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Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement

Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid RequirementAuthorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF which Egypt had to meet before the approval of a new financial aid package. IMF […]

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Fundstrat’s Tom Lee Says Stock Market Not in a Bubble, Predicts Fed Won’t Hesitate To Cut Rates

Fundstrat’s Tom Lee Says Stock Market Not in a Bubble, Predicts Fed Won’t Hesitate To Cut Rates

The head of research at market intelligence firm FundStrat says the stock market most likely has more room to run to the upside. In a new interview with CNBC Television, FundStrat’s Tom Lee says it’s too early to say the stock market’s in a bubble as there is no consensus yet that it isn’t in […]

The post Fundstrat’s Tom Lee Says Stock Market Not in a Bubble, Predicts Fed Won’t Hesitate To Cut Rates appeared first on The Daily Hodl.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Fading Downside Pressures on the Crypto Market Could Foster a Better Trading Environment: Coinbase Analysts

Fading Downside Pressures on the Crypto Market Could Foster a Better Trading Environment: Coinbase Analysts

Analysts at top-US-based crypto exchange Coinbase say that fading downside pressures could create healthier market conditions for investors. In a new analysis, Coinbase says that many factors dampening Bitcoin (BTC) and the broader digital assets industry – such as liquidations by bankrupt crypto exchange FTX and the financial troubles of crypto lender Celsius – are […]

The post Fading Downside Pressures on the Crypto Market Could Foster a Better Trading Environment: Coinbase Analysts appeared first on The Daily Hodl.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Billionaire Bill Ackman Predicts Multiple Interest Rate Cuts, Says Fed Must Move Fast Enough To Avoid Recession

Billionaire Bill Ackman Predicts Multiple Interest Rate Cuts, Says Fed Must Move Fast Enough To Avoid Recession

Billionaire investor Bill Ackman believes that the Federal Reserve is set to cut interest rates as data shows that inflation is on its way down. In a new CNBC interview, the founder and chief executive of the hedge fund Pershing Square Capital Management says that a minimum, he sees the Federal Reserve announcing three rate […]

The post Billionaire Bill Ackman Predicts Multiple Interest Rate Cuts, Says Fed Must Move Fast Enough To Avoid Recession appeared first on The Daily Hodl.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Consistent Interest Rate Cuts To Start This March, According to Banking Giant Barclays: Report

Consistent Interest Rate Cuts To Start This March, According to Banking Giant Barclays: Report

Barclays analysts are reportedly expecting the Federal Reserve to commit to reversing its hawkish monetary policy early this year. The analysts predict that Personal Consumption Expenditures (PCE) will print an average of 1.9% on a seasonally adjusted annual rate for the last six months of 2023, Investing.com reports. The PCE is an inflation indicator that […]

The post Consistent Interest Rate Cuts To Start This March, According to Banking Giant Barclays: Report appeared first on The Daily Hodl.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Don’t get excited about Fed ‘dovishness’ — another rate hike is in the cards

Contrary to Jerome Powell's intimations, inflation is likely to rise in the months ahead. If the Fed does not hike rates in 2024, the problem will get worse.

December’s Federal Open Market Committee (FOMC) meeting was a huge boon for markets. Risk assets — including cryptocurrencies — soared as the central bank appeared to take a more dovish stance on monetary policy. But the markets may be in for a nasty surprise in 2024 as the Federal Reserve faces an uphill battle against price increases, which may well force policymakers to hike again to reach their 2% inflation target.

The overwhelming expectation right now is that the Fed has won its battle against inflation. However, this is not what economic analysis shows. In fact, the recent slowdown in price growth is very likely to prove temporary — with inflation soaring again next month to finish the year around 3.5%, and remaining sticky well into 2024. This will be problematic for the central bank, whose dual mandate stipulates it must control prices while maintaining maximum employment.

So far, it has certainly succeeded with the latter. Unemployment remains at historically low levels, dropping from 3.9% in October to 3.7% in November. The economy added 199,000 jobs that month, beating analysts’ expectations. Wage growth also continued to outstrip inflation for the fifth month in a row in October, rising again to 5.7% after a brief hiatus.

