Coindesk

Bitcoin (BTC) has slumped back to $95,000 after coming within a few hundred dollars of passing the symbolic $100,000 price level. But the largest cryptocurrency is only catching its breath before surging to newer heights, according to investment management firm ARK Invest.“We’re more or less anticipating $104,000 to $124,000 price targets by end of year,” David Puell, one of the firm’s research associates, told CoinDesk in an interview. “With the caveat that it's not a recommendation, but so far, price action has kept up to that projection quite nicely.”Puell’s calculus is based on bitcoin’s seasonality — a term referring to the ways the asset has behaved in various stages of previous bull markets — as well as on-chain metrics. In...

Bitcoin's (BTC) pullback from the $100,000 level after continuously hitting fresh new highs is only a temporary setback before eventually shooting past the barrier to even higher prices, crypto analytics firm CryptoQuant said.According to a Wednesday report shared with CoinDesk, multiple blockchain data metrics suggest that the largest crypto has more room to run before topping.CryptoQuant's custom P&L index, which combines several on-chain valuation metrics to signal whether BTC is overvalued or undervalued, shows that the asset is firmly in a bull market but far from the overvalued levels it reached at the previous market peaks in 2021, 2017 and 2013.The firm's Bull-Bear Market Cycle Indicator has only started to heat up after dipping slightly into bear market territory earlier...

Publicly traded bitcoin (BTC) miners are approaching the milestone of an aggregated $40 billion market cap, according to Farside data, doubling in seven months as bitcoin's price rocketed through multiple record highs to approach six figures for the first time. Miners' biggest challenge is revenue. The reward they receive for confirming blocks on the Bitcoin blockchain was cut 50% in April, when their combined market cap was about $20 billion. In this current epoch, only 450 bitcoin are mined a day and fees paid to miners remain at cycle lows, just 10 BTC ($946,000) on Nov. 27 according to Glassnode data.That means they either have to diversify revenue streams or produce bitcoin at a cheaper cost than the spot price, currently...

There’s something about major psychological price levels, like bitcoin's (BTC) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.The ETF seeks to deliver twice the inverse daily price performance of...

Celsius will soon begin a second distribution of funds to creditors, according to a court filing on Nov. 27.A total of $127 million will be given out in bitcoin (BTC) or USD to creditors in five classes including retail borrower deposit claims, general earn claims, withhold claims, unsecured loan claims, and general unsecured claims.Each eligible creditor will receive 60.4% of the value of their claim as of the Petition Date.After emerging from Chapter 11 bankruptcy in January this year, the crypto company shut down its mobile and web apps on Feb. 29 and has begun the process of reimbursing creditors. Some creditors also received shares in Ionic Digital, which is a company formed from Celsius’ reorganized mining business.The upcoming payout...