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25/10/2024

Customers lose $12.8 mln due to domestic cryptocurrency exchange shutdown

Author
Shalini Nagarajan
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Last updated:
October 25, 2024 21:25 GMT+9

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Disclaimer: This article should not be taken as investment advice. Since cryptocurrencies are highly volatile investment products, please conduct your own research before investing.

Several virtual asset exchanges were closed this year due to the domestic virtual asset user protection law. As a result, customers will have to recover up to $12.8 million in investment.

Eleven local virtual asset exchanges suspended operations, while three temporarily suspended services. Kang Min-gook, a lawmaker of the ruling People's Party, released the data on Thursday, the Hankook Ilbo reported.

In July 2024, authorities introduced legislation to regulate virtual assets to protect investors. The new law provides a tool for users to recover assets if the exchange fails.

The law also established the Digital Asset User Protection Foundation, which manages asset recovery in the event of an exchange closure or collapse. Through its role as a trustee, the foundation simplifies the process to help users avoid dealing with complex legal issues directly.

Approximately 34,000 Crypto Investors Could Recoup $12.8M From Closed Exchanges
A total of 33,906 subscribers will be able to recover both cash and virtual assets on the closed exchange. The Hankook Ilbo reported that the exchange has investment assets worth a total of 17.8 billion won ($12.8 million), including 141 billion won in convertible assets and 16.4 billion won in virtual assets.

Cashrest had the largest customer assets with a total of 13 billion won ($9.4 million). It was followed by Probit with 2.25 billion won ($1.63 million), and Huobi managed 579 million won ($420,000) in assets.

In addition, about 30.7 billion won ($2.22 million) of assets are still inaccessible at three cryptocurrency exchanges that have temporarily suspended their services. This situation may increase the number of subscribers who have difficulty recovering their investments. The exchanges include Oasis with W16.2 billion ($11.7 million), Plata Exchange with W143.5 billion ($10.4 million), and Bittrade with W80 million (W58 million).

Domestic regulatory push could allow more crypto exchanges to shut down
Kang expects more exchanges to close or suspend operations as the Financial Services Commission's (FSC) renewal review process continues.

In recent years, regulators and public concerns have grown due to various cryptocurrency issues, including allegations of fraud by Kwon Do-hyung, a domestic cryptocurrency entrepreneur. As a result, there have been growing calls for stricter regulations on the cryptocurrency market.

출처 - https://kr.cryptonews.com/news/south-koreas-crypto-exchange-closures-leave-12-8m-in-limbo-for-customers/

21/10/2024

Tesla Moves to Bitcoin Unidentified Wallet Worth $760 Million ·· What Is Musk's Intent?
Rumors have it that Elon Musk is trying to divest Tesla's Bitcoin holdings.

Author
Shalini Nagarajan
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Last updated:
October 18, 2024 15:57 GMT+9

Why You Should Trust CryptoNews
Disclaimer: This article should not be taken as investment advice. Since cryptocurrencies are highly volatile investment products, please conduct your own research before investing.

With Elon Musk-led Tesla transferring about $760 million worth of bitcoin to an unidentified wallet, rumors are spreading that Tesla will sell the bitcoin it held.

On Tuesday (15th), data from Arkham Intelligence revealed that a Tesla-linked wallet has moved more than 11,500 Bitcoin to an unidentified wallet. As a result, Tesla's wallet currently has only about $6.74 worth of Bitcoin left.

The move marks the first bitcoin wallet activity since Tesla sold most of its bitcoin holdings in 2022.

Tesla received significant attention in February 2021 when it invested $1.5 billion in Bitcoin. The bold decision came as most companies were taking a cautious stance on volatile cryptocurrencies at the time.

Tesla sells most of Bitcoin at a loss in 2022
Tesla purchased Bitcoin from January to early February 2021, when the cryptocurrency traded between $29,000 and $40,000. Based on this, Tesla is estimated to have purchased Bitcoin for an average of around $35,000.

Tesla explained that these investments were intended to increase cash flow and maximize returns in a variety of ways.

It also revealed that it plans to test-introduce Bitcoin as a payment method for its products. However, it said it would conduct a sufficient legal review first.

