XRP hits 13-month high versus Bitcoin with 35% daily surge — But is a correction inevitable?

XRP price posted a sharp rally against Bitcoin (BTC) on continued optimism about a potential settlement between Ripple, a San Francisco-based blockchain payment firm, and the U.S. Securities and Exchange Commission (SEC). Settlement rumors fuel XRP price boom  On Sep. 23, the XRP/BTC pair surged to 0.00002877 — its best level in 13 months — from 0.00002132, a 35% price rally versus Bitcoin in one day. Meanwhile, the same timeframe saw XRP rising as much as 42% against the U.S. dollar. XRP/BTC and XRP/USD daily price chart. Source: TradingView The big…

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Bitcoin price hits $24K, but analysts say on-chain data points to an ‘inevitable’ pullback

Cryptocurrency investors continue to enjoy this week’s bullish price action after Bitcoin (BTC), Ether (ETH) and a handful of altcoins rallied on July 20 alongside gains in the traditional markets.  Data from Cointelegraph Markets Pro and TradingView shows that a midday rally by Bitcoin bulls managed to lift the top crypto to a daily high of $24,281, which sparked a new round of bullish proclamations on Crypto Twitter. BTC/USDT 1-day chart. Source: TradingView While the week-long climb has helped boost investor sentiment, several analysts are warning traders to not get too far…

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Bank of America says stablecoin adoption and CBDC is ‘inevitable’

It appears that the U.S. will finally be moving forward to create its own central bank digital currency (CBDC) according to the Bank of America. Bank of America crypto strategists Andrew Moss and Alkesh Shah wrote in a Jan. 24 note that CBDCs “are an inevitable evolution of today’s electronic currencies,” according to a Bloomberg report. The analysts wrote: “We expect stablecoin adoption and use for payments to increase significantly over the next several years as financial institutions explore digital asset custody and trading solutions and as payments companies incorporate…

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Crypto tax in South Korea is ‘inevitable’ in 2022, says minister

Amid the growing opposition against the new cryptocurrency tax regime in South Korea, finance minister Hong Nam-ki confirmed that the government will start taxing capital gains from crypto trading starting next year. “It’s inevitable, we will need to impose taxes on gains from trading of virtual assets,” the minister said when asked whether the tax should be delayed until the state has proper industry oversight in place, Reuters reports Tuesday. Hong emphasized that cryptocurrencies like Bitcoin (BTC) will be taxed as “intangible assets”, noting that it was a “misunderstanding” to view…

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Bitcoin on ‘inevitable path’ to reach gold’s market cap – Mike Novogratz

Galaxy Digital CEO Mike Novogratz believes Bitcoin (BTC) is on track to meet or exceed gold’s market capitalization amid a rapid wave of retail and institutional adoption of the digital asset.  In an interview with CNBC’s Squawk Box, Novogratz said cryptocurrency “adoption’s happening much faster than I predicted,” adding that “it’s shocking to me how fast people are moving into the system.” Novogratz, who has been involved in Bitcoin since 2013 when the digital currency was valued at around $100, explained that his previous BTC price target of $60,000 was…

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Bitcoin price enters consolidation, but is a rally past $50K now inevitable?

The price of Bitcoin (BTC) achieved a new all-time high on Feb. 11 as it surpassed $48,500 across major exchanges. Since then, the dominant cryptocurrency has been consolidating, showing no real momentum to break out of the record-high in the near future. But analysts are not fazed by the consolidation after breaking past a new peak. Generally, market commentators say that when an asset moves slowly or consolidates after an explosive move upward, it is a sign of a healthy market. For Bitcoin, stabilizing following a strong impulse rally to…

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An online future for finance is inevitable, says OCC’s Brooks

The departing leader of the United States Office of the Comptroller of the Currency is convinced that the future of finance is blockchain-native, per a conversation with crypto analytics firm Elliptic on Wednesday. Described by Elliptic CEO Simone Maina as “a fairy godfather to the crypto industry,” Brian Brooks has been a leading light in U.S. federal policy toward crypto since taking over for Comptroller Joseph Otting in May 2020. Today, he outlined views that follow an opinion piece he wrote for the Financial Times yesterday. Namely, Brooks took the…

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Analyst Who Called March’s V-Shaped Reversal Says Bitcoin Dip Is Inevitable

Bitcoin has undergone a strong rally over the past few days as the coin has continued to see vast buying interest. The coin pushed as high as $18,500 last evening, though quickly dipped back into the $17,000 region as selling pressure suddenly appeared. There was a vast amount of selling pressure on the order books of top exchanges at $18,500. Analysts believe that a deeper drop for Bitcoin is on the horizon, even as it manages to hold the low $17,000s. Bitcoin should hold $17,100 on a daily basis to…

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The rise of major Bitcoin mining institutions is inevitable

There are very few investments that can deliver an infrastructure-style downside case with a venture-capital-style upside. The combination of energy arbitrage with accumulating a balance sheet of Bitcoin (BTC) can deliver this. That is why we are seeing a rush of institutions pouring into the Bitcoin mining space and starting to build out megafacilities. Securing new-generation hardware At its peak performance in 2018, Bitmain was able to produce over 95,000 rigs per week. However, since that point, production levels have come down, a partial result of its ongoing legal battle.…

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Bitcoin price rise to $500k is inevitable, Winklevoss twins say

Gemini crypto exchange founders Tyler and Cameron Winklevoss said that Bitcoin (BTC) will eventually hit $500,000 per coin during a recent interview with podcast host Peter McCormack. “The question in our mind is not so much does it get to $500,000, but how quickly,” Tyler told McCormack during the Oct. 23 podcast episode. His thesis takes the market cap of gold and theoretical central bank allocation into consideration. “I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started,” Cameron noted. MicroStrategy and…

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