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Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

US Fed 2024 rate cut could prove perfect catalyst for BTC halving

An increase in the U.S. Federal Reserve rate is considered bearish for the crypto market, as it constrains the flow of funds into the market, while a rate cut is seen as bullish, as it boosts risk appetite among investors.

Goldman Sachs, the second-largest investment bank in the world, has predicted that the United States Federal Reserve could cut interest rates twice in the next two years, starting as early as the third quarter of 2024. With the much-anticipated Bitcoin (BTC) halving event expected in April, the crypto market could see a strong catalyst forming.

Interest rates have a strong correlation to investors’ risk appetite. Goldman Sachs predicted the first Fed rate cut by December 2024, but this forecast has been brought forward to Q3 of 2024 due to cooling inflation, Reuters reported on Dec. 11.

The lender expects the two Fed cuts to bring interest rates to 4.875% by the end of 2024, rather than its previous forecast of 5.13%. 

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Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

70% of BTC dormant for a year — 5 things to know in Bitcoin this week

Bitcoin faces a slow grind after earlier brisk BTC price gains, but the ingredients for a sustained rally are there, market data suggests.

Bitcoin (BTC) starts Thanksgiving week in the United States with a return to $37,000 as bulls stubbornly refuse to loosen their grip.

BTC price action remains tantalizingly near 18-month highs as another weekly close provides a fresh taste of bull market momentum.

The largest cryptocurrency continues to hold onto reclaimed ground, and while upside has been slower than in previous weeks, BTC/USD is up 7% month-to-date.

How could the coming days shape up for Bitcoin?

Macroeconomic data prints provide the opportunity for some snap volatility, while under the hood, the landscape when it comes to Bitcoin’s network fundamentals is as rosy as it has ever been in 2023.

At the same time, supply dynamics are surprising — coins dormant for a year or more now make up over 70% of the supply for the first time, indicating a reluctance among long-term holders to “sell the rip.”

Bitcoin dominance is also staying strong, leading to hopes that a classic crypto bull market is once again in its early innings.

Cointelegraph takes a look at these factors and more as part of the weekly rundown of all things moving BTC price action in the coming week.

Bitcoin traders maintain BTC price retracement odds

Bitcoin delivered a suitably buoyant weekly close with a trip to $37,500, but subsequently failed to hold that level.

In an ongoing expression of the difficulty of reclaiming higher ground as support, BTC price action is now back around the $37,000 mark as of Nov. 20, per data from Cointelegraph Markets Pro and TradingView.

“Considerable supply above price & towards $40K,” popular trader Skew noted in part of his latest social media analysis.

“This will take persistent demand for spot BTC to crack imo. Bullish confirmation is seeing limit bids move up closer to price here, that would signal for higher prices & demand.”

With hours to go until the Wall Street open, the sense among some market participants is one of range-bound trading continuing for the short term.

“Bitcoin clearly making a range construction here,” Michaël van de Poppe, founder and CEO of trading firm Eight, told X subscribers as the weekly candle completed.

“Resistance at $38K, while support at $33-34.5K is the one to watch for long entries. I think we’ll sweep slightly lower (maybe slightly beneath $36K) before we revisit highs. Needs to hold the trend.”
BTC/USD annotated chart. Michaël van de Poppe/X

The concept of a retracement to test recent liquidity is nothing new. As Cointelegraph reported, downside targets include a trip to $33,000 and even below $31,000.

Unlike its initial push to 18-month highs last week, however, Bitcoin market data shows a much calmer atmosphere among traders, with both open interest (OI) and funding rates staying neutral.

BTC/USD remains up 7% in November — modest gains — yet still the pair’s best-performing November month since 2020, per data from monitoring resource CoinGlass.

“Even though the sentiment isn’t great, BTC is still up ~5% for the month of November,” popular trader Daan Crypto Trades commented on the performance.

“December tends to be a volatile month that puts in big numbers. Bound to see a turbulent end of year I think!”
BTC/USD monthly returns (screenshot). Source: CoinGlass

Jobs, Fed minutes lead short Thanksgiving macro week

U.S. Thanksgiving week is due to be characterized by a cool set of macroeconomic data releases in a period of relief for crypto traders.

Jobless claims mark one of the highlights of the coming days, these set for release on Nov. 22.

