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Bitcoin’s bullish pattern on the chart is signaling to crypto traders a potential 25% price increase from its current level.
Bitcoin's price is forming a bullish wedge pattern while lingering near its 2021 all-time highs, with hopeful traders eyeing a price target of $85,000 next.
“Bitcoin has formed a massive descending broadening wedge, right around the previous cycle highs,” pseudonymous crypto trader Jelle wrote in a July 26 X post, which is typically seen as a reversal pattern where Bitcoin’s (BTC) price forms a sequence of lower highs and lower lows, with the gap widening as it falls, with the expectation of a upward trend reversal.
“Price looks eager for a breakout -- and once it does, I expect the move to be sharp. First target, $85,000,” they added, which is around 15% above Bitcoin’s current all-time high $73,679, which it reached in March.
One low-cap altcoin surged by more than 27% this week amid its newly announced involvement in a central bank digital currency (CBDC) project. Coti (COTI) is a privacy-focused layer-2 network built on Ethereum (ETH). The project’s native asset is trading at $0.118 at time of writing, up from $0.0929 one week ago. Coti announced on […]
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The presidential hopeful gave Bitcoin eloquent praise as a future support for the US economy and way to fix broken American money and society.
Independent presidential candidate Robert F. Kennedy Jr. praised the role Bitcoin could play in improving the US economy and the American way of life as he spoke to an audience at the Bitcoin2024 event on July 26. He promised to sign a number of executive orders on his first day in office to begin the process.
Kennedy would sign an order requiring the Justice Department and US Marshalls to transfer the 204,000 Bitcoin held by the United States to the Federal Reserve to be held as a “strategic asset,” he said. Furthermore, Kennedy said he would also order the Treasury Department to purchase of 500 Bitcoin (BTC) daily until the reserve reaches at least 4 million BTC.
The United States would attain “a position of dominance no other country will be able to usurp” and its Bitcoin reserve would eventually reach a value of “hundreds of trillions of dollars,” he promised.
Grayscale must await final regulatory signoff on its registration filing before listing the fund
The United States Securities and Exchange Commission (SEC) approved Grayscale’s newest spot Bitcoin (BTC) exchange-traded fund (ETF) — Grayscale Bitcoin Mini Trust (BTC) — for listing on the New York Stock Exchange’s (NYSE) Arca electronic trading platform, according to a July 26 filing.
The approval is an important milestone for Grayscale, which announced plans on July 19 to spin off a portion of its flagship Bitcoin fund, Grayscale Bitcoin Trust (GBTC), into the new Mini Trust.
“Grayscale is excited to share that the [SEC] has approved NYES Arca's Form 19b-4 application to list and trade shares of Grayscale Bitcoin Mini Trust (proposed ticker: BTC),” a spokesperson told Cointelegraph in an email.
The two Republican senators claimed that if their party wins control of the Senate, they will stop the SEC’s “regulation by enforcement.”
Republican United States Senators Cynthia Lummis and Tim Scott spoke at the Bitcoin 2024 conference on July 26, stating that the current leadership of the Senate Banking Committee is “in the way” of American innovation, especially as it relates to Bitcoin. “We have to get rid of the folks who are in the way,” Tim Scott stated, implying that voters should throw out the Democratic majority in the November elections.
Senator Lummis claimed that if Republicans win a majority in the November elections, they will appoint Scott as Chairman of the Banking Committee, which will put an end to anti-Bitcoin (BTC) legislation coming out of that body. “Republicans are going to be in the majority next year,” she stated. “And Senator Tim Scott is going to be the chairman of the Senate Banking Committee.”
Scott vowed that if he is elected chairman, he will use his power to put pro-Bitcoin legislation up for a vote and pass it through the Senate if possible. “The one thing I will absolutely guarantee will be done is watching your legislation get a vote, pass the Banking Committee, and we’re going to fight to make it a law in the United States of America,” he stated, claiming that this would accomplish “setting Bitcoin free at home, [...] free at last.”