Bitcoin

As options run out for Argentina, the IMF is concerned about the new president turning to Bitcoin; Milei could shut down the Central Bank.

Despite the volatile price movements in Bitcoin, BTC whales have continued to accumulate and their commitment to the safe haven narrative has increased.

A dormant Bitcoin wallet, linked to the cryptocurrency's creator, Satoshi Nakamoto, has been activated after nearly 13 years, with 1005 BTC being withdrawn. The value of the withdrawn Bitcoin is approximately $30 million, a significant increase from its initial value in 2010. The purpose of the transaction is unclear, it could be a sale or a transfer to a more secure wallet.

The "Hash Ribbons" indicator, which uses Bitcoin's hash rate and price correlation to suggest buying times, has indicated a buying opportunity for the second time this year. Previously, this signal was followed by a significant increase in Bitcoin's price. The indicator functions by examining the intersection of the 30-day and 60-day moving averages of the hash rate, signaling the end of miners' capitulation when the former surpasses the latter.

BitMos has announced plans to bring Bitcoin BRC-20 support to Terra Classic; This move is expected to be a game-changer for LUNC and USTC.

The article discusses the increasing number of Bitcoin spot ETF applications before the SEC, with decisions to be made for Bitwise ETP Trust, BlackRock, VanEck, WisdomTree, and Invesco. Despite high expectations, experts predict a low acceptance rate, although the size of BlackRock, which manages over $10 trillion in assets, provides some optimism.

Goldman Sachs analysts foresee the Federal Reserve ceasing interest rate hikes as inflation approaches its target, with a series of rate cuts predicted to commence in 2024.

Bernstein highlighted the spot Bitcoin ETFs in a report today and stated that the approval of a potential ETF would strengthen the bull cycle.