All articles tagged with #institutional adoption
U.S. spot Bitcoin ETFs experienced $902.5 million in outflows last week, ending a four-week inflow streak, mainly due to profit-taking and rebalancing as the quarter ends. Despite short-term fluctuations, long-term institutional adoption remains strong, and Bitcoin shows resilience amid macroeconomic uncertainties, with potential for increased volatility and trend-setting moves in the upcoming months.
XRP's price has been consolidating around $2.20, with technical analysis indicating a potential breakout if key resistance levels, especially $2.65, are surpassed. Institutional adoption, including ETFs and corporate reserves, is strengthening XRP's fundamentals, supporting a possible rally toward a long-term target of $27, contingent on a bullish breakout from a mega falling wedge pattern. Short-term, the market remains cautious but optimistic, with liquidity and on-chain activity supporting a potential upward move.
Ethereum's active addresses have surged by 36%, indicating strong organic demand and network activity, which could sustain its recent price rally. Since the US elections, Ethereum has seen a 70% price increase, breaking key resistance levels and showing potential for further growth. Analysts remain optimistic about Ethereum's bullish momentum, driven by its dominance in Layer-2 scaling solutions and decentralized applications. Despite mixed sentiments about its consolidation at $4,000, breaking the $4,100 resistance could propel Ethereum towards its all-time high.
Since the last Bitcoin halving, significant changes have occurred in the mining landscape, including the exodus of Chinese miners, the rise of new mining hubs in Texas and the Middle East, and increased institutional adoption. The proliferation of public miners and the lack of standardized metrics have added complexity for analysts, while the rise in institutional adoption has made raising capital for private miners more challenging. As block subsidies become scarcer, the importance of strategy and economies of scale intensifies, leading to increased M&A activity and a shift towards diversification in revenue streams. The launch of new L2 solutions for Bitcoin has led to a surge in network fees, providing relief for miners.
Binance's new CEO, Richard Teng, predicts Bitcoin to surpass $80,000 by year-end, citing reduced supply and increasing demand, while Standard Chartered raises its year-end price target to $150,000. The crypto market has been hitting new highs, driven by institutional adoption and the recent approval of a spot Bitcoin ETF in the U.S. Teng also anticipates increased investment in Bitcoin ETFs by family offices and endowment funds, and believes the market's ups and downs will ultimately benefit it.
Bitcoin has surged past $56,000, reaching its highest price since December 2021, driven by unprecedented institutional adoption and record inflows in exchange-traded funds. Analysts predict a path to $150,000 over the next 18 months, with some forecasts reaching as high as $500,000 in the next five years. Professional investors are driving further rallies, with open interest for Bitcoin futures contracts reaching about $22 billion. Ethereum has also seen a 6.6% increase, reaching about $3,260 in the same period.
Analysts predict several "grey swan" events that could impact the cryptocurrency industry in 2024. These include SEC Chair Gary Gensler potentially stepping down, which could lead to a more cryptocurrency-friendly regulatory environment and influence global trends. Increased regulatory clarity is expected to drive institutional adoption of Bitcoin, especially if a spot Bitcoin exchange-traded fund is approved. The Bitcoin halving event in April 2024, coupled with potential Federal Reserve cuts, could create a perfect storm for Bitcoin, potentially causing it to soar 60% and surpass its all-time high.
Bitcoin's surge to $44,000 is driven by anticipation of the approval of a Bitcoin ETF, which is expected to bring additional capital flows into the market. The recent ruling from the D.C. Circuit Court of Appeals regarding Grayscale's Bitcoin spot ETF application has sparked significant buying, as it could signal a "stamp of approval" for the asset class from the largest capital market regulator. The surge in Bitcoin's price is also fueled by anticipation of mass institutional and mainstream adoption in 2024, as channels are being opened up for easier access to Bitcoin exposure.
Bitcoin slipped 2% to $34,000 as the crypto market cooled off after a recent rally. Meme coins like DOGE and PEPE outperformed, while LINK and AGLD dropped due to movements on FTX. Analysts believe that Bitcoin is in its fifth bull market driven by institutional adoption and could reach $125,000 by the end of 2024. Despite a temporary pullback, Bitcoin's safe haven properties and clearing of a supply overhang indicate a continuing bull market.
Bitcoin's rapid gains paused as traders took profits on a week-long rally driven by hopes of a spot exchange-traded fund (ETF) approval in the U.S. Major tokens showed mixed movement, with Cardano slipping 2% and Solana adding 3%. The CoinDesk Market Index (CMI) rose slightly, indicating overall market gains. Traders believe signs of institutional adoption may signal the end of the "crypto winter." BlackRock's actions, including a DTCC listing and tickerization, fueled anticipation for a spot bitcoin ETF, but some believe the SEC will wait to approve multiple managers simultaneously.
Nasdaq has decided to halt its plans for a crypto custody service due to the shifting business and regulatory environment in the U.S. The company had previously applied for a limited-purpose trust company license but will now focus on supporting the digital asset industry through partnerships and providing technology for crypto custody. This move is seen as a setback for institutional adoption of crypto in the U.S., as regulators continue to target crypto firms and impose strict requirements for involvement in the space.
Investment firm Berenberg Capital Markets predicts a bullish outlook for MicroStrategy (MSTR) due to the upcoming Bitcoin halving. The firm believes that MicroStrategy's value, primarily derived from its significant Bitcoin holdings, could see a significant increase in price during a Bitcoin halving rally. Previous halving cycles have seen Bitcoin's price surge by at least 682%. The research note also highlights the growing institutional adoption of Bitcoin, citing recent spot Bitcoin ETF applications and positive remarks from BlackRock CEO Larry Fink. Shares of MicroStrategy have gained nearly 180% since the beginning of 2023, while the price of Bitcoin has increased by 84% since the start of the year.
Standard Chartered, a major banking giant, predicts that Bitcoin (BTC) will reach $50,000 by the end of this year and hit $120,000 by the end of 2022. The bank's global head of research and chief strategist, Geoff Kendrick, attributes this price surge to supply dynamics, as miners sell less BTC while maintaining cash inflows, creating a supply and demand imbalance in favor of the bulls. Standard Chartered's optimistic forecast reflects the shifting narrative around Bitcoin, driven by increased institutional adoption and the "BlackRock effect."
Bitcoin reached its highest price in over a year, trading at $31,250, following news that BlackRock resubmitted its application for a spot Bitcoin ETF. This move is seen as a significant step towards institutional adoption of cryptocurrency. Ethereum also saw a 2.9% increase, trading at $1,969, but remains below its highest price in over a year. Despite recent gains, both Bitcoin and Ethereum are still significantly down from their all-time highs. The overall market capitalization of cryptocurrencies has increased from $911 billion to $1.25 trillion in the past year.
Bitcoin Cash (BCH) has surged over 100% in the past week, adding $2.19 billion to its market cap, making it the best-performing cryptocurrency among the top 100 by market cap. The wider crypto market has also rebounded, adding $60 billion to the global crypto market cap over the past week, driven by investors' optimism around institutional crypto adoption. The launch of EDX Markets, a new crypto exchange backed by institutional investors, further boosted BCH's price.