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Crypto Market Slightly Tumbles As BitGo Withdraws Acquisition Of Prime Trust

Bitcoin momentum could make a run towards the mid-$30,000 region, but global hawkishness could kill risk appetite.

Major Cryptocurrencies slightly tumbled on Thursday evening following BitGo’s decision to halt the acquisition of rival Prime Trust.

Price recorded at 9:30 p.m. EDT; Bitcoin -0.53%, $29,994, Ethereum -2.06%, $1,879, Dogecoin -3.25%, $0.066.

After rallying for two days on news of spot Bitcoin ETFs, the price of Bitcoin seems to have hit a standstill. 

The recent filings of spot Bitcoin ETFs with the Securities and Exchange Commission (SEC) by three major financial services companies, including BlackRock, the world’s largest asset manager, has given a boost of confidence to investors who were reeling following the SEC’s lawsuits against Binance and Coinbase earlier this month.

BitGo, a cryptocurrency custodian, has decided to withdraw its acquisition of Prime Trust, a rival firm. This comes after earlier negotiations had confirmed a tentative agreement for the purchase of Prime Trust for an undisclosed sum. 

There was speculation at the time that Prime Trust was facing bankruptcy, hence the acquisition move by BitGo.

Price recorded at 9:30 p.m. EDT; Pepe +5.41%, $0.000001585, Unus SED LEO +5.03%, $3.76, Gate Token +3.75%, $4.35.

At the time of writing, the global crypto market capitalization stood at $1.17 trillion, a decrease of 1.12% over the last day. 

The US stock market on Thursday saw a rise after a three-day losing streak as investors returned to buying tech stocks. The Nasdaq Composite index surged by 0.95%, and the S&P 500 climbed by 0.37%, both closing at nearly the highest points of the session.

Crypto short-sellers did not want to bet against BlackRock’s Bitcoin ETF filing, as that might be triggering optimism the SEC might finally be ready to grant an ETF approval, ” said Edward Moya, Senior Market Analyst at OANDA. 

He added, “Bitcoin momentum could make a run towards the mid-$30,000 region, but if the central banks globally remain hawkish, that could kill risk appetite. ​ “

According to crypto analyst Michael Van de Poppe, the recent surge in Bitcoin price is likely the first true impulse in this cycle. The 200-Week Moving Average (MA) and Exponential Moving Average (EMA) are providing strong support and a significant bounce is observed, coupled with growing institutional interest. “I’m expecting [a] continuation towards $38,000-42,000.”

Pseudonymous analyst Dave the Wave predicts a promising future for Bitcoin. In a tweet, he suggests that Bitcoin’s value could potentially soar up to 420% from its current price. 

Backing up his claim with data, Dave the Wave provides a chart projecting a Bitcoin price of $157,512 by the year 2025. The chart is based on his logarithmic growth curve, which estimates Bitcoin’s long-term highs and lows throughout its lifetime while disregarding short-term market volatility. 

The chart is based on his logarithmic growth curve, which estimates Bitcoin’s long-term highs and lows throughout its lifetime while disregarding short-term market volatility. DAVE THE WAVE

Join Zenger News’s Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.

Produced in association with Benzinga

Edited by Daisy Atino and Virginia Van Zandt

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