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.



[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *