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Binance.US And Coinbase List PEPE, And Whales Buy 337M. A New ATH Coming?

Mark Brennan
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Binance.US And Coinbase List PEPE, And Whales Buy 337M. A New ATH Coming?

The Pepe coin has become a hot topic in the cryptocurrency world. Binance.US and Coinbase, two big crypto exchanges, have listed Pepe coin crypto for exchanging. At the same time, whales have bought 337 million PEPE, worth $6.92 million. With the pepe price nearing its all-time high (ATH), many holders wonder if the coin will set a new record. Here’s the latest Pepe news, market updates, and a pepe price prediction based on these events.

Binance.US and Coinbase Boost Pepe Coin’s Popularity

Binance.US has made Pepe coin transactions available with Tether (USDT) starting December 5 at 11:00 UTC. This listing has increased interest in PEPE as more people now have access to exchange it. Coinbase has also added pepe coin crypto to its offerings, showing that the memecoin market is growing quickly.

The pepe coin price has gone up 166.2% in the past 30 days. It now has a market cap of $9.14 billion, which highlights its strong demand. With these listings, PEPE could see even more activity as holders take notice.

Whales Buy Big: 337M PEPE Purchased

Whales have shown confidence in PEPE by buying 337 million tokens, valued at $6.92 million. When whales make large purchases, it often means they believe the price will rise. The pepe crypto price is currently $0.0000217, which is close to its ATH of $0.00002457.

Lookonchain PEPE And Whales
Lookonchain PEPE And Whales

Technical data supports this optimism. The RSI (Relative Strength Index) is at 62.47, showing strong momentum. The MACD (Moving Average Convergence Divergence) stands at 0.000001702, pointing to potential growth. Holders are watching resistance levels at $0.000028105 and $0.000036003. These are the next targets if the pepe coin price continues to rise. On the other hand, there is support at $0.000010015, which could help if the price drops.

Pepe Meme and Its Impact on the Market

The Pepe meme is a key reason behind the success of PEPE. The meme is popular across the internet and has a loyal following in the crypto community. This has helped drive interest in pepe coin crypto, especially on social media.

Memecoins like PEPE are unique. They attract both crypto fans and those drawn to their cultural value. While some argue memecoins are risky, PEPE’s performance shows how much demand there is for these tokens. The ongoing support from its community ensures PEPE stays relevant in the market.

PEPE Price 5DEC24
PEPE Price 5DEC24

Pepe Price Prediction: Is a New ATH Coming?

Market data and recent events suggest that a new ATH for PEPE is possible. The pepe price needs to break the resistance at $0.000028105 to aim for the next level of $0.000036003. The 10-day moving average is $0.000020491, which shows steady upward movement. The 50-day moving average is $0.000014861, highlighting consistent growth over a longer period.

The whale purchases, exchange listings, and strong community engagement all point to continued growth. If these factors remain the same, the pepe crypto price prediction suggests that PEPE could reach new heights soon.

Minotaurus (MTAUR): A Web3 Gaming Presale That’s Too Good to Miss

While Pepe Coin dominates the headlines, Minotaurus (MTAUR) is also building traction, having smashed through the 520,000 USDT token sales milestone. At just 0.00006401 USDT, you’re getting in at a 70% lower price than the listing rate of 0.00020 USDT. Early birds who joined at 0.000040 USDT have already seen ~50% growth, and there’s more to come.

MTAUR has real utility, powering game features that give players a competitive edge. On top of that, holders enjoy referral bonuses and extra perks from the vesting program for longer holds. The excitement doesn’t stop there—join now for a shot at the 100,000 USDT giveaway, with 50,000 USDT going to one lucky winner!

The token pool is shrinking fast, and the price rises every day. Jump in now and secure your spot in this growing community.

Conclusion

The Binance.US and Coinbase listings have made pepe coin more accessible to holder. Whale activity has added to the optimism around the coin. With the pepe price already climbing and nearing its ATH, holders are excited about its potential. If PEPE can break through resistance levels, it might achieve a new ATH.

