Gold

Bitcoin

Gold is aiming for the $2,000 mark today, but digital gold, also known as <a href="https://en.coin-turk.com/where-are-cryptocurrencies-going-bloomberg-and-paul-tudor-predicted/" data-wpel-link="internal">BTC</a>, is struggling to maintain its support at $26,800. Geopolitical risks are pushing up the price of gold, while concerns about global inflation are growing. Qatar announced today that it could stop exporting gas to the world if Israel’s attacks do not stop. In the crypto world, what makes today important is the GBTC court decision. 
<h2 style="text-align: justify" id="crypto-investors-exercise-caution">Crypto Investors Exercise Caution</h2> 
The price of BTC continues to trade below $27,000. Investors are focused on the court decision that could allow the Securities and Exchange Commission (<a href="https://en.coin-turk.com/crypto-analyst-bluntz-shares-his-radars-three-top-altcoins-exclusive-forecast-and-insights-for-2023/" data-wpel-link="internal">SEC</a>) to convert Grayscale Investments’ flagship fund into a spot bitcoin ETF. Gensler did not make a statement on the matter today and signaled that the decision would not be appealed. However, crypto investors are exercising caution. 
At the end of August, the court confirmed that the SEC had acted arbitrarily regarding GBTC (the Trust’s application for conversion to an ETF). The regulatory agency can appeal until midnight in the US, and if it does not, a significant obstacle will be removed for BlackRock and other ETF applications. If there were not so many negatives on the macro front, this development alone should have pushed BTC to the $35,000 levels. 
Ruslan Lienkha, Chief Market Analyst at YouHolder, said the following about this: 
<blockquote> 
 “I am not sure if the legislation will react significantly to the SEC’s appeal decision because it is becoming clear that the approval of crypto spot ETFs is only a matter of time, even though the SEC does not expect any change in potential decisions and is only trying to buy a little more time.” 
</blockquote> 
<img decoding="async" class="size-full wp-image-266341 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/GBTC-Negatif-Prim-Grafigi.png" alt="" width="1212" height="382"> 
On the other hand, as the GBTC negative premium approaches its breaking point, it is not running towards zero. This indicates that institutions are not expecting a quick ETF announcement with this move. 
<h2 style="text-align: justify" id="analysts-comments-on-btc">Analysts’ Comments on BTC</h2> 
Bitfinex analysts are ignoring the long-standing sideways movement of BTC’s price, as it has provided over 65% returns in the first quarter of the year. Analysts believe that considering the long-term cycle, the king of cryptocurrency has proven itself as a store of value. 
<blockquote> 
 “<a href="https://en.coin-turk.com/cryptocurrencys-rocky-journey-diving-into-bitcoins-bearish-may-and-predictions-for-june/" data-wpel-link="internal">Bitcoin</a> has become one of the most liquid assets. Therefore, the existence of long-term significant price increases and such liquidity turns it into digital gold in an uncertain macro climate. Bitcoin is correlated with gold or commodity markets that perform well in turbulent macro environments for other risky asset classes, although speculative, while other crypto assets are currently lagging behind and are seen more as ‘technology stocks,’ it is confirmed that Bitcoin is seen as ‘digital gold’.” 
</blockquote> 
Max Keiser said: 
<blockquote> 
 “Bitcoin is the ultimate safe haven, it is on its own vector. The only way to escape from fiat money fire and the lifelessness of gold is Bitcoin.” 
</blockquote> 
<div class="sorumluluk_reddi" style="text-align: justify">
 Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore the risk associated with cryptocurrencies and should conduct their own research before making transactions.
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Investors Remain Cautious Despite Crypto News

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