In the midst of a whirlwind of speculations and expected eventsBitcoin is posting modest gains today, trading just below $26,000, reflecting a barely 0.30% rise on Monday.
Information that fuels market sentiment includes: Cathie Wooda notable personality in the field of investment, who expresses his optimistic position about the convergence of Bitcoin with artificial intelligence. During this time, Former SEC Chairman Jay Clayton Gives Weight to Bitcoin ETF Prospects which would be approved in the near future. The crypto community is also abuzz with various theories regarding the rumors of Bitcoin buying activity by Blackrockso distinguishing right from wrong is becoming the hot topic of conversation on various social media platforms.
Ark Invest’s Cathie Wood Predicts Bright Future for Bitcoin and AI Convergence
Cathie Wood, CEO of ARK Investto one positive view of the convergence of Bitcoin (BTC) and artificial intelligence (AI). Cathie Wood just shared her optimism in a social media post, highlighting the transformational potential of the synergy between BTC and IA, benefiting various industries and the economy as a whole. This feeling is consistent with the research paper published by ARK Invest on investing in artificial intelligencehighlighting the importance of AI in investment strategies.
It’s obvious that Wood is used to investing in AI-related stocks and is enthusiastic about Bitcoin. Moreover, ARK Invest is looking to launch an exchange-traded fund (ETF) in Bitcoin and invests in digital assets such as Coinbase and Robinhood. THE ARK’s Successful Strategies on AI Tech Stocksin particular in the ETF ARK Disruptive Innovation, have outperformed the Nasdaq 100 index with a mid-year rise of 41.2%.
The growing influence of AI in investments, combined with the potential for BTC and AI integration, could reshape business operations, improving productivity. There Cathie Wood’s bullish stance could attract more investment in these technologies and potentially boost the prices of the BTC/USD pair as Investors Consider the Convergence of Bitcoin and AI.
Former SEC Chairman Jay Clayton Expects Bitcoin Cash ETF Approval
Former Securities and Exchange Commission (SEC) Chairman Jay Claytonexpressed his belief that approval of a spot Bitcoin exchange-traded fund (ETF) is “inevitable”. Clayton’s optimism comes despite SEC delays in approving Bitcoin ETF applications, filed by several companies, including BlackRock, Ark Invest, Bitwise, WisdomTree, VanEck and Invesco.
There DRY has recently extended its evaluation period for these ETF applications until October 2023. Clayton’s positive sentiments follow a court ruling that the SEC rejected Grayscale’s ETF application in an “arbitrary and capricious” manner. Clayton cited demand from institutional investors and the growing need for access to bitcoin as key factors that make approval of bitcoin ETFs inevitable. Although he did not specify a timeline, he stressed that it would make it easier for individuals to enter the cryptocurrency market.
This new and the wider positive sentiment could contribute to the rise in the price of the BTC/USD pair today, as investors expect greater acceptance of cryptocurrencies through potential ETF approval.
Social media is full of theories about BlackRock’s alleged bitcoin buying spree: Where’s the truth?
Over the past week, the U.S. Securities and Exchange Commission (SEC) has delayed the approval of seven spot Bitcoin exchange-traded funds (ETFs), including BlackRock’s iShares Bitcoin Trust project. Meanwhile, data from Into The Block shows that from August 13 to 31, major bitcoin holders, often referred to as “whales,” increased their holdings by $1.5 billion.
The buildup coincided with falling Bitcoin prices and the SEC’s decision to delay several ETF applications until October, a delay that hasn’t dampened optimism among ETF experts anticipating possible approval.
On social media platforms and forums like X and Reddit, Growing Buzz Suggests BlackRock May Be Secretly Hoarding Substantial Amounts of Bitcoin. Speculation abounds, messages and claims are gaining popularity, but concrete evidence of such acquisitions remains elusive. Which suggests that these rumors are rather unfounded or partially true. Today, the BTC/USD pair appears higher, certainly reflecting the continued interest in Bitcoin that these speculations tend to underline.
Bitcoin Price Prediction
In the technical analysis that can be done this Monday morning, we note that Bitcoin is adopting a slight upward trajectoryespecially after his rebound from the $25,400 pivot support level. THE however, chances of a prolonged downturn seem highdue to a bearish engulfing candlestick seen on the four-hour chart, amplified by a negative crossover occurring below the 50-day exponential moving average.
THE Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indices are both positioned in a sales areaemphasizing the potential continuation of a more or less marked downtrend. Thus, if Bitcoin crossed the $25,400 threshold downwards, he could find support around $24,600$24,150 being an even stronger base.
On the other hand, Bitcoin will likely encounter a substantial resistance at $26,100. Overcoming this hurdle could open the way up to $26,400 or even $27,000. In conclusion, the Bitcoin pivot price to watch today is the $25,400 levelas it promises to be an indicator of its next moves.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.
Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.