However, Tesla sold 75% of its Bitcoin holdings in early 2022 at a loss. When Arkham began tracking Tesla's Bitcoin wallet in March, it still held 11,509 Bitcoin, valued at around $770 million at the time.

Tesla ranks fourth in Bitcoin holdings
Looking at Bitcoin financial data, Tesla holds the fourth-largest amount of Bitcoin among U.S.-listed companies. Tesla is followed by MicroStrategy, MARA Holdings, and Riot Platform.

The news has raised speculation that Elon Musk may be trying to sell his company's Bitcoin holdings. Musk has recently publicly declared his support for Republican presidential candidate Donald Trump after his attempted assassination.

At the same time, Trump's popularity within the cryptocurrency community is soaring. It is a diagnosis that it is due to his recent remarkable shift in stance on cryptocurrency.

-출처 https://kr.cryptonews.com/news/tesla-shifts-765m-bitcoin-to-unidentified-wallets-sparking-debate-on-elon-musks-strategy/

19/10/2024

출처 - https://kr.cryptonews.com/news/fed-to-cut-rates-to-3-25-3-5-by-june-as-recession-fears-ease-goldman-sachs/

Goldman Sachs slashes rate to 3.25% -3.5% by June on easing Fed recession fears

Author
Harvey Hunter
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Last updated:
October 18, 2024 21:01 GMT+9

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Disclaimer: This article should not be taken as investment advice. Since cryptocurrencies are highly volatile investment products, please conduct your own research before investing.

Goldman Sachs expects the Fed to cut interest rates by 25 basis points in a row as concerns about a U.S. recession ease.

Goldman Sachs said on Wednesday that it expects the U.S. Federal Reserve to provide back-to-back 25 basis point (bps) rate cuts from November 2024 to June 2025, according to the Economic Times.

Last month, the U.S. central bank cut its overnight interest rate by half a percentage point as confidence grew that inflation would continue to fall to its annual target of 2%.

This comes as Goldman Sachs's confidence that it will make a 25 basis point cut at several FOMC meetings was strengthened last month as U.S. employment indicators were stronger than expected.

Goldman Sachs expects the Fed to cut its key interest rate to 3.25% to 3.5% by June 2025, which will inspire confidence in the cryptocurrency's long-term outlook.

U.S. economic recession odds down to 15%
Concerns that last month's dovish rate cuts would be too little and too late to deal with the looming U.S. recession are fading as optimism spreads over stronger-than-expected U.S. jobs data.

This follows a report earlier this month by Goldman Sachs that cut its U.S. recession forecast for the next 12 months to 15% from a previous 20% estimate, fueled by signs that the job market remains robust.

U.S. recession probability over the next 12 months: Goldman Sachs
The U.S. economy added 254,000 jobs in September, well above Wall Street expectations of 147,000. The unemployment rate also dropped to 4.1%, and annual wage growth rose to 4.0% from 3.8% in August.

Meanwhile, the unemployment rate fell below the threshold that invoked the "Sham Law," which warned of a possible recession in August.

Stronger-than-expected employment data prompted macro traders to largely backtrack on bets on a further 50 basis point rate cut by the Federal Reserve in November.

According to the CME Fed Watch Tool, the money market currently sets a probability of a 25 basis point rate cut next month at 90.9%.

This supports the narrative that a soft landing for the U.S. economy is still possible: that the Fed can succeed in controlling inflation without triggering a recession.

The report also dismissed the possibility that rising geopolitical tensions would dampen inflation, saying "the Middle East conflict has not changed Goldman Sachs Research's conviction that inflation will be lower."

How Will the Fed's Further Rate Cut Affect Cryptocurrencies?
A recent 10x research report said these developments could prevent recession concerns from "hiding optimistic market sentiment over the Fed's rate cuts."

By easing fears, uncertainties and doubts (FUD), the market can prepare for what is expected to be a strong finish to the final quarter of the year.

Lower interest rates typically drive investors into risky assets such as cryptocurrencies, with traditional investments becoming less attractive. A 0.5% cut in September last month laid the groundwork for this month's rally, showing the trend.

Lower interest rates could weaken the U.S. dollar, making cryptocurrencies more attractive as an alternative means of storing value.

