Is Bitcoin’s Bull Run Just Getting Started?
- Bitcoin likely to extend rally for at least another year
- 1-year HODL Wave indicates more room for growth
- Coinbase to offer spot trading on international exchange
- KuCoin settles lawsuit with New York state Attorney General
Bitcoin has gained almost 150% this year and despite a slight pullback, there is still potential for further growth. According to Jeff Lewis of Pantera Capital, the majority of gains for bitcoin’s current cycle have yet to come. The 1-year HODL Wave, which tracks the percentage of bitcoins that have not moved between wallets for at least a year, indicates that there is more room for bitcoin to rise. Historically, as bitcoin price climbs to a cycle peak, there is a reduction in the percentage of coins held for longer than a year. Coinbase is set to offer spot trading on its international exchange, allowing non-U.S. users to trade bitcoin and ether. Additionally, KuCoin, one of the largest crypto exchanges, has settled a lawsuit with the New York state Attorney General, agreeing to ban New York users from its platform and pay a settlement of $22 million.
Public Companies: Bitcoin (BTCUSD), Pantera Capital (undefined), Coinbase (undefined)
Private Companies: KuCoin
Key People: Jeff Lewis (Product Manager of Hedge Funds at Pantera Capital), Frances Yue (Crypto and Markets Reporter at MarketWatch), Letitia James (New York State Attorney General)
Factuality Level: 7
Justification: The article provides information about Bitcoin’s recent performance, the opinions of a hedge fund manager, and the historical pattern of Bitcoin’s price. It also includes news about Coinbase’s international spot markets and KuCoin’s settlement with the New York Attorney General. The information provided seems to be based on factual events and opinions from industry professionals. However, the article lacks in-depth analysis and may benefit from additional sources and perspectives.
Noise Level: 3
Justification: The article contains some relevant information about Bitcoin’s recent performance and future potential. However, it also includes irrelevant information about Coinbase’s international exchange and KuCoin’s settlement with the New York Attorney General. The article lacks scientific rigor and intellectual honesty as it does not provide evidence or data to support its claims about Bitcoin’s future performance.
Financial Relevance: Yes
Financial Markets Impacted: Bitcoin and cryptocurrency markets
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the performance and future potential of Bitcoin, as well as updates on Coinbase and KuCoin. While there is no mention of any extreme events or significant impacts on financial markets, the information provided is relevant to investors and individuals interested in the cryptocurrency market.
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