While memecoins are often trend-dependent, Minotaurus is more than just hype—it’s a project with staying power. Its low entry price and incredible potential make it a must-explore before the presale ends. Get in while you can!

Here’s How Much Holding 10K, 50K, and 100K Dogecoin Would Be Worth If DOGE Hits $1, $5, or $10

Abdulkarim Abdulwahab
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Here’s How Much Holding 10K, 50K, and 100K Dogecoin Would Be Worth If DOGE Hits $1, $5, or $10

Some tiers of Dogecoin (DOGE) holders could find themselves joining the millionaire’s club if DOGE reaches ambitious targets like $10.

In this ongoing bull run, Dogecoin stands as one of the crypto assets with the most promising prospects, given its meme-inspired nature and strong backing from billionaire Elon Musk.

Since the beginning of this year, the price of Dogecoin has grown by 375%, as it currently trades at $0.4250. Given its already impressive performance, market participants are expecting even more from the meme coin.

Accordingly, The CryptoBasic analyzes the potential portfolio worth for investors holding 10K, 50K, and 100K units of Dogecoin tokens if the asset reaches widely projected prices like $1, $5, and $10.

Value of 10K, 50K, and 100K Dogecoin if It Hits $1

The $1 mark has long been an aspiration, not just for Dogecoin enthusiasts but for the broader crypto community. As the bull market progresses, Dogecoin is getting closer and closer to the $1 level.

For investors holding 10K, 50K, or 100K units of Dogecoin, they stand to see their portfolios become worth $10,000, $50,000, and $100,000, respectively, if the $1 dream becomes a reality.

Notably, acquiring 10,000 DOGE today requires an investment of $4,250. For 50K and 100K DOGE, these require investments of $21,250 and $42,500, which would see massive returns of 135% if Dogecoin reaches $1.

Value of 10K, 50K, and 100K Dogecoin if It Hits $5 and $10

Meanwhile, investors targeting higher price thresholds for Dogecoin, such as $5 and $10, stand to see their portfolios expand even more. Specifically, holdings of 10K and 50K, which are both worth around $4,250 and $21,250 today, would see their value increase to $50,000 and $250,000, respectively. As for those holding 100K tokens, their portfolio would expand to half a million dollars.

If Dogecoin continues its upward trend and approaches the double-digit range, holders of 10K and 50K DOGE will see their investments grow to $100,000 and $500,000, respectively. Remarkably, holders of 100,000 Dogecoin would become millionaires if DOGE hits $10.

Can Dogecoin Hit $1, $5, or $10?

Notably, Dogecoin recently reached a new three-year high of $0.4775. This milestone has elevated market optimism that $1 is within reach, as the ongoing bull market likely has another 12 months to run. This gives Dogecoin ample time for further spectacular price growth.

As a result, analysts are not seeing $1 as Dogecoin’s peak for this cycle. Unlike the 2021 season, when $1 was hoped to be Dogecoin’s cycle peak, only for the meme coin to lose momentum at $0.73. Many now believe there is more room for growth.

Analysts such as Ali Martinez have boldly argued that Dogecoin’s cycle peak could be $10, while others like Ash Crypto have suggested $3.

Notably, at a $10 price point, Dogecoin would have a $1.46 trillion market cap, surpassing the current valuation of Bitcoin.

Shiba Inu Lead Clears the Air on Hawk Tuah Controversy

Abdulkarim Abdulwahab
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Shiba Inu Lead Clears the Air on Hawk Tuah Controversy

Shiba Inu lead developer Shytoshi Kusama has publicly addressed the growing controversy surrounding the Hawk Tuah (HAWK) meme coin after its disastrous launch.

In a series of tweets, Kusama detailed his interactions with the Hawk Tuah team and cleared up confusion regarding his involvement with the project. He explained his reasons for rejecting their proposals and distancing himself from the token’s controversial launch.

No Partnership, No Endorsement

Kusama revealed that the Hawk Tuah team approached him months ago to become a Key Opinion Leader (KOL) or influencer for the project. However, he declined the offer, stating that he had more pressing matters to focus on than the HAWK launch.

