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Cryptocurrency News: 04.07.24

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Bitcoin ETF Optimism

Analysts at Bernstein Research have projected that Bitcoin's value could reach $200,000 by 2025, driven by significant demand following the introduction of Bitcoin ETFs.

This optimistic outlook is shared by Bitcoin advocate Anthony Pompliano, who believes Bitcoin could hit $100,000 within the next year.

Regulatory Developments

The crypto industry continues to face regulatory scrutiny. A U.S. judge has allowed a major portion of the SEC's lawsuit against Binance and its CEO to proceed. Meanwhile, Ethereum co-founder Vitalik Buterin has criticized the current state of crypto regulations, describing it as "anarcho-tyranny".

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Market Movements

Bitcoin is currently testing support at the $60,000 level, with some analysts speculating about the possibility of a flash crash to $40,000. The crypto market is closely watching new income and spending data for potential rally signals.

Institutional Interest

The SEC has received an application for a 2X leveraged MicroStrategy (MSTR) ETF, indicating growing institutional interest in crypto-related investment products. Additionally, Kraken co-founder Jesse Powell has made a significant donation of $1 million, mostly in Ether, to Donald Trump's campaign.

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Blockchain Innovations

Elastos has partnered with BEVM to launch Bitcoin P2P loans, targeting $1.3 trillion in dormant value. In the gaming sector, Konami Digital Entertainment has announced a partnership with Avalanche to launch Resella, a platform designed to improve NFT transactions and Web3 access.

This update highlights the ongoing volatility, regulatory challenges, and technological advancements in the cryptocurrency space.

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