Kategorie: Bitcoin News

Key takeaways

• Bitcoin is trading above the $27k level once again and could reach the $28k region soon.

• Shiba Memu’s presale is now closing in on the $3.5 million mark.

The cryptocurrency market is having a positive end to the week, with prices of most coins and tokens in the green zone. Bitcoin could be heading towards the $28k level soon as market sentiment improves.

Furthermore, Shiba Memu’s presale is now closing in on the $3.5 million milestone as more investors troop into the project.

Bitcoin could surge towards the $28k level soon

The cryptocurrency market is ending the week in a positive manner, with the prices of most coins and tokens currently up by more than 2%. Bitcoin has added more than 2% to its value in the last 24 hours. At press time, the price of Bitcoin stands at $27,094.

The positive performance comes as oil prices and US Treasury yields recorded a dip in prices, resulting in a weaker US Dollar. If the trend should continue, Bitcoin could see its price rally higher and reach the next major resistance level above $28k in the coming days. 

What is Shiba Memu?

Shiba Memu has been gaining interest from investors over the past few months thanks to its unique proposition. This Web3 project seeks to combine the powers of blockchain technology and artificial intelligence to make it easier for individuals and entities to carry out market campaigns.

In their whitepaper, the team explained that Shiba Memu can handle a wide range of marketing activities, including content creation, marketing, social media advertisement, and creative advertisement. 

Since Ahiba Memu will be AI-powered, the software can work 24/7, finding the best creative adverts, consuming them and generating superior content marketing. 

By launching as a meme token, Shiba Memu is riding the popularity wave of meme coin projects in recent years. This is strengthened by the fact that within two years, meme coins saw their market caps grow from practically $0 to $20 billion in 2022. 

Shiba Memu is differentiating itself from other meme coins by serving as more than just a speculation tool. Shiba Memu is launching with real-world use cases and would allow users to create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. 

The Shiba Memu project will be available to users on the Ethereum and BNBChain blockchains. 

Shiba Memu’s presale closes in on the $3.5m milestone

The broader crypto market is currently bullish, and Shiba Memu is not left out as its presale looks set to hit a new milestone. The presale has been going on for three months now, and the team has raised more than $3.4 million. 

The funds generated via the presale would be used to develop some of Shiba Memu’s products and services. The Shiba Memu AI technology will be the primary product of this project. 

In their whitepaper, the team said the platform would come with a robotastic dashboard, allowing users to interact with the AI, provide feedback, make suggestions, ask questions, and more.

Click here to find out more about Shiba Memu’s presale event.

Shiba Memu price prediction

It is hard to predict Shiba Memu’s price in the medium to long term since the project is still in its presale stage. At the moment, 1 SHMU = 0.030475 USDT. The token’s price increases every day at 6 pm GMT and is set to trade at 0.030700 USDT per token in a few hours. 

At the beginning of the presale, SHMU was trading at $0.011125, and it has seen a remarkable increase in price since then. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

Should you buy Shiba Memu today?

Shiba Memu could become one of the leading meme token projects thanks to the utility it intends to offer users. By combining AI and blockchain technologies, Shiba Memu could gain massive adoption in the marketing world. 

The project is still in its early stages, making its token a discount for investors. With the right level of adoption, SHMU’s price could rally over the next few months and years.

The post Bitcoin could rally towards $28k as Shiba Memu’s presale approaches $3.5m appeared first on CoinJournal.

• James Butterfill expects Bitcoin to rally if the U.S. government shuts down.
• BTC has a history of performing quite well in times of uncertainty.
• The world’s largest cryptocurrency is already up close to 4.0% today.

Bitcoin will likely rally if the U.S. government does indeed shut down on October 1^st, says James Butterfill – the Head of Research at CoinShares.

Why may BTC rally on shutdown?

The world’s largest cryptocurrency by market cap is already up close to 4.0% on Thursday as the U.S. government started sending out notifications to federal employees that a shutdown may be imminent.

And that rally may extend when the shutdown actually begins, as per CoinShares’ Butterfill.  Because the investors could read the funding lapse as a sign of instability and turn to Bitcoin for refuge.

This scenario bears resemblance to the debt ceiling stalemate experienced earlier this year, which ended up bolstering Bitcoin prices.

Bitcoin continues to find a strong support at the $25,000 level.

U.S. banks still have downside risks

Note that Bitcoin saw strength when the likes of Silicon Valley and Signature banks collapsed earlier this year. That speaks a lot about its ability to outperform in times of uncertainty.

And the U.S. financial institutions may not entirely be out of the woods just yet. Martin Gruenberg – Chair of the U.S. Federal Deposit Insurance Corporation (FDIC) recently warned that inflation and higher rates continue to be a significant downside risk for the banking space.

Another near-term tailwind for BTC could be the approval of a Spot Bitcoin ETF – for which the U.S. lawmakers pushed SEC Chair Gary Gensler just a day earlier (find out more).

