Analysts are hopeful of the Bitcoin price recovery stating that the shakeout was just to weed out excess leverage and weak hands.
The El Salvador Freedom Visa program opens the path to citizenship to 1000 crypto millionaires per year in a bid to build a stronger economy.
This week, the decision from the Fed regarding interest rates and inflation statements for November will be released. These are both expected to trigger market volatility.
Traders are on edge, eagerly watching the Federal Reserve meeting for clues about prospective interest rate changes.
Following ARK Investment’s dumping of Coinbase shares, its pre-market price has dipped by almost 5%. Currently, it is hovering at $141.79 per share.
The inflation growth rate in the United States has significantly declined in the past two years thus the anticipated interest rate cuts in the second half of 2024.
The 6.5% plunge represents the largest single-day decline for Bitcoin in over a month, despite the asset’s overall growth of more than 12% in the past 30 days and an impressive 150% rally since January 1.
Analysts are bullish on Bitcoin’s chance of rally and are suggesting that the king coin may have begun a rally and could hit $50,000 in weeks.
Despite Vanguard and State Street’s decision to abstain, the SEC is approaching a crucial deadline to announce its decision on the first Bitcoin ETF in early January.
The fund would use investor capital to buy call options on MSTR while simultaneously selling put options. The premiums collected from these transactions would then be distributed to shareholders as monthly yields.
As the growing anticipation for a spot Bitcoin ETF approval continues to propel BTC prices higher, Jurrien Timmer, Fidelity’s director of global macro, believes the crypto asset could surge to over $1 billion in 2038.
Critics argue that the substantial $1 million requirement makes citizenship unattainable for many investors. Comparable citizenship-by-investment programs in the Caribbean start at around $100,000.
Santiment revealed that despite a price drop, Bitcoin can reach $50,000. Altcoins have already embarked on a strong surge with Ethereum and Solana leading the show.
Despite the subdued overall interest, a group that remains consistently passionate is the die-hard Bitcoin maximalists.
BitcoinShrooms uses pixelated art from the 1980s that is permanently stored on the Bitcoin blockchain through the Ordinals protocol.