updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131The world’s largest asset manager, BlackRock, has moved additional Bitcoin and Ethereum to Coinbase, suggesting further sell-offs. The transferred coins are valued at $160 million at current prices. The deposits occurred as analysts report that ETF flows are being influenced by macroeconomic uncertainty and have caused a decline in risk appetite. BlackRock Sends $115 Million
The post Bitcoin ETF Update: BlackRock Signals BTC Sell-Off as Kevin O’Leary Warns of Decline In Institutional Demand appeared first on CoinGape.
]]>Shark Tank investor Kevin O’Leary warns Bitcoin could see further crash as institutions grow more cautious amid quantum computing threats. He claims TradFi institutions would also limit their crypto allocations to 3% as only Bitcoin and Ethereum matter now after the October crypto market crash. Institutions Only Need Bitcoin and Ethereum, “Everything Else Is Just
The post Shark Tank Kevin O’Leary Warns Bitcoin Crash as Quantum Computing Threats Turns Institutions Cautious appeared first on CoinGape.
]]>There continues to be debates on whether to expect a hawkish Federal Reserve if Kevin Warsh succeeds Jerome Powell as the next Fed chair. This is significant considering how Bitcoin continues to react to the Fed’s outlook, with the flagship crypto crashing to as low as $75,000 following Trump’s nomination of the former Fed governor.
The post Is Kevin Warsh’s Fed Chair Nomination Bullish or Bearish for Bitcoin? appeared first on CoinGape.
]]>U.S. President Donald Trump has officially nominated former Fed Governor Kevin Warsh as the next Fed chair, potentially replacing Jerome Powell when his term ends in May. This marks a positive for the crypto industry as Warsh is considered more pro-crypto, although it remains to be seen what his stance on monetary policy is. Trump
The post Breaking: Trump Nominates Pro-Bitcoin Kevin Warsh As Next Fed Chair appeared first on CoinGape.
]]>Kevin O’Leary, the acclaimed investor from the hit TV series “Shark Tank,” has recently expressed his reservations about the value of Bitcoin exchange-traded funds (ETFs). Despite his recognition as a long-standing Bitcoin investor, O’Leary sees limited appeal in the current frenzy surrounding Bitcoin ETFs. His primary concern revolves around the fees charged by ETF issuers, which he believes offer little benefit to investors like himself who prefer holding Bitcoin for the long term.
The approval of ETFs by the U.S. Securities and Exchange Commission (SEC) was initially met with enthusiasm, marking a significant regulatory milestone. However, O’Leary predicts a survival challenge for many of these ETFs. He anticipates that only a few, particularly those backed by powerhouses like Fidelity and BlackRock, will thrive due to their robust sales networks. This prediction aligns with Galaxy Digital CEO Mike Novogratz’s expectations, foreseeing a standout performance from two or three ETFs amidst the competitive landscape.
Despite his stance on Bitcoin ETFs, O’Leary acknowledges the broader positive impact of their SEC approval. He believes this development could encourage further exploration into digital payment systems, such as the dollar-linked stablecoin USDC. However, his optimism is tempered by a realistic view of the nascent crypto industry.
The introduction of spot Bitcoin ETFs led to heightened market volatility. After peaking at $49,000, Bitcoin’s price experienced a decline, settling at $42,694. The initial trading of these ETFs involved a significant $4.6 billion worth of shares, indicating growing institutional interest. However, this enthusiasm was quickly followed by a price pullback, sparking debates about the long-term influence of these ETFs on Bitcoin’s value.
O’Leary is bullish on Bitcoin’s potential, projecting a surge to $150,000 – $250,000 by 2030. However, this forecast is more conservative than Cathie Wood’s ambitious $1.5 million target. O’Leary suggests that such a high valuation would imply major economic disruptions in the U.S., a scenario he finds unlikely.
Read Also: Spot Bitcoin ETF: Here’s How Many Coins BlackRock Currently Holds
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
O’Leary says the Fed could still increase rates to 6.25% or 6.5%, resulting in bank failures in regional institutions .
Popular Shark Tank investor Kevin O’Leary has sounded a note of warning about the Federal Reserve’s tightening cycle applied to fight inflation. According to O’Leary, the Fed’s continuous rate hikes could result in more US bank failures.
Speaking to CNBC’s Street Signs Asia, O’Leary said that the hikes could cause a breakdown in regional banks, suggesting the situation would become precarious because the banks support 60% of the US economy. Following the recent rate hike, O’Leary said:
“You keep squeezing the toothpaste tube, you keep rolling it up, you keep raising rates, and you know things are going to break, you just don’t know when and where.”
On Wednesday, the Federal Reserve increased interest rates by 25 basis points to keep up with the fight against inflation. The recent increase puts the current rate at a range of 5.25% – 5.50%. The range’s midpoint is the highest US interest rate since 2001.
In 2023 alone, the Federal Reserve has increased interest rates four times. Last year, the Federal Open Market Committee (FOMC) began increasing rates on March 17, the first increase in more than three years. By the end of 2022, the Fed had increased rates seven times.
Following Wednesday’s increase, Fed Chairman Jerome Powell hinted at another hike after the next FOMC meeting scheduled in September. Powell said a further hike might be necessary because the rate is too far from the intended 2%. However, he assured that the agency would be “making careful assessments” and may choose to leave rates unchanged at the next meeting depending on economic data.
