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Leading crypto analytics firm Santiment says the largest non-exchange Ethereum (ETH) wallets are gobbling up the second-largest digital asset at record rates.

Santiment says Ethereum wallets are forming an encouraging pattern.

The analytics firm notes that the 10 largest non-exchange Ethereum wallets now hold more than 41 million ETH for the first time ever, while the 10 largest exchange wallets now hold only 8 million ETH, a six-month low.

More and more coins continue moving to self-custody.

ETH is trading at $2,085 at time of writing and is up 2.26% in the past 24 hours and nearly 13% in the past month.

Not all of Ethereums metrics look bullish, however. Crypto trader Ali Martinez tells his 34,100 Twitter followers on the social media platform X to pay attention to the Tom DeMark (TD) Sequential indicator.

The TD Sequential indicator is used by traders to predict potential trend reversals based on the closing prices of the 13 previous bars or candles.

Says Martinez,

The TD Sequentials track record speaks volumes! Its accuracy in predicting ETHs price movements on the four-hour chart is noteworthy.

Currently, its flashing a sell signal at a key resistance level. Should this signal hold true, we may see ETH retracting and heading toward $2,000.

Despite its recent gains, ETH remains more than 57% down from its all-time high of $4,878, which it hit in November 2021.

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Top Ethereum (ETH) Wallets Forming an Encouraging Pattern, According to Crypto Analytics Firm Santiment - The Daily Hodl

Ethereum Classic is a decentralized smart contract blockchain that originated from a fork of Ethereum after the DAO hack in 2016. By rejecting the fork, ETC continues the original code is law vision of an unalterable transaction history.

This in-depth guide will explore Ethereum Classics origins, technology, ecosystem growth, tokenomics, challenges, roadmap and conclude with key takeaways on its vision. Lets dive in!

Ethereum Classic emerged in 2016 after the Ethereum communitys controversial response to the DAO hack which exploited flaws in the DAO smart contract code to syphon Ether. Here is an overview timeline of events:

Ethereum Classics origins lie in an ideological commitment to true immutability by a minority who rejected centralized tampering of Ethereums transaction history. Next lets examine ETCs philosophy.

Certain key philosophical principles define Ethereum Classics purpose in reaction to the DAO fork decision:

Transaction Immutability

Excerpt from:

A Journey to the Top-50 Cryptocurrencies on Coinmarketcap and Coingecko Ethereum Classic: The - Medium

Ethereum will skyrocket in price should BlackRocks Ethereum spot ETF gain the SECs approval, according to analysts. This will result in more than 10x growth based on its current price.

Meanwhile, the Bitcoin ETF Token presale recently hit $2m as analysts provide 10-100x price predictions.

Ethereums price experienced a notable spike in November when the worlds largest asset manager, BlackRock, doubled down on its crypto efforts, filing for an Ethereum exchange-traded fund.

If approved, the ETF would be listed on Nasdaq, opening the door to a broad new audience previously deterred from buying ETH for technical, security, or liquidity reasons.

This would propel cryptocurrency to a legitimate investment opportunity, even for traditional investors. As such, it is no surprise that Ethereums price is rising in anticipation, currently at $2.09K, up 15% in the last month.

Yet, some analysts are significantly bullish on where Ethereum could be headed in the upcoming market cycle.

In a breakdown on TheStreet, prominent analyst Austin Arnold said, The largest asset manager in the world, BlackRock, is now backing both Bitcoin and Ethereum, suggesting this is of monumental importance for the assets future.

He then considered BlackRocks assets under management (AUM), how much it may allocate to the ETH ETF, and how this could impact the assets market cap.

Arnold then discussed a bull case following the ETF approval, contemplating Ethereum could climb to highs of $41,000. However, he stated, I do not see Ethereum getting that far.

Instead, the analyst sees a more realistic prediction being $28,000, or $10,000.

Whether its $28,000, $45,000, $10,000, Id be happy with anything, but Im a long-term holder, Arnold concluded.

One of the factors that he highlighted was the difference in Bitcoins and Ethereums structure, tokenomics, and utility. He explained, Ones digital gold, its aiming to be a store of value. While Ethereum is like digital oil, used to power a global, decentralized supercomputer, build apps. Just like a car needs gasoline to be able to run, Ethereum is the gas that makes the system work.

