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Ether Hits 2-Month High Against Bitcoin

Ether Hits 2-Month High Against Bitcoin

Ether's surge vs. BTC precedes ETF speculation, with analysts eyeing a potential $80,000 BTC price.

Joe G & Money Talks
May 22, 2024 • Estimated Reading Time: 6 minutes

What we will talk about today...

Ether Hits 2-Month High Against Bitcoin

Is China’s Bitcoin Ban a Century's Worst Decision?

Bitcoin Policy Institute Launches Fund for Samourai Wallet Founders

Ether's surge vs. BTC precedes ETF speculation, with analysts eyeing a potential $80,000 BTC price.

Some thoughts:
- If ETH is approved this will take BTC to $80k and access to higher. Idea will be its a market dragger; funds will find their way.
- ETH ETF was priced in to some extent and it retraced, now still not reflecting possible outcome though if you believe analysts… x.com/i/web/status/1…
— filbfilb (@filbfilb)
1:01 PM • May 21, 2024

Main Points:
- ETH's Strength: Outperforms BTC amid ETF anticipation.
- BTC Price: Testing $69,000, seeking support.
- Analyst Concerns: Potential for BTC pullback noted.
- ETF Impact: The Decision could reset the market, BTC might hit $80,000.
Detailed Insights:
- BTC Support: $69,000 crucial; indicators hint at downturn.
- Market Sentiment: Concerns voiced; retracement anticipated.
- ETF Speculation: Ether ETF decision's potential outcomes discussed.
- Ethereum Performance: ETH/BTC hits a 2-month high, signaling bullish sentiment.

Trend Precognition is showing a strong 🔻signal on the Bitcoin Daily chart. For me, a move above $71.5k would invalidate.
Support at $69k needs to hold to have a chance to validate an R/S flip at the prior ATH. #NFA
— Material Indicators (@MI_Algos)
3:00 AM • May 22, 2024

It's worth noting that if the "ultra bull" scenario does play out, there are some significant implications. On one hand it means downside from current levels is extremely limited and the next leg up begins sooner rather than later.
At the same time, when we complete this… x.com/i/web/status/1…
— CrediBULL Crypto (@CredibleCrypto)
7:05 AM • May 22, 2024

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Is China’s Bitcoin Ban a Century's Worst Decision?

China's ban on Bitcoin mining raises questions about its impact and potential reversibility.

Main Points:
- Institutional Adoption: BTC gains institutional interest in 2024, while China remains excluded.
- Market Impact: China's ban slashes global mining share, struggles to recover.
- Challenges Ahead: Bitcoin's halving increases mining difficulty, impacting major miners' stocks.
- Policy Reevaluation: China faces hurdles in reversing the ban due to financial stability, environmental concerns, and capital flight.
Detailed Insights:
- Ban Impact: China's ban eliminates its global mining share, disrupting the industry.
- Mining Difficulty: Bitcoin's halving raises mining costs, affecting profitability.
- Policy Concerns: China's original worries about Bitcoin's volatility and environmental impact hinder policy reversal.
- Recent Developments: Some signs of a softened stance on crypto emerge, but policy reversal remains uncertain.