Kategorie: Bitcoin News

• Bernstein analyst says Bitcoin is more attractive than gold.
• Gautam Chhugani explained why in a research note today.
• Bitcoin is currently down about 10% versus its YTD high.

Gold has a history of doing well in a recession – but this time Bitcoin is an even better investment, as per a Bernstein analyst.

Bitcoin has a history of outperforming gold

Gautam Chhugani continues to see the world’s largest cryptocurrency as the ‘safe haven’ since it has performed about five times better than gold since 2018.

At 1.8%, he agreed that Bitcoin inflation is comparable to gold inflation for now but said “skeptics miss that every four years, [the former’s] inflation halves”.

The total supply of Bitcoin is scheduled to halve in May of 2024. Historically, that event has resulted in significant price appreciation.

Last week, billionaire hedge fund manager Paul Tudor Jones also said Bitcoin was a better investment than stocks in the current environment (read more).

Spot Bitcoin ETF will unlock significant demand

Gautam Chhugani is convinced that capital will flow into Bitcoin further as fears of recession continue to swell.

The Bernstein analyst dubs the cryptocurrency a better investment than gold also because it is at a “fairly early stage of institutional adoption”. Significant demand will unlock once the Securities & Exchange Commission approves the first U.S. Spot Bitcoin ETF, he added.

Bitcoin currently has a market cap that’s not even 5.0% versus that of Gold.

BTC soared materially this morning following a report that the regulator has approved iShares Spot Bitcoin ETF. But the news was later confirmed as fake and resulted in a sharp pullback that brought Bitcoin back to around the $28,000 level.

The post Bitcoin vs Gold: Bernstein analyst Gautam Chhugani picks a side appeared first on CoinJournal.

TLDR

• Bitcoin’s upcoming pre-halving event has set the tone for a rally.

• The International Monetary Fund (IMF) warns of possible inflation in 2024, which can affect Bitcoin’s rally.

• Crypto whales seeking ways to diversify their portfolios are looking to NuggetRush for considerable returns.

As the pioneering digital asset, the movements of Bitcoin ($BTC) can sway the entire crypto market, dictating trends and influencing investment strategies. Recently, the crypto community has been abuzz with talk of a Bitcoin rally, which has rekindled the industry’s excitement and curiosity. 

Amidst this Bitcoin resurgence, the intersection of its rally with the trajectory of NuggetRush (NUGX) sets the stage for intriguing exploration by crypto whales. NuggetRush is a meme coin that distinguishes itself through its blend of gaming, real-world impact, and a passionate community. The project stands at the forefront of crypto innovation, using the allure of digital art, including non-fungible tokens (NFTs), in its gaming model. 

In this article, we journey through the ripples created by this Bitcoin resurgence, specifically focusing on how the diversification of these crypto whales can impact top crypto coins like NuggetRush. 

NuggetRush (NUGX): Embracing the GameFi gold rush

NuggetRush is a groundbreaking meme coin, setting itself apart through a captivating gamification approach that promises to redefine the cryptocurrency landscape. This means that, beyond the trading charts and price fluctuations, investors can engage in a dynamic gaming environment and enjoy an interactive experience. It’s an excellent opportunity for early supporters seeking top crypto coins with a real-world impact.

The native token of the cryptocurrency ICO, NUGX, has a total supply of 500 million. With an intriguing tokenomics structure, NuggetRush offers a presale that marks a pivotal step toward realizing the project’s growth. The ICO has an initial DeFi coin price of $0.10 per token and a proposed launch price of $0.020 following the five stages of the presale.

NuggetRush offers a virtual universe that guarantees an unforgettable experience. The project is a revolutionary blend of GameFi and adventure that immerses players in the heart of a virtual gold rush. Every mine you explore and every strategy you craft holds the promise of valuable treasures, making every gaming session a thrilling quest. It’s a place where memes and trending NFTs evolve into tangible value. 

This cryptocurrency ICO doesn’t just stop at providing an immersive gaming experience. It’s built on the Ethereum blockchain, ensuring the highest security and transparency standards. 