The analyst also referenced Ethereums burn mechanism, which makes the token deflationary by destroying a small part of each transaction fee. Coupled with the incoming ETF liquidity inflows, Arnold believes this could significantly bolster its price.

However, he understands there is a ceiling to how far it can go in the next market cycle. $10,000 ETH is the most realistic scenario, he said.

This represents less than a 5x gain from its current price. While this is a significant return for those with large portfolios, it is unlikely to render sufficient returns for those with limited financial resources.

One alternative with a lot of upside potential is Bitcoin ETF Token, a new trending presale that has raised over $2.1 million in three weeks amid the BlackRock hype.

Bitcoin ETF Token is a compelling new project that rewards holders in line with key Bitcoin ETF milestones.

The project has allocated 25% of its total supply to be burned as Bitcoin ETFs reach five main targets, creating a sense of scarcity and fear of missing out (FOMO) when the hype is highest.

It also features a 5% burn tax on transactions, reducing by 1% at each milestone. This incentivizes people to hold longer and ensures explosive price action following the projects IEO.

These factors make Bitcoin ETF Token deflationary, introducing the scarcity principle into the project, which has been a key driver for Bitcoins parabolic price action since its launch in 2009.

Another exciting factor is its staking mechanism, rewarding its community and incentivizing users to lock up their tokens, further limiting the available supply.

Holders can garner a 118% staking APY, but they must be quick because this decreases as more users stake their tokens.

The project has experienced significant success lately, with top analysts providing massively bullish predictions. Jacob Bury speculates it will 10x after its launch, while Crypto Boy believes it could 100x.

Visit Bitcoin ETF Token Presale

Disclaimer: The above article is sponsored content; its written by a third party. CryptoPotato doesnt endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

The project in the above article is not related to Bitcoin or to a Bitcoin ETF. Its a completely different token.

Readers are also advised to read CryptoPotatosfull disclaimer.

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Analyst Says Ethereum Price Will Hit $28K Following BlackRock ETF Approval as BTC ETF Token Presale Passes $2M - CryptoPotato

Bitcoin, the world's largest cryptocurrency, has been stealthily rising in 2023.

Chris Ratcliffe | Bloomberg | Getty Images

Bitcoin built on its recent rally and hit its highest level in more than a year on Monday, bolstered byanticipation of a bitcoin exchange-traded fund approval and bets on U.S. interest rate cuts.

The world's largest cryptocurrency surged more than 5% on Monday to a 19-month high, and was trading at $41,809 as of 4:00 pm ET after briefly topping $42,000 earlier in the day, based on Coin Metrics data. This is the first time since April 2022 that bitcoin has breached the $40,000 level, according to LSEG. Bitcoin is now up more than 150% from the start of the year.

This comes after scandals rocked the market including the collapse of crypto exchange FTX in November last year. Last month, FTX founder Bankman-Fried was found guilty of all seven criminal charges brought against him related to the collapse of his crypto empire.

"Nowthat $40,000 has been revisited for the first time in almost 19 months, $48,000 and $52,000 look to be the next significant lines in the sand," said Antoni Trenchev, co-founderofdigital asset company Nexo.

CNBC reported last week that U.S. Securities and Exchange Commission officials met with representatives from Grayscale, BlackRock and the Nasdaq. In a memo, the SEC said it met with Grayscale on Thursday about the potential conversion of theGrayscale Bitcoin Trustinto an ETF. The SEC had previously blocked this move, but Grayscale challenged thatdecision in court and won.

This boosted confidence in the market that a bitcoin ETF may eventually be approved, pushing up the price of the world's largest cryptocurrency.

"How swiftly Bitcoin marches towards $50,000 might well depend on when a spot-Bitcoin ETF is approved and even then, there's no guarantee the much anticipated nod from the SEC will put a rocket booster under the price," said Trenchev.

During a fireside chat on Dec. 1, Federal Reserve Chairman Jerome Powell said it's too early to talk about cutting interest rates right now, and the central bank will be "keeping policy restrictive" until policymakers are sure that inflation is returning solidly to 2%.

