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  • Shiba Memu, Hifi finance, and Bitcoin price prediction

    Shiba Memu, Hifi finance, and Bitcoin price prediction

    • $26,500 level holds the potential to serve as a pivotal point for Bitcoin price.
    • According to market analysts, Hifi Finance could hit the highest price of $1.0.
    • At press time, one Shiba Memu (SHMU) coin was going for 0.028225 USDT.

    The crypto market is once again on a bull cycle after a brief bear market that saw Bitcoin briefly drop below $25,000. As the crypto market rallies a number of cryptocurrencies among them Hifi Finance, Bitcoin, and Shiba Memu are trending.

    Shiba Memu, a new cryptocurrency project is riding the meme coins and artificial intelligence wave. Alhough its first target is to contend the top position among meme coins, the coin will most likely be among the top cryptocurrencies by the end of 2023 going by the way investors are trooping to the project.

    Shiba Memu is currently in the presale phase and it has already raised $2,931,352.80. Besides using AI to market itself, the price of Shiba Memu (SHMU) beeps adjusting upwards every few hours, which could be a great proposition for investors.

    Bitcoin price prediction

    Upon conducting a thorough technical analysis of Bitcoin’s current position, it reveals a prudent inclination towards a bearish trend. At present, Bitcoin finds itself positioned slightly above the $26,500 support level, which was once a formidable resistance. It maintains a relatively stable position just above the $26,800 resistance, indicative of a potential formation of a double-top pattern.

    Bitcoin price chart

    An important feature to note is the presence of a descending trend line at approximately $26,750, which could act as a restraining factor for Bitcoin’s upward trajectory. Should Bitcoin manage to breach this trend line, it may set its sights on the $27,000 level. Beyond this threshold, the $27,600 level looms as a significant resistance, and surpassing it could potentially open the path towards the coveted $28,000 milestone.

    Conversely, if Bitcoin fails to overcome the $26,750 trend line, it might retrace its steps towards $26,600 or, in a more bearish scenario, revisit the $26,000 support level. Such a retracement could trigger heightened selling pressure, potentially leading to a decline in price to around $25,250.

    Importantly, various technical indicators, including the 50-day exponential moving average and the relative strength index, signal the possibility of a forthcoming bullish momentum. Investors should maintain a vigilant watch on the $26,500 level, as it holds the potential to serve as a pivotal point. Prices surpassing this level could indicate favorable buying signals, while prices below it might suggest a tendency towards sell signals.

    Looking ahead to the upcoming week, several pivotal economic events are poised to exert influence on Bitcoin’s price dynamics, given the cryptocurrency’s correlation with macroeconomic factors. On Wednesday, September 20th, all eyes will be on the Federal Reserve as it releases its Federal Funds Rate, which is presently set at 5.50%. Simultaneously, market observers will eagerly anticipate the FOMC Economic Projections, FOMC Statement, and the ensuing FOMC Press Conference scheduled for 18:30. The stance adopted by the Federal Reserve, whether dovish or hawkish, can potentially trigger significant volatility in traditional markets, a phenomenon that often cascades into the cryptocurrency market.

    Moving to Thursday, September 21st, this day will bring forth Unemployment Claims data, with analysts predicting a slight increase to 222,000 from the previous figure of 220,000.

    Concluding the week on Friday, September 22nd, we will witness the release of the Flash Manufacturing PMI and Flash Services PMI, projected to be at 47.9 and 50.8, respectively. These indices offer valuable insights into the overall economic health and, if they deviate significantly from expectations, they can indirectly influence Bitcoin’s price by affecting market sentiment.

    Hifi finance price prediction

    Hifi Finance (HIFI) experienced a sharp decline in price following an impressive seven-day rally that had long been anticipated by token holders, ending a period of extended consolidation. This surge and subsequent drop occurred while Bitcoin (BTC) prices remained relatively stable, leaving the broader market yearning for a catalyst. In the midst of this, analysts suggest that the current environment is conducive for investing in alternative cryptocurrencies (altcoins).

    Hifi Finance’s price exhibited substantial volatility during this period. Over the past week, Hifi Finance (HIFI) witnessed an astounding 362% surge against the Tether (USDT) stablecoin on the Binance Exchange, concluding the trading session on September 16 at $2.320. This surge followed its breach of the psychologically significant $2.5000 level, reaching an intraday peak of $2.635.

