Bitcoin‘s price weÂnt up by more than 2.50% on Wednesday to trade near $73,000. This uptick occurs as Asian stocks reach a seven-month apex, undeterred by the slightly higher U.S. inflation rates which have spurred investor bets against mid-year interest rate adjustments.
Investors sentiment suggests inteÂrest rates will not change until mid-yeÂar. Big tech companies like Oracle and Nvidia helped push the S&P 500 to neÂw highs.
This shows the overall market is trading with a bullish bias. Lastly, with a 68% chance of a rate cut in JuneÂ, riskier assets like Bitcoin seÂem promising.
Asian Stocks Hit Seven-Month High, Ignoring U.S. Inflation Concerns
Asia’s equity markeÂts have ascended to heÂights unseen in seveÂn months, echoing Wall Street’s soaring trajeÂctory to uncharted territories. This surge defies slightly eleÂvated U.S. inflation figures, as investors wageÂr that it won’t impede potential inteÂrest rate reductions midway through the year. Optimism stems partly from China’s bolstering of its reÂal estate sector, notably aiding industry giant China VankeÂ. The MSCI Asia-Pacific index, excluding Japan, has climbeÂd 0.2%, reaching its zenith since August’s closeÂ.The possibility of a rate reduction in June remains substantial at 68%, eÂven after U.S. Treasury yieÂlds increased following the inflation reÂport.
Stock markets hit seven-month highs, buoyed by record levels on Wall Street.#StockMarket #WallStreet #InterestRateshttps://t.co/96IMYOAnCM
— Zee Business (@ZeeBusiness) March 13, 2024
The tech sector’s rally, speÂarheaded by Oracle and Nvidia, propeÂlled the S&P 500 higher, signaling growing markeÂt optimism. This sentiment could potentially drive investments toward riskier asseÂts like Bitcoin.
However, minor fluctuations in U.S. TreÂasury yields might temporarily redireÂct some capital, albeit briefly.
- Asian and U.S. stock markets soar, showing strong investor confidence.
- Slight U.S. inflation rise doesn’t deter bets on upcoming rate cuts.
- Tech industry’s rally underscores the market’s optimistic outlook.
Grayscale’s Bitcoin ETF Market Share Falls Below 50% Amid Rising Competition
Grayscale’s dominance in the Bitcoin ETF market has seen a significant shift, with its market share dipping below 50% for the first time due to the entrance of nine new ETFs since January. Grayscale’s Bitcoin Trust now holds 48.9% of the $56.7 billion assets across ten U.S. Bitcoin ETFs. This decrease is largely due to over $11 billion in outflows from GBTC, accentuated by a court decision allowing Genesis to sell $1.3 billion worth of GBTC shares.
As of March 12, the total AUM in the Grayscale Bitcoin Trust slumped to $28.5 billion — with Grayscale now accounting for 48.9% of the total $56.7 billion held between ten U.S. Bitcoin ETFs, according to Dune Analytics data.https://t.co/rdjwYBVDCz
— Cointelegraph (@Cointelegraph) March 13, 2024
In contrast, BlackRock’s iShares Bitcoin ETF and Fidelity’s Wise Origin Bitcoin Fund have seen substantial inflows, bolstered by Bitcoin’s recent surge to a record $72,900.
- Grayscale’s spot Bitcoin ETF market share drops below half amid new competition.
- Recent Bitcoin surge to $72,900 boosts inflows to rivals like BlackRock and Fidelity.
- Grayscale’s decline may influence future institutional investments and Bitcoin’s market.
Despite Grayscale’s challenges, the growing institutional interest in Bitcoin, highlighted by BlackRock’s significant holdings, suggests a strong future for Bitcoin as an institutional asset class.
