BTC’s price went up almost 8% last week, making it the best week in over a month. The world’s biggest cryptocurrency is getting closer to $70,000. Bitcoin is worth just under $69,900 right now. It has gone up almost 1% in the last 24 hours. At one point, the price of the cryptocurrency briefly went above $69,000, but it quickly fell back to where it is now. Bitcoin Price Analysis from famous people like Larry Fink, CEO of BlackRock, and actions by institutions like Japan’s purchase of Metaplanet make Bitcoin’s position as a key financial asset even stronger.
BlackRock CEO Larry Fink Considers Bitcoin a Key Asset Class Like Gold
BlackRock CEO Larry Fink has said that Bitcoin is a big asset class and compared it to gold regarding how it can be invested. Fink said on BlackRock’s Q3 2024 conference call that Bitcoin’s growth will be driven by more people using it and more money being available, not by changes to the rules. He also said investors were very interested in BlackRock’s Bitcoin ETF, which has already received $23 billion in new money.
Fink also talked about how well BlackRock’s Ethereum ETF was doing and said blockchain and AI will change global financial markets.
Key Points:
- People put $23 billion into BlackRock’s Bitcoin ETF.
- Fink claims that AI and blockchain will change the way financial markets work.
- Institutional dedication to Bitcoin could cause prices to rise in the future.
Japan’s Metaplanet Raises Bitcoin Holdings to $40.5M with $6.9M Gain
Metaplanet, a Japanese financial company, has added 108.78 BTC worth ¥1 billion ($6.9 million) to its own Bitcoins. This brings its total to 639.50 BTC, worth $40.5 million. Metaplanet’s stock has increased by over 532% since the company started buying Bitcoin earlier this year. When the company sold 223 Bitcoin put options with a strike price of $62,000, it also made 23.97 BTC in fees.
Meta planet’s move shows that Japanese businesses are becoming more interested in cryptocurrencies. As trust in Bitcoin grows among institutions, demand is likely to rise, which could make Bitcoin more expensive.
Key Points:
- Metaplanet gained 108.78 BTC and now has $40.5 million in Bitcoin.
- Since the company started using Bitcoin, its stock has increased 532%.
- Bitcoin prices could go up if more institutions in Japan want to buy it.
Galaxy Research: Biden Is Less Crypto-Friendly Than Harris, But Trump Is More Crypto-Friendly Than Harris
Galaxy Research says that Kamala Harris is less in favor of cryptocurrencies than Donald Trump but more in favor of them than Vice President Joe Biden. Kamala Harris wants to make rules better for crypto companies, but Harris doesn’t like Bitcoin mining, self-custody, or taxes.
On the other hand, Trump strongly backs Bitcoin mining and self-storage, and he wants to make the U.S. a crypto star. Harris’s plans to raise capital gains taxes could affect people who own crypto, while Trump’s support for Bitcoin could make the market feel better if his policies become law.
Key Points:
- Harris wants crypto to be regulated, but Harris is against Bitcoin mining and self-storage.
- There is more hope for Trump, who supports Bitcoin mining and self-custody.
- The positions of both candidates could affect how the crypto market feels in the future.
Bitcoin Price Analysis: Technical Outlook
Bitcoin ETFs also kept getting new investors, which helped cause the price of BTC to rise. Over the past week, Bitcoin (BTC) has slowly been rising toward $70,000. It hit a high point of $69,300 on Friday, but then it pulled back and fell below $69,000. Analysts say that BTC is getting stronger and that key signs have turned positive, which suggests that the price of BTC could go up a lot. One expert talked about how important the Monthly Volume Oscillator is. This is a signal that shows up when BTC’s trade volume drops significantly during a rising market. Based on past data, these kinds of drops happen before huge price increases, like in December 2012, October 2016, and September 2023.
People who follow the market think that BTC is about to start a rising phase. It has already gone up 55% in 2024, and recent gains were helped by Wall Street earnings that were better than expected. It’s also possible that the Federal Reserve will lower interest rates in November, which has made investors price those events in. Since October, there have been signs that BTC is breaking out of its stability phase. Some experts even say that BTC has already entered its soaring phase.
If we look at the price chart, we can see that BTC has been steadily going up over the past week. The cryptocurrency is almost at $70,000 if the markets stay positive. Last week, BTC prices were mostly up. On Monday, they took a big jump of 5.36%, which put them above the 20-day and 200-day simple moving averages and above the $65,000 price level, reaching $65,992. On Tuesday, there was more instability as buyers tried to push BTC above $70,000 and sellers tried to bring it below $65,000. After some time, the price went up by 1.53% and finally settled at $67,000. BTC barely went up on Wednesday, going up by 0.77% and ending the day at $67,519.
Conclusion
With BlackRock’s support, Bitcoin’s acceptance by institutions is growing, which could bring in more investment. As more people want to buy Bitcoin, the price may increase in the coming months. However, the interest and decision of the next president of US in Bitcoin likely to influence the Bitcoins future at a great extent.
FAQs
Does Kamala Harris support Bitcoin?
Galaxy Research reports that Kamala Harris supports cryptocurrency more than Vice President Joe Biden but less than Donald Trump. Kamala Harris favors improved crypto company regulations but dislikes Bitcoin mining, self-custody, and taxation.
What are the plans of Kamala Harris for Bitcoin?
Harris’s plans to raise capital gains taxes also she wants to regulate the cryptocurrency but she is against the Bitcoin mining and self-custody.
