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Why Crypto Is About To Skyrocket?

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7 months ago

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The crypto is about to skyrocket regardless of macroeconomic and other factors that have until now kept Bitcoin and altcoins prices under the radar. With multiple developments happening in parallel bolstering the bullish outlook for the crypto market, experts pointed out reasons why the market could see the biggest short squeeze in human history.

Reasons Why Bitcoin and Crypto Market About To Explode?

Brian Dixon, CEO at Off the Chain Capital, explained why the crypto is near a massive breakout or about to explode. He mentions many reasons that are helping bulls to dominate and strengthen their position in the market.

1. Donald Trump’s Lead in Presidential Race

Bitcoin price is more resilient after a failed assassination attempt on Donald Trump. The Republican presidential nominee Trump’s stance on crypto has picked up in recent months. He also announced crypto donations to his campaign earlier and amassed over $3 million in donations from crypto.

Brian Dixon said digital assets will pick pace, bringing more allocations to Bitcoin and other crypto, following the assassination attempt on Trump. Moreover, he also announced pro-Bitcoin J.D. Vance as Vice President pick.

JD Vance holds $100-$250k in Bitcoin and hates bad crypto regulation. Vance is against Gary Gensler and his inclusion of politics in securities regulation. He has raised serious concerns over Gensler’s approach to regulating blockchain and crypto. The SEC is killing the industry and pushing innovation outside the U.S. not realizing the utilities of various crypto tokens.

Donald Trump confirmed that he will make a presence and give speech at the Bitcoin Conference, which will be held in Nashville, Tennessee on July 25-27. It will be a historic moment for the crypto industry.

2. Spot Ethereum ETF Approval

Spot Ethereum ETFs have received preliminary approval from the U.S. SEC. Some Ether ETFs are expected to start trading on Tuesday, July 23. Bloomberg ETF analysts also posted on X platform about the potential increase in buying activity in the market.

Brian Dixon believes spot Ethereum ETFs will also witness demand similar to spot Bitcoin ETFs. The Ethereum ETFs listing and trading will create an easier on-ramp to ETH trading and with time it will drive price. Moreover, he believes it is also a positive development for additional ETFs for other crypto assets such as XRP and Solana.

3. TradeFi Investments in Bitcoin

The mainstream adoption of Bitcoin and other crypto assets is gradually picking pace as TradFi invested in spot Bitcoin ETFs. As a retail investor, one can now invest in Bitcoin through spot Bitcoin ETFs by using traditional brokerage accounts or apps, creating more adoption of other digital assets. Dixon added that the adoption will continue to grow with time.

Apollo Sats data revealed that 154 entities have submitted the 13F filing to the U.S. SEC. Almost 80% of institutions have increased their holdings in these Bitcoin ETFs. Whilst, only 12.5% have decreased their spot Bitcoin ETF exposure.

4. Solana And Other Crypto ETFs

Historically, the SEC had been extremely restrictive in approving ETFs and these products. But the industry saw a complete shift in the SEC as they reached out to Ether ETF issuers to complete the approval processes. Solana ETFs are anticipated to see approval processes in 2025.

Brian Dixon explained that crypto ETFs will see much larger allocations from sovereign wealth funds, pension funds, and endowments. They have a very long due diligence timeline of 12-18 months before they can start pouring money into the Bitcoin ETFs.

Meanwhile, XRP ETF is also on the cards as Ripple CEO Brad Garlinghouse pointed out after CME and CF Benchmarks announced the launch of new reference rates and real-time indices for XRP. Notably, the price has skyrocketed over 40% in a week.

5. Fed Interest Rate Cuts

The global crypto market witnessed renewed buying sentiment amid growing spot Bitcoin ETF inflow, more buying from institutional and retail investors, and strong technical and on-chain charts. The global crypto market cap is at 2.38 trillion, with BTC price trading near $65,000.

With Fed officials including Chair Jerome Powell’s dovish outlook on rate cuts this year after cooling inflation and slowing labor market, traders eye rate cuts in September. Wall Street giants also predicted a first rate cut in September. Crypto research firms including Matrixport also reported that upside momentum will continue for longer.