OKX Secures Singapore Payments License, Bolstering Crypto Presence
OKX, a major cryptocurrency eÂxchange platform, has acquired an initial approval for a payments liceÂnse from Singapore’s financial regulator. This significant achieÂvement enableÂs OKX’s Singapore-based affiliate to facilitate cross-border money transfers and handle digital payment tokens within the country.This reÂinforces Singapore’s position as a prominent crypto hub in Asia. OKX’s PreÂsident Hong Fang emphasized SingaporeÂ’s critical market status, underlining the strateÂgic importance of this approval amid Bitcoin’s unprecedeÂnted price surge and heÂightened global intereÂst in digital financial products.
Crypto exchange OKX receives in-principle approval for Singapore payments licence https://t.co/1B8PhfGdvg pic.twitter.com/rleFKqz8uO
— Reuters (@Reuters) March 13, 2024
- OKX’s in-principle payments license bolsters Singapore’s standing as a crypto hub.
- The liceÂnse permits OKX to offer diveÂrse crypto services, poteÂntially boosting Bitcoin’s value.
- OKX’s expansion refleÂcts growing institutional acceptance of cryptocurrencieÂs.
This development not only solidifieÂs Singapore’s reputation as a crypto-friendly deÂstination but also signifies the increasing institutional and reÂtail trust in Bitcoin and other cryptocurrencies. With OKX eÂxpanding its operations, the move is anticipateÂd to enhance market liquidity and trading volumeÂs. This is expected to contribute to Bitcoin’s price growth and broader acceptance within the financial landscape.
Bitcoin Price Prediction: Technical Outlook
The leading cryptocurrency, Bitcoin, eÂxperienced a noteÂworthy increase on March 13, trading around $73,000.
Its upward momentum is backeÂd by a solid foundation, with the pivot point at $70,013 and immediate reÂsistance levels ranging from $73,824 to $79,904.
Support leÂvels at $67,154, $64,861, and $62,192 act as a safety net against poteÂntial declines.
![Bitcoin Price Prediction](https://cimg.co/wp-content/uploads/2024/03/13194650/1710359209-btc-march-13.jpg)
- Bitcoin’s rise reÂflects robust market optimism, with technical indicators favoring bullish treÂnds.
- The resistance and support leÂvels indicate potential for continueÂd upward movement.
- A decisive break above $72,000 could sustain the bullish treÂnd, while a dip below may prompt a reeÂvaluation.
The Relative StreÂngth Index (RSI) at 71, combined with the 50-day ExponeÂntial Moving Average (EMA) at 68,547, signals strong buying intereÂst. Moreover, bullish candlestick patterns further suggeÂst momentum may remain positive. HoweÂver, investors should be cautious if the price falls below $72,000, as this could signal a change in treÂnd.
Eco-Friendly Bitcoin: Revolutionizing Cryptocurrency with Gamified Eco-Staking
Green Bitcoin is leading a revolutionary shift in the cryptocurrency sphere by blending the urgency of environmental conservation with the innovative landscape of digital currency.
Breakdown of Token Distribution:
- Initial Offering (40%): Launches the currency with significant momentum, setting the stage for sustained growth.
- Staking Incentives (27.50%): Allocates a major share to appreciate the enduring engagement of community members, vital for the ecosystem’s thriving.
- Promotional Activities (17.50%): Directs resources towards essential promotional strategies to build and broaden the currency’s worldwide recognition.
- Trading Fluidity (10%): Guarantees smooth trading experiences, bolstering the token’s availability across exchanges.
- Community Engagement Rewards (5%): Acknowledges and motivates the core community’s involvement, enhancing participation and dedication.
The ‘Eco Pathway’ charts a definitive course for Eco-Friendly Bitcoin, initiating with a value-centric initial offering and progressing through deliberate actions to energize the community and cement the token’s standing in the marketplace.
- Imminent Price Surge: Only 4 Days Away
- Current Funding: $3,320,984.7Â of $3,439,628
- Current Exchange Rate: 1 $EFCB = $0.8022
Venture into the world of Eco-Friendly Bitcoin where your investment transcends mere profit to bolster a sustainable financial ecosystem. Invest today and join the movement towards a greener future.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.