Despite his rejection, the Hawk Tuah team reached out again days before the launch through a mutual contact. They offered to airdrop millions of HAWK tokens worth $60,000 to the Shiba Inu community. 

Yet, Kusama remained unimpressed. Meanwhile, he acknowledged that, due to SHIB’s decentralized nature, the airdrop would proceed regardless of his participation.

While Kusama permitted a retweet from Shiba Inu’s main account to maintain transparency, he reiterated that there was no partnership or formal agreement between Shiba Inu and Hawk Tuah.

Criticism of Hawk Tuah’s Launch

The HAWK meme coin launched on Wednesday, December 4. It hit a peak market cap of $500 million before plummeting 91% within hours. Notably, accusations of insider wallets and sniper activity controlling up to 90% of the token’s supply surfaced, with one wallet allegedly profiting $1.3 million through rapid trading.

Kusama expressed his disappointment with the launch of the HAWK token. He criticized the team for its lack of coordination and immediate pump-and-dump behavior. He also pointed out that, despite claims to the contrary, evidence suggested that insider trading and sniping played a significant role in the token’s price manipulation.

“This is shameful and just like 90% of crap on Solana,” said Kusama, “Do better.”

Shib Army’s Choice

In the wake of the controversy, the HAWK team proposed an airdrop of tokens to Kusama, who would distribute them across 3,000 wallets. Kusama rejected this outright: “I don’t work for you. You work for the army.”

He stressed that if the team wanted to engage with the SHIB community, they needed to follow the proper procedures.

Ultimately, Kusama put the decision in the hands of the SHIB Army, asking the community to decide whether to ignore or burn the airdrop. He has created a poll to this effect, with voting ongoing.

Dogecoin Needs to Hold This Level to Confirm Recent Breakout

Sam Wisdom Raphael
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Dogecoin Needs to Hold This Level to Confirm Recent Breakout

Dogecoin has taken center stage after recently breaking out of an ascending triangle pattern, confirming its bullish momentum.

DOGE recorded this breakout amid the recent recovery. However, analysts suggest that the memecoin bullish trajectory largely depends heavily on whether it can hold major support levels during this critical phase.

DOGE Battles the Ascending Triangle

Market analyst Rekt Capital confirmed this, identifying an ascending triangle that has captured Dogecoin’s consistent higher lows. These higher lows come on the back of an upward-sloping trendline since mid-November. 

The triangle features a resistance level near $0.44, which marks its upper boundary. After testing this resistance multiple times, DOGE recently broke out. However, the breakout led to retest of the pattern’s top.

Dogecoin Ascending Triangle Rekt Capital
Dogecoin Ascending Triangle | Rekt Capital

Rekt Capital emphasized that Dogecoin’s ability to convert the former resistance into support is essential for confirming the breakout. 

A failure to hold the $0.44 zone could invalidate the bullish setup, potentially causing DOGE to slide back into the triangle’s confines. On the other hand, a successful retest could serve as a launchpad toward higher levels.

In his latest update, the analyst confirmed that DOGE continues to follow Bitcoin’s trajectory. Bitcoin recently surpassed $100,000, an event that has inspired bullish momentum across the altcoin market, with Dogecoin benefiting.

However, as DOGE retested the upper trendline of the triangle, the bears triggered a slump within the triangle, with Dogecoin failing to record a successful retest. The meme coin now needs to breach the trendline again and hold above it.

Analytical Comments

Several analysts have discussed Dogecoin’s current situation. Market watcher The Cryptomist noted that her recent strategy involved gradually building long positions on Dogecoin. 

According to her, the memecoin now appears primed for a move higher, with an initial target of $0.60. She believes that if this level plays out, DOGE could revisit its previous all-time high, surpassing $0.70. 

Meanwhile, The Moon Carl revealed his optimism regarding Dogecoin’s consolidation within the ascending triangle. He pointed out that if DOGE successfully breaks out from this pattern, it could rally toward $0.6350. 