Also Read: Ripple XRP Case Update — Ex-SEC On Secret Meeting; XRP Breakout To $1 Next?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Dogecoin Price Soar 200% As DOGE ETF Approval Odds Hit 75%?

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2 hours ago

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February 23, 2025

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Dogecoin price has been gaining attention as analysts predict a potential surge of 200% amid growing speculation about a Dogecoin ETF approval. Market participants are closely watching price movements, with many expecting DOGE to surpass its all-time high of $0.739.

As the U.S. Securities and Exchange Commission (SEC) reviews multiple applications for a Dogecoin ETF, traders and investors are anticipating a major rally.

Dogecoin ETF Filings and Market Expectations

Grayscale Investments, CoinShares, and WisdomTree have submitted applications for a Dogecoin ETF, aiming to provide investors with regulated exposure to the cryptocurrency. The SEC has acknowledged Grayscale’s filing, signaling the beginning of a formal review process.

If approved, the ETF could attract institutional investors, potentially driving up Dogecoin price.

Regulatory sentiment toward cryptocurrencies appears to be shifting, especially under the current administration. Recently, the SEC dropped its lawsuit against Coinbase, reflecting a more crypto-friendly stance. This change has fueled optimism regarding the approval of new crypto investment products, including altcoin ETFs like XRP, Litecoin, Hedera and a Dogecoin ETF. Consequently, analysts suggest that if an ETF receives approval, Dogecoin price could see a substantial increase.

Technical Indicators Suggest a Bullish Outlook

Chart analysis indicates that Dogecoin price may be preparing for a breakout. A falling wedge pattern has formed on the four-hour chart, and DOGE has broken out of this formation. This pattern is typically seen as a bullish signal, suggesting further price gains.

Key indicators also point toward potential upside movement. The Average Directional Index (ADX) stands at 27.95, indicating that a trend is forming. Meanwhile, the Relative Strength Index (RSI) has risen to 43.67, recovering from oversold conditions. If RSI crosses above 50, it could confirm bullish momentum for Dogecoin price.

DOGE/USD 4hr price chart (TradingView)DOGE/USD 4hr price chart (TradingView)
DOGE/USD 4hr price chart (TradingView)

Traders are watching key support and resistance levels. The support level is around $0.23, while resistance sits at $0.26 and $0.30. A move above these levels could signal further gains for Dogecoin price.

Analysts Predict DOGE Price Could Reach $3 to $5

Several analysts like Javon Marks are forecasting major price increases for Dogecoin in the current market cycle. Concurrently, Basic Trading has identified $0.2, $0.5, and $5 as key price levels, noting that Dogecoin price is in an upward trend despite recent corrections. The analyst pointed out that DOGE has followed a historical pattern of large percentage gains in previous bull cycles.

Crypto analyst Ali Martinez has also projected a bullish scenario for Dogecoin price. He highlighted that if the support range between $0.16 and $0.19 holds, DOGE could rally to $3. Similarly, analyst Trader Tardigrade stated that Dogecoin’s macro chart is showing a similar pattern to the 2017 cycle, which could result in a surge toward $1.7.

Other analysts have set even higher price targets. Dima Potts suggested that Dogecoin price could reach $10 if it mirrors past bull market trends. Some traders believe that DOGE’s historical price movements indicate a strong possibility of surpassing previous all-time highs.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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ByBit Hacked, BTC Stagnant, LTC ETF Advances

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4 hours ago

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February 23, 2025

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Crypto Highlights This Week: The broader market concludes another interesting week, primarily keeping investors on their toes. Cryptocurrency exchange behemoth Bybit suffered a $1.4 billion hack this week, whereas BTC and altcoins remained stagnant despite market advancements. Simultaneously, the meme coin sector panicked amid the emergence of the Argentinian LIBRA token.

Here’s a brief collection of some of the top crypto market updates reported by CoinGape Media over the past week.

Weekly Crypto Highlights: ByBit Exchange Hacked By N. Korean Group

The renowned cryptocurrency exchange Bybit was hacked by ‘The Lazarus Group’ this week, resulting in a massive exploitation of funds. Reportedly, the North Korean criminal organization stole $1.4 billion worth of ETH from the crypto exchange.