"Like most forecasters, my colleagues and I anticipate that growth in spending and output will slow over the next year, as the effects of the pandemic and the reopening fade and as restrictive monetary policy weighs on aggregate demand," he said, according to a transcript.

His comments gave rise to expectations the Fed is probably done raising interest rates for now, as the series of rate hikes since March 2022 have cut into economic activity.

Yet at the same time, Powell said it is "premature to conclude with confidence that we have achieved a sufficiently restrictive stance" and that more hikes could follow.

CNBC's Jesse Pound and Jeff Cox contributed to this report.

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Bitcoin tops $41,000 and hits 19-month high on ETF hopes, bets on Fed cuts - CNBC

Bitcoin (BTC) returned above $42,000 on Dec. 5 as analysis remained suspicious of market manipulation.

Data from Cointelegraph Markets Pro and TradingView showed a BTC price rebound taking BTC/USD to highs of $42,498 on Bitstamp.

These beat the 19-month peak set the day prior, with retracements being short-lived amid a general atmosphere of excitement throughout crypto.

As Bitcoin continued to reclaim ground lost in mid-2022, however, warnings over the rallys sustainability continued to flow in. These centered on the behavior of large-volume traders, also known as whales.

In a dedicated thread about the phenomenon on X (formerly Twitter), trading resource Material Indicators explained that from order book liquidity cues, it appeared that these traders could be deliberately coordinating higher prices in order to sell into an uptrend with minimal slippage.

The more liquidity available near the intended selling point, the better value a major sell-off would bring.

We saw the exact game played over the wknd with a $50M buy wall at $35k, and it often works. Now we have $50M stacked at $38.5k, Material Indicators noted, calling current order book action a strategically choreographed distribution game.

The analysis reasoned that a return to $38,500 was unlikely, but that new blocks of bid liquidity including one at $41,500 were not organic.

That said, upside continuation could easily form the norm into next year, as a sense of anticipation over both macroeconomic changes and a United States approval of its first Bitcoin spot price exchange-traded fund (ETF) sets the tone.

With BTC liquidity strategically moving around the game board we are likely to see this rally extend, Material Indicators forecast.

Other market commentators eyed similarly bullish short-term BTC price signals.

Related:Bitcoin short-term holder sales near $5B as profit-taking mimics 2021

Popular trader Daan Crypto Trades noted declining open interest during the consolidation phase, which preceded the days Wall Street open.

For trader, analyst and podcast host Scott Melker, meanwhile, the four-hour chart said it all.

Bitcoin consistently breaks above bearish ascending patterns in a bull market. And this one is currently being retested as support, part of his X commentary on an accompanying graphic.

Zooming out further, the popular social media commentator known as Moustache saw no reason for the current bull market to diverge from previous ones in terms of BTC price patterns.

$48,000 is inevitable. If this is broken, I even see ~$60,000 for Bitcoin in the near future, he argued alongside a chart showing price phases divided into waves.

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.

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BTC price sets new 19-month high in 'choreographed' Bitcoin whale move - Cointelegraph

The Swiss city of Lugano is enhancing the local adoption of Bitcoin (BTC) by enabling citizens and companies to pay for municipal services and taxes with cryptocurrency.

The city of Lugano officially announced on Dec. 5 that the local administration now accepts cryptocurrency payments for taxes and all other community fees.

Starting immediately, Lugano will accept Bitcoin and major stablecoin Tether (USDT) as a means of payment in an automated process through the Swiss institutional-grade cryptocurrency platform Bitcoin Suisse.

According to the announcement, Lugano citizens and companies will be able to pay all local invoices regardless of the nature of the service or the amount invoiced with Bitcoin.

Residents of Lugano are able to pay taxes or services with Bitcoin through the Swiss QR-bill by scanning the code on the invoice and paying with their preferred mobile wallet and the selected cryptocurrency.

Luganos latest crypto move is part of Plan B, a collaborative effort with Tether to use Bitcoin technology as the foundation for transforming the citys financial system. Bitcoin Suisse supports Lugano in its Plan B by serving as the technical partner in the integrated payment solution, providing an option to accept payments with Bitcoin and Tether for tax collection and other invoices for municipal services.