    The sudden rise in Hifi Finance’s price was closely linked to a significant surge in trading volume on the Korean exchange Upbit. Upbit Korea accounted for approximately 65% of the total trading volume for the asset on that Saturday, with Wu Blockchain reporting a remarkable 208% increase in trading volume. It was noted that Upbit led the way in spot trading, accumulating up to $717 million in trading volume over the previous 24 hours. However, the price experienced a substantial decline of around 40% within the last day, triggered by Binance’s introduction of the HIFI perpetual contract.

    Notably, there was a noteworthy discrepancy between the prices of HIFI in the futures market and the spot market. HIFI futures were trading at a -40% premium compared to spot prices, a rare and perplexing phenomenon that raises concerns about the dynamics of Hifi Finance’s price.

    A perpetual contract, similar to a futures contract, is a derivative instrument but lacks an expiration date. It represents an agreement between two parties to buy or sell an asset at a fixed price without a specified expiry date. This allows traders to speculate on the asset’s value using leverage without the need to worry about their contracts expiring. While perpetual contracts offer the potential for amplified profits, they also carry the risk of rapid liquidation of traders’ positions if the asset’s price experiences a significant drop.

    The decline in HIFI’s price on Binance following the introduction of the perpetual contract can be attributed to several factors. Perpetual contracts provide increased liquidity, tighter spreads, and resistance to market manipulation, making them an attractive choice. It’s worth noting that Korean traders have been associated with pump-and-dump practices in the past. CryptoQuant CEO Ki Young Ju pointed out that this behavior may be influenced by the region’s strict capital controls, which limit arbitrage opportunities between global exchanges.

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  • Bitcoin tops $27k as Shiba Memu’s presales close in on the $3M mark

    Bitcoin tops $27k as Shiba Memu’s presales close in on the $3M mark

    TL;DR

    The cryptocurrency market has been bullish today, with prices of most cryptocurrencies up by more than 2%. With the market in a bullish state in the last few days, Shiba Memu is also closing in on a new record as its presale now stands above $2.9 million.

    Bitcoin crosses the $27k mark

    Bitcoin, the world’s leading cryptocurrency by market cap, has been performing well in recent days. It added more than 2% to its value over the past 24 hours as the rally continues.

    At press time, the price of Bitcoin stands at $27,290, up by 2.6% so far today. Bitcoin’s positive performance has also seen the broader crypto market embark on a mini rally. The total cryptocurrency market cap now stands at $1.08 trillion, up by more than 2% in the last 24 hours. 

    What is Shiba Memu?

    With the broader crypto market currently in a bullish mode, Shiba Memu’s presale has also been going excellently. Shiba Memu’s presale is closing in on a new milestone after adding more than $300k over the last few days. 

    Shiba Memu is a meme token project that combines AI and blockchain technology to create an unstoppable, entirely self-sufficient marketing powerhouse.

    According to the development team, Shiba Memu is designed to handle the work of various marketing strategies. As an AI-based platform, Shiba Memu will be active at all times. 

    The Shiba Memu platform will always be active in finding the best creative advertising campaigns, making it easier for entities and individuals to carry out marketing campaigns. 

    Shiba Memu was launched as a meme project thanks to the recent popularity of meme coins. Over the last three years, the market cap of meme coins grew from practically $0 to reach the $20 billion mark in 2022. 

    While most meme coins lack use cases, Shiba Memu is built differently. Shiba Memu has utility and will solve real-world problems for companies and individuals. 

    In their whitepaper, the team said Shiba Memu has self-sufficient marketing capabilities powered by AI technology. As an AI-powered platform, Shiba Memu will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks. Shiba Memu currently operates on two major blockchains, Ethereum and BNB Chain

    Shiba Memu’s presale nears $3m

    Shiba Memu’s presale continues to set new records, adding more than $300k over the past seven days. Last week, Shiba Memu’s presale investment stood at $2.6m, and it currently stands at $2.9m.

    The funds generated from the presale would be directed towards the development of some Shiba Memu products. Most of the funds would be used to develop Shiba Memu’s AI technology. 

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

    Should you invest in Shiba Memu today?

    Shiba Memu’s presale continues to generate more interest thanks to the project’s value proposition. In addition to that, the cryptocurrency market has experienced an excellent performance since the start of the year, with the prices of most coins and tokens up by nearly 40% during that period.

    Despite the positive performance, the market is still down by more than 50% from the all-time high set in 2021. Market analysts are now expecting Bitcoin and other cryptocurrencies to rally over the next few months. 

    Shiba Memu could be one of the biggest winners once the project launches and the token gets listed on crypto exchanges. 

