Kategorie: Bitcoin News

• AltSignals token has raised over $1 million as it nears its target.

• Bitcoin has held quite steady above $30,000 even as risks in the industry rise.

Bitcoin price has held steady above the $30k level as the recent momentum wanes. It was trading at the important level of $30,230 on Tuesday, a few points below the year-to-date high of $31,413. Still, it remains about 21% above the lowest level in June and 95% above its 2022 low. At the same time, the first stage of the AltSignals token sale is running out.

Bitcoin is outperforming stocks

Bitcoin and many altcoins is outperforming American stocks and other assets this year even as regulatory risks continue. The coin has jumped by more than 80% in 2023, bringing its total market cap to over $587 billion.

Other financial assets have risen at a slower pace than crypto. For example, while gold price soared to an all-time high this year, it has only jumped by less than 10% this year. American indices like the Nasdaq 100 and S&P 500 have risen by about 15% and 35%, respectively.

Bitcoin has done well in a show of resilience considering that the crypto industry has gone through hell in the past few months. In May last year, Terra and its ecosystem crashed, leading to the collapse of other companies like Voyager Digital, Three Arrows, and Celsius. 

In November, the industry experienced the collapse of FTX, a leading exchange that was valued at over $30 billion. Crypto investors lost over $8 billion following the collapse, as we wrote here.

And this year, the Securities and Exchange Commission (SEC) decided to sue Coinbase and Binance, the two biggest players in the industry. The SEC made several allegations, including accusations that the two were offering unregulated products to American customers.

Therefore, the performance of Bitcoin is a reflection that cryptocurrencies are extremely resilient. In fact, Jerome Powell, the head of the Federal Reserve believes that Bitcoin has a lot of staying power.

AltSignals token sale continues

This resilience explains why several companies have managed to raise millions of dollars this year. Earlier this year, Metacade raised over $16 million from investors. Its developers are building a gaming platform that will compete with the likes of Decentraland and Sandbox.

AltSignals has raised over $1 million its highly successful token sale. As you can see here, the developers have sold 95.23% of all the available ASI tokens. They have raised over $1.028 million in the first stage of the sale. Each token is going for $0.015 and the developers will boost it by 25% in the next stage of the sale.

For starters, AltSignals is a company that hopes to use artificial intelligence to disrupt the financial services industry. The developers aim to improve its service by incorporating AI in its existing platform which is already profitable platform.

After the first phase, the developers will launch the second phase of the token sale. According to its white paper,  the developers will then get to work ahead of the new AI platform launch. They will also list the token in key centralized and decentralized exchanges.

The post Crypto resiliency continues as BTC holds above $30k, AltSignals raises $1M appeared first on CoinJournal.

• Bitcoin’s correlation with the Nasdaq 100 has fallen to just 3% in June, down from the overall 60% in 2022.
• BTC price has outperformed the stock index year-to-date and over the past year.
• Bitcoin price jumped to a year high last week after news of a spot Bitcoin ETF application by global asset manager BlackRock.

Bitcoin’s correlation with tech stocks has declined sharply over the past few months, more so after the benchmark cryptocurrency’s rally to a new year-to-date price this month.

According to an analysis published by market data research platform Kaiko released today, June 26, BTC has continued to break its correlation with the Nasdaq. 

Kaiko researchers note that in June, Bitcoin’s and the Nasdaq 100 trading trajectory diverged to currently sit at just 3% correlation.

Bitcoin outperformed Nasdaq 100 in June

The falling correlation, according to Kaiko, has been enhanced by the cryptocurrency’s double digit gains in June.

In this, BTC outperformed the tech equities’ 3%. While the Nasdaq 100 has gained about 35% year-to-date, its managed only 22% in the past year. BTC on the other hand is up more than 108% YTD and over 72% over the past year, even with the sell-offs occasioned by the collapse of TerraUSD and FTX in 2022.

It’s a performance that has seen the lockstep trading witnessed in the second half of last year shrink from 60%, the Kaiko analysts pointed out. 

