Web3 🌒 Saturday Highlight: Bitcoin Poised for Surge, BlackRock Enters Ethereum ETF Space, Turkish Lira Tops Fiat Volumes, and Celsius Bankruptcy Nears Resolution
1/ 📈 Analyst: Bitcoin Could Hit $69K in Mid-2024.
2/ ✅ BlackRock Ethereum ETF Confirmed.
3/ 💸 Binance Research: Turkish Lira Tops Fiat Volumes.
4/ 💪 Celsius Bankruptcy Nears End with Court Approval.
For further details, let's keep reading! 👇
Welcome to our web3 updates today! In today's article, we will learn about analysts' comments on Bitcoin's price, BlackRock's Ethereum ETF plans, the Turkish Lira's dominance in fiat trading volumes, and Celsius Network's nearing bankruptcy resolution.
Stay tuned for more detail!
1/ Analyst: Bitcoin Could Hit $69K in Mid-2024. 📈
Bitcoin prices are expected to reach $69,000 by mid-2024, according to analyst Cory Mitchell. This is an 88% gain from current prices of $36,500. Mitchell predicts that this sharp rally will be followed by several pullbacks and price dumps. Despite these risks, Bitcoin has gained almost 116% in the past year, and recent bullish sentiment has been buoyed by spot bitcoin exchange-traded fund (ETF) filings in the U.S. Demand and usage for regulated instruments have grown in tandem with prices, with bitcoin futures trading on the Chicago Mercantile Exchange (CME) registering the highest volumes worldwide. Market observers believe this is indicative of institutional demand for bitcoin products.
Shaurya Malwa
2/ BlackRock Ethereum ETF Confirmed. ✅
BlackRock, the world's largest asset manager, has officially confirmed its plans to launch an Ethereum exchange-traded fund (ETF) through a 19b-4 form filing with the U.S. Securities and Exchange Commission (SEC). The proposed ETF, named the "iShares Ethereum Trust," is expected to provide investors with exposure to Ethereum, the second-largest cryptocurrency by market capitalization.
The news of BlackRock's ETF plans has been met with positive sentiment in the cryptocurrency market, with Ethereum (ETH) prices surging to fresh highs above $2,000.
Florence Muchai
3/ Binance Research: Turkish Lira Tops Fiat Volumes. 💸
The Turkish Lira (TRY) has become the most traded fiat currency on Binance, the world's largest cryptocurrency exchange, due to a surge in adoption from new and experienced investors. A new survey by Binance Research found that 30% of Turkish crypto traders began trading within the past two years, and 19% began within the past year. The survey also found that 66% of Turkish crypto traders are motivated by the potential for profits, while 33% are motivated by low transaction costs and 56% are motivated by ease of monitoring their investments. Turkey is the fourth-largest cryptocurrency market in the world by transaction volume, and the government is currently drafting virtual asset guidelines to regulate the market.
David Pokima
4/ Celsius Bankruptcy Nears End with Court Approval. 💪
After a tumultuous period marked by bankruptcy, court-supervised financial decisions, and asset sales, Celsius Network LLC has received court approval for its modified joint Chapter 11 Plan of Reorganization. This approval paves the way for a significant overhaul of the company and signals a new trajectory under new management. The company's native token, CEL, has remained stable in the wake of this news, indicating investor confidence in the company's future.
Jamie Redman
Conclusion:
These developments highlight the dynamic nature of the cryptocurrency ecosystem and its increasing relevance in the global financial arena. As Bitcoin, Ethereum, and other digital assets gain traction, institutional involvement deepens, and regulations evolve, the cryptocurrency landscape is poised for continued growth and transformation.
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