Dogecoin Current Market Position 

Notably, DOGE’s daily chart shows promising momentum. At $0.4516, it has gained 4.12% today, suggesting renewed bullish interest. 

Dogecoin 1D Chart
Dogecoin 1D Chart

The Directional Movement Index (DMI) confirms this, with the +DI (Directional Indicator) at 28.19 exceeding the -DI at 8.81. This indicates that buying pressure dominates selling pressure. Meanwhile, the ADX at 60.8 suggests a strong trend.

The pivot point sits at $0.3479, a major zone that separates bullish and bearish sentiment. As long as DOGE holds above this level, the momentum remains bullish. In an attempt to push further, DOGE will resistance at $0.4769 (R1), $0.5567 (R2), and $0.6857 (R3). 

Pro-XRP Lawyer Highlights 4 Things Next SEC Chair Must Do For Crypto on Day One

Lele Jima
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Pro-XRP Lawyer Highlights 4 Things Next SEC Chair Must Do For Crypto on Day One

Pro-XRP lawyer and U.S. Senate Candidate John Deaton highlights four things the next SEC Chair must do for the crypto industry on his first day in office. 

Deaton’s demands follow reports suggesting that U.S. President-elect Donald Trump has nominated a new chair for the Securities and Exchange Commission (SEC).

Trump Nominates Paul Atkins as Next SEC Chair 

Yesterday, Trump announced the nomination of former SEC commissioner Paul Atkins to replace Gary Gensler as the next SEC Chair. The announcement, made via a Truth Social post, comes weeks after several reports highlighted Atkins as the top candidate for the position.

Despite initially hesitating to take up the job due to the massive efforts required to restore the SEC’s gold standard, which many believe Gensler destroyed, Atkins finally accepted the nomination shortly after meeting with Trump’s transition team earlier this week. 

Upon accepting the role, Trump published a Truth Social post emphasizing that Atkins would serve as the next SEC Chair under his administration. 

Four Things Atkins Must Do on Day One 

Following the nomination, Attorney Deaton highlighted four major things Atkins must do on his first day in office to show he is the right candidate for the position. 

Address DEBT Box Saga 

First, Deaton recommended that the next SEC Chair address the Debt Box issue and fire everyone involved in the saga. This incident revolves around the SEC’s lawsuit against crypto-related firm Digital Licensing Inc., commonly called DEBT Box. 

Counsel to the SEC admitted to misleading the court in securing a Temporary Restraining Order (TRO) against the company. Consequently, the judge dismissed the lawsuit based on the SEC’s request and ordered the commission to pay DEBT Box’s legal fees of $1.8 million. 

Although some SEC lawyers resigned following the DEBT Box saga, Attorney Deaton is asking the next SEC Chair to sack everyone involved. 

Overhaul at the SEC 

Second, Deaton requested that Atkins sack or demote any SEC staff appointed into key leadership roles by Gensler, whom he labeled a bad-faith regulator. 

According to Deaton, the next SEC Chair should carefully select his team members who will align with Trump’s vision of making America the Crypto Capital of the world. 

Clarity for Self-Custody and DeFi 

For the third demand, Deaton suggested that Atkins clarify that decentralized finance (DeFi) and self-custody are not subject to the SEC’s regulatory purview. 

This clarification would mark a significant shift from Gensler’s approach, which has seen him give the securities tag to almost everything relating to crypto. It bears mentioning that a part of Trump’s campaign promise involves protecting the right to self-custody. 

Disband the Crypto Unit 

Lastly, the U.S. Senate for Massachusetts at the just-concluded election further urged the newly appointed SEC Chair to disband the Crypto Unit at the securities agency, which focuses mainly on cryptocurrencies. 

According to Deaton, there is no need for a dedicated Crypto Unit at the SEC. Instead, he recommended that the new chairman establish a general fraud unit at the commission that will tackle all fraudulent activities across various sectors, including crypto and the securities market. 

In the meantime, the crypto market is still reacting positively to Atkins’ nomination as SEC Chair due to his pro-Bitcoin stance. Bitcoin is still trading above the $100,000 mark, with the asset currently priced at $102,943. 