As a result, the broader crypto market saw a whopping $566 million liquidated in a day as investors started panic selling. In turn, BTC and altcoins reversed recent gains, backtracking to previous lows. BTC price closed the week at around $96K, whereas ETH was near $2,800. XRP & SOL also reversed recent gains, trading in the red this weekend.

It’s also worth mentioning that ByBit rolled out a $140 million bounty for cybersecurity experts to recover $1.4 billion stolen in Ethereum.

LIBRA Token Panic: What Happened?

Meanwhile, Argentinian President Javier Milei endorsed the Solana-based LIBRA meme token this week, which soon rocketed in value. However, the market was taken by storm when insiders cashed out massive amounts amid the rally, urging LIBRA price to crash over 90%. This saga raised rug-pull concerns surrounding the crypto, further bringing heat to its price.

However, President Javier Milei ordered a probe into the launch and KIP Protocol, aiming to rectify the error and bolster the token. This saga has emerged as another noteworthy crypto highlight this week, underscoring the market’s risky nature.

ETF Filings This Week

Simultaneously, a stockpile of ETF advancements was witnessed this week. Canary Capital’s Litecoin ETF emerged on Depository Trust & Clearing Corporation (DTCC), solidifying chances of approval.

Further, Grayscale’s XRP ETF entered the U.S. SEC’s review mode.

Also, asset manager Franklin Templeton filed an S-1 to launch a spot Solana ETF with the U.S. SEC this week. Mentioned above are the top crypto market highlights for this week, which appear to have substantially impacted investor sentiment.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bybit Turns To Bitget And Binance For $239 Million ETH Loan Amid Withdrawal Spike

Published

7 hours ago

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February 23, 2025

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Bybit, a popular crypto exchange, is reeling from the massive hack worth $1.5 billion in digital assets. According to reports, the hackers targeted the crypto exchange’s cold wallet, an offline storage system, to steal the exchange’s assets, primarily Ether. On-chain data reveals that the stolen funds were quickly transferred into different wallets and liquidated on several platforms.

Ben Zhou, Bybit’s CEO, promptly addressed the hack and told users that the site’s other cold wallets are secure and withdrawals are processed “normally”. 

As the company struggles with a surge in withdrawal requests, it received over 88,000 ETH (worth around $239 million) from popular exchanges like Binance and Bitget. The fresh crypto transfers from these two popular exchanges boosted Bybit’s liquidity, allowing it serve the customers’ withdrawal requests.

Authorities Link Breach To North Korean Hacking Group

Friday’s hacking of the Bybit cold wallet is considered the biggest crypto hacking on record. Arkham Intelligence and Elliptic said the stolen digital assets were quickly transferred to different accounts and liquidated within minutes. Elliptic reports that the hacking is by far the biggest in the industry and easily surpassed the stolen $570 million from Binance in 2022 and the $611 million worth of crypto assets drained from Poly Network in 2021.

Elliptic speculated that the Lazarus Group, a state-backed hacking team in North Korea, perpetrated the hack. The Lazarus Group is known for its crypto-hacking activities, stealing billions of dollars from different sites. 

Bybit Gets Help From Binance And Bitget

As Bybit struggled to service the surge of withdrawals, it received help from other popular exchanges to cover the requests. Arkham said the exchange received more than 88,000 Ether or roughly $239 million from Binance and Bitget addresses.

The fund infusion can boost the exchange’s current liquidity as it addresses the massive withdrawal requests. Bybit confirmed that its users moved funds from the exchange after the hack was made public.

ETH is currently trading at $2,734. Chart: TradingView

Arkham said Bitget transferred 40,000 Ether, or $106 million, to a Bybit cold wallet on February 21st at 19:44 (UTC). Lookonchain argued that Bitget transferred its funds to the exchange to boost its liquidity and serve as a vote of confidence. 

After 10 minutes, a Binance hot wallet transferred 11,800 Ether or $31 million to the same Bybit cold wallet address. In total, Binance has transferred 47,800 Ether or $127.48 million. 

CEO Explains Crypto Exchange Remains Solvent

Bybit’s CEO, Ben Zhou, has assured its users and customers that the exchange is solvent. In a Twitter/X post, the CEO explained that the customers’ funds are backed 1:1 and that the company can service the losses even if it fails to recover them.

Featured image from Adobe Stock, chart from TradingView





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