Multiple crypto stocks jumped in premarket following Bitcoin’s continuous rise past the $51,000 mark as ETFs receive large inflows.
Optimism about Bitcoin price prospects is palpable among industry figures. Arthur Hayes has predicted a BTC climb to $70,000 by year-end, emphasizing his bullish stance on Bitcoin’s prospects.
Bitcoin price has gradually reduced the chances of market correction towards the support range between $32k and $38k before the upcoming halving.
Grayscale noted that strong inflows into spot Bitcoin ETFs would significantly absorb the selling pressure coming from BTC miners after the halving 2024.
The data shows that over 50% of S&P 500 companies have posted their earnings, with more than 80% of them scaling analyst expectations.
In parallel, Ethereum (ETH) has experienced a 3% surge, reaching a two-week high following amendments to spot ETH ETF filings by asset managers Ark Invest and 21Shares.
BlackRock and Fidelity continues to see inflows for their spot Bitcoin ETFs eating the market share from Grayscale as GBTC continues to bleed amid high management fees.
This resurgence in Bitcoin price is partially credited to the uptick in holdings among whale wallets containing over 1,000 Bitcoins.
After launching on the Goerli and Sepolia testnets, the Ethereum Dencun upgrade is now live on Holesky in anticipation of a mainnent launch.
As block rewards will reduce by 50% after Bitcoin halving in April 2024, BTC miners are selling heavily to finance the purchase of more efficient mining rigs.
A UBS strategist says that both gold and Bitcoin will benefit from the Fed when the agency decides to cut interest rates.
NYCB’s share price has tanked 40% within two days amid strong stress on its real-estate portfolio causing investor panic.
Celsius said it will initiate a controlled wind-down of operations by February 28, 2024. The crypto lender will discontinue its mobile and web applications.
The stock market reacted negatively to the Fed Chair’s comment indicating that the apex bank was uninterested in rate cuts until after March.
According to Powell, its is unlikely that the Fed will be ready to cut interest rates at the March meeting.