BTCUSDT 2024 12 05 14 44 12
Bitcoin 1D Chart

BlackRock’s Bitcoin ETF Becomes Most Successful ETF Ever After $50B Milestone

Elendu Benedict
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BlackRock’s Bitcoin ETF Becomes Most Successful ETF Ever After $50B Milestone

The BlackRock iShares Bitcoin Trust (IBIT) has become the most successful exchange-traded fund in history after reaching a notable milestone in record time.

A few days after the Bitcoin spot ETF achieved a major milestone, one of the issuers has made headlines today. For context, the investment products are now on the verge of surpassing the amount of Bitcoin founder Satoshi Nakamoto owns.

Today, Bloomberg’s senior analyst Eric Balchunas confirmed that BlackRock’s iShares Bitcoin Trust (IBIT) has reached $50 billion in net assets under management. A scintillating detail in this feat is the fund’s record time.

Notably, the BlackRock Bitcoin spot product reached $50 billion in assets in 228 days, beating the previous fastest record by a wide margin. Balchunas stated that the last holder of this record hit the milestone in 1,329 days, a period surpassing BlackRock’s timeframe by a staggering fivefold.

BlackRock Records Ridiculous Figures

Meanwhile, BlackRock’s impressive feat came amidst a substantial inflow on Wednesday. The fund recorded a single-day inflow of $571.71 million, trouncing the flows of other asset managers.

With the inflows yesterday, the IBIT’s net asset increased to $50.59 billion and its cumulative net inflow to $33.34 billion, data from Sosovalue shows. Meanwhile, the US Bitcoin spot ETFs recorded a net inflow of $556.82 million yesterday, bringing their total net asset to $108.23 billion.

Notably, BlackRock has seen ridiculous figures since its market debut on January 11. Its incessant inflows ensured it became one of the best-performing ETFs in the last decade.

Furthermore, the BlackRock Bitcoin fund also trumped its gold ETF in less than one year of market debut. It bears mentioning that the BlackRock iShares Gold Trust (IAU) has existed since 2005 and is still miles shy of the $50 billion AUM.

Bitcoin Pent-up Demand Spurring BlackRock’s Asset Uptick

Meanwhile, BlackRock’s Bitcoin success mirrors a pent-up demand for the ETFs since their early-year launch. Although the funds struggled at one point this year, Donald Trump’s November 5 election win has rekindled investors’ interest in Bitcoin and products providing exposure to the asset.

Notably, the inflows have spurred Bitcoin to an unprecedented price high of over $103,000 today. At the time of writing, the pioneering cryptocurrency trades at $102,817 with a market cap of $2.03 trillion.

Pundit Says Those Who Can’t Read Charts Call for $589 XRP

Abdulkarim Abdulwahab
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Pundit Says Those Who Can’t Read Charts Call for $589 XRP

A heated debate has erupted within the XRP community as Tony Edward, the founder of the Thinking Crypto Podcast, challenges wild price predictions for XRP.

He dismissed figures like $589 as unrealistic and grounded in fantasy. Edward has set a conservative price target for XRP, predicting a range between $5 and $8 for this market cycle. 

While acknowledging the potential for slight upward movement, Edward firmly rejected more extreme predictions, including the oft-repeated $589, $1,000, and even $10,000 targets. 

Accordingly, he emphasized the importance of analyzing market trends, on-chain data, and fundamentals when setting expectations.

The Community Pushback

The tweet sparked a critical response from Xena, a passionate XRP proponent. Specifically, Xena took issue with Edward’s outlook, calling out what she perceived as hypocrisy in his position.

She pointed to Edward’s extensive XRP content as a driving force behind his platform’s success. In parallel, she questioned why he dedicated so much attention to the asset if he only envisions a modest upside.

“If $5–$8 is your realistic target, why focus so much on XRP, knowing the community holds higher hopes,” Xena questioned.

Xena reminded Edward that many coins, starting from just a few cents, have surged into the double—or triple-digit range, leaving the possibility that XRP could follow suit.