While Bitcoin has overall become less susceptible to macro-induced volatility this year, unemployment surprises have nonetheless succeeded in injecting short-term momentum in the past.

After last week’s data prints showed U.S. inflation cooling faster than markets expected, however, market participants are in “wait and see mode” ahead of the next decision on interest rate changes due in mid-December.

Fed target rate probabilities chart. Source: CME Group

So far, consensus is practically unanimous on current levels remaining in place at the Federal Reserve’s Federal Open Market Committee (FOMC) meeting, per data from CME Group’s FedWatch Tool.

The Fed will release the minutes of its previous FOMC meeting this week.

“Short week, but still some important events to watch. The Fed meeting minutes will be in the spotlight,” financial commentary resource The Kobeissi Letter wrote in part of its weekly forecast.

Analysis concerned over Bitcoin mining boom

Bitcoin network fundamentals remain at or near all-time highs — and depending on how the near-term BTC price action plays out, they may yet jump higher this week.

Both hash rate and mining difficulty are in full bull mode, analysis has concluded, having spent most of 2023 in a relentless uptrend with only minor retracements along the way.

However, the optimistic status quo is not without its warning signs.

In his latest Quicktake market update for on-chain analytics platform CryptoQuant on Nov. 19, contributor Gigisulivan noted that new hash rate highs have traditionally preceded a BTC price comedown.

“This was no longer the case after 15th of Sept as the dominant BTC Spot ETF rally took over and pushed BTC’s price 30%+ up,” he acknowledged.

Despite this, there is still time for history to repeat itself, with the result potentially constituting a return toward the $30,000 mark.

“Important to note is that we have another new high on hashrate 2 weeks ago, that is sitting still within the usual time-frame and usual pump before dump range,” the update added.

“Most likely pullback target between 30-31.5k.”

As Cointelegraph reported, one theory suggests that miners will be looking to increase BTC stockpiles in advance of the April 2024 halving, when the amount of BTC awarded to them per block is cut by 50%.

Bitcoin’s next automated difficulty readjustment is scheduled for Nov. 25 and is currently expected to take difficulty only modestly higher — by around 2%, per data from monitoring resource BTC.com.

Bitcoin network fundamentals overview (screenshot). Source: BTC.com

Dominance fuels hopes of classic bull market

When it comes to Bitcoin versus altcoins, the classic market cap dominance surge, which characterizes early stages of the crypto bull market, remains in play.

Bitcoin currently accounts for around 52.5% of the total crypto market cap — around 2% lower than at the start of the month, but still conspicuously higher than its year-to-date lows of nearer 40%.

“Bitcoin price dominance is finally back, at least for the time being,” research firm Santiment wrote in an update on the status quo late last week.

“Altcoins have been retracing on the tail end of the week after the past month’s blistering hot rally. If the crowd begins to get worried and show FUD, however, we could see some quick price rebounds.”
Bitcoin crypto market cap dominance 1-week chart. Source: TradingView

Bitcoin traditionally advances prior to major altcoins, with small cap tokens bringing up the rear as excitement over price gains permeates crypto markets.

For Daan Crypto Trades, that sequence of events should ideally continue to play out.

“Best for Bitcoin and the overall market would be if Bitcoin Dominance takes off again while BTC grinds up,” he argued on Nov. 17.

“Not enough liquidity yet to sustain the entire market moving at once. It’s why we see these flushes so often as liquidity is spread too thin. Then when BTC has rallied, capital can flow back into alts to play catch up. The weaker ETH/BTC is the stronger BTC will be most of the time.”
ETH/BTC 1-week chart. Source: TradingView

ETH/BTC returned to 0.05 BTC at the end of October — its lowest since mid-2022.

Supply dormancy sets new record

When it comes to long-term holder resolve to hodl beyond immediate price action, few charts are arguably as bullish as dormant supply.

Related: Bitcoin nears pre-halving ‘target zone’ toward $50K BTC price

From the perspective of its iteration showing the percentage of mined BTC, which has not moved in at least a year, the metric has now hit all-time highs.

Over 70% of the supply has ignored any gains seen since the 2022 bear market bottom and remains in the same wallets.

