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Riding the Crypto Wave: Bitcoin Hits Record Highs Despite Mt. ...
2024-07-17 09:06:16
Blockchain
Markets
Stocks

Riding the Crypto Wave: Bitcoin Hits Record Highs Despite Mt. Gox Concerns

Despite worries surrounding a potential flood of $9B in bitcoin from Mt. Gox creditors and speculative FUDs, bitcoin has surged past $65K, driven by a broad crypto rebound. XRP, leading the rally with a 35% jump, has ignited bullish narratives of a potential breakout.

Analysts predict XRP could reach new all-time highs, with significant institutional interest evident. Amidst the market excitement, Bitcoin whales are set to accumulate more, dismissing Mt. Gox fears as overestimated.

The current market depth is expected to mitigate massive sell-offs, allowing for gradual liquidation absorption without significant disruptions. As Bitcoin eyes $70K, fueled by reduced Mt. Gox pressure and positive market outlook, the crypto landscape remains vibrant and full of potential.

Related news on that topic:

Bitcoin's Bullish Price Action Continues as BTC Surpasses $65K

Bitcoin price rallies above $65,000 as fears over German government selling BTC and Mt. Gox moving $6 billion worth of coins diminish. Market analysts predict a 'massive rally' as spot buying on Coinbase Pro increases and inflows into Bitcoin investment products continue. The Coinbase Premium Index turns positive, indicating further price growth. Bitwise Senior investment strategist highlights strong institutional demand for BTC. Despite volatility and potential dips, experts forecast Bitcoin reaching new highs, with targets set at $150,000 by year-end and $1 million by 2033. The recent market dynamics and increased institutional investments contribute to Bitcoin's upward trajectory.

The Potential Impact of Ethereum and Bitcoin ETFs on Bitcoin's ... Price Surge

As Bitcoin and Ethereum ETFs gain momentum, Bitwise CIO Matt Hougan foresees a surge in Bitcoin's value to $100,000. With ETF inflows already at $15 billion and more expected with the introduction of Ethereum ETFs, Hougan projects that 1-5% of ETF portfolios will include Bitcoin within three years, attracting major wealth platforms like Morgan Stanley and Wells Fargo. Despite potential volatility from the Grayscale Ethereum Trust, Hougan remains optimistic about long-term growth. Alongside this, the approval of spot Ethereum ETFs could create a new asset class, with Ethereum as a pivotal player in tokenization efforts. The recent inflows in Bitcoin ETFs, including BlackRock's substantial $260 million investment, indicate a growing interest in cryptocurrency investment vehicles. As Wall Street prepares for the launch of Ethereum ETFs this summer, the market anticipates a significant shift in investment strategies towards digital assets, with companies like BlackRock, Fidelity, and VanEck at the forefront of this transformative wave.

Read 1 more recent news on this topic

The press radar on this topic:

Yahoo Finance
16. Juli 2024 um 21:01

Bitcoin Hits $65K Shaking Off Mt. Gox Payout Worries; XRP Leads Crypto Rally

Cryptocurrencies & blockchain
Finance
BTC surged past $65K, ignoring Mt. Gox's $2.8B BTC move, as XRP led the crypto rally. Crypto rebound broadens, with XRP up 9% on notable whale activity and new institutional offerings. Fears of Mt. Gox creditors flooding the market with $9B in bitcoin are eased by experts. Even if massive sell-offs occur, market depth can absorb liquidations gradually without major disruptions.
Cointelegraph.com News
17. Juli 2024 um 05:29

‘Bullish narratives’ erupt as XRP surges 35% this week

Cryptocurrencies & blockchain
Finance
XRP surged 35% this week, with crypto traders feeling excitement over the cryptocurrency currently trading at $0.60. Bullish narratives have erupted, with speculation of a potential breakout, as XRP's current all-time high is $3.40, the next crucial price point is $0.6649, crypto commentator Amonyx predicts XRP will reach new all-time highs this cycle, and crypto trader Crypto Michael points to a bullish pennant pattern forming on XRP's price chart over seven years. XRP's 35% price jump has come..
Cointelegraph.com News
17. Juli 2024 um 00:59

Bitcoin whales set to stack more amid ‘overestimated’ Mt. Gox FUD: Analyst

Finance
Cryptocurrencies & blockchain
Technology
Bitcoin vulnerable to 'speculative FUDs'; Mt. Gox repayments negligible; 'smart money' accumulating BTC; Bitcoin market cap increased; Estimated 65,000 BTC to hit market; Bitcoin price gained 12%; Currently at $65,154.
CoinDesk
17. Juli 2024 um 07:22

Bitcoin Bulls Eye $70K Amid Donald Trump's Rising Chances of Returning as President

Finance
Politics
Bitcoin targets $68-70K on reduced Mt Gox sell pressure, Trump's crypto-friendly VP pick, and rising 2024 election odds, per analysts' optimistic market outlook and policy expectations.
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