Monat: Oktober 2023

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Crypto sees $66M in institutional inflows amid Bitcoin spike

  • Bitcoin products saw $55.3 million in inflows, short bitcoin products recorded $1.7 million.
  • BTC price rose to highs above $35k amid speculation around a spot Bitcoin ETF.
  • In altcoins, Solana (SOL) saw inflows of $15.5 million but Ethereum saw $7.4 million in outflows.

Crypto products have registered institutional inflows for a fourth consecutive week, with Bitcoin seeing the most inflows amid its recent price spike. Today, the leading digital asset saw its price rise sharply to above $35k, suggesting the trend is likely to continue as sentiment slowly shifts towards a solid bullish outlook.

$66 million in inflows last week

It appears institutional appetite for crypto investment products is hitting new levels as more people pour money into crypto funds. A report by digital asset manager CoinShares shows that cryptocurrencies are on a four-week streak of inflows, with Bitcoin accounting for the largest share of that with 84%.

While Bitcoin products recorded $55.3 million in inflows, short bitcoin products saw $1.7 million. According to James Butterfill, the head of research at CoinShares, it’s a scenario that suggests “short sellers are losing confidence.”

Solana (SOL), which has seen bullish strength since breaking above $20, also recorded significant inflows with $15.5 million. This continues a trajectory that sees inflows into the altcoin account for 47% of the category’s assets under management (AuM) year-to-date. Meanwhile, Ethereum saw $7.4 million in outflows this past week.

“While the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the US, they are relatively low in comparison to June announcements, suggesting more caution from investors this time round,” Butterfill wrote in the report.

Nonetheless, speculation over a potential spot Bitcoin ETF triggered BTC’s sharp spike to its 17-month high above $35k early Tuesday. This momentum could take BTC higher and signal a bullish flip that develops into a raging bull market.

The post Crypto sees $66M in institutional inflows amid Bitcoin spike appeared first on CoinJournal.

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Bitcoin Offers Hope Along with These Undervalued Altcoins

TLDR

  • Bitcoin’s track record and exciting future developments offer investors hope.

  • Solana and NuggetRush are undervalued cryptocurrencies to consider for investment.

  • NuggetRush is a promising ICO project, expected to increase by 100% during its presale phase and by 2,000% after launch.

Bitcoin (BTC) is often used interchangeably with cryptocurrency. This is because it is the first crypto in the world. However, since its inception, several other cryptocurrencies have been launched. Recently, investors have been turning their attention to competitive tokens like Solana (SOL) and NuggetRush (NUGX). These coins are way cheaper than Bitcoin and have significant growth potential.

NuggetRush (NUGX): A promising player

NuggetRush (NUGX) is a new player in the crypto space. It is currently in its ICO (initial coin offering) stage, round one. However, it has significant growth potential, resulting in a frenzy in its ongoing presale. The token’s price is presently just $0.01, which is competitive and has substantial growth potential.

While the project is in its early stages, the presale is expected to see its price increase by 100% before its launch. As a result, early adopters are likely to enjoy significant profits when the tokens go live. Moreover, after its launch, analysts predict it could do another 2,000% increase. This outlook is one of the reasons it is seen as a good crypto to buy.

Further, NuggetRush is a project with potential thanks to its unique approach. As a P2E meme coin, investors will become part of a strong community. That isn’t all; as a gaming platform, players will have fun playing its exciting gold-mining game. 

Also, token holders will earn rewards, which will be a source of passive income.

>> Buy NuggetRush Now <<

Bitcoin (BTC): The pioneering cryptocurrency

Bitcoin (BTC) is the first cryptocurrency, hence the best crypto to buy. Since its launch in 2019, it has shown remarkable strength as it rides the volatility wave of the crypto market. Hence, Bitcoin is a great store of value.

