Bitcoin (BTC) Price Jumps Past $64,000 Again, Key Levels to Watch

7Ary...USep

4 Mar 2024

The Bitcoin price has a key support levels at $61,100 to $61,800, falling beneath which can open the gates for $50,000 correction.
On Sunday, March 3, the world’s cryptocurrency Bitcoin (BTC) surged past $64,000 once again, however, faced rejection again above those levels. At press time, the Bitcoin price is up 2.80% trading at $63.790 with a market cap of $1.253 billion. As per the CoinGlass data, the total Bitcoin liquidation data has surged to $440,000 in the last 24 hours.

Key Bitcoin (BTC) Price Levels to Watch

According to insights shared by renowned crypto analyst Ali Martinez, the Bitcoin (BTC) market has witnessed significant activity in a specific price range. Martinez notes that over 500,000 BTC have been transacted within the range of $61,100 to $61,800, establishing a substantial support area for the cryptocurrency.
He further suggests that if Bitcoin manages to sustain its position above this support threshold, it is likely to continue its upward trajectory towards $65,900, with minimal resistance anticipated ahead.
However, Martinez also highlights the potential downside risks for BTC. Should Bitcoin falter and dip below the established support level, a correction could ensue, potentially driving the price down to $56,970 or even $51,500.
Courtesy: Ali Charts

BTC Price At $125,000

Bitcoin analyst Will Woo has offered an optimistic projection for the price of Bitcoin (BTC), predicting that it could surpass $125,000 before the end of 2025 on a conservative basis. Woo’s analysis hinges on the assumption that clients of investment giants Blackrock and Fidelity will allocate a modest 3% of their portfolios to Bitcoin.
According to Woo’s calculations, if Blackrock, with assets totaling $9.1 trillion, were to allocate 84.9% of this amount to Bitcoin, and Fidelity, with $4.2 trillion in assets, were to allocate 3%, the resulting investment would significantly impact Bitcoin’s price trajectory.
Despite these allocations representing just a fraction of the total global wealth, estimated at around $500 trillion, Woo believes that the endorsement from major asset managers like Blackrock and Fidelity could drive substantial inflows into Bitcoin, leading to significant price appreciation.
Massive Bitcoin ETF inflows have rocked Satoshi Street over the last two months. BlackRock Inc.’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) have collectively garnered 79% of total inflows among the “Newborn Nine” funds. In response, four of the remaining seven funds have opted to reduce their fees below those of the two leading funds.

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Crypto Prices Today: Bitcoin Nears $64K, Ethereum At 3200, Pepe Coin Rallies 55%

Crypto Prices Today: Bitcoin Nears $64K, Ethereum At 3200, Pepe Coin Rallies 55%

The crypto prices today suggest volatility as Bitcoin, Ethereum Cardano, Pepe coin continued gaining while XRP and Solana dipped.
By Coingape Staff57 mins ago
Updated 51 mins ago

STORY HIGHLIGHTS

The Bitcoin price extended gains and inched closer to $64,000.
Ethereum strongly held the $3,400 level.
Pepe Coin rallied nearly 55% as other meme coins like Dogecoin and Shiba Inu also registered significant gains.

The top crypto prices today registered a mixed performance as the Bitcoin (BTC) price neared the $64,000 level while some altcoins dropped significantly. In addition, the Ethereum price also traded higher than $3,400. Meanwhile, other top altcoins, such as Solana (SOL) and XRP dipped in value while Cardano (ADA) gained notably.

Major Crypto Prices Today

The Bitcoin price sustained above $62,000. The Bitcoin price was up by 2.52%, reaching $63,610.46 at the time of writing on Monday, March 4. On the other hand, it’s trading volume soared by 59.70% to $34.46 billion in the last 24 hours. Meanwhile, the crypto boasted a market cap of $1.24 trillion.
Looking at altcoins, the Ethereum price gained 1.34% to $3,483.83 at press time with a market valuation of $418.58 billion. Whilst, ETH saw its trading volume surge by 37.65%, reaching $16 billion. Meanwhile, the Binance Coin (BNB) price increased 0.67%, reaching $415.13. In addition, its 24-hour trade volume spiked by 38.10% to $1.93 billion.
The Solana price defied the gaining momentum and extended below the $130 mark. The Solana price was down by 0.19%, settling 129.80. In contrast, SOL witnessed a 36.47% plunge in trade volume to $3.27 billion in the last 24 hours. Whilst, the XRP price continued to trade above the $0.63 level despite the recent pullback. The XRP price recorded a drop of 1.01%, settling at $0.6319. Moreover, XRP’s trading volume slipped by 4.50% to $2.21 billion.
Meanwhile, the Cardano price recorded a hike of 0.91% to $0.7467 today. Whilst, ADA recorded a massive 13.85% drop in its 24-hour trading volume, settling at $1.08 billion. As the top crypto prices witnessed volatility, the meme coin space was also affected. The Dogecoin price soared by 10.91% to $0.1585 while its rival, Shiba Inu, registered a 2.25% gain in value and traded at $0.00002277.
Also Read: Bitcoin Hits ATH Block Size of 3.97MB As Price Consolidates

Top Crypto Prices Today Are

Pepe Coin Price Rallies 55%

Pepe Coin 1-Day Chart, Source: CoinMarketCap
The Pepe Coin (PEPE) crypto, a hyped meme coin, recorded a gigantic jump and emerged as the top crypto gainer today. At press time, the Pepe Coin price soared by 54.38% to $0.000006541 with a market valuation of $2.75 billion. In addition, its 24-hour trade volume skyrocketed by 86.16% to $2.92 billion.