“Bitcoin has gained +139% over the past year and 70% of all BTC in circulation hasn’t been sold / transferred,” Caleb Franzen, senior analyst at Cubic Analytics, responded.

“Now that’s conviction.”
BTC supply dormant for 1 year or more chart. Source: William Clemente/X

Franzen referenced data from on-chain analytics firm Glassnode uploaded to X by William Clemente, co-founder of crypto research firm Reflexivity.

As Cointelegraph reported, the area immediately below $40,000 could well represent a key profit-taking watershed for those Bitcoin investors who purchased BTC during the 2021 run to current all-time highs.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

Bitcoin beyond 35K for Christmas? Thank Jerome Powell if it happens

Led by Chairman Jerome Powell, the Federal Reserve has halted the rise of interest rates. Will it be enough to fuel the surging market through Christmas?

Historically, a Santa rally happens in the weeks leading up to Christmas when a collective sense of goodwill bleeds into equity markets. This is typically a seasonal blip and nothing to write home about. But this year, we could see a far more significant rally as the United States Federal Reserve, the Securities and Exchange Commission and BlackRock line up to deliver a bonanza of holiday cheer.

The Federal Open Market Committee (FOMC) finished its penultimate meeting of 2023 on Wednesday, and it decided to hold interest rates steady. As we know, U.S. inflation has been tamed from a high of 9.1% in June 2022 to its current level of 3.7% thanks to the Fed’s aggressive interest rate hiking cycle that brought the Federal Funds Rate to 5.25-5.5% — its highest level since 2001.

However, while this campaign has been unquestionably successful, markets remain deeply concerned about the potential of higher rates, or even rates sustained at this level, to trigger a recession in the U.S. The Fed also now shares these concerns as it softens to some degree against inflation.

Related: Bitcoin is evolving into a multiasset network

Should the next Bureau of Labor Statistics inflation reading on Nov. 14 show a move downward, we can expect to see money flooding into risk assets as investors anticipate the next interest rate decision to be a cut. This will, of course, have a positive impact on equity markets, and even bond markets as yields fall and the back end of the yield curve flattens.

Crypto markets will follow suit, with Bitcoin (BTC) remaining strongly correlated to main markets. What will provide an extra shot in the arm, though, will be the approval of the first U.S.-based Bitcoin spot ETF — which is likely to come before Jan. 10, as J.P. Morgan predicts. This is underlined by the excitement that rumors of the approval of BlackRock’s application have generated over the past few weeks, which sent Bitcoin back up to $35,000: a level it hasn’t enjoyed since the pre-Terra Luna days of 2022.

Eventual approval will provide further impetus for Bitcoin, Ether (ETH), and large swathes of altcoin markets. However, if investors are following the old adage, “buy the rumor, sell the fact”, it may not be huge. We might even see a small dip before a more sustained rally. There is little doubt, however, that approval will be positive for cryptocurrency. Indeed, longer-term it has the potential to be the greatest driver of crypto markets since the conditions created by the Covid pandemic saw BTC top $60,000 in 2021.

Related: Sam Bankman-Fried’s trial is telling a story of classic financial deceit

Potential spanners in the works include higher inflation in the U.S. before the end of the year, and potentially a ramping up of tensions between Israel and Palestine. Either of these could put the brakes on an end-of-year Santa rally — but that does not seem to be the direction of travel right now.

Indeed, Bitcoin has already enjoyed quite a rally this year. While the fallout from the FTX crash in November 2022 saw BTC fall to the $15,000 range and start 2023 at a paltry price of slightly more than $16,000, its level today of $34,000 to $35,000 represents growth of more than 100%. Of course, it’s only the very smart or lucky traders who ever manage to take advantage of Bitcoin’s extreme volatility. Year-on-year, many crypto investors are still nursing losses. 

For FTX investors, for example, while there are now hopes some will get their Bitcoin, Ether, and other tokens back, most will face somewhat of a Pyrrhic victory as they stare down the barrel of 60% to 70% losses. This accounts for the generally pessimistic mood in the crypto market, which would otherwise look like the winner of 2023.

