As the crypto market evolves, only time will tell if Bitcoin can truly reach $1 million by 2029, altering how investors view and interact with digital assets.
The new 10x’s research extends beyond MicroStrategy, highlighting that several crypto-related stocks are trading close to fair value based on BTC price.
Analysts are characterizing MicroStrategy’s stock as akin to an “essentially a leveraged Bitcoin ETF” due to its exposure to the cryptocurrency.
Bitcoin mining inherently involves high energy costs due to the operation of supercomputers.
The “smart money index”, which measures the net bullish bets by institutional players through Chicago Mercantile Exchange (CME) Bitcoin futures, has reached an all-time high of over 13,700 in recent days.
The accidental double payment of settlement funds to Mt. Gox creditors adds a new chapter to the saga of one of the crypto industry’s earliest and most remarkable failures.
Bitcoin holds the losses at $42,000 as investors await the approval of spot Bitcoin ETF which is around the corner. The level of interest in Bitcoin post the ETF approval remains uncertain.
The extended wait for repayment has been a source of frustration for Mt. Gox creditors, and the delay has led to speculation about its potential impact on the crypto market.
In 2023, the Bitcoin hashrate has surged by a staggering 130% which shows growing competition and reduced profitability for miners.
The timing aligns perfectly in 2024 for a spot ETF approval to have already attracted significant investment, and then the halving decreases Bitcoin’s supply right when demand shoots higher.
Following the devaluation of its local currency and years of inflation, Argentina now legally recognizes contracts that stipulate Bitcoin as its currency of choice.
The legislative overhaul attracts the philanthropic foreigners keen on contributing to the economic, social, and cultural development of El Salvador through Bitcoin donations.
The overall crypto market cap was close the $1.7 trillion mark on Wednesday, signaling that more money might be flowing into the crypto industry.
QCP Capital believes that the Bitcoin ETF approval could be a sell-the-news event thereby pushing the Bitcoin price under $40,000, before resuming the next uptrend.
Many Bitcoin fans have ambitious predictions for 2024 and if the token is about to hit $50,000 in the first month of the year as Matrixport says, higher milestones might be in view.