Topic: Report plagiarism (copy/paste) here. Mods: please give temp or permban as needed - page 10. (Read 118808 times)

The Bitcoin Halving is the most important recurring event for Bitcoin. Every four years, it sparks both excitement and heated debates around whether it really matters or not. And investors worldwide are asking themselves the one and only question; is now a good time to buy bitcoin? As the Bitcoin Halving 2024 approaches, let's take a look at those questions.
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Liquid staking derivatives (LSDs) are cryptocurrencies issued by liquid staking platforms, allowing stakers a means to unlock their illiquid-staked assets and generate more yield.
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Trying to read these posts gives me the sensation that I'm getting a stroke.

Cryptocurrencies and blockchain technology have been around for some time, but they can still be unfamiliar to many people. Concepts like token swapping may be new to some, and it's important to help others understand these ideas. In this article, we will explore the concept of token swapping in the context of crypto trading. Feel free to leave your comments, questions, and ideas in the comment section to foster further learning and discussion. Thankfully, there are many users of this forum that are quite knowledgeable about crypto and blockchain whose ideas can help others learn and become knowledgeable likewise. (Let's get into it)

Token Swapping in Crypto:
The world of cryptocurrencies has introduced innovative methods for exchanging digital assets, and one such method is token swapping. Initially, token swapping, also known as decentralized exchange (DEX) trading, was exclusive to decentralized exchanges. Notwithstanding, it's surprising to note that some centralized exchanges have also started offering token swapping services. This article aims to explain the concept of token swapping, its underlying principles, and how it has expanded to include centralized exchanges.

Understanding Token Swapping:
Token swapping involves exchanging one cryptocurrency token for another. It allows users to trade digital assets directly without relying on a centralized intermediary, such as a traditional stock exchange. Instead, the swapping process occurs through smart contracts on blockchain networks. These smart contracts ensure secure and transparent transactions, giving users more control over their trades and eliminating the need for intermediaries.

How Token Swapping Works:
Let's break down the process of token swapping into simple baby steps: 🍼

1. Decentralized Exchange (DEX) Token Swapping:
- Connect Your Wallet: Users connect their digital wallets to a decentralized exchange platform that supports token swapping.
- Select Tokens: Users choose the tokens they want to swap. For example, if you have $SHIB and want to acquire $DOGE, you simply select these two tokens.
- Set Transaction Parameters: Users specify the amount of the token they want to swap, along with additional parameters like the acceptable exchange rate or transaction deadline.

- Initiate the Swap: Users confirm the transaction, and the smart contracts of the decentralized exchange platform search for a suitable trading partner.

- Execute the Swap: Once a match is found, the smart contract automatically transfers the agreed-upon amount of the token from the user's wallet to the counterparty's wallet. Simultaneously, the agreed-upon amount of the other token is transferred to the user's wallet.

2. Centralized Exchange Token Swapping:
Traditionally, centralized exchanges operated differently, requiring users to deposit their funds into the exchange's custody. However, some centralized exchanges now offer token swapping services.

- Account Creation: Users create an account on the centralized exchange and complete the necessary verification process. Note that not all centralized exchanges provide swapping functions.

- Deposit Funds: Users deposit their desired tokens into their exchange wallet. For instance, if you have ETH and want to acquire BTC, you'll have to deposit ETH into your exchange wallet.

- Select Tokens and Trade: Users navigate to the token swapping section within the exchange platform and choose the tokens they wish to swap (ETH and BTC as stated in our example). They specify the amount of ETH they want to exchange.

- Execute the Swap: The centralized exchange platform matches the user's trade with another user or uses its own liquidity pool. The swap is executed accordingly, and the exchanged tokens are deposited into the user's wallet within the centralized exchange.

