Schlagwort: crypto business

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BTC price prediction: Bitcoin slips below $110k as market selloff continues

Key takeaways

  • BTC is down nearly 3% in the last 24 hours and has dropped below $110k.
  • The sell-off continues despite analysts being optimistic about BTC’s performance in the medium term.

BTC dips below $110k as altcoins bleed

The cryptocurrency market has been volatile since the start of the week and now seems to end it on a bearish note. Bitcoin, the leading cryptocurrency by market cap, has lost 2.8% of its value in the last 24 hours and is now trading below $110k.

The bearish performance comes despite positive forecasts around BTC’s medium and long-term views. Asset management firm Bitwise projects Bitcoin price to trade near $1.3 million by 2035, citing institutional demand, scarce supply, and macroeconomic pressures.

In its report, Bitwise added that in a bullish case, Bitcoin could reach $2.97 million (39.4% CAGR), while a bearish scenario could see BTC stuck around $88,005 (2% CAGR).

Banking giant JPMorgan also stated that Bitcoin is undervalued relative to gold. The bank argued that the digital asset is increasingly attractive for institutional portfolios, and this could push its price higher in the medium to long term. 

BTC could retest $108k to find support

The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has been underperforming over the past few days. The coin could dip further over the next few hours as it seeks to find its strong support.

The Relative Strength Index (RSI) on the 4H chart reads 47, which is below its neutral level of 50, indicating bearish momentum. The MACD lines are also within the negative territory, suggesting that sellers are currently in control.

BTC/USD 4H Chart

If Bitcoin closes below its daily EMA level of $110,883, then it could dip further and retest its recent low of $108,513. An extended bearish run will see BTC dip toward its next key support at $103,991, the 200-day EMA.

However, if the market bounces back and closes above the $110k EMA, it could extend its recovery toward its next daily resistance at $116,000.

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Crypto ETF market expands with 92 filings awaiting SEC decision

  • Solana has eight ETF applications pending.
  • XRP follows with seven ETF applications.
  • Grayscale seeks to convert five trusts into ETFs.

The US Securities and Exchange Commission (SEC) now faces one of its heaviest backlogs in the digital asset space, with at least 92 cryptocurrency exchange-traded product applications awaiting review.

According to an expert, Solana (SOL) and XRP (XRP) lead the wave of filings, each with multiple applications under consideration.

The trend highlights growing institutional demand for altcoin exposure through regulated investment vehicles, even as the SEC continues to weigh its stance on crypto products.

The pace of new filings has accelerated in recent months, suggesting the market is preparing for a broader expansion of crypto ETFs.

Solana and XRP lead with 15 ETF applications

Solana and XRP have emerged as the frontrunners among altcoins in ETF interest.

Analyst James Seyffart reported that Solana currently has eight ETF applications pending, while XRP has seven.

Both tokens rank among the most actively pursued crypto assets after Bitcoin (BTC) and Ether (ETH).

Analyst Eric Balchunas noted on April 21 that 72 crypto-related ETFs were already awaiting SEC review at that time.

With the figure now at 92, a further 20 applications have been added in just four months, pointing to rising momentum across the industry.

The filings include proposals offering exposure not only to Solana and XRP but also to other altcoins, alongside three ETFs linked to Bitcoin and Ether.

Grayscale and 21Shares push for Ether staking ETFs

Two of the largest players in the digital asset space, Grayscale and 21Shares, are also part of the current SEC queue. Both are seeking approval for Ether staking ETFs.

Earlier this month, the SEC clarified that some liquid staking activities fall outside its regulatory scope, a development that may impact how such filings are assessed.

Grayscale is also pursuing a major conversion of five of its existing trusts into ETFs.

These include three publicly traded funds and two private trusts, covering exposure to Litecoin, Solana, Dogecoin, XRP, and Avalanche.

Such conversions would expand ETF access across a broader set of cryptocurrencies if approved.

Market analysts expect ETF approval to drive altcoin rally

The potential impact of SEC decisions on altcoin markets remains a key focus for traders.

Analysts at Bitfinex observed on Monday that a broader rally among altcoins is unlikely until more crypto ETFs gain approval.

This view underscores the role regulatory clarity could play in shaping institutional and retail participation in the sector.

Meanwhile, market commentators such as NovaDius Wealth Management president Nate Geraci have pointed to the sheer volume of filings as evidence of what they call “crypto ETF floodgates about to open soon”.

BlackRock dominates with $71.40 billion ETF inflows

While new applications continue to pile up, global asset manager BlackRock has already secured a commanding lead in the crypto ETF category.