The change in monetary policy follows the European Central Bank's (ECB) decision to cut interest rates by 0.25% at today's monetary policy meeting.

Goldman Sachs expected the ECB to continue cutting rates until the policy rate reaches 2% by June 2025.

With both the Fed and the ECB leaning toward rate cuts, the environment seems ripe for a potential rally in risky assets, including cryptocurrencies.

As central banks ease monetary policy, a decline in traditional investment returns could push more investors into cryptocurrencies, laying the groundwork for the market to rise significantly.

18/10/2024

AI-Created MemeCoin 'GOAT' Soars 12,000% - Is It Crypto's Future?
This is not the first time that it has been made of 'AI', but GOAT coins seem to be particularly successful.

Author
Sam Cooling
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Last updated:
October 18, 2024 21:04 GMT+9

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Disclaimer: This article should not be taken as investment advice. Since cryptocurrencies are highly volatile investment products, please conduct your own research before investing.

Goatius Maximus, a project claiming the first "AI meme coin," has shot up more than 12,000% this week with a comet-like appearance. Where will the new GOAT meme coin head next?

As humanity digests the advent of AI technology, strange things are happening in the world. On social media platform X, deepfake videos of politicians are spreading like wildfire, and AI paintings are being sold for $432,000 at the best auction house.

Now, the first AI-made and AI-pumped meme coin has swept the market, rising more than 12,000%, shocking everyone.

What is Gothius Maximus? Is it really an AI-made meme coin?
Goatius Maximus is a project developed by Andy Ayrey and ostensibly created by the semi-automatic artificial intelligence bot Truth Terminal.

However, Eirey later drew the line that the bot itself did not develop the token. It was only tagged in the X post and later explained that the bot promoted the coin.

The GOAT token was first released on the Solana Pumpfun platform by a human creator on October 10.

This is not the first time that "AI has created meme coins." However, GOAT is clearly the most successful among them. Truly, the first AI-developed meme coin is a protocol called Astro Pepe X that was launched last year. APX tokens had a brief period of growth due to innovative AI-based meme coin makers and community rallies called "Dev is AI."

GOAT Price Analysis: How High Can GOAT MemeCoins Go Up This Week?
Gottius Maximus remains strong at No. 2 in the DEX Tools popular coin rankings and is currently trading at $0.3619. It is up 37.13% from the previous day.

Now, the GOAT market cap is $362 million, continuing an impressive technical chart pattern. The GOAT coin has maintained a strong uptrend channel segment over the past 6 days.

GOAT, up more than 600,000% in a week, defended its $0.2375 support and began climbing again.

It has already briefly touched $0.397 today, above its all-time high of $0.377.

The future of GOAT can also be viewed with sufficient optimism, as the rise of Gottius Maximus shows no signs of stopping for the time being.

Based on strong liquidity at $5.4 million, the GOAT is likely to continue to more than double along other non-Aquatic senior meme coins like POPCAT.

Since GOAT's market capitalization has already grown significantly, doubling is not an easy task. This is because an additional $362 million must be introduced to double the current market price.

New MemeCoin CryptoAllstar Raises $2.4M As A GOAT Alternative
When GOAT gets everyone's attention, new meme coin CryptoAll-Stars, $STARS, has also been impressive in pre-sales. Crypto All-Stars, $STARS, has raised $2.4 million and is selling $1STARS for $0.0015067.

The development team is developing a comprehensive meme coin staking protocol. It is differentiated from competitive projects such as Sonogong Coin by its strategic token distribution strategy and long-term growth plan. Interested investors can purchase $STARS with ETH, USDT, BNB or credit card.

출처- https://kr.cryptonews.com/news/goat-meme-coin-created-by-artificial-intelligence-surges-12000-is-this-the-future-of-crypto/

17/10/2024

Uptover Starts ··· Pre-Sales of 'Flokers' Exceeded $750,000
The Uptover effect is driving investors to pre-sell Flockers.

