Bloomberg analyst Mike McGlone says Bitcoin hitting $100,000 is “a speed bump” to $56,000, but other analysts say Bitcoin has bottomed out. Bitcoin’s price may decline by almost 50% if its current downward trend over the past month continues, says a traditional finance analyst. However, onchain analytics firm Glassnode suggested that Bitcoin’s (BTC) current downtrend may not be as severe as some market participants believe. Bloomberg analyst Mike McGlone said in an X post on Thursday that Bitcoin hitting $100,000 could be “a Speed Bump Toward $56,000.” Read more
The head of Australia’s market regulator, Joe Longo, is looking to embrace tokenization in Australia’s capital markets, fearing the country will fall behind if it doesn’t act. Australia’s capital markets risk being outpaced by other countries unless it embraces new technology such as tokenization, says the country’s head market regulator. “As other countries adapt and innovate, there’s a real risk Australia could become the ‘land of missed opportunity’ or be passive recipients of developments overseas,” Australian Securities and Investments Commission Chair Joe Longo told the National Press Club on Wednesday. Over $35.8 billion worth of real-world assets are currently tokenized onchain, which Boston Consulting Group estimated could rise to $16 trillion by 2030, while McKinsey & Co predicted a more conservative $2 trillion over the same time frame. Read more
XRP saw record wallet growth and easing whale outflows, hinting at a potential market bottom despite the recent price weakness. Key takeaways: Over 21,000 new XRP wallets were created in 48 hours, the fastest growth in eight months. Record decentralized exchange transactions coincided with XRP’s price weakness, hinting at non-organic activity. Read more