Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
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The upcoming Bitcoin halving could be a boon for Bitcoin-related stocks such as software analytics firm MicroStrategy. Meanwhile, Bitcoin has recaptured $31,000 on the same day Standard Chartered tipped BTC price to hit $50,000 this year, while its data shows Coinbase shares are up 50% since the lawsuit from the United States securities regulator. Here’s what happened in crypto today.
MicroStrategy to see boost from Bitcoin’s halving rally
The upcoming Bitcoin halvening could provide a boost to Bitcoin-focused stocks, including Michael Saylor’s MicroStrategy, according to analysts from Berenberg Capital.
In a recent analyst note giving the firm a $430 price target, analysts at Berenberg believes that as MicroStrategy derives much of its value from the 152,333 Bitcoin it held on its books, a Bitcoin halving rally could see its shares gain significantly in price.
The Bitcoin halving is scheduled for April 26, 2024.
Bitcoin takes back $31K as Standard Chartered shares bullish forecast
“If the historical pattern established by the first three bitcoin halvings continues to play out with the fourth halving, then the pre-halving rally would begin about four months from now,” read the note.
price briefly re-captured the $31,000 level on July 10, sparking hopes that the sticky resistance zone would soon flip to support.
The move happened on the same day that Standard Chartered forecast its expectation of Bitcoin price hitting $50,000 this year and a new all-time high at $120,000 at some point in 2024.
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From a traders’ point-of-view, the BTC weekly chart shows the price trading in a cup and handle formation. Many traders believe the cup and handle technical analysis pattern is a bullish pattern and Bitcoin’s current trading range at the $30,800 level is at the neckline of the pattern.
In the view of technical analysis, flipping the $32,000 level to support for a few daily closes would be confirmation of the pattern, potentially leading to a price target in the $48,000 to $58,000 level.
Bitcoin miners continue to send their mining rewards to exchanges, extending the trend seen since last week.
The action appears to be having limited impact on BTC price and on-chain data shows Bitcoin holders of smaller and larger cohorts continuing to accumulate on dips.
Coinbase shares up 50% since SEC lawsuit
Although the Coinbase cryptocurrency exchange is facing a securities violation lawsuit in the United States, the company’s stock has been on the rise.
Coinbase stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities.
According to data from TradingView, Coinbase shares surged 51%, from around $52 on June 6 to $78.7 on July 7. The stock is also up around 133% over the past six months, while year-to-year growth is roughly 50%.
Amid significant growth, some major Coinbase stockholders have continued selling some of their shares.
On July 6, a number of senior Coinbase executives, including CEO Brian Armstrong, sold a combined total of 88,058 shares worth about $6.9 million.
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