    Shiba Memu is set to combine the powers of AI and blockchain technology to ease marketing strategies for companies and individuals. If the project gets the right level of adoption, its SHMU token could rally higher in the medium to long term. 

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  • Pro says ‘longer term momentum is starting to break in Bitcoin’

    Pro says ‘longer term momentum is starting to break in Bitcoin’

    long term momentum breaking bitcoin wolfe research
    • Wolfe Research analyst is concerned on recent price action in Bitcoin.
    • Rob Ginsberg explained why in a research note on Thursday.
    • The world’s largest cryptocurrency printed a Death Cross this week.

    Bitcoin slipped below the key $25,000 support this week which a Wolfe Research analyst finds concerning.

    Why is Rob Ginsberg worried about Bitcoin

    The world’s largest cryptocurrency tested that level in June as well but ended up rebounding strongly from there.

    But the fact that it broke below that strong support this time even if it did so only briefly is worrying because of what it says about the price momentum, as per Rob Ginsberg.

    Longer term momentum is starting to break in bitcoin. This is often one of our more reliable warning signs … crypto landscape is growing every more concerning.

    Ginsberg is currently bearish on the crypto market at large since Bitcoin is not the only one that challenged crucial levels in recent days.

    Bitcoin recently made a Death Cross

    Note that Bitcoin has also recently printed a “Death Cross” – its 20-day MA crossed below the 200-day MA that is broadly read as a sign of shifting sentiment and a possible downward trend in technical analysis.

    If the $25,000 level does not hold, the next support in Bitcoin is at $20,000.

    The Wolfe Research analyst also finds it concerning for the crypto space that its second-in-command – Ether is also currently trading at the key $1,600 level. His research note on Thursday reads:

    As the retail investor comes under pressure and liquidity is drained, our concerns will only grow for crypto prices.

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  • Bitcoin could head to $27k as Chancer’s presale nears $2M

    Bitcoin could head to $27k as Chancer’s presale nears $2M

    Key takeaways

    • Bitcoin has settled above the $26k level and could be heading towards the $27k resistance level soon.

    • Chancer’s stage two presale is now closing in on the $2 million mark.

    The cryptocurrency market is having a positive week so far. The prices of most cryptocurrencies are up by 2% since the start of the week and could record further gains in the near term.

    Chancer’s presale continues to break new records and is now closing in on the $2 million mark.

    Bitcoin eyes the $27k resistance level

    Bitcoin, the world’s largest cryptocurrency by market cap, is having a positive week so far. BTC has added more than 2% to its value over the past few days. At press time, the price of Bitcoin stands at $26,283.

    The positive performance comes despite FTX gaining approval to sell its crypto assets and the rising inflation levels in the United States. Bitcoin’s positive performance also saw some altcoins like Solana and Toncoin rally higher over the past few days. 

    What is Chancer?

    The broader crypto market has performed well so far this week, and this has been reflected in some projects still in their presale. Chancer is one of the projects that is breaking records with its presale.

    Chancer is a Web3 project designed to decentralise the betting ecosystem. The project seeks to build a web3 peer-to-peer (P2P) custom betting platform that allows users to place bets on a wide range of events, including custom-made ones. According to their whitepaper, bets on the platform can be live-streamed to ensure transparency. 

    The team explained that Chancer will be a decentralised online gaming platform and will improve the current services offered by traditional sports and casino betting platforms. On Chancer, there would be no restrictions on events users can bet on. Chancer users can bet on any event, even ones they make up themselves. 

    The project is currently in its presale and has raised a significant amount so far. The funds generated from the various presale rounds would be used in building Chancer’s decentralised P2P betting platform. 

    The platform is expected to have exciting features, including betting markets in real time and based on user interests, social media connections, and expertise. In addition to that, Chancer users can launch custom P2P betting markets, allowing other users to bet on their events and games. 

    Chancer’s second presale closes in on $2 million

    Chancer seeks to raise $2.5 million from its second presale stage. At the moment, the project has raised $1.951 million in this stage and is slowly closing in on the $2 million mark. 

    According to the Chancer team, there would be 12 presale events, with a combined target of $15 million. In this second stage, CHANCER, the native token of the ecosystem, is going for $0.011 per token, with the price set to increase to $0.012 in the third presale round.

    The CHANCER token would power the Chancer ecosystem, allowing users to carry out a wide range of activities. Token holders can create custom P2P betting events on the platform and can also bet on markets created by others. 