Author
Gary McFarlane
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Last updated:
October 17, 2024 18:03 GMT+9

Why You Should Trust CryptoNews
Disclaimer: This article should not be taken as investment advice. Since cryptocurrencies are highly volatile investment products, please conduct your own research before investing.
New meme coin Flockers (FLOCK) has secured more than $750,000 in funding with a strong presence in the pre-sale market.
Flockers, the first fully community-based meme coin to emerge, is making its presence known across the industry, with 22% of new capital inflows recorded in just four days.

Since the start of the month, Flockers has attracted more than $430,000 in pre-sales funding and is gaining momentum as October turns out to be the expected "Uptober."

It is approaching its next target of $800,000, and it is currently available for participation at $0.005793 per FLOCK in advance. As of press time, the price is expected to rise to $0.005816 in two days.

Bitcoin Continues Its Rise Toward $68,000
On Wednesday (16th), after briefly falling to $64,954, Bitcoin stabilized at $67,000 and continues its uptrend towards $68,000 again.

The recent rally is believed to have been influenced by former U.S. President Donald Trump. According to political market participants, Trump has a 59 percent chance of winning over Vice President Kamala Harris.
Source: PolyMarket
There is also the view of QCP Capital analysts that with weeks to go before the U.S. presidential election, Bitcoin's current price movements are mimicking the patterns of 2016 and 2020.

This suggests there is a potential for further gains after Bitcoin posted $555 million in ETF inflows on Monday (14th). This is the highest in months and could be a breakthrough for Bitcoin to beat its current all-time high.

Polymarket participants estimate this possibility to reach 68%, with some predicting Bitcoin will reach $70,000 in October, further raising expectations for an "uptober."

Bitcoin's strong gains have triggered a 1.51% gain in the global crypto market over the past 24 hours, with the meme coin sector in particular registering a marked 4.61% gain.

While this rise is welcome, it is no match for the true meaning of Bitcoin: decentralization.

However, the emergence of Flockers is changing this trend, returning power to the crypto community.

Flockers, give power to the public
Successful meme coin projects usually have a solid community base and members share common interests, humor, and connections with internet culture.

But many projects are now led by one individual or group making all the decisions, and this trend is particularly notable with the rise of meme coin launchpads like Pump.fun and Ton.fun.

For example, Pump.fun has attracted 55,000 proprietary activity wallets that interact with the protocol every day, all of which may be regular retail investors hoping their own meme coins will succeed.

Source: DappRadar
These platforms provide equal opportunities, but the creators of those meme coins have all control and there is a high risk that the project will disappear due to a lack of liquidity and marketing support.

Flockers is attracting attention as the first meme coin to actively encourage community members to participate in decision-making.

Holders of FLOCK tokens can vote on important decisions that determine the direction of the project, just as the public votes for the president they want in the upcoming U.S. presidential election.

Flockers encourages users to become active participants through the industry's first "Vote-to-Earn" mechanism and rewards them in return.

These reward systems have been implemented within formal governance structures through the project's decentralized autonomous organization (DAO), Flocktopia.

Therefore, "Floker" is awarded a FLOCK token as a reward for every vote. This makes Floker a true community-based meme coin.

Let's become a floker and enjoy a 2292% annual return
Being a floker means joining a movement to return power to the community.

As the first meme coin to introduce a reward mechanism in community governance, Flockers is setting new standards for existing and future meme coin projects.

The momentum has caught the attention of popular crypto influencer Cilinix Crypto, who has shared Flockers reviews with his 71,500 subscribers.

New flokers can significantly increase their holdings with a stunning annual return of 2292% prior to the token launch.

You can invest in FLOCK presale by visiting the official website of the project. You can connect your wallet (e.g. Best Wallet) and purchase FLOCK using ETH, BNB, USDT or a credit card.

Flockers has passed Coinsult's Smart Contract Audit for transparency and security.

You can find the latest information on Flockers X and Telegram.

13/10/2024

Hong Kong Approves Third Coin Exchange, Under Further Approval
There are currently 11 listed on Hong Kong SFC's "Consider Acquiring Licenses" exchange list.

Author
Ruholamin Haqshanas
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Why You Should Trust CryptoNews
Disclaimer: This article should not be taken as investment advice. Since cryptocurrencies are highly volatile investment products, please conduct your own research before investing.

Hong Kong's financial regulator has approved a third license under the new crypto exchange framework and plans to approve additional licenses by the end of the year.