Bonk Rallies 33%

Bonk (BONK), a Solana-based dog-faced meme crypto, registered a phenomenal surge of over 32% and ranked as one of the top crypto gainers today. The Bonk price soared by 32.66% to $0.00003257 at the time of reporting. Moreover, its trade volume spiked 58.11% to $1.01 billion. Furthermore, the Bonk crypto attained a high of $0.00003369 amid the rally today.
Also Read: Cathie Wood’s Ark Invest Offloads $52 Mln Coinbase & Robinhood Shares In A Week

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Qatar May Have Added Bitcoin (BTC) To Its Reserves, Says Scaramucci

Qatar May Have Added Bitcoin (BTC) to Its Reserves, Says Scaramucci

Reports of Qatar adding Bitcoin gained momentum as the Emir's private jet arrives in Madeira during the Bitcoin Atlantis conference.
By Bhushan Akolkar2 hours ago

STORY HIGHLIGHTS

The Emir of Qatar's private jet arrived in Madeira during the Bitcoin Atlantis conference.
Bitcoin price surged past $64,000 on Sunday, setting hopes of new all-time highs soon.

Skybridge Capital founder Anthony Scaramucci recently tweeted that Qatar may have added Bitcoin (BTC) to its reserves, and would be the first Middle Eastern country to do so. The Bitcoin price surged past $64,000 once again on Sunday, March 3, amid strong buying activity in the crypto market.

Qatar and Bitcoin – What’s Cooking?

The recent news regarding Qatar actively looking into Bitcoin investments surfaced last September 2023 for the first time as The Emir of Qatar, His Highness Tamim Bin Hamad, arrived in El Salvador to engage in discussions regarding Bitcoin adoption and other investment prospects. However, there’s no official confirmation on the Bitcoin investments made by Qatar so far.
Bitcoin maximalist Max Keiser, who’s also a close associate to El Salvador President Nayib Bukele has been actively gunning for it for a while. The news is gathering momentum because the Qatar Executive Gulfstream G650ER , the private jet of The Emir of Qatar, was seen in Madeira during the Bitcoin Atlantis conference. This happened soon after MicroStrategy director Michael Saylor gave a historic speech at the conference.
However, one question that everyone is asking is what happens to Bitcoin’s (BTC) price once rich Middle Eastern nations like Saudi Arabia and Qatar start accumulating Bitcoins with their oil money. We could be seeing massive money gushing into the asset class once again.

Institutions Rushing for BTC

As we saw, massive institutional money has been flowing into the newly launched Bitcoin ETFs, over the last two months.
BlackRock Inc.’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) have collectively garnered 79% of total inflows among the “Newborn Nine” funds. In response, four of the remaining seven funds have opted to reduce their fees below those of the two leading funds.
Valkyrie Investments notably slashed its fee to 0.25% from the prior 0.49% following SEC approval, nearly halving the charge. Similarly, Franklin Templeton has lowered its management fee to a sector-low 0.19%, marking a 10 basis points reduction. Notably, Bitwise remains the only fund among the group that has not adjusted its fee structure.
On February 28th last week, the IBIT fund secured $612 million in new investments, marking its highest single-day influx since inception. Moreover, throughout the previous month, it has consistently attracted the majority of new flows. With the distribution network of the world’s largest fund manager, investors may potentially access better liquidity compared to many competitors.

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AI News: Paris Olympics To Feature AI-Based Security Surveillance

AI News: Paris Olympics to Feature AI-Based Security Surveillance

With current AI news advances, the French Police are planning to install AI-based security surveillance at the coming Paris Olympics
By Godfrey Benjamin7 hours ago

STORY HIGHLIGHTS

The French Police plans to feature AI-based security surveillance at the coming Paris Olympics
The use of AI in security is stirring privacy controversies
Overall, AI usage is now visible in many different industries

Artificial Intelligence (AI)-powered surveillance cameras that would be used at the Olympic Games are currently undergoing testing.

AI-Powered Camera Entering Testing Phase Ahead of Paris Olympics

Per a report from The Telegraph, the upcoming Paris Olympics plans to feature a controversial AI-powered camera that is capable of detecting up to eight disturbances during the games. The nature of suspicions that the tool can identify are traffic that goes against the flow, the presence of people in prohibited zones, crowd movement, abandoned packages, the presence or use of weapons, overcrowding, a body on the ground, and fire.
In preparation for its actual usage, the French police have decided to test the surveillance cameras at two Depeche Mode concerts that will be held in Paris this week. Therefore, individuals attending the Depeche Mode concerts held both on Sunday and Tuesday will become the test subjects for the trial of the camera.
Six such AI-powered cameras have been deployed to Accor Arena. They are situated in and around the arena to check how they monitor crowd movement as well as how well they can detect suspicious movements. It is worth noting that there is a rule in Paris that permits the use of AI in sporting and recreational activities, hence there is currently no violation of laws.
The law was conceived as a tool to avoid the recurrence of an unfortunate situation that happened at the 2022 Champions League Final game which was held at the Stade de France between Liverpool and Real Madrid. Some fans struggled to get out of the crowd and ended up being pepper-sprayed.

AI Use Cases Cuts Across Several Industries

The potential use of the controversial surveillance cameras underscores how several industries are gradually leveraging the power of AI.
The innovative technology is gradually finding use cases in unique areas like the United States military which recently decided to incorporate AI-based software to find targets in war zones.
Apart from the security sector, like in the case of the French police, AI is equally finding a footing in the blockchain ecosystem, entertainment sector, and several others.
Back in February, popular actor and film producer Tyler Perry suspended the construction of an $800 million movie studio after discovering that OpenAI’s new tool Sora AI could create videos from textual descriptions.
In the coming days, there are bound to be more use cases for the growing technology and several tech giants like NVIDIA and Microsoft are positioning to ride the wave in the AI world.

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