Expanding Token Swapping to Centralized Exchanges:
While decentralized exchanges were initially the primary venues for token swapping, some centralized exchanges have recognized the demand and introduced token swapping services on their platforms. This expansion offers users additional options to conveniently trade their tokens. It caters to those who prefer centralized exchanges or already have existing accounts with them. Users can now enjoy the benefits of token swapping while leveraging the features and infrastructure provided by centralized exchanges.

Finally, token swapping has revolutionized the way cryptocurrency traders exchange digital assets, enabling secure and efficient transactions without relying on intermediaries. While token swapping was initially limited to decentralized exchanges, some centralized exchanges have now embraced this concept. This expansion provides users with more choices and flexibility in trading their tokens, catering to different preferences and trading strategies. Whether utilizing decentralized or centralized exchanges, token swapping continues to evolve, contributing to the growth and accessibility of the crypto ecosystem.

Hey buddies, even though crypto and blockchain have been in existence for quite a number of years, you'll agree with me that it is still a new concept to a large number of people and thus, most may not know or understand some of its concepts, terminologies and applications.

Today I want to help those who might find this topic interesting to understand a concept known as crypto swapping. please do not hesitate to leave your comments, inputs and questions in the comment section in order to help others learn further.

Cryptocurrencies have introduced innovative ways to exchange digital assets, and token swapping has become a popular method for traders. Initially, token swapping, also known as decentralized exchange (DEX) trading, was exclusive to decentralized exchanges but to my amazement, recently, some centralized exchanges have also started offering token swapping services. In this article, we will explore the concept of token swapping, its working principles, and how it has expanded to include centralized exchanges as well.

Understanding Token Swapping:
Token swapping refers to the process of exchanging one cryptocurrency token for another. It allows users to trade digital assets without relying on a centralized intermediary like a traditional stock exchange. Instead, the swapping occurs directly between users through smart contracts on blockchain networks. These smart contracts ensure secure and transparent transactions, providing users with increased control and eliminating the need for a middleman.

How Token Swapping Works:
To understand the concept of token swapping, let's break it down into simple steps:

1. Decentralized Exchange (DEX) Token Swapping:
- Connect Your Wallet: Users connect their digital wallets to a decentralized exchange platform that supports token swapping.
- Select Tokens: Users choose the tokens they want to swap. For instance, if you have $SHIB and is in need of $DOGE, you simply select these two tokens.
- Set Transaction Parameters: Users specify the amount of Token A they want to swap, along with any additional parameters such as the acceptable exchange rate or transaction deadline.

- Initiate the Swap: Users confirm the transaction, and the decentralized exchange platform's smart contracts search for a suitable trading partner.

- Execute the Swap: Once a match is found, the smart contract automatically transfers the agreed-upon amount of Token A from the user's wallet to the counterparty's wallet, and simultaneously, the agreed-upon amount of Token B is transferred to the user's wallet.

2. Centralized Exchange Token Swapping:
Traditionally, centralized exchanges operated differently, requiring users to deposit their funds into the exchange's custody. However, some centralized exchanges have now introduced token swapping services.

- Account Creation: Users create an account on the centralized exchange and complete the necessary verification process. Note that not all centralized exchanges offer swapping functions.

- Deposit Funds: Users deposit their desired tokens into their exchange wallet. For example, if you have Token A and want to acquire Token B, you deposit Token A into your exchange wallet.

- Select Tokens and Trade: Users navigate to the token swapping section within the exchange platform and select the tokens they wish to swap (Token A and Token B in our example). They specify the amount of Token A they want to exchange.

- Execute the Swap: The centralized exchange platform matches the user's trade with another user or uses its own liquidity pool, and the swap is executed accordingly. The exchanged tokens are then deposited into the user's wallet within the centralized exchange.

Expanding Token Swapping to Centralized Exchanges:
While decentralized exchanges were initially the primary venues for token swapping, some centralized exchanges have recognized the demand and introduced token swapping services on their platforms. This expansion offers users additional options to trade their tokens conveniently, especially for those who prefer centralized exchanges or have existing accounts with them. Users can now enjoy the benefits of token swapping while leveraging the features and infrastructure provided by centralized exchanges.