On Thursday, Rob Ginsberg of Wolfe Research also said that Bitcoin was worth investing at its current price.

The post Here’s what the U.S. government shutdown may mean for Bitcoin appeared first on CoinJournal.

• Bitcoin rose to $26,820 on Wednesday, trading in the opposite direction to stocks as the Dollar Index hit a 10-month high.
• An easing for the DXY could see Bitcoin price strengthen above the $26k base.

Bitcoin (BTC) defied a surge for the Dollar Index (DXY) on Wednesday, spiking to above $26,820 in early US trading hours. The gains for the benchmark cryptocurrency buoyed the altcoin market, with several tokens seeing decent moves to push the total market cap up by about 1.5%.

But as the DXY, which measures the greenback’s strength against a basket of other major currencies, hit highs of 106.83 for its highest level since November 2022, stocks moved lower. Alongside the dollar’s strength has been rising yields, with the benchmark 10-year US Treasury yield soaring to a 16-year high of 4.64%. The two-year US yield rose to 5.15%

It’s a scenario that sees the stock market compound weakness seen over the past week, including Tuesday’s Dow slump that was the biggest in a single day since March.

BTC price outlook

The US dollar index’s upside has historically signaled a bearish outlook for stocks and other risk assets, including crypto. Market intelligence platform says the negative correlation between the dollar index and Bitcoin and S&P 500 has particularly been evident since 2021.

That should be the perspective, though Bitcoin is showing a resilience above $26k. According to crypto investor Scott Melker, Bitcoin’s performance shows it “has its own life.”

$BTC is currently COMPLETELY uncorrelated from every other market.

Bitcoin is up, the dollar is WAY up, stocks are down, gold is down.

Bitcoin has a life of its own.

— The Wolf Of All Streets (@scottmelker) September 27, 2023

Meanwhile, Santiment analysts say BTC could see a breakout if the DXY begins to cool off.

The post Bitcoin holds steady as DXY advance hurts stocks appeared first on CoinJournal.

• Bitcoin is defending the $26k after the recent MicroStrategy’s latest BTC purchase.
• Concerns over the US dollar’s impact on BTC may be overstated by investors.
• Coinbase holds about 5% of the total bitcoin in circulation.

MicroStrategy’s recent acquisition of Bitcoin worth nearly $150 million has made waves in the cryptocurrency market, causing a notable shift in Bitcoin’s price dynamics.

The move was a demonstration of MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, of its strong commitment to Bitcoin. The recent Bitcoin purchase sent ripples throughout the cryptocurrency world.

A boost to Bitcoin price

Before MircoStrategy’s BTC acquisition announcement, Bitcoin had briefly dipped below the $26,000 level, around which it has been hovering for a week. However, as soon as news of the purchase became public, Bitcoin price saw a significant upward movement, gaining several hundred dollars in value and hitting a daily high of $26,421.51.

In addition to MicroStrategy’s purchase, China’s Shanghai People’s Court also recently made a significant announcement recognizing Bitcoin as a distinctive digital currency, despite the country’s established ban on cryptocurrencies. This recognition has garnered attention, notably due to Justin Sun, the founder of Tron, drawing attention to the Shanghai No. 2 Intermediate People’s Court’s recent publication, which outlines key characteristics of Bitcoin.

The Shanghai court clearly distinguished Bitcoin from virtual counterparts like Q coins, emphasizing its unique attributes. These include Bitcoin’s scarcity, widespread global acceptance, and intrinsic monetary qualities. This acknowledgement represents a notable departure from China’s traditional classification of cryptocurrencies primarily as speculative investments.

The recognition by the Shanghai People’s Court marks a shift in how Bitcoin is officially perceived within the Chinese legal system. While the ban on cryptocurrencies remains in place in China, this recognition of Bitcoin’s distinct nature as a digital currency signifies a nuanced perspective on its role and significance within the broader financial landscape. It highlights the evolving discourse surrounding cryptocurrencies in China and their potential utility beyond speculation.

Bitcoin’s resilience

Despite the volatility in recent weeks, Bitcoin has shown resilience. Last week, it reached a 20-day high at $27,500, only to experience a drop to $26,400 by the end of the business week, partly influenced by the US Federal Reserve’s latest meeting.

The weekend remained relatively stable, with Bitcoin maintaining a level of around $26,600. However, Monday started on a bearish note, leading to a temporary dip below $26,000.

MicroStrategy’s announcement acted as a catalyst, helping Bitcoin recover from this low point. While MicroStrategy’s continuous accumulation of Bitcoin strengthens the company’s position as a major institutional investor in the cryptocurrency, it also underscores the growing acceptance of Bitcoin as a valuable digital asset.

The post MicroStrategy’s latest BTC purchase sets Bitcoin price in motion appeared first on CoinJournal.