BTC- ETH- DOGE Mixed; Google BTC ETF Ads Speculation; Analyst Forecasts $500K BTC

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Bitcoin saw a weekend uptrend, hinting at ongoing bullish investor interest, while Benjamin Cowen forecasts a notable Ethereum correction. The FOMC is set to begin its two-day policy meeting on Tuesday.

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Major cryptocurrencies traded with mixed results on Sunday evening as traders watched inflows into newly launched Bitcoin exchange-traded funds and awaited the Bitcoin halving in April. At 9:30 p.m. EST, Bitcoin (BTC/USD) gained 0.48% to $42,201, Ethereum (ETH/USD) slipped 0.44% to $2,265, and Dogecoin (DOGE/USD) fell 1.56% to $0.078.


Bitcoin’s Weekend Rally and Google’s Policy Update

Bitcoin exhibited a consistent upward trend over the weekend, indicating enduring interest from bullish investors. However, Monday brings news of Google’s plans to update its advertising policies, potentially allowing certain cryptocurrency products to be promoted on its platform. This revision is anticipated to enable the advertising of Bitcoin and exchange-traded funds (ETFs), opening up new avenues for exposure to digital assets.

BlackRock’s iShares Bitcoin Trust (IBIT) Hits $2 Billion Milestone

Recent data presented by Bloomberg analyst James Seyffart reveals that BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed the significant milestone of $2 billion in assets under management (AUM). Investor interest in IBIT was evident on Thursday as approximately $170 million flowed into the trust, resulting in the acquisition of nearly 4,300 Bitcoin. This surge in demand coincided with Bitcoin’s price surpassing $40,000 early on Friday.

Rise of Fidelity’s Wise Origin Bitcoin Fund (FBTC)

Following IBIT’s achievement, Fidelity’s Wise Origin Bitcoin Fund (FBTC) emerges as the next contender expected to breach the $2 billion threshold. As of January 25th, FBTC held just under 44,000 bitcoin, positioning it for potential growth in assets under management.

The global cryptocurrency market cap has reached $1.56 trillion, marking a 0.48% increase over the past 24 hours. Meanwhile, U.S. stock futures witnessed a broad decline on Sunday night in anticipation of several mega-cap tech earnings reports and the Federal Reserve’s rate policy decision. Dow Jones Industrial Average futures dropped by 86 points (0.2%), while S&P 500 and Nasdaq 100 futures saw decreases of 0.2% and 0.3%, respectively.

In the previous trading week, all three major averages posted gains following positive economic data. Fourth-quarter economic growth exceeded expectations, and the yearly core inflation rate was lower than anticipated, signaling a potential slowdown in price increases. Despite this, the market’s gains were tempered compared to the previous week’s surge, partly due to disappointing earnings reports from notable companies like Intel and Tesla.

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FOMC Meeting and Market Expectations

The Federal Open Market Committee (FOMC) is set to convene for its two-day policy meeting beginning on Tuesday. Market observers express strong confidence that the central bank will maintain stable interest rates. Traders in the Fed funds futures market have assigned a nearly 97% probability that the Fed will refrain from cutting rates at the upcoming meeting, as reported by the CME Group.

Bitcoin and Altcoin Projections

Cryptocurrency analyst Michael Van de Poppe forecasts that Bitcoin will likely consolidate within the range of $37,000 to $48,000 in the coming months. He suggests that during this period, Altcoins will seize the spotlight. Van de Poppe believes that the true impact of the ETF will unfold over the next few years, potentially propelling Bitcoin’s price to the range of $300,000 to $500,000.

Ethereum’s Potential Breakdown and ETH/USD Projection

On the other hand, crypto analyst Benjamin Cowen anticipates a significant correction for Ethereum. Cowen predicts a sharp decline in Ethereum’s price, foreseeing it dropping below the $1,000 mark.

According to analysis, there’s a suggestion that Ethereum’s ETH/BTC pair might experience a breakdown in the coming months. This breakdown could precede a similar downturn in Ethereum’s ETH/USD pair. Historically, ETH/USD tends to retest its lows rather than establishing a bottom without subsequent integrity tests. This pattern indicates a potential drop below $1,000 for Ethereum’s USD value. However, it’s likely that this test won’t occur until after the breakdown of ETH/BTC, which might not happen in January, traditionally a strong month for Ethereum.

Bitcoin Hits $42K, Altcoins Lag, SP500 Reaches New Highs

On-chain analytics firm Santiment has observed Bitcoin surpassing the $42,000 mark, yet altcoins have not mirrored this surge. Interestingly, the S&P 500 achieved new all-time highs recently, which bolsters the bullish case for cryptocurrencies. This divergence suggests that while Bitcoin is gaining momentum, altcoins are experiencing a slower response, despite the positive performance of traditional markets like the S&P 500.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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