    At the moment, CHANCER is not available on cryptocurrency exchanges. The token can be purchased via the official Chancer website. To purchase the CHANCER token, simply connect any supported wallets to the presale link. Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow are some supported wallets. 

    Visit the Chancer website to get more information about the presale. 

    Should you buy CHANCER tokens at this stage?

    Chancer is in its stage two presale, and this could be an excellent time to invest in the project. The token is going for $0.011, and its price would increase to $0.012 in the third presale stage.

    Historically, the best time to invest in Web3 projects is during their presale. During the presale stage, the tokens can only be purchased by a limited number of investors, and their prices are usually low. 

    With the right level of adoption, Chancer could become an exciting Web project. Decentralising the betting ecosystem could be a big win for the Chancer team in the medium to long term. 

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  • Asset manager Franklin Templeton applies to launch a spot Bitcoin ETF

    Asset manager Franklin Templeton applies to launch a spot Bitcoin ETF

    • Franklin Templeton joins other asset management firms like Grayscale that have applied to offer crypto ETFs.
    • The SEC was mandated by the court to evaluate Grayscale’s application to convert its Bitcoin futures ETF into a spot ETF.
    • Franklin Templeton will collaborate with CF Benchmarks to ensure accurate valuation.

    Franklin Templeton, a prominent asset management firm with $1.5 trillion in assets under management, has submitted an application to the United States Securities and Exchange Commission (SEC) seeking approval for the launch of a Bitcoin exchange-traded fund (ETF) that would track the price of Bitcoin in real-time.

    This move by Franklin Templeton follows a series of notable developments in the cryptocurrency ETF space. In late August, the SEC opted to delay its decisions regarding spot ETF applications from several other companies, including WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco. Furthermore, a significant court ruling on August 29th mandated that the SEC must evaluate Grayscale’s application to convert its Bitcoin futures ETF into a spot ETF.

    Franklin Templeton’s ETF application

    In their application, Franklin Templeton outlines the structure of the proposed fund. It would function as a trust, with Coinbase serving as the custodian for Bitcoin holdings. Bank of New York Mellon would take on the roles of cash custodian and administrator. Fund shares are intended to be traded on the Cboe BZX Exchange, a major securities exchange in the United States. The SEC has set its next deadline for making a decision on this application for October 16th.

    In recognition of the regulatory uncertainties surrounding the digital asset market in the United States, Franklin Templeton explicitly acknowledges the risks in its application. They highlight the potential adverse impacts of legislative or regulatory developments, which could significantly affect the value of Bitcoin and the shares of the proposed ETF. Such impacts could include bans, restrictions, or imposing stringent conditions on various aspects of the cryptocurrency ecosystem, including trading, mining, digital wallets, custody services, and the overall operation of the Bitcoin network.

    CF Benchmarks and Franklin Templeton partnership

    To ensure accurate valuations, Franklin Templeton plans to collaborate with CF Benchmarks, a digital asset index provider regulated in the United Kingdom. CF Benchmarks would provide daily valuations based on data from reputable cryptocurrency exchanges, including Coinbase, Bitstamp, iBit, Kraken, Gemini, and LMAX Digital. These valuations would be updated at 5-minute intervals to reflect the real-time nature of the cryptocurrency market.

    At the time of writing, the price of Bitcoin was trading at $25,952.26, underlining the dynamic and ever-changing nature of the digital asset market that Franklin Templeton seeks to tap into with its proposed Bitcoin ETF.

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  • David Marcus says Bitcoin could be a ‘global payment network’

    David Marcus says Bitcoin could be a ‘global payment network’

    lightspark david marcus bitcoin global payment network
    • Lightspark CEO says Bitcoin could help transform global payments.
    • David Marcus explained his view today on CNBC’s “Squawk Box”.
    • Bitcoin is currently down about 20% versus its year-to-date high.

    David Marcus – the Chief Executive of Lightspark sees a big future for Bitcoin that’s down 20% versus its year-to-date high at writing.

    Bitcoin could transform global payments

    Marcus has a vision for the world’s largest cryptocurrency that goes well beyond its current stature as a store of value only.

    On CNBC’s “Squawk Box”, he asserted that Bitcoin actually had the potential to play a significant role in making global payments as seamless as texting.

    What we’re trying to do is turn Bitcoin into a real global payment network. We’re still in the fax era of global payments. That’s what we’re attempting to solve.

    Marcus finds the existing fintech apps somewhat inadequate in facilitating cross-border payments. He has previously served as the president of PayPal Holdings Inc.