Its iShares Bitcoin Trust ETF (IBIT) has attracted net inflows of $58.28 billion since launch.

Its iShares Ethereum Trust ETF (ETHA) has accumulated $13.12 billion in inflows, according to data from Farside Investors.

BlackRock’s IBIT fund now holds more than 3% of Bitcoin’s total circulating supply. A Wednesday report also indicated that ETHA may soon surpass Coinbase as the largest single holder of Ether.

Notably, IBIT now generates more annual fee revenue for BlackRock than its flagship S&P fund, iShares Core S&P 500 ETF (IVV).

This is due to the fee structure, with IBIT carrying an expense ratio of 0.25%, compared to just 0.03% for IVV.

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Bitcoin remains under pressure as gold targets a new all-time high

  • Bitcoin’s rally attempt fails as it retreats to below 112,000 dollars.
  • Gold continues its quiet but powerful climb, nearing its all-time high.
  • In August, gold is up nearly 4 percent while Bitcoin has fallen over 5 percent.

A hopeful rally in the cryptocurrency market was decisively crushed on Thursday, as steady selling pressure throughout the US trading session sent prices into a familiar retreat.

The failed bounce underscores a growing sense of fatigue in the digital asset space and throws a stark and revealing light on the silent, powerful ascent of its analog rival: gold.

After a brief flirtation with the 113,000 dollar level, Bitcoin (BTC) was beaten back, sinking to 111,800 late in the session for a loss of 0.7 percent over the past 24 hours.

The selling was even more pronounced in other major tokens, with Ether (ETH) and XRP shedding a more sizable 2.1 percent and 1.4 percent, respectively.

The one notable bright spot in a sea of red was Solana’s SOL, which managed to buck the trend with a respectable 3.1 percent gain.

A silent ascent to the summit

While the crypto market grapples with its own inertia, a different story is unfolding in the world of precious metals.

Quietly, but with unshakable conviction, gold has been on the rise. The yellow metal added another 0.8 percent on Thursday, climbing to 3,477 dollars per ounce.

This puts the safe-haven asset just a few dollars shy of the record high of 3,534 dollars it touched earlier this month.

The performance in August paints an even more dramatic picture of this great divergence: while Bitcoin has slid 5.2 percent, gold has rallied by nearly 4 percent.

The great disconnect

This decoupling is the great mystery currently haunting the market.

The very same macroeconomic tailwinds that are propelling gold higher—namely, the prospect of lower interest rates and a weaker US dollar—are conspicuously failing to ignite any significant bid for “digital gold.”

The fundamental case for Bitcoin as an inflation hedge and a store of value is being put to a severe test, and for now, it is failing.

A September showdown looms

The stage is now set for a potentially volatile final four months of the year.

The resumption of Federal Reserve rate cuts appears to be firmly on the table for September, a move that could be amplified by President Trump’s appointment of one or possibly two new, likely dovish, members to the Fed’s board.

As these powerful forces converge, the market is watching to see if Bitcoin can finally catch the golden tailwind or if its strange and troubling disconnect is a sign of a deeper malaise.

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PYTH skyrockets 60% as US government taps Pyth Network to verify economic data on-chain

  • The US Department of Commerce has published GDB on blockchain for the first time.
  • It has selected Pyth Network as the oracle platform to verify and distribute economic data.
  • PYTH saw a sharp price increase after the news.

The United States continues to establish itself as the international hub for blockchain and cryptocurrency undertakings.

In a groundbreaking move, the US Department of Commerce confirmed today that it will start publishing GDP (gross domestic product) data on blockchain, starting with last month’s figures.

The announcement catalyzed bullish sentiments across the cryptocurrency space, especially for the project that the government picked.

The US Department of Commerce has worked with nine blockchains and leading exchanges.

To ensure data accessibility and reliability, it chose Chainlink and Pyth Network.

Pyth Network at the center of historic move

The Department revealed that it published the official hash of its quarterly GDP data across nine networks: Bitcoin, Ethereum, Solana, Avalanche, Arbitrum, Tron, Polygon PoS, Optimism, Stellar, and Arbitrum One.

Also, it has worked with leading exchanges, including Coinbase, Kraken, and Gemini, to facilitate the latest release.

Furthermore, the US Department of Commerce tapped oracle providers Chainlink and Pyth Network to guarantee reliability and accuracy.

PYTH rallied immediately after the news as the community celebrated the project’s “validation moment.”

Pyth Network focuses on bringing real-time, high-quality data on-chain.

Thus, the announcement represented a watershed moment for the altcoin, as it anticipates lucrative use cases.