The game’s characters, including Maxwell Stoneforge, Marcus “Mack” McAllister, and Amelia “Mia” Gallagher, offer players a dynamic and diverse set of skills and attributes, doubling as collectible non-fungible tokens. Excitement is added to the gameplay with these trending NFTs.

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Bitcoin ($BTC): Opportunities amidst the rally

The recent Bitcoin rally has captured the attention of the cryptocurrency world, sparking intrigue and excitement. This surge in the value of the token’s DeFi coin price is driven by a complex interplay of factors, including its impending pre-halving event and the possibility of a Bitcoin ETF approval. 

With these two factors, a change is definite for the cryptocurrency, although no one can tell which way the rally winds will blow. $BTC could skyrocket in price or decline further, especially following the IMF’s (International Monetary Fund) warning of inflation in 2024.

Cryptocurrency whales, individuals or entities holding substantial amounts of digital assets, have historically been known to wield considerable influence over the market. During bullish phases like the ongoing Bitcoin rally, these whales often diversify their portfolios, seeking new investment opportunities in tokens with incredible features like NUGX. 

This behavior demonstrates faith in the continued growth of the crypto market and suggests a potential flow of capital into smaller tokens. This diversification also introduces a layer of unpredictability as the market landscape evolves, with benefits and challenges awaiting smaller tokens as they navigate the tidal wave of a $BTC rally. 

With crypto whales diversifying to new tokens like NUGX, more growth opportunities are sure to arise for such projects and an influx of investors. These projects could potentially meet their goals quickly while gaining more partnerships.

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Conclusion 

The Bitcoin rally casts its influence far and wide, rippling the cryptocurrency market. As it surges, it illuminates the potential for diversified investments and ushers in fresh opportunities. 

NuggetRush, with its unique blend of gaming, impact, and community, stands poised to navigate these dynamic waters. The synergy between Bitcoin’s resurgence and the innovative approach of NuggetRush hints at a promising journey ahead. 

As the cryptocurrency landscape continues to evolve, one thing remains certain: the interplay of Bitcoin’s rally and tokens like NUGX exemplifies the dynamic nature of the crypto world, offering opportunities for investors and enthusiasts to explore and engage.

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The post Why a Bitcoin rally could mean big business for NUGX as whales continue to diversify appeared first on CoinJournal.

• The luxury carmaker partners with BitPay to facilitate cryptocurrency transactions.
• Ferrari is responding to growing customer demand and dealer requests.
• The luxury car maker will start by accepting crypto payments in the US and later Europe.

In some interesting crypto news, Ferrari, the iconic luxury sports car manufacturer, has officially announced its plans to accept cryptocurrency payments for its high-end vehicles in the United States.

This groundbreaking decision, spurred by increasing customer demand and the rise of digital currency investments, represents a significant shift in the automotive industry. Here’s what you need to know:

Crypto payments for iconic Ferraris

Ferrari’s chief marketing and commercial officer, Enrico Galliera, has confirmed the brand’s intention to accept cryptocurrency payments in the US and later in Europe. This move was primarily driven by a surge in market demand and repeated requests from their dealers. Notably, Ferrari has observed an influx of young, tech-savvy investors who are enthusiastic about digital currencies.

While the exact number of vehicles Ferrari expects to sell through cryptocurrency payments remains undisclosed, the company’s order portfolio is entirely booked until 2025, reflecting a strong demand for their luxury cars. This strategic adoption of cryptocurrencies aims to explore new avenues of connecting with potential buyers who are keen to use their digital assets for high-end purchases.

BitPay partnership for seamless transactions

For its initial foray into the cryptocurrency market in the United States, Ferrari has joined forces with BitPay, a major cryptocurrency payment processor. BitPay will facilitate the entire transaction process, ensuring a smooth experience for both buyers and sellers.

Importantly, BitPay will offer conversions from popular cryptocurrencies, such as Bitcoin and Ethereum, into traditional fiat currencies, like the US dollar. This conversion mechanism is designed to protect Ferrari and its dealers from the inherent volatility of cryptocurrencies, ensuring that the value of the vehicles remains consistent.