She also highlighted XRP’s unique use cases, suggesting that its value cannot be fully captured by technical charts alone. For Xena, the community’s faith in XRP is based on its utility in transforming cross-border payments, which could justify higher valuations in the future.

Ultimately, Xena suggested that Edward might be downplaying XRP’s potential to manage his brand and profit from views. 

“I’m Not Here for Fairytales”

Edward responded with a mix of humor and conviction, dismissing Xena’s criticism as an overreaction. He explained that, despite his long-standing admiration for XRP and its technology, he refuses to indulge in “fairy tales” or speculative price forecasts. 

Referring to his years of experience in the crypto market, he reiterated his belief that realistic price targets must be based on data rather than hope or hype. 

“I’m not here for fairytales, bud. I’ve seen this space filled with conspiracy theories and unrealistic hopes. I respect charts and on-chain data,” Edward said.

Xena, undeterred, expressed disappointment with what she sees as Tony’s shift away from the optimism that initially attracted many to XRP. 

She contended that XRP’s future value might not be driven solely by market charts but by deeper, often overlooked factors—ones that could push the token to much higher levels than Edward is willing to accept.

Meanwhile, prominent XRPL dUNL validator Vet noted that the $589 calls are not necessarily discussions around price targets for XRP. According to him, the commentaries are more about handling challenges and striving for greatness.

PEPE Bullish Flag Pattern Signals Impending 40% Surge: Analysis

Albert Brown
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PEPE Bullish Flag Pattern Signals Impending 40% Surge: Analysis

With an inverted head and shoulders pattern signaling a potential bullish flag breakout, could PEPE rise to $0.000030?

Meme coins are poised for a major breakout event as part of a broader market recovery. PEPE is showing signs of breaking out from a long-standing resistance zone on the 4-hour chart.

The underlying potential and price patterns suggest a massive surge of nearly 40%. Let’s take a closer look at PEPE’s price analysis.

PEPE Price Analysis

On the 4-hour chart, PEPE’s price action is currently in a sideways trend, forming a consolidation range. This consolidation began after the bullish attempt to close above $0.00002363 failed.

The failure to sustain the bullish momentum followed a nearly 200% price surge from November 5 to November 14. During this period, the price rose from $0.00000803 to a peak of $0.00002567. As a result, PEPE’s price action is now forming a bullish flag pattern.

PEPE Price Chart
PEPE Price Chart

The consolidation range is bound by two important price action levels. The support zone is strong at $0.000001775, while the resistance zone is near $0.0000023.

The upper ceiling and lower boundary coincide with the 38.20% Fibonacci and base levels, respectively. Additionally, the shifting dynamics within this consolidation range suggest the formation of an inverted head-and-shoulders pattern.

Supporting the bullish trend, the MACD and signal lines have recently crossed positively, reinforcing the uptrend with an increase in positive histograms. The 4-hour RSI has surpassed the 50-level and remains above the 14-day SMA. Furthermore, the lack of divergence strengthens the chances of a breakout as the price approaches the overbought zone.

PEPE Price Targets $0.000030

The neckline of the inverted head-and-shoulders pattern aligns with the 38.20% Fibonacci level. PEPE’s price action is currently showing a bullish reversal, completing the right shoulder of the pattern.

Additionally, the PEPE market price stands at $0.000002158, surpassing the 23.60% Fibonacci level at $0.000002143. If the uptrend breaks above the overhead resistance, PEPE will likely emerge as one of the top gainers, leading to a high-momentum rally.

The Fibonacci levels suggest potential price targets at the 61.80% and 78.60% levels, priced at $0.000002740 and $0.0000030, respectively. On the downside, the key support zone remains strong at $0.000001755.

Can Sandbox Maintain Its Bullish Trend and Reach $1.44? Here’s the Analysis

Albert Brown
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Can Sandbox Maintain Its Bullish Trend and Reach $1.44? Here’s the Analysis

Will Sandbox (SAND) surpass the $1 psychological again barrier and extend the bull run by 44%?

