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Peter Davis

An writer at FOMOdrive

  • Oct 08, 2023
  • 3 min read

Bitcoin will rise to $750,000 by 2026 - Arthur Hayes

The market valuation of Bitcoin has been increased by ByteTree Asset Management.

The market capitalization of stablecoins has dropped to its lowest point in two years.

JPMorgan has declared a heightened centralization of Ethereum.

The crypto industry is facing a battle with the US government.

If Robert Kennedy Jr. were to be elected president, he promised to safeguard Bitcoin.

ByteTree Asset Management has increased its market rating on Bitcoin from neutral to bullish, as the digital currency is becoming a safe haven in US stock and bond trading. The company has forecasted a "quiet" bull market for BTC.

John Glover, the Investment Director at Ledn, predicts that the first cryptocurrency will experience growth in the near future. However, he believes that this surge will be short-lived as there is no new money entering the market. He believes that Bitcoin will become more prominent when interest rates reach their peak and the bond sell-off is over.

Bloomberg reported that the total market capitalization of the stablecoin market dropped to $123.8 billion at the end of September, the lowest it has been since 2021.

Due to the recent surge in interest in staking, JPMorgan has announced a greater centralization of Ethereum. This has caused the profitability of staking to decrease, while the profitability of traditional financial assets has increased.

In September, Binance's share of total spot trading volume dropped to 34.3%, marking the seventh consecutive month of decline. This decrease was caused by the termination of a zero-trading-fee promotion for popular pairs, as well as worries about regulatory oversight.

Kevin O'Leary, a TV presenter, believes that the US's stricter regulations on the crypto industry are causing more capital to leave digital assets. He believes that the SEC will not change its stance and will continue to put pressure on the crypto space.

Sam Altman, head of OpenAI and co-founder of Worldcoin, declared that the US government is attempting to gain authority over Bitcoin by waging a war against the crypto industry.

Robert Francis Kennedy Jr., a contender in the US presidential election, has declared his commitment to safeguarding the first cryptocurrency if he is elected president. He believes that "the right to transact freely is just as important as the right to free speech."

Arthur Hayes, the former CEO of the BitMEX crypto exchange, predicted that the price of Bitcoin will reach between $750,000 and $1 million by 2026. He attributed this forecast to the limited supply of the cryptocurrency, the potential approval of spot Bitcoin ETFs, and the current geopolitical uncertainty.

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