As we approach the end of the year, then, it would do all of us well to take a step back and view Bitcoin and crypto markets with fresh eyes. Even if we don’t get a much anticipated and, perhaps, deserved Santa rally, we can celebrate the fact that crypto has survived another challenging year and is ending on a high.

Lucas Kiely is chief investment officer of Yield App, where he oversees investment portfolio allocations and leads the expansion of a diversified investment product range. He was previously the chief investment officer at Diginex Asset Management, and a senior trader and managing director at Credit Suisse in Hong Kong, where he managed QIS and Structured Derivatives trading. He was also the head of exotic derivatives at UBS in Australia.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year

End of ‘Uptober’ targets $40K BTC price — 5 things to know in Bitcoin this week

Bitcoin holds higher BTC price levels into what looks to be a crunch week for crypto markets across the board.

Bitcoin (BTC) starts a new week at comfortable highs as traders square off over BTC price action to come.

As macroeconomic uncertainty continues to grow, Bitcoin is cementing its new trading zone above $30,000.

The highest weekly close since early May 2022 is the latest achievement for bulls, and so far, bid support has allowed the market to avoid a deep retracement after last week’s snap 15% gains.

How could the environment change for BTC/USD this week?

As Bitcoin heads into the October monthly close, would-be volatility catalysts are brewing — not least thanks to the increasing geopolitical instability in the Middle East.

Adding to the hurdles for risk assets to overcome is the United States Federal Reserve, which will decide on interest rate adjustments on Nov. 1.

Under the hood, Bitcoin is looking better than ever, and the numbers prove it — network fundamentals are either at or circling all-time highs, continuing a trend in place for much of this year.

As price survives a mass profit-taking event at the hands of speculators, faith in further upside is proving hard to shake — but for some, the specter of a $20,000 crash is still firmly in play.

Cointelegraph takes a look at these factors and more in the weekly rundown of potential BTC price influencers for the coming days.

Countdown to the end of "Uptober"

After its highest weekly close in 18 months, Bitcoin continues to consolidate near $34,000 as the week begins.

A late-weekend surge took BTC price action to $34,700, helping add to the day’s BTC short liquidations, per data from monitoring resource CoinGlass.

BTC liquidations chart (screenshot). Source: CoinGlass

Despite this, the last weekly close of October was a calm event compared to a week prior, and with the monthly close now in focus, market participants will be keen to see if “Uptober” retains its bullish status.

Eyeing relative strength index (RSI) behavior, popular analyst Matthew Hyland was optimistic on the day.

“Current Bitcoin position would eliminate any possibility of bearish divergence forming on the weekly later on off the prior RSI high,” he wrote in an X post.

“This is extremely good for the bullish side and worst possible close for the bearish side.”

An accompanying chart showed RSI hitting higher highs on weekly timeframes. In a previous post, Hyland said that a weekly close at current levels would constitute a wider breakout.

RSI, which traditionally acts as an overbought signal at a given price when above 70, stood at 69.7 at the time of writing, with BTC/USD at $34,300, per data from Cointelegraph Markets Pro and TradingView.

BTC/USD 1-week chart with RSI. Source: TradingView

Similarly buoyant about what could happen to BTC price strength this week was popular trader Titan of Crypto.

In one of his latest X updates, he used the Ichimoku cloud to argue that a breakout toward $40,000 was on the cards.

As Cointelegraph reported last week, $40,000 is a popular target for bulls, but some remain notably surprised by the strength of the recent rally.

Trader Bluntz argued that it was “wild that we broke 32k with conviction held and have now found acceptance above 34k.”

“The doubt and disbelief is still lingering,” he continued in part of X commentary, suggesting that many retained a bear market mentality.

$20,000 BTC price dive "worst case scenario"

Despite a week of holding higher levels, Bitcoin is far from convincing everyone that they will endure.

As Cointelegraph continues to report, $20,000 is a crash level which is still very much on the radar for some market participants.

The site of both a CME futures gap and the psychologically significant 2017 all-time high, $20,000 has not left traders’ consciousness seven months after BTC/USD last traded there.

Commenting on the prospect of such a move becoming reality, popular trader and analyst Rekt Capital described it as a “worst case scenario.”

The timeframe for this to occur is the five-and-a-half months remaining until the next block subsidy halving event.

