Welcome to the ultimate guide to staying updated on the latest happenings in the world of Bitcoin (BTC). In this weekly digest, we aim to keep you informed about the pivotal events and developments revolving around Bitcoin over the past week.
Latest Bitcoin news
Government of the United States Moves $1 Billion from Bitcoin Wallets
Recent data from Arkham Intelligence has unveiled significant cryptocurrency transfers conducted by the United States government, totaling $922 million in Bitcoin. These transfers originate from wallets containing funds seized from Bitfinex in 2016, in connection with the historic hacking incident that shook the crypto sphere at that time.
Specifically, the data reveals that one wallet initially transferred 1 BTC on Wednesday afternoon and subsequently sent 2,817 Bitcoins, valued at around $172.74 million, to unidentified addresses.
US government initiates around $922 million in bitcoin transfers from seized Bitfinex hack funds https://t.co/SzWnULheq8
— The Block (@TheBlock__) February 29, 2024
Following this, a second wallet executed two additional transactions. The first involved 0.01 Bitcoins, while the second involved 12,267 Bitcoins, approximately valued at $748.46 million.
Peter Brandt Raises Bitcoin’s Price Target to $200,000
Market expert and CEO of Factor LLC, Peter Brandt, has updated his Bitcoin price prediction, raising the target for the current market cycle, slated to conclude in August/September of next year, from $120,000 to $200,000.
Brandt explained, “With the push above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in August/September 2025 is being raised from $120,000 to $200,000.”
Bitcoin Update
With the thrust above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in Aug/Sep 2025 is being raised from $120,000 to $200,000. $BTC
A close below last week's low will nullify this interpretation pic.twitter.com/19ZXpAQW0v— Peter Brandt (@PeterLBrandt) February 27, 2024
However, Brandt issued a caution: a close below the previous week’s low would invalidate this bullish outlook, emphasizing the volatility and inherent uncertainty in cryptocurrency markets.
Ark Invest: Bitcoin to Surge by 4,500%
Cathie Wood and her team at Ark Invest focus exclusively on disruptive technology, with Bitcoin being one of the biggest disruptors in the past 15 years. However, they believe there is still substantial potential for the cryptocurrency.
Ark Invest identifies several catalysts that could drive Bitcoin’s price upwards, with the most significant factor being institutional investor adoption. Ark Invest believes that if $250 billion in global investable assets were optimally allocated to Bitcoin, it could propel the price to $2.3 million, marking a staggering 4,500% increase from its current price.
Furthermore, according to Cathie Wood, Bitcoin attracts institutional investors due to its low correlation with other financial assets. By not being subject to the fluctuations of bonds and stocks, it offers an excellent portfolio diversification option, allowing investors to minimize risks and seek protection against inflation.
MicroStrategy Expands Bitcoin Investment: Strategic Acquisition of 3,000 BTC
Between February 15th and 25th, MicroStrategy acquired an additional 3,000 Bitcoins valued at $155 million, at an average price of $51,813.
This acquisition follows promising predictions from Bloomberg analysts, foreseeing Bitcoin ETFs potentially outpacing gold ETFs in managed assets (AUM) within the next two years.
Michael Saylor, founder and CEO of MicroStrategy, disclosed on February 26th that the company now holds a total of 193,000 BTC, acquired for $6.09 billion, at an average price of $31,544.
MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin. As of 2/25/24, @MicroStrategy now hodls 193,000 $BTC acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. $MSTR https://t.co/micudbYf3P
— Michael Saylor⚡️ (@saylor) February 26, 2024
As a curious note, Michael Saylor stated that he would buy Bitcoin forever, adding that he has no plans to sell the asset, which he considers technically superior to gold, real estate, and the S&P 500.
Three Bitcoin ETFs Land on the Lima Stock Exchange
The Lima Stock Exchange (BVL) embraces the digital era with the introduction of three new Bitcoin ETFs. These Bitcoin ETFs represent a novel option for investors, simplifying the purchase, sale, and custody of Bitcoin. Additionally, they benefit from a structure widely recognized in managing various assets globally.
