Richard Galvin News

Bitcoin might retest a record high of nearly $69,000 was almost risible. Fast forward 12 months and some studies now point to just that possibility. Technical analysis comparing the largest digital asset’s rally to $52,000 with past surges spits out projections of more gains in coming weeks. Some of those studies follow below — with the caveat that the past isn’t always a reliable guide to the future, especially for a young and febrile asset like Bitcoin.

Bitcoin topped $71,000 for the first time, advancing for a sixth straight day and taking this year’s rally to almost 70% on the back of massive inflows into US exchange-traded funds. 

Ether, the second-largest cryptocurrency, emerged as one of the biggest beneficiaries of the decision by US regulators to approve the country’s first spot-bitcoin exchange-traded funds.

Ether, the second-largest cryptocurrency, emerged as one of the biggest beneficiaries of the decision by US regulators to approve the country’s first spot-bitcoin exchange-traded funds.

Bitcoin delivered another bout of its notorious volatility in a sharp tumble toward $40,000 amid a broader crypto selloff. The largest token sank as much as 7.5% to $40,521 before paring some of the losses to trade 4% lower at $42,095 as of 11:12 a.m. in Singapore on Monday. Smaller tokens like Ether, XRP, Polkadot and Avalanche also fell. A gauge of the largest 100 digital assets shed about 4%, the largest drop since Nov. 22.

Bitcoin’s brief but sharp tumble toward $40,000, accompanied by a broader selloff in the crypto market, signals a potential deleveraging phenomenon rather than a fundamental news catalyst. 

Worldcoin digital token from a project co-founded by Sam Altman has been among the most volatile in crypto recently as the saga over his OpenAI ouster and potential reinstatement transfixes the business world. The token began sliding Thursday from a peak of $2.48 as digital-asset markets retreated, a drop that was exacerbated by Altman’s firing on Friday. Worldcoin eventually hit a low of $1.84 in the hours after his exit, CoinGecko data shows. Worldcoin, also known as WLD, has since rallied 18% in 24 hours to retake the $2.40 level amid efforts by a group of OpenAI executives and investors to reinstate Altman as chief executive officer. The token has a market value of about $280 million, ranking it 157th in the crypto market, according to CoinGecko as of 8:51 a.m. in Singapore on Monday. “It’s all driven by Altman news flow and concerns over his ouster at OpenAI,” said Richard Galvin, co-founder at Digital Asset Capital Management. The token “rallied back as it became clearer there was no key negative event that drove the board’s move,” he said.

Bitcoin’s revival. Gauges tracking the bottom half and 30 mid-tier tokens in MarketVector’s index of the largest 100 digital assets are up 16% and 14% respectively so far in November — exceeding the wider measure’s 4% gain and a 1% rise in Bitcoin. As a result, Bitcoin’s share of the $1.38 trillion crypto market is down to about 49% from a peak of 51.5% in October, CoinGecko data shows. Digital-asset investors often view such a drop as a sign of growing risk appetite. “This rally is definitely broader and more sustained than any price action we have seen since January,” said Richard Galvin, co-founder at Digital Asset Capital Management. “In an environment that’s still relatively thin in regards to liquidity, we’re seeing some material moves to the upside.”

Cryptocurrency advocates are tipping the price of bitcoin to reach $US100,000 within the next five years as approval of the first exchange-traded funds for digital assets open the floodgates to institutional investors.

Decentralized peer-to-peer crypto exchanges are under heavy pressure as they witness a sharp decline in the total market share. 

Crypto exchanges that connect buyers and sellers directly without Wall Street-style middlemen are under pressure to improve their services amid a decline in market share.

As Binance Australia is facing a cut off from a key local on-ramp service, traders have been trading Bitcoin (BTC) and other cryptocurrencies at a discount on the platform.