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Bitcoin’s price rally mirrors investor optimism, with the Fear and Greed Index reaching highs not seen since November 2021. What’s next? Bitcoin’s (BTC) price trajectory from October to early November exhibits a commendable uptrend, marking approximately a 34% increase from the $27,000 range at the start of October to a 16-month peak of $35,919 on Nov. 2. However, the atmosphere has cooled somewhat amid the volatility sparked by the trial of cryptocurrency figure Sam Bankman-Fried, with Bitcoin’s value adjusting to the $34,200 mark as of Nov. 3. The rally seen in October can be attributed to a confluence of key factors. Prominently, the crypto community was buoyed by the prospects of a spot Bitcoin exchange-traded fund (ETF) gaining approval from the U.S. Securities and Exchange Commission (SEC).  Moreover, in the context of global economic uncertainty – intensified by the ongoing geopolitical tensions, including those in the Middle East and between Ukraine...

Grayscale Bitcoin Trust (GBTC) is seeing its smallest discount in nearly two years amid growing anticipation for potential approval of spot Bitcoin ETFs in the U.S. Recent figures from YCharts indicate that GBTC’s discount to Bitcoin’s net asset value (NAV) has contracted to 15.87% as of Oct. 13. THE GBTC DISCOUNT HAS NARROWED TO 16% AS THE MARKET BETS ON A BITCOIN SPOT ETF APPROVAL. Grayscale's Bitcoin Trust, commonly known as GBTC, has experienced notable changes in its market dynamics. At the start of this year, GBTC was trading at a significant discount of 48.31%… pic.twitter.com/2nWLmvnewb — The Wolf Of All Streets (@scottmelker) October 13, 2023 The discount to NAV is a crucial metric that indicates how much a mutual fund or ETF is trading below its net asset value. It serves as a gauge to measure the gap between the trading price of a security and its actual worth. The narrowing of GBTC’s discount appears to have been influenced by the filing ...

The BitMEX co-founder says Bitcoin has been on a bull run since the Fed’s $25 billion dollar program aimed at stabilizing the U.S. banking system. Bitcoin (BTC) has been on a bull run for the past six months or so and the market is yet to respond — but it will in around six to 12 months, according to BitMEX co-founder and former CEO Arthur Hayes. In a Sept. 5 keynote speech at Korea Blockchain Week, Hayes argued Bitcoin’s bull run began on March 10, the day Silicon Valley Bank (SVB) was taken over by the Federal Deposit Insurance Corporation. Two days before SVB’s takeover on March 8, Silvergate Bank had gone into liquidation. Two days later on March 12, Signature Bank was forced to close by New York regulators. In response, and in a bid to stop further possible collapses, the Federal Reserve created the Bank Term Funding Program (BTFP) — offering banking loans of up to a year in return for them posting “qualifying assets” as collateral. Hayes speaking at Korea Blockchain Week in Se...

Based on some definitions of a bear market, the current cycle is not the longest crypto winter ever seen and may not even be a bear market. Cryptocurrencies like Bitcoin (BTC) are not in their “longest ever bear market” and probably are not even in a bear market at all, according to some industry observers. MN Trading founder Michaël van de Poppe took to X (formerly Twitter) on Aug. 27 to claim that Bitcoin is currently in its “ longest bear market ” in history. “Right now, the price of Bitcoin is nowhere near the valuation of the peak in November '21. It's down more than 50% and in a bear market of 490 days,” the trader wrote. Van de Poppe’s statement has brought much attention from X users, amassing 1.3 million views and nearly a thousand reposts at the time of writing. Some crypto enthusiasts, however, are confident that Van de Poppe’s information is not the case. To determine the length of the current “bear market ” in crypto, it’s necessary to understand that there are d...