Related: Swiss crypto bank Seba rebrands to Amina amid global expansion

As previously reported, Luganostarted adopting cryptocurrencies for tax payments as part of a collaboration with Tether in March 2022. Previously, the city also implemented blockchain-based solutions, including the MyLugano app and its LVGA Points payment token, the Lugano digital franc and the 3Achain blockchain infrastructure.

Lugano isnt the only city in Switzerland that has been actively adopting Bitcoin for payments and experimenting with blockchain technology.

Previously, the Swiss canton of Zugstarted accepting Bitcoin and Ether (ETH) for tax payments from local companies and individuals in 2021. Zermatt, a municipality in the district in the canton of Valais, rolled out the Bitcoin tax payment option in partnership with Bitcoin Suisse in January 2020.

Magazine: Bitcoin ETF race has a new player, Binance ends support for BUSD, and more: Hodlers Digest: Nov. 26Dec. 2

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Swiss city Lugano accepts Bitcoin and Tether for municipal taxes - Cointelegraph

Bitcoin (BTC) price has revisited levels last seen in April 2022, prior to the collapse of the Terra UST ecosystem. Its foray above the $42,000 psychological level has market watchers enthused, so much so that there are now hyped-up predictions about further gains.

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC eyes $50,000 as Bloomberg spells new crypto supercycle

Bitcoin (BTC) price is on a tear, up 175% year to date, with the potential for more gains. It comes barely 24 hours after Coinbase CEO Brian Armstrong said, One idea I've been contemplating is that BTC may be the key to extending Western civilization.

According to the Coinbase executive, while the US is on a journey to inflating the money supply and increase deficit spending, the people now have an alternative, crypto, posing as an antidote to inflation.

Meanwhile, in an interview with CNBC, one analyst said that 12 to16 months after halving is the best performance of Bitcoin. However, the analyst observed that things may be different this time as BTC price is higher, with miners reducing their production in the face of smaller block rewards.

The scarcity in this regard entails the stock to flow ratio the amount of Bitcoin mined every year divided by the amount of outstanding tokens.

With no spot BTC exchange-traded fund (ETF) approvals just yet, and given the halving event is still out five to six months, the market is riding on FOMO.

Capital is flowing into the Bitcoin market amid anticipation that spot ETF launches will ultimately bring billions of dollars of new investment to the space. This explains why investors are already providing capital as seed money for the ETF products.

Specifically, a recent report on CoinDesk revealed that BlackRock received $100K seed funding for Its Spot BTC ETF. The capital influx, presented as seed funding, represents an initial funding allowing an ETF product to fund the creation units that underlie the ETF. With this, shares can be offered and traded in the open market.

The show of faith by an unknown investor came after BlackRock made a fresh application with the US Securities & Exchange Commission (SEC).

The surge saw up to $69 million worth of short positions liquidated, alongside $15.82 million worth of long positions.

BTC liquidations

Nevertheless, open interest rose to a 20-month high around $18.28 billion, levels last tested in April 2022.

BTC open interest

Bitcoin price is trading for $43,894 as of 19:25 GMT time, following a rejection from the midline of the supply zone at $43,860. A decisive candlestick close above this level would clear the path for a home run to the $50,000 psychological level.

BTC/USDT 1-week chart

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Bitcoin price hits $44,000 as Coinbase CEO speculates BTC could be key to extending Western civilization - FXStreet

Bitcoin (BTC) price remains bullish, sustaining the primary trend and retesting levels last seen in April 2022. However, one specificlevel remains crucial to the upside potential of the king of cryptocurrency, the midline of the weekly supply zone. A decisive break and close above this level would set the tone for BTC to target $50,000 next.

Also Read: Top 5 tokens trending alongside Bitcoin: ORDI, STX, LUNC, PEPE, CFX

Bitcoin (BTC) price is trading with a bullish bias. The move above the $42,000 psychological level has inspired Bloomberg to provide a rather ambitious target for the largest cryptocurrency by market capitalization.

