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Meanwhile, there is growing excitement that the U.S. Securities and Exchange Commission will approve the first ever bitcoin ETF, after years of opposition. With all of this excitement comes some quite bold predictions about bitcoin's price. "No rationale for that prediction," Mobius said, except that a bitcoin ETF looks likely and "that has heightened interest" in the cryptocurrency. Yang attributes the anticipated price rise to a bitcoin ETF being approved, leading to higher institutional investment in bitcoin, as well as May 2024's bitcoin halving, which would result in the bitcoin supply being constrained. Alexander told CNBC that during the first quarter of 2024, bitcoin will trade within the $40,000 to $55,000 range, owing to "professional traders creating volatility."

Persons: Filip Radwanski, Bitcoin, bitcoin, FTX, Sam Bankman, Fried, Binance's Changpeng Zhao, Mark Mobius, Mobius, Yang, Luna, James Butterfill, Butterfill, Antoni Trenchev, Trenchev, Carol Alexander, Alexander, Coinbase, Matrixport Organizations: Getty, CNBC, Department of Justice, U.S, U.S . Securities, Exchange, Chartered, University of Sussex, Exchange Commission, SEC, Fidelity, Blackrock, Federal Reserve Locations: U.S, bitcoin, Blackrock

[1/3] Richard Teng, head of the Middle East and North Africa for crypto firm Binance gestures as he speaks during an interview with Reuters in Dubai, United Arab Emirates, March 30, 2022. Teng faces an especially tough task in transforming the culture of Binance, four of the people said. Still, leading a cultural shift at Binance - a firm shaped by Zhao in his own image - would be "hugely difficult," she said. For years it dominated the crypto market, but this year has rapidly lost market share. Last month it controlled 32% of crypto spot and 50% of derivatives trading, according to crypto firm CCData, down from 55% and 62% respectively in January.

Persons: Richard Teng, Abdel Hadi Ramahi, Teng, Changpeng Zhao, Janet Yellen, Binance, Carol Alexander, Zhao, Yi He, Binance's, Simon Matthews, Richard, Matthews, FinCEN, John Reed Stark, Rajeev Bamra, OKX, Joseph Edwards, Tom Wilson, Elizabeth Howcroft, Elisa Martinuzzi, Louise Heavens Organizations: Reuters, United Arab Emirates, REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, Treasury, University of Sussex, Investors, Treasury's, Internet Enforcement, Singapore, Abu, Abu Dhabi Global, Singapore Exchange, Moody's Investors Service, Securities, Thomson Locations: East, North Africa, Dubai, United Arab, U.S, Abu Dhabi, France, Seychelles, London

☆ Binance situation is 'very different' to FTX, academic says
▼ + stars: | 2023-11-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBinance situation is 'very different' to FTX, academic saysCarol Alexander, professor of finance at the University of Sussex Business School, discusses Binance's $4 billion settlement with the U.S. Department of Justice, along with the company CEO's decision to step down.

Persons: Carol Alexander Organizations: University of Sussex Business School, U.S . Department of Justice

☆ After an 80% rally for bitcoin, market experts predict where it's going next in 2023
▼ + stars: | 2023-07-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Bitcoin made a stunning jump in the first half of 2023, hitting $30,000 again for the first time in months. Five market experts responded to CNBC questions via email, and three said they expect bitcoin to reach the $50,000 level by the end of 2023. That is a net annual reduction in selling of BTC 250,000 — a large number relative to bitcoin market turnover." "We previously predicted that this driver would add USD 10,000 to the bitcoin price," he added. Mobius said he expects bitcoin to climb to $40,000 by the end of 2023, citing investor "belief" in the digital coin.

Persons: Bitcoin, Carol Alexander, Geoff Kendrick, Kendrick, Antoni Trenchev, wouldn't, Mark Mobius, Tim Draper, Mobius, bitcoin, Draper didn't, —, Kevin Schmidt Organizations: BlackRock, CNBC Pro, CNBC, Sussex University, SEC, British, Chartered, Standard Chartered, BTC, Federal Reserve, Mobius Capital Partners, Draper Associates, Trust, Fidelity, U.S . Securities, Exchange Commission Locations: Terra, Binance

Thin liquidity and big playersCrypto "market depth" has been sitting at very low levels this year. Market depth is a measure of liquidity in a market. According to data firm Kaiko, bitcoin's market depth has fallen 20% since the start of this year. Low liquidity, which has been a feature of the crypto market all year, is also partly behind bitcoin's 80% year-to-date rally. "I think trading volumes and price volatility are two of the most telling indicators of crypto market activity.

