Crypto-related US stocks are set to start the week on a positive note after Bitcoin (BTC) broke $72,000 for the first time since mid-March as its reward halving approaches. Coinbase (COIN), the only U.S.-traded crypto exchange, rose 4.9% in premarket trading, MicroStrategy (MSTR), the largest corporate holder of Bitcoin, rose 10% and BlackRock's Bitcoin Exchange Traded Fund (IBIT). increased by around 6.5%. Bitcoin rose 4.4% in 24 hours, while the CoinDesk 20 Index, a measure of the broader crypto market, rose 4.1%. Other tokens that rose on Monday included meme coins Dogwifhat, which gained 18%, and Pepe, which gained 10%. According to trader Michaël van de Poppe, there is still plenty of upside for altcoins as Bitcoin dominance continues to peak ahead of the halving. “She [altcoins] are extremely undervalued,” van de Poppe said in a post on X.
According to technical analysis from 10x Research, Bitcoin could soon reach new record highs after breaking through so-called triangle resistance. En route to $72,000, BTC underwent a triangular consolidation pattern characterized by a resistance line connecting the highs of March 15 and 27 and a support line connecting the lows of March 20 and April 3 . “If the breakout is bullish, which we suspect, Bitcoin could rise above 80,000 in the next few weeks, if not sooner. “Buying at $69,280 and setting a stop loss at $65,000 seems appropriate,” Markus Thielen, founder of 10X Research, said in a note sent to clients early Monday.
BlackRock (BLK) has added five authorized participants (APs) to the iShares Bitcoin Trust (IBIT), bringing the total to nine as the exchange-traded fund continues to attract billions of dollars from investors. The new APs include Wall Street banking giants Goldman Sachs, Citadel Securities, Citigroup and UBS, as well as clearinghouse ABN AMRO, according to a prospectus filed with the US Securities and Exchange Commission (SEC). They join Jane Street Capital, JPMorgan, Masquarie and Virtu Americas. CoinDesk reported in January that Goldman Sachs wanted to play a key role in Bitcoin ETFs and had been negotiating with issuers to become an `.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.