According to the news site, Bitcoin price topping $42,000 is just the start of a fresh crypto supercycle that will push the worlds biggest token above $500,000 in what adherents say is the new monetary order taking Wall Street by storm.

Meanwhile, Bitcoin price is stuck within a weekly supply zone extending from $40,517 to $46,972. To confirm the continuation of the primary trend (bullish on the weekly timeframe), the price must break and close above the midline of the supply barrier at $43,860.

A decisive move above the aforementioned level could see Bitcoin price extend the gains, flipping the supply zone into a bullish breaker as BTC extends to the forecasted $50,000 psychological level.

In a highly bullish case, the gains could tag the $55,560 resistance level. It is even possible to extrapolate these gains to the $66,098 range high. Such a move would constitute a 56% climb above current levels.

The Relative Strength Index (RSI) supports this outlook as its ascension shows rising momentum. Similarly, histogram bars on the Awesome Oscillator (AO) are green in positive territory, which demonstrates that bulls are leading the market. These add credence to the bullish thesis.

BTC/USDT 1-week chart

Conversely, a rejection from the supply barrier could see Bitcoin price pull south, first losing support at $42,111. The slump could send BTC as low as the $30,009 support level, 30% below current levels.

Also Read: Bitcoin price could scrape $40,000 before a bigger dip, key levels to watch

Ethereum (ETH) price remains confined within a bullish technical formation, which could deliver 5% gains if sustained. Such a move would see the largest altcoin by market capitalization flip the $2,300 resistance level into a support floor.

The position of the Relative Strength Index (RSI) at 69 not only points to strong price strength but also shows there is more room to the north before ETH becomes overbought. The AO histogram bars corroborate the stance, showing bulls are leading the market.

ETH/USDT 1-day chart

On the flipside, enhanced seller momentum could send Ethereum price south, first losing the immediate support at $2,192 before a leg down to fall out of the confines of the channel under $2,143. In a dire case, ETH could slip past $2,029 to break below the $1,935 midline, confirming the continuation of the downtrend and invalidating the bullish outlook.

Also Read: Ethereum Price Prediction: ETH attempts to flip $2,300 into support

Ripple (XRP) price is trading without any directional bias with momentum indicators spelling concern as the RSI is below 50. Equally, the AO is in negative territory, showing that bears have established dominance in the XRP market.

As markets tend not to wait for long, Ripple price could fall 5% to lose the critical support at $0.5773. The slump could then extend toward the $0.4595 support floor.

XRP/USDT 1-day chart

On the flipside, increased buying pressure could send Ripple price north, foraying into the supply zone extending from $0.6572 to $0.7161. A break and close above the midline of this order block at $0.6870 would confirm the continuation of the intermediate trend. A flip of this order block into support would set the tone for XRP price to target the $0.8000 psychological level next.

Also Read: XRP price eyes a 10% climb as Ripple lawyer John Deaton raises concern over US Dollar losing its dominance

Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.

XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.

XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.

XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRPs blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.

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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: This is the level to beat as BTC eyes $50,000 next - FXStreet

Markets December 4, 2023, 6:21AM EST Published 1 minute earlier on

Bitcoin's price has increased by over 6% in the past 24 hours, back to levels last seen before the Terra crash of May 2022.

The largest digital asset by market cap rose as high as $42,100 today, according to The Block's Bitcoin Price Page. It is currently changing hands at $41,600, having seen a sudden drop since breaking the milestone.

This is a full retrace to BTC's level above the $41,000 mark in early May 2022. It also sees the digital asset post a value increase of over 150% since the beginning of the year.

The global cryptocurrency market cap currently stands at $1.62 trillion, an increase of 4.0% in the past 24 hours. The last time the combined cryptocurrency market cap reached this level was in late April 2022.

November's cryptocurrency exchange trading volume came in at over $826 billion, according to The Block's Data Dashboard. This is the highest monthly volume since March of this year.

Since the beginning of the month, onchain data shows bitcoin daily trading volume has increased from over $30 billion on December 1, to a current value of $32 billion. BTC trading volume is now at a yearly high and at its highest level since November 2022.