In an interview with local media outlet HK01, Securities and Futures Commission (SFC) CEO Julia Leung confirmed that HKVAX is the latest company to receive a license to operate as a cryptocurrency exchange in Hong Kong.

This is in accordance with the approval of OSL and Hashiki, which have already been authorized to provide cryptocurrency trading services.

11 additional platforms under consideration
Leung explained that 11 platforms are currently on SFC's "license target" list, including companies that have submitted applications under the new framework.

The SFC conducted an initial field survey of the applicant and requested the necessary adjustments to comply with regulatory requirements.

Leung expressed the regulator's goal of issuing additional licenses by the end of the year.

HKVAX provides over-the-counter trading, trading services, and asset management services.

Anthony Ng, co-founder and CEO of HKVAX, said the license is in line with the Hong Kong government's goal of strengthening its role as a leading financial hub.

"The approval shows the Hong Kong government's commitment to strengthening HKVAX's position and at the forefront of the virtual asset industry," he said.

Hong Kong formally announced its licensing framework for crypto exchanges in June 2023, clarifying its crypto regulatory system while serving retail investors.

The move is seen as a bid to attract additional crypto companies to Hong Kong.

However, not everyone is satisfied with the regulatory framework.

Duncan Chiu, a local councillor, criticised the rule as "excessively strict" and claimed it had prevented some global exchanges from entering the Hong Kong market.

On March 28, 2024, HKVAEX, thought to have partnered with Binance, withdrew its license application.

IBTCEX, QuanXlab and Huobi HK followed on May 14, Gate.HK on May 22, OKX HK on May 24, and Bybit (Spark Fintech Limited) on May 31.

Still, Bullish and Crypto.com remain on SFC's list of pending applicants.

Cryptocurrency Exchange Applicant Firm Faces Uncertainty After Review
Eleven Hong Kong crypto exchanges that were initially tentatively approved are reportedly under investigation by regulators.

This was done after the SFC conducted an on-site survey of these "considered licensed" platforms and found several practices that fell short of regulatory expectations.

Investigations have revealed that some crypto companies are overly reliant on several executives for the storage of their customer assets, raising concerns about their ability to effectively manage these responsibilities.

In addition, some exchanges have shown a lack of protective measures against cybercrime.

SFC has not disclosed which companies failed to meet the criteria, and the investigation is still ongoing, so further findings remain likely.

The SFC warned that platforms that cannot resolve major flaws identified during the investigation could be released from their "license target" status or denied license applications.

출처 - https://kr.cryptonews.com/news/hong-kong-issues-third-crypto-trading-platform-license-plans-more-approvals/

13/10/2024

Dubai, Switzerland, South Korea as top crypto business region for 2024

Author
Shalini Nagarajan
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Why You Should Trust CryptoNews
Disclaimer: This article should not be taken as investment advice. Since cryptocurrencies are highly volatile investment products, please conduct your own research before investing.
Dubai, Switzerland, and South Korea were chosen as the major regions for the cryptocurrency business in 2024.

According to the Social Capital Markets report, the countries mentioned above ranked high in terms of providing legal clarity. In addition, the above countries also charge capital gains and corporate tax rates advantageously. It also mentioned that each country has many registered cryptocurrency companies and has been selected as the main region. Accordingly, Social Capital disclosed that the above countries are currently widely accepting cryptocurrency payments and forming active communities.

A total of 100 points, out of 20 points, were given for each factor to select the top 10 cryptocurrency-friendly country rankings.

Dubai's Forward-Looking Crypto Policy Hits Top Global Rankings
Dubai topped the list with 79 points, with high marks for regulatory clarity, lack of capital tax, favorable corporate taxes of 9%, and affordable licensing fees.

Dubai has been selected as a leading hub for cryptocurrency and blockchain ventures, adopting a forward-looking regulatory framework and friendly tax policies. The Virtual Asset Regulatory Agency (VARA) and the Dubai Financial Services Agency (DFSA) have been established to ensure a clear legal environment and encourage innovation in the cryptocurrency sector.