Summarily, token swapping has transformed the way cryptocurrency traders exchange digital assets, enabling secure and efficient transactions without relying on intermediaries. Initially limited to decentralized exchanges, token swapping has now been embraced by some centralized exchanges as well. This expansion provides users with more choices and flexibility in trading their tokens, catering to different preferences and trading strategies. Whether utilizing decentralized or centralized exchanges, token swapping continues to evolve, contributing to the growth and accessibility of the crypto ecosystem.

Listen buddy, nobody here is as fucking naive as you think. You linked to an outdated program to detect if an excerrpt of text was generated with GPT-2. We're now at GPT-4... Well, in fact even that tool is catching up on you!


In the meantime, let's look at a more up-to-date and well-researched tool, shall we?
https://huggingface.co/spaces/TrustSafeAI/RADAR-AI-Text-Detector


Admit it bud, you were caught. You can say that you're sorry and maybe save face now, or face more severe consequences if you keep lying.

Hello, it catches my attention that you say that, how would I be able to use AI to make my posts? So that? What sense does it have? One of the most reliable tools is the opensource AI GPT detector, which is very reliable, I don't think there is any pattern for you to be able to say that, if you look at it I always give my opinion with the same consistency in everything, because in case That they were posts written with AI would be something that in the campaign the experts who review the posts would have already detected , right?

As you can see from the images, I used three different tools and loaded them with different samples so we can be sure. I even quoted the whole paragraph and not individual parts of it to be even more fair. Copy-pasting the content of the quotes in the depicted tools will replicate the result. 


Stake campaign managers oddly enough seem to reward post length instead of any other important aspect of posts. Oftentimes the responses are off topic and seem to be writter in a way that a human would never write, let alone respond to another human. Trying to read these posts gives me the sensation that I'm getting a stroke.

How many different tools you used to try detect it whether he used AI to write those posts,as one is usually not enough?

I am asking because if those posts that you shared are made with AI, this guy used the shittiest chatbot I've seen so far.

I'm looking at an interesting pattern here.

User:
LUCKMCFLY

Is included in spammer blacklist:
https://bitcointalksearch.org/topic/spammer-blacklist-the-shitlist-4440941
Has a rating left in his profile since 2021-04-07 by actmyname.

If you go look at his latest posts he has been posting with the exact same pattern for a looong time.

Two VERY large paragraphs, without breaks, usually as a response to other users. This clearly seems fishy at first glance.

Now if you take it a step further and actually examine his posts with some AI detection tools, unsurprisingly...

Thank you very much, yes, I have followed all the updates that the Rollbit has, and to be honest, comparing with the other casinos, I see that this is very promising, of course the development is unique, you can never forget being able to continue doing things well Honestly, I was very excited when they made everything from the Rollbots NFT, because they have restored the confidence of what the NFT really is, and that puts in consideration many people who left so much money in the games they One moment was a boom, where a lot of money was made, but also where many lost big money, this is something that was very volatile, it was something that was not maintained, as I have said on previous occasions, the only NFT game that was fixed well and Because Binance absorbed it, it was Axie and this was something that we often believed, in fact I believed a lot in this technology and in everything it could have been, only that there were no controls, or anything, anyone sold and NFT would share the tokens and that's it, that was not appropriate.

When we talked about how to do to be able to have more links and referrals, we have to have a very big influence, this is easier for people who have YouTube channels or something like that, what they do is expect profits every month, it's not bad, But for those who are not influencers, how do you do it? You have to do a lot of work, go look for people by thinkers, explaining to them what they should do and how they can do it, sometimes these types of things are what we basically have to execute, I am not an influencer, I don't know what platforms to put it on, this It is something that I do not know, well at this point I have taken many marketing courses, if I already Know where to put them, on what pages, how to enter and how to do things better, then in this order of ideas we could say that when They do several things because it is important for people to enter, but always and when they are told the truth, they must remember that they are referred , if it is something that Deceives them they will not do it anymore.

