Bitcoin will surge once it reaches the $10,700 price point according to Dan Tapeiro who is the portfolio manager at Pimco and we are about to find out more about his prediction in the coming altcoin news below.
The price of the number one cryptocurrency increased on Tuesday as the investors patiently waited for the outcome of the Federal Reserve’s meeting on monetary policy. Bitcoin slipped by $44.70 or about 0.44 percent and reached the price level at $10,217. The downside price action happened on the sidelines of the better-performing alternative cryptocurrencies while the Ethereum blockchain managed to increase up to 2.18 percent against Bitcoin. XRP, on the other hand, became the second-largest gainer against the benchmark cryptocurrency after it increased by 5.97 percent. Some of the other altcoins including Litecoin and Bitcoin Cash also registered some decent gains.
There is a sentiment that Bitcoin did not live up to its ‘’safe-haven asset’’ status in the face of the adversary. The recent drone attacks on the Saudi Arabian crude oil production facilities ended up destroying the already weak global economic outlook. The S&P 500 and China’s CSI have dwindled the investors digested the long-term prospects of the Saudi attack. Some of the analysts believe that the incident will halt the global oil supply for the next few months and the effect will even start reflecting the health of the international markets:
“While the ultimate impact will depend on a combination of the extent of damage, the US and Saudi response, and whether further attacks occur, the current production decline will exacerbate the tightening in the oil market that was already underway and could add a more lasting geopolitical risk premium to prices.’’
Almost all of the haven assets are reacting positively to the Saudi attacks as well as Gold and Treasures who also managed to increase as the investors look at them as hedging assets. now, the crypto users are eyeing the Federal Reserve meeting and the markets expect that the US central banks will cut the interest rates by 25-basis point. The Fed Chair Jerome Powell is still facing political pressure from the US president and the chairman himself stated that he will address the attendees tomorrow. The analysts believe that bitcoin will surge once it reaches the $10,700 and as per the analysts Dan Tapeiro who stated for the latest cryptocurrency news:
“Everyone “knows” that fact already. In traditional markets, when everyone knows the fact it is considered “priced in.”
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“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network.”
Source: charts.woobull.comWoo was expanding on his original data from blockchain analysis resource Glassnode. According to him, the fresh desire for major Bitcoin balances at vastly higher prices than five years ago tells that wealthier individuals coming into the space.If the generating addresses with over 1,000 BTC at the time were doing so out of technical curiosity, the incentives in 2019 are purely financial. Willy Woo talked about this in his growth of BTC millionaires report and summarized:
“IMO we're likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech savvy who were bootstrapping the network. Super Bullish.”Meanwhile, the crypto news show that the trajectory of balances topping 1,000 BTC picked up at the start of 2019 after a period of flat growth which started in late 2013 prior to the implosion of the major exchange Mt. Gox.As many news sites reported last month, the number of addresses containing more than $100,000 has also hit a new all-time high. At press time, around 3,070 addresses hold more than 1,000 BTC each, representing around 0.01% of the total, according to the BitInfoCharts' Bitcoin Rich List.What's also important is that many of the richest addresses - specifically the top four - belong to exchanges such as Binance which are holding Bitcoins belonging to millions of users.Besides the growth of BTC millionaires, the situation on the market remains the same - and the total market cap is nearing $225 billion.
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“You have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”Brian Kelly also pointed out to the fact that the United States Commodity Futures Trading Commission (CFTC) decided to define Ethereum as a commodity and how this made a significant impact on the space.
“The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. [...] That opens the door for institutions to come in. [...] Everybody is concerned, what if they ban it? [...] The CFTC said ‘we’re not banning it yet, we’re gonna regulate it,’ and now investors can say ‘Put them in my commodity bucket.’”In May this year, Brian Kelly also said that the upcoming supply cut - which was brought by the next halving of the block reward - is what Bitcoin needs to rise further in the coming months. As we reported on October 9, the US SEC rejected Bitwise Asset Management and its proposal to list a Bitcoin ETF.Meanwhile, the Bitcoin news updates show that BTC is still vulnerable in the $8,000 region and trades at $8,350 today with a downward momentum. Meanwhile, there are altcoins surging such as Binance Coin (BNB) and Bitcoin SV (BSV). The market is not in a good position and things may change soon, but there must be a coin that will trigger a new bullish run.
Bitcoin Is No Longer Seen As The Driving Force Of The Current Market
“Now that Bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move,” said Selbert. “Bitcoin is part of the financial landscape in a very intertwined and mature way.”As it stands, Bitcoin is trading at $8,346 and the latest crypto news bring a mix of reds and greens on the marketplace. The 24 hour trading volume is stable at $46 billion and the dominance of Bitcoin has fallen to 66.8% - another sign that Bitcoin is no longer dominant in every single way.Among the tokens which are rising today we have Bitcoin SV (BSV) which managed to grow by 4.43% reaching $89.21 - and Binance Coin (BNB) which surged by 2.53% to a price of $17.46. The biggest loser, on the other hand, remains Chainlink (LINK) with its price of $2.54 following a 5.36% decline.
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