“That would be a -42% drop from here,” he wrote at the weekend.

“How likely is it that this could happen? Worst-case scenarios typically have a low probability of occurring.”

Rekt Capital had previously warned over potential extensive BTC price downside at the hands of a double top pattern for 2023, this subsequently invalidated with last week’s move.

Social media was naturally not short of those disregarding a $20,000 comeback altogether, among them CredibleCrypto, who described the eventuality as “near impossible.”

Bitcoin, he continued on the day, was in line to “melt through” the $40,000 mark.

Others highlighted necessary levels to hold in order to avoid a rapid unwinding of recent progress.

“Looking for Bitcoin to hold this mid range retest and S/R flip,” analyst Mark Cullen wrote alongside a summary chart.

“If it breaks back below then i think the lower sweep could still be on the cards. Bulls don't really want to see BTC trade for any time back below 32.5k, but a wick below to take liquidity isn't off the table.”
BTC/USD annotated chart. Source: Mark Cullen/X

Trader Pentoshi meanwhile said that conditions had not changed on longer timeframes.

FOMC rate move due as crypto ditches stocks correlation

With trouble increasing in the Middle East and the impacts of war increasingly being felt outside the region, Bitcoin is seeing its second major conflict of the past two years.

Hodlers have a constant potential source of volatility in the background — something which this week will spar with U.S. macro data.

On Nov. 1, the Fed will meet to decide on whether benchmark interest rates should rise — an event which can form a short-term volatility catalyst in its own right.

Bitcoin has nonetheless dismissed Fed rate decisions in recent months, this despite persistent inflation repeatedly beating market expectations.

Fed target rate probabilities chart. Source: CME Group

Per data from CME Group’s FedWatch Tool, markets currently expect the Federal Open Market Committee (FOMC) to leave rates unchanged this week.

“We have a huge week ahead,” financial commentary resource The Kobeissi Letter wrote in part of a summary.

Kobeissi touched on what could become a fresh BTC price headwind — a correction on the S&P 500. Previously correlated with stocks, Bitcoin’s more recent divergence may be put to the test.

Over the past month, the S&P 500 has lost 4%.

BTC/USD vs. S&P 500 1-day chart. Source: TradingView

In commentary last week, however, research firm Santiment not only confirmed the waning stocks correlation but also said that this in itself was a sign that the crypto bull market was back.

Bitcoin mining difficulty, hash rate top previous peaks

For Bitcoin network fundamentals, there is no reason to pause for thought.

At its latest automated readjustment on Oct. 30, difficulty increased by 2.35% — hitting another all-time high.

Now at 62.46 trillion, difficulty reflects that competition among miners is more intense than ever — as Cointelegraph reported, it has never been so complex to mine a single bitcoin.

Hash rate tells an identical story, this circling 493 exahashes per second (EH/s), according to the latest raw data estimates from statistics resource MiningPoolStats.

Commenting on the performance of both difficulty and hash rate, itself near record highs, James van Straten, research and data analyst at crypto insights firm CryptoSlate, described the latter’s progress as a “surge.”

Jaran Mellerud, a mining analyst at crypto insights firm Arcane Research, predicted that the trend would continue.

“Bitcoin's hashrate will likely continue surging due to the price pump coupled with the fact that miners are trying to outpace each other in upgrading fleets ahead of the halving,” he argued.

“I wouldn't be surprised if we see 500 EH/s before the New Year.”
Bitcoin network fundamentals overview (screenshot). Source: BTC.com

Greed matches BTC price all-time highs

Waiting in the wings and vying with RSI for upside potential is the classic crypto sentiment gauge, the Crypto Fear & Greed Index.

Related: First Bitcoin ETF trades $1.5B as GBTC ‘discount’ echoes $69K BTC price

Having lingered in a narrow range for months on end, Fear & Greed staged a firm return in line with Bitcoin’s push higher — but unlike BTC price action, it has returned to November 2021 levels.

The latest data shows the Index hitting 72/100 in recent days. This is firmly within the “greed” category and matches its position just days after Bitcoin hit its most recent all-time highs of $69,000 nearly two years ago.

Fear & Greed tends to reach extreme levels before a significant trend change occurs in price action.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year