Yes, based on what you have said, I would like to highlight that word, discipline, for everything but for everything, you need to have discipline, it is the only way to go far, sometimes one has to be more disciplined than others to make a difference , and this is something that we must see with all reason, so in this order of ideas when it comes to doing things like being able to improve some processes, then you have to be disciplined, and when we are in a casino we have to have much more discipline , and to play you have to have control, or self-control, because things are very difficult, self-control can sometimes be lost because things can be hard when strong emotions, or what we call impulses, occur, Because when people go too far in the casino it is because they fail and fail because they let themselves be led by their hearts, or rather by impulses and they do not respect the money they owe or are willing to lose.

The terms "Bitcoin" and "cryptocurrency" are related, but they refer to slightly different concepts:

Bitcoin:

Bitcoin (BTC) is a specific cryptocurrency. It was the first cryptocurrency ever created and remains one of the most well-known and widely used cryptocurrencies.
Bitcoin was created in 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto. It was introduced as an open-source, peer-to-peer digital currency that operates on a decentralized blockchain network.
Bitcoin's primary purpose is to serve as a digital form of money. It enables users to send and receive value over the internet without the need for intermediaries, such as banks or payment processors.
Bitcoin's key features include a limited supply (only 21 million coins will ever be created), security through a Proof of Work (PoW) consensus mechanism, and its status as a store of value for some investors.
Cryptocurrency:

The term "cryptocurrency" is a broader category that encompasses all digital or virtual currencies that use cryptography for security. Bitcoin is just one of the many cryptocurrencies in this category.
Cryptocurrencies can have various use cases, including serving as digital money (like Bitcoin), powering smart contracts and decentralized applications (like Ethereum), and representing unique digital assets (like non-fungible tokens or NFTs).
Cryptocurrencies can use different underlying technologies, consensus mechanisms (e.g., PoW, Proof of Stake or PoS), and governance models.
There are thousands of cryptocurrencies, often referred to as "altcoins" (alternative coins), each with its own characteristics and purposes.
In summary, Bitcoin is a specific cryptocurrency, while "cryptocurrency" is a general term for a wide range of digital currencies that use cryptography for security. It's essential to differentiate between these concepts when discussing the cryptocurrency space, as there are many cryptocurrencies with distinct features and use cases beyond Bitcoin.

[...]

A ReCAp of what Happened in Rivers state Today in the match Between SIM and Wike.

first Half.

(1) In the 2nd minute of the game, Wike's veteran Striker, Former Speaker of the Rivers state House of Assembly Martin Amaewhule moved a motion to remove Ehie Edison as Leader of the house to take the lead.

(2) In the 40th minute team Wike scored a second goal, as they served Sim Fubara his Impeachment notice.

Half Time SIM 0: Wike 2

Second Half

(3)50th minute of the game, SIM Fubara's Young Prodigy who is a two time Young player of the year Ehie Edison dribbles from the center half, as he buys over 18 other Assembly members to impeach the Former Speaker of the House of Assembly Martin Amaewhule, scoring a world class goal bringing the scores to 1:2

(4) 65th minute, Ehie Edison is elected Speaker of the house of Assembly, bringing the game to a 2:2 scoreline.

(5) In the 82, 84th, 85th and 90th minutes Edison, who is obviously the man of the match, grabs four world class assists as he gets SIM Fubara to sack 23 LGA Chairmen, Chief of Staff, CSO, State Executive Council and also Suspended the Chief Judge of the state.,

Full Time; SIM 6: Wike 2.

That's how today ended.

Bitcoin's surging past $30,000, and an ETF approval is looming. But brace for a quick bump and sharp selloff due to hot money chasing catalysts. Don't sell on the dip – it won't last. This is a shakeout for weak hands.

