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Interest rate hikes by the U.S. Federal Reserve often has consequences for financial markets. Stock prices tend to suffer, and the crypto market also usually follows suit. However, BitMEX founder Arthur Hayes believed that the correlation between interest rate hikes and the price of Bitcoin was currently uncorrelated. Speaking at a keynote at the Korea Blockchain Week in Seoul, South Korea, Hayes said that the opposite is happening compared to previous rate hike cycles. Hayes stated, “It’s different than what’s happened before. The standard playbook is starting to break down.” Also Read: Bitcoin ‘Least Volatile’ in 2023 Over Past Decade Comparing Bitcoin (BTC) prices and interest rate hikes since 2022 end Hayes’ views are clearly visible in the lack of movement in Bitcoin’s (BTC) price over the last few interest rate hikes. Of the last five interest rate hikes, BTC’s price only fell after the May announcement, by roughly 5.5%. However, the price...

2022 has been a tough year for the crypto-verse. The increased cases of bankruptcy and the dominance of the bears left the market painted red for the majority of the year. But whales seemed to be making the most of it. The last week of September posed to be immensely detrimental for the Bitcoin [BTC] market. The king coin dropped to $18K multiple times causing panic among its investors. But a certain group of investors remained calm and viewed it as a prominent buying opportunity. As per recent data curated by Santiment, Bitcoin whales were bagging a significant number of BTC over the past week. The platform pointed out that addresses holding 100 to 10K BTC witnessed a promising spike. This came as a surprise to many as this sort of “sustained accumulation” has been rather rare in 2022. Source While these whales were boosting their BTC holdings, Tether [ USDT ] holdings took a backseat. As seen in the above image, large USDT holdings have depleted significantly....

Crypto is currently in the midst of one of its worst bear markets. The first quarter of 2023 was surprisingly positive, with most crypto assets fetching investors positive ROIs. However, with macro-weakness still prevalent, Bitcoin and altcoins failed to establish a strong rally. Bitcoin recently broke below its ascending channel, quashing the recover y narrative. Over the next few weeks, it is imperative for BTC to continue collecting liquidity around the current levels. A failure to do so could result in a drop of up to $15,588 in the worst-case scenario. That being said, the asset will get a couple of chances around $21,351 and $18,126 to redeem itself. BTC/USDT by TradingView In the event of a recover y, BTC would first be tested at around $28,585. If it successfully breaks above, it could rise up to $31,804. However, given the current state of affairs and market sentiment, it doesn’t seem like this scenario will pan out anytime soon. Several analysts in the industry have...

The bullish consolidation for Bitcoin above $30,000 continues to pile on. The longer it maintains a higher position, the further its positive sentiment improves. It seems like a matter of time before BTC registers a new yearly high of around $35,000. According to Coinshares , major BTC products are also experiencing bullish-bias activity. The report indicated that most institutional investors have been focusing on BTC over the past two weeks. Over $300 million in inflows were registered for the investment products. James Butterfill, Coinshares ’ Head of Research, also highlighted minor inflows for certain altcoins. Ethereum, Cardano, and Polygon led inflows but the primary focus remains Bitcoin. Also Read: Bitcoin Is No Longer 1st Choice For Cyber Criminals: Report Is there any confirmation of the Bitcoin Accumulation Trend? While it is always difficult to pinpoint which large-scale players have their hand in the honeypot, the following chart may help. Source: Cry...

US Gov sells Bitcoin before ETF approval; Novogratz sees ironic timing, highlighting BlackRock & Invesco involvement as adoption signals.  In an interview with Bloomberg, Mike Novogratz , the founder of Galaxy Digital Holdings, shared his insights on the crypto market, Bitcoin ’s price movement, and the potential approval of spot Bitcoin exchange-traded funds (ETFs).  Novogratz made an intriguing revelation, suggesting that the US government is selling its Bitcoin holdings just before the anticipated ETF approvals, adding an unexpected twist to the market dynamics. Recall that The Crypto Basic reported yesterday that the US government moved more than 9,000 Bitcoin (BTC) to multiple addresses. Novogratz’s View on Bitcoin Price In the interview, Novogratz acknowledged the recent consolidation of Bitcoin ’s price between $28,000 and $32,000. He noted that if the price surpasses the upper limit of this range, it could trigger a significant upward movement...

Bitcoin exchange-traded funds [ETFs] have regained momentum after BlackRock’s recent application, which in itself resulted in significant market gains. As a result, many are anticipating a potential surge in the market if these applications receive approval. However, JPMorgan analysts hold a different perspective, asserting that Bitcoin ETFs will have minimal impact on the overall cryptocurrency market. In conjunction with BlackRock, Invesco, and Wisdom Tree have also made initial and subsequent applications for a spot Bitcoin ETF. However, the Securities and Exchange Commission [SEC] has not yet granted approval for this type of ETF. Nevertheless, there is growing optimism that the regulator may approve one soon. According to JPMorgan, it is believed that certain concerns raised in earlier filings have been addressed in more recent submissions. Although the approval of a Bitcoin ETF would be viewed as a positive development for the industry, JPMorgan suggested that it would no...

Halving is one of the most anticipated events in the crypto industry. The upcoming halving of Bitcoin [BTC] is projected to occur in April 2024. During the halving process, the mining reward for Bitcoin is halved, which holds relevance as it effectively reduces the number of newly generated BTC within the network. This event has a substantial impact on the Bitcoin network and is closely watched by community members. The halving event holds significant importance for various reasons. The crypto community has high expectations that this event will potentially propel the king coin, Bitcoin, to reach new all-time highs or even exceed them. However, JPMorgan holds a distinct prediction for the Bitcoin network. According to JPMorgan, the retail demand for Bitcoin will continue to remain robust in the year leading up to the next halving event. This suggested that JPMorgan foresees sustained interest and investment from retail investors in the king coin, exhibiting a positive outlook for Bi...

