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Crypto giants XRP and BTC grab attention of traditional investors as funds flow in

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Over the past few years, the cryptocurrency market has garnered the attention of traditional investors, who have wired funds into digital asset investment products. The latest data shows that Bitcoin (BTC) and XRP, two of the most popular cryptocurrencies, are leading the pack when it comes to traditional investors' interest.

According to the latest weekly fund flows report from CoinShares, last week saw inflows of $57 million into digital asset investment products, bringing the total net inflows for the year back to a positive position. Of this amount, Bitcoin accounted for $56 million, representing a staggering 98% of all inflows. The remaining $1 million were split between other digital assets, with XRP being one of the beneficiaries.

Despite a relatively modest $200,000 in inflows last week, XRP has seen an increasing amount of investor attention. The cumulative inflows for XRP since the start of the year now stand at a net $3 million, indicating that traditional investors are starting to view the cryptocurrency as a viable investment opportunity.

The rise of digital assets as an investment option is not surprising given the volatile global economic climate, with many investors seeking alternative options to traditional investments such as stocks and bonds. The popularity of Bitcoin and XRP can be attributed to their high market caps, which make them less volatile than other digital assets. This makes them an attractive option for investors who are looking for a stable and secure investment.

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XRP and Bitcoin (BTC) Steal Spotlight: Traditional Investors Bet on Crypto Giants - U.Today

As cryptocurrencies like Bitcoin (BTC) continue to gain popularity, some advocates suggest they could offer an escape route for the public from the dangers of financial bubbles. Among these advocates is Robert Kennedy, a US presidential candidate, who argued that Bitcoin and other cryptocurrencies operate on a decentralized network less vulnerable to market volatility and government policies.

The world of finance is rapidly evolving with the advent of cryptocurrencies, and the US government, in its errant approach to the crypto industry, will launch FedNow. A real-time payment system supported by a version of a central bank digital currency (CBDC).

These digital assets have faced criticism from politicians and private entities in the U.S. Many argue that CBDCs will allow the government to abuse its power and potentially violate citizens privacy.

In this context, Robert Kennedy Jr. advocates using cryptocurrencies like Bitcoin as an alternative to the traditional financial system. Kennedy suggests that cryptocurrencies offer an escape route for the public when the current financial bubble inevitably bursts.

Furthermore, Kennedy outlined his concerns about the Federal Reserves (Fed) monetary policies and its relationship with big banks. Kennedy claims that the Feds alleged collusion with big banks has led to the printing of $10 trillion in wealth over the past 15 years, which has primarily benefited the so-called Banksters at the expense of the public.

Robert Kennedys argument is based on Bitcoins potential to provide an escape route for the public from the dangers of financial bubbles. This argument is also based on the idea that cryptocurrencies like Bitcoin operate outside the traditional financial system and are not subject to the same risks and vulnerabilities.

The traditional financial system is characterized by centralized control and regulation, which can make it vulnerable to factors such as inflation, market volatility, and government policies. On the other hand, Bitcoin operates on a decentralized network, making it less susceptible to these risks.

However, while Kennedy sees Bitcoin as a potential hedge against financial instability and a way to protect wealth during economic uncertainty, the US government seems more convinced in its crackdown on the nascent industry.

It is becoming clear that the US governments interest in creating a CBDC raises concerns about the potential implications for civil liberties and privacy. For Kennedy, the CBDC is seen as the ultimate mechanism for social surveillance and control, with the government having unprecedented access to peoples financial transactions and personal information.

Furthermore, in the US presidential candidates post, he quotes crypto investor Nick Carters arguments that the White House has organized a coordinated effort to crack down on the nascent industry, using various government agencies to force banks to close their doors to crypto companies. In Addition, Carter describes 15 incidents where this crackdown has occurred since December 3, 2022.

While Kennedy and other advocates may see cryptocurrencies as a potential solution to the challenges of the traditional financial system, the governments actions indicate that there are still significant regulatory and legal hurdles to overcome before cryptocurrencies can become a mainstream alternative to the traditional financial system.

Featured image from Unsplash, chart from TradingView.com

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U.S. Presidential Candidate Kennedy Advocates For Bitcoin As A Safe Haven - Bitcoinist

As the 2024 Bitcoin halving draws closer, investors wonder what could be the potential impact on the price of BTC.

Valuable clues about Bitcoins future price trajectory can be obtained by examining the fees-to-rewards ratio and historical accumulation and distribution cycles.

The fees-to-rewards ratio is a crucial indicator that sheds light on the proportion of transaction fees relative to miners total miner rewards. This stands for the block rewards and transaction fees combined.

The ratio provides insights into the financial sustainability of the Bitcoin network. It shows the extent to which transaction fees contribute to miners revenue. As block rewards decrease over time due to Bitcoins halving events, transaction fees become a more critical source of income for miners.

A higher fee-to-rewards ratio indicates that transaction fees make up a larger percentage of miners revenue. This is essential for maintaining the security and stability of the network when block rewards diminish.

On the other hand, a lower ratio suggests miners rely more heavily on block rewards for revenue.

The fees-to-rewards ratio might have an indirect relationship with Bitcoins price.

A higher percentage indicates a healthy and sustainable Bitcoin network, which could increase investor confidence and demand for BTC, ultimately driving its price higher.

Conversely, a lower fee-to-rewards ratio might signal a greater reliance on block rewards for miners income. As block rewards decrease over time due to halving events, a lower ratio could raise concerns about the networks long-term sustainability.

Suppose miners income becomes insufficient to cover their operational costs. In that case, they may be forced to sell their BTC holdings to stay afloat. Consequently, increasing selling pressure in the market and potentially contributing to a drop in the price of Bitcoin.