Expect negative news, haters mocking, and biased coverage. Stay strong. Bitcoin's resilience has proven them wrong for years. Keep the faith, and you'll have the last laugh as Bitcoin marches higher.

Stay the course; Bitcoin's journey is often turbulent but rewarding. Trust the process.

Join us to know when and how to act.

He has already been overtaken:

Introduction:
Welcome, Bitcointalk newcomers! This topic is your quick guide to understanding cryptocurrencies and blockchain.

Cryptocurrency Defined:
Cryptocurrency is digital money secured by cryptography. Bitcoin, created in 2009 by Satoshi Nakamoto, is the most famous example.

Blockchain Basics:
Blockchain is a distributed database that stores transaction information. It ensures transparency and security in cryptocurrency transactions.

Getting Started:

Wallet Creation: Choose a cryptocurrency wallet – online, mobile, or hardware – for storing and managing your assets.

Obtaining Cryptocurrency: Use exchanges, peer-to-peer platforms, or ATMs to acquire cryptocurrency, considering fees and verification.

Security Measures: Protect your assets with strong passwords and two-factor authentication.

Learning and Research: Keep up-to-date with market trends, news, forums, and discussions on Bitcointalk.

Active Engagement: Participate in the community, ask questions, and share knowledge.

Conclusion:
Starting your cryptocurrency journey can be thrilling. Just remember, the market can be volatile, so invest cautiously and keep learning. The world of cryptocurrencies awaits!

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

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The crypto space is keeping such a close watch on spot Bitcoin ETFs that the Depository Trust and Clearing Corporation’s (DTCC) website crashed. Meanwhile, Binance and its CEO want the U.S. commodity regulator’s suit dismissed and Bitcoin briefly touched the $35,000 mark for the first time in over a year.

All eyes on DTCC's site for spot Bitcoin ETFs
The crypto space has been keeping a close watch on the Depository Trust and Clearing Corporation’s (DTCC) website for any move on a spot Bitcoin (BTC) exchange-traded fund (ETF).

Eagle-eyed watchers noticed the ticker for BlackRock's ETF — IBTC — vanished from the site before it returned a few hours later. Bitcoin‘s price dropped nearly 3% with the disappearance, indicating much of the trading activity is focused on ETF developments.

The hype around IBTC also seemingly caused DTCC's site to crash. Senior Bloomberg ETF analyst Eric Balchunas noted the DTCC doesn’t typically get this level of attention, which “speaks to the uniqueness and intensity of this entire saga.”


Early on Oct. 25 rumors spread across social media that ARK Invest and 21 Shares’ joint spot Bitcoin ETF had been listed on the DTCC’s site — in reality, many mistook ARK’s futures ETF tickers for the pair’s spot fund.

Social media posts referred to the ticker “ARKA,” the yet-to-be-approved ARK 21Shares Active Bitcoin Futures ETF along with the tickers "ARKY" and "ARKZ" which respectively refer to the ARK 21Shares Active Ethereum Futures ETF and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF.

The most recent amended filing for ARK’s spot Bitcoin ETF from Oct. 11 shows that the fund will trade using the ticker “ARKB.”

Binance and CZ want to dismiss CFTC lawsuit
Crypto exchange Binance and its CEO Changpeng "CZ" Zhao have filed statements to dismiss a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC).

The filing, dated Oct. 23, attempted to show that the CFTC's lawsuit overstepped its boundaries, specifically as they relate to derivatives products. By accepting the CFTC's arguments, the court "would allow it to regulate any activity in cryptocurrency [...] related to a derivatives product" around the world.

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Binance and CZ's filing in U.S. District Court for the Northern District of Illinois. Source: Courtlistener
“Congress did not make the CFTC the world’s derivatives police, and the Court should reject the agency’s effort to expand its territorial reach beyond what is permitted by the law,” the filing said.

The CFTC filed its lawsuit in March, alleging that Binance failed to register with the regulator, which violated derivatives trading rules.