Specifically, the BVL launched the Bitcoin ETFs, backed by global managers such as BlackRock, VanEck, and Invesco. These ETFs, named iShares Bitcoin Trust (IBIT), VanEck Bitcoin Trust (HODL), and Invesco Galaxy Bitcoin (BTCO), offer an innovative alternative for financial investors, facilitating the acquisition, sale, and custody of Bitcoin.
#Peruvian Stock Exchange Announces #Bitcoin Spot #ETF Listings https://t.co/9td49JKjUo
— Bitcoin.com News (@BTCTN) February 28, 2024
In conclusion, it’s essential to note that Bitcoin’s high volatility is largely due to the speculative nature surrounding it. Those considering investing in Bitcoin ETFs must be fully aware of the risks associated with this decision. Thorough research and consultation with financial advisors are fundamental before making any investment decisions regarding Bitcoin.
See also: Bitcoin Breakthrough System Review 2024: Unveiling the Future of Bitcoin Profits
FAQs
1. What is Bitcoin?
Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for intermediaries like banks or governments. It was created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto.
2. How does Bitcoin work?
Bitcoin operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers. When someone sends Bitcoin to another person, the transaction is verified by network nodes through cryptography and added to a block on the blockchain. Once confirmed, the transaction is irreversible.
3. How can I acquire Bitcoin?
There are several ways to acquire Bitcoin:
- You can purchase Bitcoin on cryptocurrency exchanges using traditional fiat currency.
- You can accept Bitcoin as payment for goods or services.
- You can mine Bitcoin by validating and adding transactions to the blockchain, although this requires significant computational power and is less common for individual users.
4. Is Bitcoin legal?
The legality of Bitcoin varies by country. While some countries have embraced it and regulate its use, others have imposed restrictions or outright bans. It’s essential to research and understand the legal status of Bitcoin in your jurisdiction before engaging in any transactions.
5. What is the current price of Bitcoin?
The price of Bitcoin is highly volatile and can fluctuate significantly within short periods. You can check the current price of Bitcoin on various cryptocurrency exchanges or financial news websites.
6. Can I lose money with Bitcoin?
Yes, like any investment, there are risks associated with Bitcoin. The price of Bitcoin can be influenced by various factors, including market demand, regulatory developments, and technological advancements. It’s essential to conduct thorough research and only invest what you can afford to lose.
7. Is Bitcoin anonymous?
While Bitcoin transactions are pseudonymous, meaning they are not directly tied to the identity of the user, they are recorded on the public blockchain. With the right tools and techniques, it may be possible to trace transactions back to their origin. Additionally, users should be aware that exchanges and other service providers may require identity verification for certain transactions.
8. Can Bitcoin be hacked?
While the Bitcoin network itself has never been hacked, individual users and cryptocurrency exchanges have been targeted by hackers. It’s crucial to practice good security measures, such as using reputable exchanges, enabling two-factor authentication, and storing Bitcoin in secure wallets.
9. What are the advantages of Bitcoin?
Some advantages of Bitcoin include:
- Decentralization: Bitcoin operates without a central authority, providing greater autonomy and control over one’s finances.
- Borderless transactions: Bitcoin can be sent and received anywhere in the world, facilitating international transactions without the need for currency conversion.
- Limited supply: Bitcoin has a capped supply of 21 million coins, which can potentially protect against inflation.
10. What are the disadvantages of Bitcoin?
Some disadvantages of Bitcoin include:
- Volatility: The price of Bitcoin can experience extreme fluctuations, making it unpredictable as an investment or medium of exchange.
- Regulatory uncertainty: Bitcoin’s legal status and regulatory framework vary by jurisdiction, leading to uncertainty and potential risks for users.
- Security concerns: While the Bitcoin network itself is secure, individual users are vulnerable to hacks, scams, and theft if proper precautions are not taken.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. It is important to do your own research and consult with a financial advisor before making any investment decisions.
Follow us on our social networks and keep up to date with everything that happens in the Metaverse!
Twitter Linkedin Facebook Telegram Instagram Google News Amazon Store