In recent months, the market capitalization of tether (USDT) has experienced a remarkable increase, closely mirroring the surge in bitcoin’s (BTC) price. Conversely, its counterpart, USD Coin (USDC), has encountered a substantial decline in market cap.  Simona, a market analyst for CryptoQuant, recently shed light on the state of these stablecoins in a CryptoQuant report. The state of USDT's and USDC's market cap "Regulatory uncertainty has made #USDT a leading stablecoin for the crypto market …" by @Simona_APC Linkhttps://t.co/UYCHlFP9Q3 — CryptoQuant.com (@cryptoquant_com) July 19, 2023 At the beginning of 2023, USDT’s market cap stood at $66.24 billion. However, this figure has increased by over 25% to the current $83 billion. In stark contrast, USDC’s market cap at the start of the year was $44 billion but has now plummeted by 47% to $23 billion. You might also like: Circle freezes $63m in USDC in response to Multich...

Bitcoin on-chain spending is heating up and, so far, is “rhyming” with past BTC price cycles. Bitcoin (BTC) long-term holders are coming back to life as BTC price increases, the latest Analysis confirms. In a tweet on July 13, Philip Swift, creator of on-chain data resource LookIntoBitcoin, revealed classic bull market behavior among “older” BTC investors. Value Days Destroyed Multiple prints BTC price bull signal  Bitcoin’s current price cycle may be dividing opinions when it comes to how high BTC’s price could go, but one thing is for sure: Hodler behavior is the same. Thanks to BTC/USD more than doubling in 2023, on-chain spending velocity is up, indicative of profit-taking activity. Uploading a chart of the Value Days Destroyed (VDD) Multiple, Swift suggested that the current cycle barely differs from all previous ones in this regard. “Increased onchain spending volume showing where we are in the cycle right now,” part of an accompanying Twitter commentary stated. “History doesn...

Circle is set to focus its expansion efforts on the Asian market , particularly monitoring regulatory developments in Hong Kong. Cryptocurrency company Circle, known for introducing the stablecoin USDC, has unveiled plans to penetrate deeper into the Asian market, particularly focusing on Hong Kong. This was revealed by CEO Jeremey Allaire during a Bloomberg Television interview at the World Economic Forum, located in Tianjin, China. Allaire emphasized the strategic importance of Hong Kong in the landscape of digital currencies. Given the fresh set of regulations implemented on crypto exchanges starting June 1, the city appears to be a hotspot for crypto businesses. .@jerallaire (@circle), one of the co-chairs of this year's #amnc23, highlights the importance of the meeting in 'taking the world forward through this critical time'. Watch the full session here: https://t.co/YGkHIOSdgH pic.twitter.com/XS1CYHzrN2 — World Economic Forum (@wef) June 27, 2023 Historic...

Depending on the metrics, the cost of decentralized file storage can be very low or significantly higher than Web2 counterparts. According to a new report published by Singaporean venture capital firm Foresight Ventures, the cost of decentralized file storage on blockchains such as Filecoin, Arweave, Swarm, StorJ, and Sia currently ranges from near zero to $4 per terabyte (TB) per month. This is much lower than traditional Web2 services such as Amazon Cloud or Microsoft Azure, where prices can range from $16 to $23 per TB of monthly storage . However, the report also outlined other costs associated with decentralized storage , such as data upload fees and retrieval fees, the latter of which can amount to $7 per TB. Some service providers mentioned in the report, such as Filecoin, only had storage fees, which were also quite low, while others had all three types of aforementioned fees. In addition, analysts at Foresight wrote that Blockchain storage still faces issues such as ...

After a challenging year, should investors still consider investing in crypto in 2023? 2022 was brutal for cryptocurrency and nonfungible token (NFT) investors. Bitcoin (BTC) hit its yearly low on Nov. 21, almost exactly a year after it reached its all-time high price of $69,044. After such a tumultuous year, how should crypto investors plan for 2023? Firstly, this space has critical risks worth considering before investing. Macroeconomic risks Investors must recognize the macro and systemic risks impacting the crypto industry as 2023 draws near. The war in Ukraine has led to an energy crisis caused by sanctions on Russian energy. The United States Federal Reserve’s monetary policy response to inflation continues to unsettle markets. The crypto contagion from recent bankruptcies continues injecting volatility into the market, with increasing regulatory pressure and miner capitulation likely to continue into the new year. Ukraine war, inflation and rising interest rates The economic f...