CoinJournal analyst Dan Ashmore also recently looked at the fading correlation between the top crypto asset and stocks, examining the whys. 

BlackRock ETF news major bullish catalyst

On current outlook, Bitcoin has outperformed traditional risk assets even after a negative sentiment permeated the market following the US Securities and Exchange Commission (SEC) regulatory actions against Binance and Coinbase. Earlier, BTC had performed much better as stocks floundered amid the banking sector turmoil.

And just this past week, as equities broke their winning streak on new macroeconomic fears, Bitcoin led the crypto market higher – fueled by news of BlackRock’s ETF filing. BTC currently sits around $30,260, down 1% in the past 24 hours, but still up by over 15% in the past seven days.

CoinShares’ Chief Strategy Officer Meltem Demirors notes that together with BlackRock, companies with a combined $27 trillion in client assets are working to offer customers access to the crypto asset class.

1/ last week’s @BlackRock spot Bitcoin ETF filing was big news!

but, it’s not the only story. many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.

a quick glance – $27 trillion of client assets here! pic.twitter.com/azmHZmUL2a

— Meltem Demirors (@Melt_Dem) June 26, 2023

But while the Blackrock-inspired ETF frenzy remains a key bullish catalyst, other metrics such as open interest suggest growing inflows and speculation. Bitcoin bulls holding above the psychological $30k level or bouncing from fresh retest below that could form the next leg for BTC price upside action.

As highlighted here, the $34k level is increasingly looking as the next major hurdle for BTC in the short term.

The post Bitcoin’s correlation with Nasdaq 100 falls to 3-year low appeared first on CoinJournal.

• At press time, BCH price had risen by 52% in the last seven days and 28% in the last 24 hours.
• BSV, on the other hand, had gained 77% in the last seven days and 30% in the last 24 hours
• Bitcoin (BTC) has only gained 15% over the last seven days.

Recently, attention has been focused on Bitcoin (BTC) and its hard forks, Bitcoin Cash (BCH) and Bitcoin SV (BSV) that split off from the main chain. In the last seven days, the prices of BSV and BCH have skyrocketed, outperforming even BTC.

Despite the markets showing a consolidated trend after the recent price movements, prices of most cryptocurrencies are still skyrocketing with BCH and BSV being among the top three gainers today falling behind Waves (WAVES) which has shot up by 85% today.

Crypto market breakout after US SEC onslaught

The SEC lawsuits against Binance and Coinbase for allegedly violating US rules and regulations sent the markets into a sharp decline.

However, the drop did not last long. The prices were up again after industry heavyweights like BlackRock, Invesco, and WisdonTree threw their weight behind the industry. The other force behind the current crypto market boom is the emergence of China back into the cryptocurrency space.

China’s stand on cryptocurrencies

The historical relationship between China and cryptocurrencies has been quite complicated, with frequent bans that have always had an effect on the entire crypto market.

China has a history of opposing cryptocurrencies despite the fact that it was once the bedrock of most crypto activities including Bitcoin mining. The People’s Bank of China (PBC) made its initial attempt in 2013 when it forbade financial institutions from dealing in virtual currencies. Afterwards, authorities tightened their regulations of cryptocurrencies in 2017, especially targeting Initial Coin Offerings (ICOs).

Later in 2021, China took the toughest action and outlawed cryptocurrency mining causing a more than 50% decline in the crypto markets.

But recently, China has changed how it views cryptocurrencies. Beijing recently published a whitepaper titled “Web3 Innovation and Development White Paper (2023)” that promoted Web3 technology as a crucial element of the internet’s future development.

If China was to completely lift the crypto ban or ease its stand, the global markets could be deeply impacted, stimulating global demand and boosting prices. However, at the moment, everything is still surrounded by speculations going by what has been happening.

The post Bitcoin hard forks, Bitcoin Cash and Bitcoin SV in the spotlight with double-digit gains appeared first on CoinJournal.