Bitcoin price reaches $35K as ETF excitement grows
Bitcoin
BTC

tickers down
$33,927

 broke through the $35,000 mark for the first time since May 2022, marking a staggering gain in the past 24 hours.

The price of Bitcoin suddenly spiked upward on Oct. 23, with BTC gaining more than 10% from $31,000 to over $34,000.

Less than two hours after breaking $34,000, Bitcoin reached as high as $35,300 according to data from TradingView. Bitcoin is currently changing hands for a price of $34,550.


The sudden uptick in price for Bitcoin comes amid a fresh wave of interest in upcoming spot ETF approvals and a significant increase in overall trading volumes across spot markets.

The iShares spot Bitcoin exchange-traded fund (ETF) proposed by investment firm BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), suggesting potential approval by the United States Securities and Exchange Commission.

In an Oct. 23 X (formerly Twitter) thread, Bloomberg ETF analyst Eric Balchunas said the DTCC listing was “all part of the process” of bringing a crypto ETF to market. The iShares spot Bitcoin ETF has a ticker symbol of IBTC for a possible listing on the Nasdaq stock exchange, which applied to list and trade shares of the investment vehicle in June.

The bitcoin derivatives market is beginning to show heightened volatility and interest from participants seeking to take advantage of the week’s major price moves

Volatility across the crypto derivatives market leaped to fresh local highs this week following a surge led by major blue chip asset bitcoin (BTC).

A two-month period of relatively muted market activity had placed the world’s largest digital asset in relative stasis, trading within a $2,000 range. But on Monday, the market sprang to life, with a 14% rise in the asset’s price topping out at just above $35,000 on Tuesday.

That activity caused a flush of large leveraged short positions, creating a short squeeze — short sellers closing out their positions “en mass” — Bradley Duke, chief strategy officer at ETC Group told Blockworks.

“Only hindsight will be able to tell us if this rally actually has legs, but it feels like enthusiasm for bitcoin is starting to return,” he said.

Open interest for bitcoin futures initially tanked on the back of those liquidations, wiping roughly $1 billion from the market. That has since retraced, indicating new contracts are being opened post-rally, according to Aditya Jalan, APAC trading manager at FalconX.

Interestingly, open interest in listed BTC options on Deribit has increased to $13 billion and is now at the highest level in USD terms since the bull market of Q4 2021, Jalan said.

Blockworks was told by several analysts that options trading tends to attract a more professional audience compared to futures trading, leading to fewer retail investors participating in this segment of the crypto market.

Consequently, the incidence of liquidations and declines in open interest are less frequent in options trading compared to futures, crypto algorithmic trading firm Auros said.

Implied volatility over a 30-day period for bitcoin options contracts shows the rally has also pushed the value to its highest point since the end of June, at just above 59%, data from T3’s Bitcoin Volatility Index shows.

To put that into context, the index has only crossed over that level five times this year.

Contributing factors
According to Mark Connors, head of research at 3iQ, the recent volatility in the crypto derivatives market can be attributed to a combination of factors.

“Historically low cold coming into this week and favorable developments in spot BTC events combined to ignite a chase by some market makers to get longer gamma,” Connors said.

This means that changes in market sentiment occurred more quickly than market makers could adjust their hedges, leading to a shift in open interest across different derivatives vehicles, he said.

Connors emphasized these factors contributed to the surge in BTC price but were not the primary driver behind it.

“We do not think the options positions drove the spike to $35,000, rather they augmented the move somewhat,” he added.

At the same time, BlackRock’s proposed iShares Bitcoin ETF, carrying the ticker IBTC, reappeared on the Depository Trust and Clearing Corporation website after disappearing early on Tuesday.

The initial listing on the Depository website was attributed by analysts as a catalyst for continued bullish fervor surrounding a potential greenlight of a US bitcoin ETF in the year ahead.

Asset management firm AllianceBernstein put out a memo last Monday not so subtly hyping bitcoin over gold, calling the cryptocurrency a “safe haven asset.”