In addition, the DMCC cryptography center plays a key role in supporting the growth of cryptocurrency and blockchain companies. The center provides a specialized infrastructure for these companies. There is no capital gains tax on cryptocurrency transactions in Dubai. The corporate tax limit is set at AED 375,000. This tax strategy strengthens Dubai's global appeal to the cryptocurrency business.

Swiss 'Crypto Valley' Thrives With 900 Firms, Investor-Friendly Tax System
Switzerland came in second with 74.5 points, with 900 crypto companies registered and a capital gains tax of 7.8% on long-term investors.

FINMA, a Swiss financial regulator, is creating a clear and accommodative regulatory framework for cryptocurrency companies. The framework is particularly robust in regions such as Chuk, known as the "Crypto Valley." Mandatory registration with FINMA ensures legal certainty. This has enabled over 900 cryptocurrency companies to thrive in Switzerland.

Switzerland's tax system further strengthens its appeal to cryptocurrencies by providing a more favorable tax environment than the global average, with a 7% capital gains tax and a 12% to 21% corporate tax. In addition, the fact that more than 400 companies adopt cryptocurrencies as a means of trading shows that they are deeply integrated into the Swiss economy.

Fast-evolving South Korea ranks third on crypto framework and tax breaks
South Korea came in third with 73.5 points and is playing an active role in shaping the global crypto environment.

The Korea Financial Information Analysis Institute (KFIU) under the Financial Services Commission has established a regulatory framework for integrating cryptocurrency into the financial system. By mandating that cryptocurrency operators register with the Financial Services Commission, the legality of regulatory supervision and operation is guaranteed.

Korea's tax policy further enhances the attractiveness of cryptocurrency ventures. Along with the plan to introduce corporate tax in 2025, the suspension of capital gains tax on cryptocurrencies is expected to attract more companies by providing temporary tax breaks.

With more than 376 cryptocurrency companies in action, Korea is expanding its market and setting a regional example. Supported by state-sponsored initiatives such as CBDC Exploration, Korea is consolidating its influence in the global cryptocurrency environment by combining regulatory clarity, business potential, and technological growth.

출처 -https://kr.cryptonews.com/news/dubai-switzerland-south-korea-crowned-top-crypto-business-locations-in-2024/

13/10/2024

SEC Chair Gary Gensler Criticizes Cryptocurrency At New York Event

Author
Julia Smith
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Last updated:
October 11, 2024 22:05 GMT+9

Why You Should Trust CryptoNews
Disclaimer: This article should not be taken as investment advice. Since cryptocurrencies are highly volatile investment products, please conduct your own research before investing.

During a question-and-answer session at New York University School of Law on Wednesday, SEC Chairman Gary Gensler criticized the crypto sector, saying digital assets are unlikely to serve as currencies in the future, according to several media reports.

Gensler stressed that cryptocurrencies should prove their value through transparency and practicality.

Gary Gensler's View On The Future Of Cryptocurrency
"It's unlikely that cryptocurrency will become a currency," Gensler said at the event. "In the future, we'll have to show that value through open use."

Gensler did not say how the 2024 U.S. presidential election would affect the SEC or himself. He has mostly addressed comments that seem to target key figures in the crypto industry who have come under criminal charges in recent months.

Gensler went on to say, "With all due respect, the leaders in this field are now in jail or awaiting extradition," referring to high-profile industry figures like Sam Bankman-Fried and Kwon Do-hyung.

The SEC has taken enforcement action against well-known individuals and organizations in the cryptocurrency industry, including Kraken, Binance, Coinbase and fraudsters Bankman-Fried and Kwon Do-hyung.

"Just because people don't like the law doesn't mean they don't have it," Gensler added, reiterating his position on strict regulation.

2024 U.S. presidential election and cryptocurrency
Gensler's appearance in Manhattan coincided with the announcement of joint cooperation between the SEC, the FBI and the U.S. Department of Justice (DOJ).

The partnership has criminally charged three and 15 individuals believed to be crypto market creators, a sign of the SEC's aggressive commitment to law enforcement.

The future of cryptocurrency regulation in the U.S. could depend on the outcome of the upcoming 2024 presidential election, as the investigation into Gensler's regulatory position intensifies.