However, it is essential to note that the fees-to-rewards ratio is just one factor influencing Bitcoins price. Other factors, such as market sentiment, macroeconomic conditions, and regulatory developments, can also play significant roles in determining the price of BTC.

Bitcoins early 2023 performance, with an 84% year-to-date increase and a weakened correlation with the Nasdaq 100, has set the stage for an intriguing on-chain analysis leading up to the 2024 halving event.

Historical accumulation and distribution cycles and the fees-to-rewards ratio can help project the future trajectory of Bitcoins price.

Institutional investors have historically favored accumulation cycles, while distribution cycles have been driven by retail demand. These cycles often align with Bitcoins halving events, with accumulation cycles typically preceding halvings.

The fees-to-rewards ratio can be a useful predictor of the shift between these cycles, as it tends to spike before each distribution cycle.

As the fees-to-rewards ratio has started to spike again, it may suggest that the market has entered another accumulation cycle. This is reminiscent of the accumulation cycles in 2019 and 2020, when the ratio spiked before significant price rallies.

Based on the 2019 model, the current price trajectory suggests that Bitcoin could reach $46,092 by the summer of 2023.

However, the true target lies in the upcoming halving event, scheduled for April 6, 2024, which will further increase Bitcoins scarcity by reducing the block reward from 6.25 to 3.125.

After reaching the target price of $46,092, it is conceivable that Bitcoin could attain a $100,000 valuation in the aftermath of the 2024 halving event, as the reduced block reward increases BTCs scarcity and potentially drives up demand.

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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What Could Bitcoin (BTC) Price Be by the 2024 Halving? - BeInCrypto

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By Scott Kanowsky

Investing.com -- Alibaba formally unveils its own answer to ChatGPT and Bitcoin surges above $30K for the first time since last summer, while U.S. inflation data looms large, the IMF gets set to reveal its latest economic forecasts, and oil prices gain on expectations for another decline in American inventories.

1. Futures rise with inflation in focus

U.S. futures edged higher on Tuesday, as investors seemed to be waiting for signals from the widely anticipated release of March inflation data later this week.

At 03:42 ET (07:42 GMT), the Dow futures contract had risen by 22 points or 0.07%, S&P 500 futures inched up by 5 points or 0.11%, and Nasdaq 100 futures gained 16 points or 0.12%.

Investors are preparing for a series of key economic data points, including the latest consumer price and producer index for last month. The figures, which are due out on Wednesday and Thursday respectively, are expected to provide some clues about the potential for an easing in the Federal Reserve's recent monetary policy tightening campaign.

Meanwhile, a few Fed regional presidents are slated to speak today. Philadelphia Fed president Patrick Harker, Minneapolis Fed president Neel Kashkari, and Chicago Fed president Austan Goolsbee are all set to make appearances.

2. Bitcoin tops $30K

Bitcoin rallied above the $30,000 level for the first time since June 2022 following a spate of turmoil in the banking sector that led many investors to shy away from traditional investments.

The top digital token has been on a tear over the past month, with some traders viewing it as a safe haven play due to concerns over the stability of the financial industry.

Hopes that the Fed will also back away from its cycle of aggressive interest rate hikes have also boded well for Bitcoin and other cryptocurrencies. The sharp jump in borrowing costs took out more than two-thirds of the total crypto market capitalization last year.

Today's gains, which bring the year-to-date increase in Bitcoin to about 80%, have pushed up the total market capitalization of cryptocurrencies to $1.4 trillion.

3. Alibaba's answer to ChatGPT

China's Alibaba (HK:9988) has entered the race to roll out a new artificial-intelligence-powered chatbot similar to ChatGPT, as chairman and CEO Daniel Zhang moves to take advantage of what he described as a "watershed moment" in global technology.

In a formal announcement at an event on Tuesday, the sprawling e-commerce conglomerate's cloud unit did not unveil a timeline for the development of the product, which will be called Tongyi Qianwen. But businesses across Alibaba, it said, will be able to utilize the chatbot in the "near future."

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Tongyi Qianwen will have the ability to process information in both Chinese and English and will be used on Alibaba's DingTalk workplace communication software and Tmall Genie smart speakers.

Alibaba is not the first player from China's burgeoning tech industry to try its hand at creating a rival to ChatGPT. Peers NetEase (HK:9999) and Baidu (HK:9888) have also said they plan to harness generative AI, which can learn from data to closely duplicate human work.

4. Fresh IMF growth projections

The International Monetary Fund is set to publish its latest world economic outlook later today, followed by a presentation - and policy recommendations - from chief economist Pierre-Olivier Gourinchas.

IMF managing director Kristalina Georgieva has already flagged that output will be sluggish over the next five years, with worldwide economic growth projected to be at around 3% annually - the weakest medium-term estimate since 1990 and well below the average of about 3.8% seen over the past two decades.

In a speech last week, Georgieva cited concerns over geopolitical tensions and the splintering of major economies into rival trading blocs.

The path back to robust growth, she warned, was "rough and foggy."

5. Oil gains ahead of U.S. crude inventory data

Oil prices moved up on Tuesday, with traders eyeing expectations that inventory levels in the U.S. - the world's largest crude consumer - will slip again.

By 03:44 ET, U.S. crude futures traded 0.66% higher at $80.27 a barrel, while the Brent contract climbed 0.55% to $84.64.

The American Petroleum Institute, an industry body, is due to release its weekly data on U.S. crude stockpiles later on in the session. The figures are projected to show that there was another fall from last week's decline of more than 4 million barrels.

Crude prices have also been boosted this month by a surprise decision from OPEC and its allies to slash production by around 1.16 million barrels a day starting in May.

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Alibaba's new chatbot, Bitcoin above $30K, futures rise - what's ... - Investing.com