    Bitcoin is not a currency for everyday use

    Lightspark is committed to addressing the scalability issues surrounding Bitcoin and making Bitcoin transactions both faster and cheaper.

    But the goal is not really to turn Bitcoin into a currency that can be used for everyday transactions, he added in his interview with CNBC today.

    Bitcoin on top of Lightning is like a small data packet only for value. You can exchange at edges of network and send dollars to someone who’ll receive Yen or Euros.

    Marcus admitted the need to work closely with the regulators to unlock the full potential of Bitcoin in revolutionising the global payment ecosystem.

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  • Bitcoin eyes $25k as Chancer’s presale approaches $1.8M

    Bitcoin eyes $25k as Chancer’s presale approaches $1.8M

    Key takeaways

    • Bitcoin continues to trade below the $26k level and could drop lower as investors await new CPI data.

    • Chancer’s stage two presale is fast closing in on the desired $2 million mark. 

    The cryptocurrency market has underperformed over the past seven days. Bitcoin continues to trade below the $26k mark, while the total cryptocurrency market cap now stands at around $1.03 trillion. 

    Despite the bearish trend in the market, Chancer’s stage two presale is set to hit the $1.8 million mark. 

    Bitcoin could drop to $25k as investors await new CPI data

    Bitcoin, the world’s leading cryptocurrency by market cap, is down by less than 1% over the last 24 hours. At press time, the price of Bitcoin stands at $25,706 per coin.

    The leading cryptocurrency could experience a further decline in prices as investors await this week’s CPI data. The US Core CPI figures for August are set to be released on Wednesday, September 13, 2023.

    Market analysts predict the August core CPI to rise at a 0.4% monthly rate. An increase in inflation levels could see the US Federal Reserve raise interest rates at once one more time this year. If that happens, Bitcoin could drop toward the $25k level in the near term. 

    What is Chancer?

    The broader cryptocurrency has been underperforming since the start of the month, but that hasn’t affected Chancer’s presale. Chancer is a Web3 project designed to decentralise the betting ecosystem. 

    According to its whitepaper, Chancer is a web3 peer-to-peer (P2P) custom betting platform that allows users to place bets on a wide range of events, including custom-made ones. Bets on the platform can be live-streamed to ensure transparency. 

    Furthermore, Chancer will operate as a completely decentralised online gaming platform. The platform seeks to improve the current services offered by traditional sports and casino betting platforms. Chancer users can bet on any event, even ones they make up themselves. 

    The team revealed that the funds generated from the presale rounds would be channelled towards building Chancer’s decentralised P2P betting platform. They would develop the platform to have exciting features, including betting markets in real-time and based on user interests, social media connections, and expertise. 

    Furthermore, users can launch custom P2P betting markets, allowing other users to bet on their events and games. 

    Chancer’s second presale closes in on $1.8 million

    Chancer is currently in its stage two presale and has raised nearly 90% of the required funds. The team is close to hitting the $1.8 million mark in the second presale stage. 

    According to the Chancer team, there would be 12 presale events, with a combined target of $15 million. In this current stage, CHANCER, the native token of the ecosystem, is going for $0.011 per token, with the price set to increase to $0.012 in the third presale round.

    The token would have numerous utilities on the platform. Token holders can create custom P2P betting events on the Chancer platform and also participate in markets launched by others. 

    CHANCER token also allows users to create, participate in, and profit from their predictive markets. The token can be purchased via the official Chancer website. Simply connect any supported wallets to the presale link. Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow are some supported wallets. 

    Visit the Chancer website to get more information about the presale. 

    Should you buy CHANCER tokens now?

    One of the best times to invest in Web3 projects is during their presale. During this period, the tokens can only be purchased by a limited number of investors, and their prices are usually low. 

    Chancer is an exciting Web3 project and could become a leader in its niche. If the project succeeds, Chancer could gain massive adoption over the coming months and years.

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  • Bitcoin may soon rally based on ‘fundamental grounds’: Bernstein

    Bitcoin may soon rally based on ‘fundamental grounds’: Bernstein

    bitcoin rally on fundamental grounds bernstein
    • Bernstein analyst says Grayscale ruling was a game changer.
    • Gautam Chhugani expects Bitcoin to materially benefit from it.
    • The world’s largest cryptocurrency is still lingering around $26,000.

    The recent ruling in favour of Grayscale and against the Securities & Exchange Commission was a “game changer”, says Gautam Chhugani – a Bernstein analyst.