Republican candidate Donald Trump has vowed to remove Gensler from office and enact cryptocurrency-friendly policies if he is elected president, and recently launched World Liberty Financial, a cryptocurrency platform run by his family, warning that his defeat would leave the cryptocurrency world "in hell."

"If for some reason we don't win the election, the people that are under investigation now and related to cryptocurrency, or those that are leading the crypto world, will live in hell from the day after the election," Trump noted.

On the other hand, Democratic candidate Kamala Harris recently expressed support for "innovative technologies" such as blockchain.

The election results are likely to have a major impact on U.S. cryptocurrency policy, with national polls predicting a close game.

출처 - https://kr.cryptonews.com/news/sec-chair-gary-gensler-slams-cryptocurrencies-at-nyc-event/

12/10/2024

Peter Brandt "Expects $135,000 In Bitcoin In 2025 But Will Slow Down In Short Term"
Brandt has set a price for Bitcoin at $135,000 in 2025, but said it should keep its key support level in the short term.

Author
Harvey Hunter
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Last updated:
October 11, 2024 23:35 GMT+9

Why You Should Trust CryptoNews
Disclaimer: This article should not be taken as investment advice. Since cryptocurrencies are highly volatile investment products, please conduct your own research before investing.

According to veteran trader Peter Brandt, Bitcoin should avoid falling below $48,000 if it is to remain in six digits next year.

Brandt gave Bitcoin's 2025 outlook in an Oct. 9 (formerly Twitter) post, describing the market's downgrade after this March as a "temporary dip," explaining that a full-fledged bull market would begin.

The outlook is based on past half-life cycles. According to historical data, the steepest price increases always occur in the second half of Bitcoin's four-year cycle. From this macro perspective, Brandt has set a target price for Bitcoin at $135,000 from August to September 2025.

BTC/USDT 1W chart, Halving cycle patterns. Source: Peter Brendt / X.
However, there is one caveat. If the downtrend takes over the market and Bitcoin drops significantly, $48,000 will be the crossroads for this prediction.

"If you close below $48,000, my chart analysis is invalid," Brandt said.

10x Research Warns Bitcoin Maximilists
While macro trends may provide insight, 10x Research CEO Marcus Theilin warned in an Oct. 9 report that these trends could be "excessively simple and insufficient" grounds.

He cited expectations among Bitcoin maximalists that Bitcoin prices will "rise to infinity" after the half-life and that Bitcoin will rise exponentially after "a low point in the liquidity cycle, as indicated by the Fed's rate cuts and increased money supply."

While these factors certainly provide upward momentum, Thilin stressed the need for strong fundamentals to support these macro factors.

This is evident at a time when Bitcoin has continued to see a decline in the months since its recent half-life. Meanwhile, the narrative that the U.S. economy will make a soft landing after the Fed's rate cut in September seems increasingly plausible.

Bitcoin downtrend. Source: 10x Research.
Bitcoin Down. Source: 10x Research.
The report argues that the current market lacks sufficient momentum. "Macro-factors may set the direction, but without sufficient wind, ships cannot maintain their course," it added.

U.S. Presidential Election to Play a Decisive Role
Tiline pointed to the upcoming U.S. presidential election on November 5 as one of the potential catalysts for Bitcoin to provide the power it needs to break through.

The victory of the Trump Republican presidential candidate is expected to have a positive impact on the cryptocurrency market. This is because he participated in Bitcoin 2024 and is related to a decentralized finance project called World Liberty Financial.

Analysts expect the Trump administration to accelerate the development of pro-cryptocurrency policies, and a previous Standard Chartered report had set a price target for Bitcoin at $220,000 when Trump is elected.

At the same time, the report also highlighted the possibility of Democratic presidential candidate Harris leading Bitcoin to a new high. After his recent public support for digital assets, he set a $75,000 target but warned that his election could lead to an initial price drop. Investors are expected to make low-priced purchases as regulations on the market tighten.

Tiline expressed optimism that it was "too early" to give up hope for a fourth-quarter rally, but stressed that effective risk management was "important."

출처 - https://kr.cryptonews.com/news/trader-peter-brant-predicts-135k-bitcoin-in-2025-but-short-term-challenges-loom/

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