The government’s reliance on Pyth’s oracle service validates its infrastructure and status as a trusted player in the integration between decentralized networks and public institutions.

Government ratification fuels confidence

Howard Lutnick, US Secretary of Commerce, commented on the benefits of this move.

He perceives it as a part of the President’s strategy to make America the hub of blockchain. Lutnick said:

It’s only fitting that the Commerce Department and President Donald Trump, the crypto-President, publicly release economic statistical data on the blockchain. We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world.

The high-profile commendation has put the Pyth Network on the map as a trusted oracle protocol authorized by the government.

Officials confirmed that it will leverage oracles like Pyth to release other datasets, beyond GDP.

PYTH price outlook

The native coin exploded within minutes after the collaboration updates.

PYTH trades at $1891 after gaining around 62% from its daily low.

The staggering 2,400% uptick in trading volume signals massive interest in the altcoin.

Also, Pyth Network’s market capitalization has crossed the $1 billion mark for the first time since February 2025.

The US government endorsement positions PYTH for impressive performance in the coming months and years.

The development could bolster institutional demand from firms exploring blockchain to provide accurate and reliable data.

Prevailing sentiments suggest PYTH might have secured the needed catalyst to recover to its 2024 all-time highs above $1.

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Pi Network launches Linux Node and protocol upgrades: PI coin sees largest gain in days

  • Pi Network releases Linux Node, expanding support beyond Windows and macOS.
  • Protocol v23 brings on-chain KYC and prepares for smart contracts.
  • Over 14.8M users verified, boosting adoption and mainnet readiness.

The native token of Pi Network, Pi Coin, has recorded its sharpest gain in weeks after months of bearish pressure.

At press time, PI was trading at $0.3534, up 3.2% in the past 24 hours.

The rally comes after Pi Network announced a major infrastructure upgrade and the release of a Linux-compatible version of its Node software, a move that is being seen as a crucial step toward mainnet activation.

Linux Node release signals stronger foundation

The release of the Pi Node for Linux marks a turning point for the project.

Until now, Pi Nodes were limited to macOS and Windows, which left operators and exchanges that rely on Linux systems on the sidelines.

By expanding to Linux, the network has opened its infrastructure to a wider set of users, service providers, and partners.

The Linux Node is designed to run standardised software that can auto-update, reducing the burden of manual maintenance.

This not only strengthens network stability but also minimises the risk of fragmentation.

For exchanges, which had long requested such compatibility, the upgrade lowers integration barriers and enhances the likelihood of smoother listings in the future.

Protocol upgrade prepares Pi for smart contracts

The Linux launch comes alongside Pi Network’s preparation for its most anticipated blockchain upgrade.

The network is rolling out protocol version 23, which introduces Know Your Customer (KYC) verification directly on-chain and paves the way for smart contract support through Stellar’s protocol 23 upgrade.

The transition is being carried out gradually, starting with Testnet1, then moving to Testnet2, before finally reaching the mainnet in the coming weeks.

The Pi Core Team has cautioned that minor outages may occur during the process, but users will be notified in advance.

Once complete, the upgrade is expected to align Pi more closely with global identity standards, including ERC-3643, while also enabling a new wave of decentralised applications to be built on its infrastructure.

Growing adoption and user verification

Beyond its technical upgrades, Pi Network continues to grow its verified community.

The team recently confirmed that more than 14.82 million users have completed KYC and migrated to the mainnet.

This milestone is significant because it allows for integrations that require verified identities, making Pi more appealing to potential partners, service providers, and regulated exchanges.

The push toward on-chain KYC also reflects a broader trend in the crypto industry, where identity and compliance are increasingly seen as prerequisites for mass adoption.

By embedding KYC within its blockchain, Pi is positioning itself as a network that bridges decentralised participation with regulatory trust.

Pi Network price outlook improves

Pi Coin’s price action has mirrored the optimism around these upgrades.

The token has rebounded from its all-time low of $0.3312 reached just days ago, climbing back into the $0.35 range.

Technical indicators suggest a potential shift in momentum, with the Relative Strength Index (RSI) forming a bullish divergence against recent price lows.

If buying pressure continues, analysts see room for the coin to test resistance near $0.40, which aligns with its 50-day Exponential Moving Average (EMA).

A successful breakout could open the door for a larger rally toward $0.60 in the months ahead, especially if exchange listings materialise.

On the downside, however, Pi coin remains closely tied to broader market sentiment and Bitcoin’s movements.

Any sustained weakness in the wider crypto market could push PI back toward $0.30 support.

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