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- VanEck Predicts Bitcoin Price Target of $180,000 This Cycle
VanEck Predicts Bitcoin Price Target of $180,000 This Cycle
News on the Blockchain
November 15, 2024
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@newsontheblockchain, 15/11/2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 759
Market Cap: $2.92T (↓ 2.30% in 24h)
24h Volume: $225.1B (↓ 26.52% in 24h)
Bitcoin Dominance: 59.8%
Ethereum Dominance: 12.7%
ETH Gas Price: 13.11 Gwei
Fear & Greed Index: 83/100 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $87,775.44 | -2.17% | $1.74T | $85.76B |
Ethereum (ETH) | $3,065.59 | -5.01% | $369.23B | $34.59B |
Tether (USDT) | $1.00 | -0.03% | $127.34B | $182.02B |
BNB (BNB) | $621.00 | -1.19% | $89.49B | $3.40B |
Solana (SOL) | $207.79 | -5.34% | $98.07B | $7.72B |
💹 Market Highlights:
Total DeFi Volume: $9.32B (4.14% of total market volume)
Stablecoins Volume: $208.92B (92.81% of total market volume)
Coin with highest % change: PNUT (Peanut the Squirrel) +22.06%
🔥Heat Map:
📈 Preview On Today’s News:
- VanEck Predicts Bitcoin Price Target of $180,000 This Cycle
- Pennsylvania Introduces Bitcoin Strategic Reserve Bill
- 18 US States Sue SEC Over Crypto Industry Treatment, Gensler Under Pressure
Keep reading for more!
Today’s Important News:
1)
VanEck Predicts Bitcoin Price Target of $180,000 This Cycle
VanEck, a $100 billion asset manager, has set a Bitcoin price target of $180,000 for the current market cycle, citing the cryptocurrency's recent bullish surge, especially following Donald Trump's 2024 U.S. presidential election victory. The asset has risen by over 35% in the past 30 days, hitting a $93,000 all-time high. VanEck’s Matthew Sigel expects Bitcoin to continue its upward trajectory, reaching repeated all-time highs and potentially surpassing $100,000 before January 2025, driven by strong market momentum and a cyclical pattern observed in previous years.
VanEck forecasts Bitcoin will reach $180,000 in this market cycle, citing strong bullish momentum following the 2024 U.S. presidential election.
Bitcoin has surged over 35% in the past 30 days, with expectations for continued all-time highs and potential for $100,000 before January 2025.
2)
Pennsylvania Introduces Bitcoin Strategic Reserve Bill
Ahead of Donald Trump’s expected second term, Pennsylvania has introduced legislation to create a Bitcoin strategic reserve, a move reflecting growing interest in cryptocurrency integration into state and federal economic plans. The bill allows the state Treasury to allocate 10% of $7 billion in state funds into Bitcoin, helping combat inflation and diversify reserves. This initiative comes as several states, influenced by Trump’s crypto-friendly stance, aim to adopt similar strategies, positioning Bitcoin as a prominent asset in the national economic framework.
Pennsylvania introduces a bill to create a Bitcoin strategic reserve, allowing the state to allocate 10% of $7 billion in state funds into Bitcoin.
The bill aligns with Trump’s vision of making the U.S. the “crypto capital of the planet,” as other states consider similar initiatives for integrating Bitcoin into their economic strategies.
3)
18 US States Sue SEC Over Crypto Industry Treatment, Gensler Under Pressure
In a major legal move, 18 US states have filed a lawsuit against the US Securities and Exchange Commission (SEC) and its chair, Gary Gensler, accusing the agency of unconstitutional overreach and unfair persecution of the crypto industry. The lawsuit, backed by a crypto advocacy group, claims that the SEC's regulatory actions have harmed the rapidly growing $3 trillion crypto sector and infringed upon states' rights to manage their economies. The filing follows ongoing criticism of Gensler's regulation-by-enforcement approach, which has led to conflicts with various crypto firms, including Ripple. The lawsuit adds pressure to the SEC amid speculation that Gensler may soon step down, with some suggesting a shift in the SEC’s approach could benefit the crypto market, especially following Donald Trump's recent election win, which sparked a crypto market rally.
18 US states have filed a lawsuit against the SEC and Gary Gensler, accusing the agency of unconstitutional overreach and harming the crypto industry.
The lawsuit, backed by the DeFi Education Fund, adds to growing pressure on Gensler, with speculation that he may resign, possibly leading to positive changes for the crypto market under a new SEC leadership.