AllianceBernstein (AB) analysts highlight that aside from Bitcoin’s inherent value stemming from its limited supply of 21 million coins — referred to as its “hard money properties” — the asset’s returns are undeniable.

“Since its inception, Bitcoin has consistently outperformed gold,” AB analysts wrote in the Oct. 16 note. “Over [the] last 3 years, Gold has been flat, while Bitcoin is up 150% (despite the 60% drawdown in 2022).”

And over the last five years, they wrote, bitcoin had five times better returns than gold. 

This note was written prior to the recent multi-day bitcoin rally, which began as early as Sunday night when bitcoin (BTC) was trading at close to $30,000. It then peaked at $35,100 early Tuesday morning, before dipping to just under $34,000 at the time of publication.

AB analysts also pointed out that bitcoin is such a young asset compared to gold, which had its first ETF tracking the commodity’s price in 2004.

In fact, speculation about a possible ETF is the very thing driving bitcoin’s value up at the moment, even though some industry watchers believe this price action is premature since ETF approvals are dependent on the US Securities and Exchange Commission. So far, the SEC has dragged its feet, delaying multiple spot bitcoin ETF applications multiple times throughout 2023.

According to AB, Bitcoin’s main hurdle is its “UX UI” problem. This is an issue the analysts believe can be turned around with the advent of spot bitcoin ETF.

“The inaccessibility of crypto wallets and the treacherous track record of exchanges, has made Bitcoin inaccessible to the mainstream. The Bitcoin ETF would make Bitcoin accessible in broker accounts, well integrated with private banks and wealth managers/advisors,” AB analysts wrote.

Grayscale could win the race to a bitcoin ETF since the SEC has declined to appeal an August ruling siding with Grayscale. The DC Court of Appeals said the SEC blocking the firm’s Bitcoin Trust (GBTC) to an ETF was “arbitrary and capricious.”

Bitcoin has rallied on the back of institutional investors’ hopes that the SEC will soon decide to approve spot ETFs on BTC.

Bitcoin’s Resilient 1% Gain & Promising Bullish Setup Amid Overbought RSI


Bitcoin is up just under 1% in 24 hours and over 19% in the last seven days, consolidating near $34K after a higher surge. The consolidation forms a triangle with exits often to the upside. However, the RSI on the daily timeframe is highly overbought, suggesting that short-term speculators should be looking for a corrective pullback. Looking at the longer term, the current setup for Bitcoin seems very promising for the bulls.

Bitcoin has rallied on the back of institutional investors’ hopes that the SEC will soon decide to approve spot ETFs on BTC.

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BlackRock’s proposed spot bitcoin ETF, the iShares Bitcoin Trust, appeared for a while on the asset list of The Depository Trust and Clearing Corporation (DTCC), a Nasdaq clearing house. The instrument was listed under the ticker IBTC, then disappeared, and reportingly reappeared on Wednesday.

The US Court of Appeals for the DC Circuit formally approved a ruling that the SEC must review Grayscale Investments’ application to convert GBTC into a spot ETF based on the former cryptocurrency.

Another possible reason for BTC’s rise is the ongoing tension in the Middle East, causing investors to diversify risk through the first cryptocurrency.

Matrixport believes that BTC will reach $45K this year. This is particularly indicated by the ‘bullish’ figure of the ‘ascending triangle’ from Chainalysis.

Chainalysis argues that the US authorities are losing influence over the stablecoin market as more transactions are conducted through overseas crypto companies.

-cut-
Bitcoin has broken into the top range as we discussed but it is important to hold support (previous resistance) during the daily close. The current resistance is $31500.

-cut-
Bitcoin price is currently moving in a channel,
volatility expected once it breaks the channel on either side.
This move will happen soon.

A simple definition of cluster address in crypto term is Fund gathering patterns are used to cluster addresses that are created by cryptocurrency exchanges for customer deposits.