BitPay’s involvement doesn’t stop at currency conversion. They will also play a crucial role in verifying the legitimacy of the digital currency used for payments. This measure ensures that the funds do not originate from illegal activities, money laundering, or tax evasion, reinforcing the security and compliance aspects of the transactions.

Ferrari’s decision to embrace cryptocurrency payments marks a pioneering step within the luxury automobile industry.

While some large corporations have hesitated to integrate cryptocurrencies due to concerns about price volatility and environmental issues, Ferrari’s forward-thinking approach demonstrates its commitment to meeting the evolving preferences of its clientele. The company intends to introduce cryptocurrency payments in Europe during the first quarter of 2024, with potential expansion into other crypto-friendly regions.

The post Ferrari embraces crypto payments, partners with BitPay in the US appeared first on CoinJournal.

• Paul Tudor Jones expects a recession in the first quarter of 2024.
• He also expects the Israel-Palestine war to make stocks less attractive.
• Bitcoin has a history of doing well in the midst of political uncertainty.

Bitcoin is still down 13% versus its year-to-date high but Paul Tudor Jones remains bullish as ever on the world’s largest cryptocurrency.

Paul Tudor Jones expects BTC to do well in a recession

The billionaire hedge fund manager is constructive on Bitcoin primarily because he sees a recession ahead. The Founder of Tudor Investment also expects the Israel-Palestine war to make stocks less attractive.

Ongoing conflict in the Middle East has already claimed close to 2,000 lives. According to Paul Tudor Jones:

I think Bitcoin and Gold take on a larger percentage of your portfolio than historically they would because of a challenging political time in the U.S. and geopolitical situation.

Bitcoin has a history of performing well in the midst of political uncertainty – be it related to the Ukraine war or the recent elections in Turkey.

Why else is the billionaire constructive on Bitcoin?

On CNBC’s “Squawk Box”, Paul Tudor Jones said the inverted yield curve was a signal of a recession ahead that he believes will materialise in the first quarter of 2024.

The billionaire hedge fund manager first invested in Bitcoin at the start of the pandemic and holds some of it to date.

He’s bullish on the cryptocurrency also because of a decline in the U.S. fiscal position. At 122%, the debt-to-GDP in the United States is currently at its worse since the World War II.

Last month, U.S. lawmakers urged the Securities & Exchange Commission to “immediately” approve applications for a Spot Bitcoin ETF. Plus, total supply of the cryptocurrency is scheduled to halve in April of 2024. Both these events could translate to a rally in BTC as well.

The post Billionaire hedge fund manager Paul Tudor Jones picks Bitcoin over stocks appeared first on CoinJournal.

Key takeaways

• Bitcoin’s market dominance now stands above 50% as Ether and other major altcoins underperform.

• The broader crypto market is currently bearish due to the geopolitical uncertainty in the Middle East.

Bitcoin’s market dominance now stands at 50.3%

Bitcoin, the world’s leading cryptocurrency by market cap, has seen its market dominance increase in recent years. BTC’s market dominance now stands at 50.3%, a three-month high for the cryptocurrency.

This latest cryptocurrency news comes as Ether and other major cryptocurrencies have underperformed in recent days. Ether has seen its market dominance decline from 19% to around 17% over the last few months. 

Ether’s market dominance has been declining despite the Ethereum Merge upgrade going live a few months ago. Ether has underperformed compared to Bitcoin since Ethereum transitioned into a proof-of-stake protocol. 

Altcoins have been facing massive pressure from sellers in recent days. However, analysts believe that Bitcoin held its support above $27k.

If Bitcoin breaks past the $28k resistance level, it might rally above the $30k level in the near term.

Altcoins might face further selling pressure in the short term if the current trend is sustained. BNB and XRP have maintained their market dominance level of around 3% and 25%, respectively, over the past six months. 

The post Bitcoin’s dominance level now above 50% as altcoins underperform appeared first on CoinJournal.