O’Leary says he has told investors to wait 90 days as events unfold in the United States banking arena, as he predicts a possible crash. O’Leary also added that the Fed could continue hikes before stopping at 6.25% or 6.50%.
This prediction rhymes with previous forecasts about the rise of interest rates for the rest of the year. According to an exec at the world’s largest asset manager BlackRock, there’s a chance the Fed could take rates up to 6%. In a February note, the company’s chief investment officer of global fixed income Rick Rieder said the Fed would likely keep the rate there for “an extended period” until inflation falls near 2%.
Also in February, Coinspeaker reported that Wall Street traders were betting that the Fed would hike rates to 6% in September. One trader placed a bet worth about $18 million and could walk away with up to $135 if the prediction comes to pass. In the same month, BofA Global Research also made the same prediction. According to a note, the researchers said the Fed might struggle with inflation for much longer because of a tight labor market and consumer demand. The note suggests that aggregate demand must fall significantly before inflation drops to the Fed’s target.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Crypto Market News: Top Republican leader Kevin McCarthy on Wednesday said he was optimistic about getting a deal despite the fact that there is a long way to go before reaching consensus to commit to a deal on raising the debt ceiling. He addressed the concerns around the status of deal talks amid market uncertainty before the June 1, 2023 deadline, during a press conference. Importantly, he said there could be progress made later today, in the context of a halt in deal talks since his Monday meeting with US President Joe Biden.
Also Read: Bitcoin (BTC) Price Breaking Under Crucial Support Levels, $23,000 Coming?
The U.S. Markets continue to feel the heat from the delay in debt ceiling deal talks since Monday, as the S&P 500 Index, Dow Jones and Nasdaq continue to trade in the red. Similarly, Bitcoin price appears to be in bearish waters until some clarity on deal status is reached.
Speaking at a press conference, the top Republican said he doesn’t think there will be a defaultm and that he firmly believes the leaders will be able to get a deal. However, he said both sides are still far apart on debt talks but can get to saying yes for a deal.
“There are still differences over spending. I am sending our negotiators down to the White House to try and finish up the talks.”
Also Read: Morgan Stanley Warned Off Ponzi Crypto Project “DF Fintoch” On The Run With $31 Million
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market News: Amid uncertainty in financial markets and an anticipation around final result of the debt ceiling deal talks, top Republican Kevin McCarthy on Tuesday said the discussions are currently nowhere near successful agreement for raising the ceiling. The comment follows his meeting with US President Joe Biden on Monday. In reaction to the ongoing debate around debt ceiling deal, the stock market opened lower on Tuesday, as the S&P 500 Index fell 0.2%. Although the meeting on Monday was said to be productive, the markets may find some balance only if a debt ceiling is reached successfully.
Also Read: Debt Ceiling Talks End With No Deal While Yellen Warns of Impending Cash Crunch
Biden and McCarthy will be meeting everyday until a decision is reached before the June 1, 2023 deadline. Yet, the Republican leader indicated there was a long way to go before consensus is reached about the deal.
According to latest reports, McCarthy informed Republican lawmakers that a debt ceiling deal is nowhere near possibility at this point. Following the Monday meeting, the Republican leader said he would meet with the President every day until a deal is reached, amid deadline pressure. “The president and I know the deadline, so I think we’re going to talk every day … until we get this done,” he said.
Meanwhile, there is fear of stock market crash and a drop in crypto market prices if a debt ceiling deal is not reached, CoinGape reported. Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, said there is a very high probability that a debt ceiling deal gets done. However, he warned that the timing of the deal closure could be tight, ahead of the June 1, 2023 deadline.
Also Read: Bitcoin Price Heading To Danger Level; What’s Next $30k Or $25k?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitfarms Ltd is already up close to 150% versus the start of the year but an H.C. Wainwright analyst is convinced that it’s not out of juice just yet.
On Tuesday, Kevin Dede reiterated his “buy” rating on the bitcoin miner with upside to $2.0 – up another 40% from here.
His bullish call on Bitfarms stock arrives a day after the company said its revenue noted an 11% sequential growth in the first quarter. Dede acknowledged that mining costs were up more than 12% versus Q4 but wrote:
Bitfarms still harnesses some of the lowest cost of power among its peers by predominately drawing hydropower. Bitfarms prides itself on its renewable energy sources.
Its adjusted EBITDA more than quintupled versus the previous quarter to $6.3 million in Q1, as per the earnings press release.
Also a positive was “hash rate” that increased about 7.0% in the recently concluded quarter to 4.8 EH/s. More importantly, Bitfarms sees that climbing further to 6.0 EH/s by the end of the third quarter.
Strength of the balance sheet was among other notable reasons why Dede remains constructive on Bitfarms stock. The Toronto-headquartered firm now has $19 million in debt only versus $140 million about 10 months ago.
The HCW analyst now expects Bitfarms to generate $132.4 million in revenue this year versus his previous forecast for $119.9 million. In the research note, he also said:
Its 10 sites across 4 countries mitigate geographical risks. In front of halving, BITF positions itself with strategic mix of stability, liquidity, prudent financial mgmt, and plans for growth.
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