    Chhugani expects Bitcoin to gain momentum

    Last week, a U.S. Court said the regulator lacked adequate reasoning to block Grayscale from converting its bitcoin trust to an exchange-traded fund.

    The verdict is a big step towards the first U.S. Bitcoin ETF and paves way for a significant institutions-driven rally in the world’s largest cryptocurrency, as per Chhugani.

    Strong showing in courts improved ETF chances and the progressive institutional interest are positioning crypto for an unprecedented institution capital led cycle.

    Earlier this year, Ripple secured a huge win in its long-running lawsuit against the Securities & Exchange Commission as well (find out more).

    How soon could a Bitcoin ETF be approved?

    Despite positive catalysts in recent months, Bitcoin is still lingering around the $26,000 level – well below its year-to-date high of over $31,000. Still, Bernstein’s Chhugani said in his research note today:

    This is a cycle slower to take off, but is being laid on much strong fundamental grounds of regulatory clarity and more strategic long-term players entering the space.

    He expects the first U.S. Bitcoin ETF to become a reality by March of 2024 at the very most. But the analyst does not expect that exchange-traded fund to be the end of it.

    Chhugani is convinced that asset managers will push for a Spot Ethereum ETF afterwards and may even venture eventually into Solana and Polygon.

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  • Bitcoin begins “historically” rough September with dip to $26k

    Bitcoin begins “historically” rough September with dip to $26k

    • Crypto prices traded lower on Friday as Bitcoin retested the $26k area.
    • Declines across major altcoins added to the forecast of a “bumpy” ride in historically negative September.

    Cryptocurrencies were largely down on Friday, September 1 as major caps slid amid a surprising decline likely fueled by latest delays for spot Bitcoin ETFs. 

    As can be seen in the crypto heat map below, Bitcoin (which has retested levels under $26k) and Ethereum (prices have dipped under $1.7k) lead the 24 hour rot. Most top 20 coins are in the red. CoinGecko data also shows the global crypto market cap has dropped by 3.4% at the time of writing.

    Crypto price heat map by Coin360

    Bitcoin tests $26k area

    Analysts say the crypto market could be in for yet another rough September. According to crypto analyst Will Clemente, historical data shows crypto is on a six-year streak of negative returns during this month. Overall, no other month has had as few green monthly candles as September has for Bitcoin price.

    According to Santiment, Bitcoin’s nearly 5% slip in the past 24 hours has the top crypto “right back where it started prior to the Grayscale news” that catalysed the broader crypto market. The upside that followed the court decision could now be more of a ““buy the rumour, sell the news” event,” the market intelligence provider noted.

    Stock-to-flow model creator PlanB points to the fact that Bitcoin has to shake off “all tourists and weak hands before take-off.”

    While the next few weeks will likely be as choppy as anything, analysts are forecasting a return to upside momentum in mid-October. This outlook bears in mind the potential for a SEC decision on the multiple ETF applications it delayed on Thursday.

    Bitcoin was trading near $26,000 after testing lows of $25,683, with the price range of $25,600-$26,600 a key zone. Both bulls and bears are eyeing control here and a flip lower is likely if we have a “Sept-repeat”.

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  • BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    • Bitcoin price rose to highs of $28,142 on crypto exchange Bitstamp on Tuesday.
    • The gains came as the crypto market reacted to news of Grayscale’s win against the SEC.

    Bitcoin price saw a huge spike in volatility on Tuesday afternoon as prices across the crypto market rose. The world’s largest cryptocurrency by market cap jumped 7% to trade to highs of $28,142 at 1:05 pm ET, with the crypto market cap rising 6% to $1.15 trillion.

    Bitcoin price chart

    Elsewhere in the market, Ethereum traded to highs of $1,740, with its value up 5% in the past 24 hours. All the top 10 altcoins were in the green on the day at the time of writing, with BNB up 4%, XRP +3.8%, Cardano +4% and Dogecoin +6%.

    Why is Bitcoin and crypto surging?

    Bitcoin’s sharp price action to the new multi-week high came as the market reacted to news that Grayscale Investments had won in its lawsuit against the US Securities and Exchange Commission (SEC).

    As CoinJournal reported earlier today, the DC Circuit court ruled that the SEC had wrongfully denied Grayscale’s proposal to convert its Bitcoin Trust fund (GBTC) to a spot Bitcoin ETF.

    The court vacated the SEC’s order disapproving the application and granted the petition to have SEC review the proposal.

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