Bitcoin (BTC) maximalist and Microstrategy co-founder, Micheal Saylor recently spoke to Patrick Bet-David on the Valuetainment YouTube channel. The two discussed whether CBDC s (Central Bank Digital Currencies) pose any threat to Bitcoin (BTC). According to Saylor pushing for CBDC s will only bring more attention to BTC. Saylor called CBDC s a marketing event that causes everyone to think about a world where they don’t own their money. This would drive them to think about the kind of money that they could own, namely Bitcoin (BTC). The Bitcoin maximalist believed that not only is a majority of people against CBDC s but also a majority of politicians. Moreover, he added that “there is a fringe wing that wants to impose control over everybody and they don’t trust anybody.” Saylor gave two examples of a person with $100,000 worth of gold and $100,000 in cash trying to get through airport security. In both instances, the individual will not be permitted to go through, and their gold and...

The crypto currency industry is no longer in its nascent stage. Almost every part of the world is now aware of this market, and some have even started embracing these digital assets. Bhutan , a nation in the midst of the Himalayas, turned out to be one of them. The country has been covertly investing millions of dollars in Bitcoin [BTC] and other crypto currencies. The country has been employing now-defunct firms BlockFi and Celsius for their cryptocurrency investments. Their interests, however, have been hidden from the general public due to the insolvency of the firms. According to court filings, BlockFi and Celsius were clients of Bhutan ’s $2.9 billion state investment arm, Druk Holding & Investments [DHI]. Forbes brought this information to light in a recent report. While Druk Holding & Investments is in charge of overseeing a portfolio of domestic assets, Druk has also been discreetly building a portfolio of crypto assets since at least 2022. It was ...

Bitcoin (BTC) began the new year on a positive note. The original crypto rallied past the $20k mark while other currencies followed suit. This resulted in one of the best year openings for the industry in years. Ethereum (ETH) crossed the $1500 mark, while Solana (SOL), which went down 95% at the end of 2022, has rallied by over 100% in two weeks. However, not everyone is convinced that the current rally is genuine. Many have voiced concerns about possible market manipulation . Why do some suspect market manipulation for Bitcoin? Firstly, people have pointed out that BTC spot balances on CEXs (centralized exchanges) are flat. This means that very little new money is flowing into the market. Now, one of the reasons for the consolidation of CEX balances might also be the rising distrust in centralized exchanges. Notably after the entire FTX fiasco, a rise in interest was witnessed with self-custody, which led to the increasing demand for Bitcoin wallets. Source: Glassnode Se...

Bitcoin [BTC] started out as a means of payment, but with time, it is becoming a store of value. While the asset has become more mainstream its utility continues to get questioned. Some call it digital gold for its similarities with the latter. Regulators continue to remain in a haze if they should regulate the asset under securities, commodities, or currency. The true identity of the asset is often challenged. However, the term “outside money” has now entered the frame. Inside Money v. Outside Money Earlier this year, Zoltan Pozsar, a former Federal Reserve and U.S. Treasury Department official who is currently at Credit Suisse brought to light the terms “inside money ” and “outside money .” Inside money is often referred to as fiat. Outside money on the other hand is basically “non-sovereign currencies.” Earlier this year, Pozsar noted how a new global monetary order was emerging as a result of the commodity crisis in the United S...

On 17th December, Crypto Investigator ZachXBT claimed five wallets connected to the now-defunct Canadian exchange QuadrigaCX abruptly moved 104 Bitcoins (BTC) out of cold storage. This is the first time in more than three years that the Bitcoins in question have moved. What’s even more surprising, is that the transfers were not started by Ernst and Young (EY), QuadrigaCX’s bankruptcy trustee. Five wallets attributed to QuadrigaCX unexpectedly moved ~104 BTC on Dec 17 for the first time in years . 1ECUQLuioJbFZAQchcZq9pggd4EwcpuANe 1J9Fqc3TicNoy1Y7tgmhQznWrP5AVLXj9R 1MhgmGaHwLAvvKVyFvy6zy9pRQFXaxwE9M 1HyYMMCdCcHnfjwMW2jE4cv9qVkVDFUzVa 1JPtxSGoekZfLQeYAWkbhBhkr2VEDADHZB — ZachXBT (@zachxbt) December 19, 2022 QuadrigaCX went bankrupt in 2019 after the sudden death of founder Gerald Cotten. Cotten passed away from Crohn’s illness while visiting India for his honeymoon. News soon spread that approximately $200 million in client property was missing. To safeguar...

On November 10 last year, Bitcoin attained its all-time high price of $69,000. The sluggish phase kicked in right after, and now, it has been more than a year since the market has been engulfed in its bearish phase. On the macro front, however, the tale seems to be quite different. Investment Strategist Raoul Pal recently took to Twitter to highlight an interesting trend. He revealed, “Interesting to see that in the last 10 years BTC has been the best-performing asset in 7 out of those 10 years.” However, as depicted below, in the years it wasn’t the best performing, it was the worst performing asset class. Since 2013, Bitcoin is up 114,000%. The Nasdaq 100 [NDX] and S&P 500 [SPX], on the contrary, only managed to rise by 392% and 203% respectively. The Fed Balance Sheet, on its part, noted a 201% upward inclination in the same period. Bitcoin’s lowest returns have always come during extreme bear market phases. The ROIs of -57.51%, -74.28%, -61.97% reg...