According to data from Coinglass, in the past 24 hours, 75,887 traders were liquidated, with total liquidations at over $216 million. The vast majority of these liquidations were short positions. In the past day, $166 million shorts were wiped out, compared to just over $50 million in long positions.

Coinglass data shows over $86 million leveraged bitcoin positions were liquidated in the past 24 hours. Over $76 million of these were shorts, and only around $10 million were long positions.

Other blue-chip cryptocurrencies marked smaller gains on Monday. Ether rose by over 4% to hold its position above the $2,250 mark. BNB posted a muted uptick of over 2%, to a current price of $234. Solana traded flat over the past 24 hours hovering around the $63.50 mark.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Bitcoin price briefly breaks $42,000, back to pre-Terra crash level - The Block - Crypto News

NEW YORK (AP) Bitcoin is once again having a moment. On Monday, the world's largest cryptocurrency soared past $41,000 for the first time in over a year and a half and marking a 150% rise so far this year.

Holiday shopping credit card hacks | Your Wallet

Volatile bitcoin rocketed from just over $5,000 at the start of the pandemic to nearly $68,000 in November 2021, according to FactSet, a period marked by a surge in demand for technology products. Prices fell back to earth during an aggressive series of Federal Reserve rate hikes aimed at taming inflation and then the collapse of FTX, one of the biggest companies in crypto.

When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Investors, however, began returning in large numbers as inflation started to cool. And the collapse of prominent tech-focused banks actually led more investors to turn to crypto as they bailed out of positions in Silicon Valley start-ups and other risky bets.

But fueling this latest rally are prospects for the possible approval of spot bitcoin exchange traded funds a pooled investment security that can be bought and sold like stocks.

Industry advocates say this new way of investing in bitcoin at spot prices, instead of futures, could make it easier for anyone to enter the cryptoverse while lowering some of the well-documented risks associated with investing in cryptocurrencies. Regulators have previously rejected bitcoin spot ETF applications, but recent wins for some crypto fund managers have improved odds for a first approval, perhaps as soon as next month.

The longer-term catalyst (for bitcoin) is a lot of optimism related to the potential approval of a spot ETF, Kaiko research analyst Riyad Carey said Monday. He noted, however, that a regulatory green light doesn't promise continued gains.

While analysts expect the potential approval of spot bitcoin ETFs to create a much larger pool of crypto investors, future volumes could go either way, Carey added. That could either boost or undermine bitcoin's value.

Bitcoin's current rally also arrives during an incredibly disruptive period for cryptocurrencies. Just last month, the U.S. government slapped Binance, the world's largest crypto exchange, with a $4 billion fine as its founder Changpeng Zhao pleaded guilty to a felony charge.

But Binance continues to operate and maintain its market share, Carey noted. In some ways, the company's settlement propelled the market forward more by removing one of the ... more ominous overhangs that was a sort of a big question mark, he said, noting bitcoin's gains in the two weeks since the settlement was announced.

Despite the recent excitement around bitcoin, experts still maintain that crypto is a risky bet with wildly unpredictable fluctuations in value. In short, investors can lose money as quickly as they make it.

Last year's collapse of crypto exchange giant FTX also left a big scar on the public's confidence in the crypto industry and crushed retail investors, Edward Moya, a former senior market analyst at Oanda, previously told The Associated Press noting that institutional money, like hedge funds, are behind the bulk of current crypto investing.

Carey added that liquidity in cryptocurrency markets has yet to return to where it was before FTX collapsed, and lower liquidity can exacerbate price fluctuations.

In the past few months, that has normally been the price moving up but people should always be aware it can go in the reverse and quickly, he said.

As of around 1:30 p.m. Eastern time Monday, the price of bitcoin stood at $41,709.

The stocks of some other crypto players have also seen rises over recent months, but not with the same speed or heights as bitcoin. Ethereum, for example, stood at $2,223 Monday afternoon, up 85% since the start of 2023. Meanwhile, Binance Coin and Dash are down about 5.25% and 24.37% for the year, respectively, with Monday afternoon prices of roughly $231 and $32.

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Bitcoin has surpassed $41,000 for the first time since April 2022. What's behind the price surge? - Quartz