Although it has considerably declined from its peak, it is gearing up to skyrocket, which several factors will contribute to. The first is the Bitcoin halving event, which is expected to occur in April 2024. In the history of Bitcoin, its halving has always been followed by a rise in its value, and the next one will not be an exception. Hence, investors can be seen purchasing BTC.

Furthermore, the approval of the first spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) will contribute to the increase in its price. Presently, it is the best cryptocurrency to invest in now.

Solana (SOL): A leading crypto and blockchain

Solana (SOL) is a top cryptocurrency and blockchain platform. It offers decentralized finance (DeFi) solutions. In other words, it was designed to build decentralized applications (dApps). Its competitive edge in the blockchain landscape is its scalability. 

To achieve this, it combines a proof-of-history (PoH) consensus mechanism with a proof-of-stake (PoS), thereby creating a hybrid consensus model.

As a top ten cryptocurrency, Solana continues to make waves not only in the blockchain scene but also in the crypto market. Recently, it has shown strength and gained traction in the market. These highlight its growth potential as well as its profit.

In addition to the above, its current price is competitive. Moreover, it has also declined by over 90% from its all-time high, leaving more room for growth. As a result, investors have been flocking to the token to enjoy huge gains.

Conclusion

Bitcoin offers hope and stability in the turbulent crypto market, along with Solana and NuggetRush. These underpriced altcoins hold significant potential, positioning them as the best cryptos to buy now. Consequently, it comes as little surprise that there has been a massive accumulation of these tokens.

Visit NuggetRush Presale Website.

The post Bitcoin Offers Hope Along with These Undervalued Altcoins appeared first on CoinJournal.

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Bitcoin price skyrockets to $35k on fresh spot ETF news

  • Bitcoin (BTC) price rose sharply to $35k, its highest price since May 2022.
  • The skyrocketing prices came as new speculation about a spot Bitcoin ETF approval hit the market.
  • Analysts say BTC could break to $40k or higher.

Bitcoin price skyrocketed early Tuesday to hit highs of $35k for the first time in 17 months. The BTC price’s sudden surge began late Monday when fresh news hit the market regarding the imminent approval of a spot Bitcoin ETF.

Bitcoin skyrockets to $35k

Unlike the previous ETF-triggered spike that faded just as quickly after it was the news was proved to be fake, this time BTC/USD smashed past the robust resistance at $32,800. The pump above this hurdle invalidated a bearish signal as the bellwether crypto asset to above $35k for the first time since early May, 2022.

Analysts are predicting further gains to $40k if bulls hold prices above the $31k level. This outlook could indicate strength for bulls and set up BTC for another explosive rally should the SEC make the formal announcement of a spot ETF approval.

Crypto analyst Michael van de Poppe commented in a post on X:

“#Bitcoin did hold above $30,200 and started breaking the yearly high. Quite surprised with this strength, but that’s what you get pre-ETF approval. As long as we stay above $31K, everything is all right and we’ll see $40K this year. Times are good. Buy the dips.”

Another analyst, the YouTuber Crypto Rover, says a breakout for BTC above the resistance line of a key triangle pattern could see it rally to highs of $48k.

Latest on spot Bitcoin ETF approval

As noted above, BTC price went vertical on fresh expectations of a spot Bitcoin ETF approval by the US Securities and Exchange Commission (SEC). On Monday, iShares Bitcoin Trust, which is by the $9 trillion asset manager BlackRock, was listed on the Depository Trust and Clearing Corporation (DTCC) website, highlighted with the ticker $IBTC.

Eric Balchunas, a senior ETF analyst at Bloomberg says this is all “part of the process of bringing ETF to market.”

While the SEC has yet to official approve any proposal, speculation is that this listing gives a nod to the potential approval. Also notable has been the SEC’s acknowledgement of the Grayscale filing for conversion of its GBTC to a spot Bitcoin ETF, paving the way for a possible listing.

The post Bitcoin price skyrockets to $35k on fresh spot ETF news appeared first on CoinJournal.