Bitcoin Market Labeled ‘High Risk’ by On-Chain Data, Glassnode Reports
Bitcoin’s market position is currently bullish as it approaches $48,000. However, Glassnode’s on-chain indicators suggest that the market is labeled as “high risk” due to its volatile nature. The long-term holder market value to realized value (MVRV) indicator shows that Bitcoin has surpassed the “mid-risk” threshold, indicating significant profitability for long-term investors.
Grayscale Insights: Bitcoin’s Market Structure Boosts Post-Halving Price
Grayscale, a digital asset management firm, believes that Bitcoin’s unique market structure after the halving event could lead to price increases. The launch of Bitcoin exchange-traded funds (ETFs) may mitigate post-halving sell pressure and provide stability to the market. The recent rollout of nine Bitcoin ETFs, collectively managing $10 billion in assets, demonstrates growing confidence in Bitcoin among institutional investors.
Nigeria Implements Cryptocurrency Regulations to Fight Financial Crimes
In Nigeria, there is a push for cryptocurrency regulations to combat financial crimes such as money laundering. The Central Bank of Nigeria has reversed its ban on cryptocurrency transactions and is now working on educating compliance specialists. These regulatory advancements could enhance the credibility and investor confidence in Bitcoin.
Metaco’s Leadership: Ripple-Owned Crypto Custody Firm’s CEO and Product Chief Insights
Following Ripple’s acquisition of Metaco, there have been changes in leadership at the crypto custody firm. Ripple recognizes the importance of custody in its crypto business offerings. These changes might influence Bitcoin’s perception among traditional financial entities and investors.
Bitcoin Price Prediction
In terms of price prediction, Bitcoin is facing resistance at the $48,500 level. The Relative Strength Index (RSI) suggests a potential bearish correction as buying pressure weakens. On the downside, immediate support is expected at $47,195, with further targets at $45,900 and $44,950. However, an increase in demand could push Bitcoin beyond the resistance level and towards higher price targets.
Top 15 Cryptocurrencies to Watch in 2023
Stay updated with the world of digital assets by exploring our curated list of the top 15 alternative cryptocurrencies and ICO projects to watch in 2023. These recommendations come from industry professionals and provide expert advice for your cryptocurrency investments.
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