Amid the broader market recovery, the market capitalization of gaming tokens has surged to a valuation of $34.85 billion, a significant increase from $15.62 billion just a month ago.

With a more than 2x rally, the top-performing gaming tokens include Sandbox, Gala Games, and Decentraland (Mana). The Sandbox price has risen by 15.14% over the past 24 hours, making it one of the top-performing tokens.

Over the past 7 days, it has gained over 50%, reaching a market cap of $2.25 billion. As the gaming token nears the $1 psychological mark a second time, will the bullish trend lead to a surge to $1.44? Let’s explore.

Sandbox Price Analysis

On the 4-hour chart, the Sandbox price action reveals a bullish breakout from a rounding-bottom pattern. The rally began after a bounce back from the 50MA line at $0.6123.

Sandbox Price Chart
Sandbox Price Chart

The recovery rally surpassed the neckline at the $0.80 level before breaking above the $1 psychological barrier. In the past 24 hours, the Sandbox price peaked at $1.06629 before pulling back slightly.

This pullback retested the 50% Fibonacci level and quickly reversed from the $0.85 level. Currently, Sandbox is trading at $0.9325 as it attempts to reclaim the $1 milestone.

The bullish surge in buying pressure has pushed the RSI lines toward the overbought territory. Additionally, the positive alignment of the key exponential moving average lines continues to provide dynamic support.

Sandbox Price Targets

With the rounding-bottom reversal in place, the uptrend is currently trading between the 61.80% and 78.60% trend-based Fibonacci levels. A breakout above the 78.60% level at $1.003 will extend the ongoing rally.

The Fibonacci levels suggest the next price targets are $1.118 and $1.4496. Therefore, price action analysis indicates an upside potential of 55%. On the other hand, the key support levels remain at $0.8496 and $0.7863 in case of a bearish turn.

Fed Chair Powell Calls Bitcoin Digital Gold, Says BTC Competes with Gold, Not the Dollar

Lele Jima
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Fed Chair Powell Calls Bitcoin Digital Gold, Says BTC Competes with Gold, Not the Dollar

Federal Reserve Chair Jerome Powell dismisses claims about Bitcoin’s rivalry with the U.S. Dollar, emphasizing that BTC is the digital version of gold.  

Powell stated this position yesterday at the New York Times DealBook Summit while referring to Bitcoin as a speculative asset. 

Bitcoin Is a Speculative Asset Like Gold  

For context, assets tagged as speculative are mainly acquired with the expectation that their price would spike over time. This is similar to how investors speculate on the value of gold.

Notably, Powell described Bitcoin as the digital version of gold, suggesting that people only use both for speculative purposes. 

He opined that Bitcoin should not be considered a rival to the U.S. Dollar because it is not used as a store of value or everyday payments. However, he contended that Bitcoin is highly volatile. Hence, it should be compared to gold.

Powell Highlights Fed’s Role for Crypto  

Furthermore, the Federal Reserve chair revealed that the apex bank mainly observes how cryptocurrencies interact with the banking system in general. Despite monitoring crypto, Powell clarified that the Fed does not directly regulate the market. 

When asked whether he has any stake in crypto, Powell said he owns none, including Bitcoin. He noted that not owning cryptos aligns with his commitment to maintaining impartiality in the market. 

Meanwhile, Bitcoin has been attracting the attention of investors, from retail to corporate. Many of these investors consider the world’s largest cryptocurrency a hedge against inflation. 

However, Powell’s commentary presents a contrary perspective, describing Bitcoin as a speculative asset similar to gold rather than the dollar, which is commonly used for savings and payments. 

Bitcoin Hits $100,000 

The development comes amid Bitcoin’s surge to the $100,000 mark. Recall that Bitcoin failed on multiple attempts to clinch this target. However, it finally succeeded earlier today, setting a new all-time high record of $103,900. 

At press time, Bitcoin is trading at $103,091, reflecting a modest increase of 6.3% in the past 24 hours and 8.06% in the last seven days. Currently, Bitcoin’s daily volume has soared 82.36% in 24 hours to $126.13 billion. 

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