Persons: Andriy Onufriyenko, Bitcoin, Kaiko, Jamie Sly, Sly, bitcoin, Clara Medalie, Morgan Stanley, Goldman Sachs, Carol Alexander, Alexander, you've, Vijay Ayyar, Ayyar, CCData's Sly Organizations: BlackRock, CNBC, BTC, Securities, Exchange Commission, Retail, University of Sussex, Citadel, Fidelity Locations: U.S, CoinGecko, Invesco, Blackrock

☆ U.S. SEC may not succeed in lawsuits against Binance and Ripple, says professor
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. SEC may not succeed in lawsuits against Binance and Ripple, says professorCarol Alexander, professor at the University of Sussex, weighs in on the U.S. Securities and Exchange Commission's lawsuits against crypto heavyweights, and the outlook for cryptocurrency regulation.

Persons: Carol Alexander Organizations: U.S, SEC, University of Sussex, U.S . Securities, Exchange

☆ New Year, new rally: Why bitcoin is up 26% this month after a tumultuous 2022
▼ + stars: | 2023-01-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

"The most important macro data investors are focussing on is the weak services PMI and the trending down of employment and wage data. 'Whales' buying BTCLarger purchasers of digital coins known as "whales" may be leading the latest rally in bitcoin, according to Kaiko. Several bitcoin miners have been flushed out by the drop in prices. Bitcoin miners, who use power-intensive machines to verify transactions and mint new tokens, have been squeezed by the slump in prices and rising energy costs. That's historically a good sign for bitcoin, according to Ayyar.

CNBC rounds up some of the boldest price calls for bitcoin in 2023. Bitcoin miners, who use power-intensive machines to verify transactions and mint new tokens, are being squeezed by the slump in prices and rising energy costs. "In prior down markets, miner capitulation has usually indicated major bottoms," Ayyar told CNBC. However, Mobius told CNBC that he is sticking for his $10,000 price call in 2023. "There will be a managed bull market in 2023, not a bubble -- so we won't see the price overshooting as before," she told CNBC.

The events of the year took many investors by surprise and made the task of predicting bitcoin's price that much harder. The crypto market was awash with pundits making feverish calls about where bitcoin was heading next. When asked about his $250,000 target earlier this month, the Draper Associates founder told CNBC $250,000 "is still my number" — but he's extending his prediction by six months. The entrepreneur says he's also done making bitcoin price predictions. Buehler said lack of risk management in the crypto industry, missing regulation and fraud have also been major factors affecting prices.

☆ Binance boss says Sam Bankman-Fried's trading firm tried to undermine key token Tether — risking a crypto rout
▼ + stars: | 2022-12-09 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Binance boss Changpeng Zhao accused Sam Bankman-Fried's Alameda Research of trying to drive down the price of Tether, according to the New York Times. The stablecoin’s collapse would likely trigger a crypto crash, analysts have warned. US federal prosecutors are already investigating Bankman-Fried for manipulating the price of both of those cryptocurrencies, the New York Times reported Wednesday. Having reached $1 again in July, Tether slipped away to fall to $0.9963 on November 10 as FTX's bankruptcy sent ripples through the crypto sector. Analysts have repeatedly warned that the stablecoin's collapse would cause a wider crypto crash — and argued that Tether poses a systemic risk to the crypto sector.

The world's biggest stablecoin, tether, saw more than $10 billion in redemptions in May, fueling fears of a 2008-style "bank run." Tether, the world's largest stablecoin, has slashed back its commercial paper holdings to zero, replacing them with U.S. Treasury bills instead, according to a blog post. There are now about 68.4 billion tether tokens in circulation, according to data from CoinMarketCap, up from 2 billion three years ago. But well before UST's dramatic implosion, Tether — the company behind the stablecoin of the same name — was facing serious regulatory backlash over its reserves. Critics have also raised fears that tether tokens were used to manipulate bitcoin prices, a claim Tether has repeatedly denied.

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