Technology

Bitcoin ‘bull pennant’ eyes $165K, Pomp scoops up $386M BTC: Hodler’s Digest, June 22 – 28

Posted on by Minakshi

Bitcoin Eyes ₹1.37 Crore Mark, Pomp Invests ₹3,212 Crore: Crypto Roundup

The cryptocurrency market is buzzing with activity, from potential bullish patterns for Bitcoin to significant investments by prominent figures. Let’s dive into the key developments.

XRP Jumps as Ripple Drops SEC Cross-Appeal

XRP’s price saw a surge of over 3% following Ripple Labs’ announcement that it’s withdrawing its cross-appeal against the US Securities and Exchange Commission (SEC). This decision signals Ripple’s intent to fully close this chapter and focus on future growth.

  • Ripple CEO Brad Garlinghouse confirmed the withdrawal of the cross-appeal in a social media post.
  • The price of XRP jumped to $2.18 (approximately ₹181) shortly after the announcement.
  • Ripple aims to concentrate on “building the internet of Value.”

Bitcoin’s Bullish Outlook: Targeting $165,000 (₹1.37 Crore)?

Technical analysis suggests a potentially significant price surge for Bitcoin. The formation of a ‘bull pennant’ pattern is being closely watched by traders, hinting at a possible breakout.

  • A ‘bull pennant’ is a continuation pattern that often precedes a sharp upward price movement.
  • If the pattern plays out, Bitcoin could potentially reach $165,000 (approximately ₹1.37 Crore) in the coming months.

Anthony Pompliano Makes Massive Bitcoin Purchase

Anthony Pompliano, a well-known Bitcoin advocate, has reportedly invested heavily in Bitcoin. This move reflects strong confidence in the long-term potential of the cryptocurrency.

  • Pompliano’s purchase amounts to $386 million (approximately ₹3,212 Crore) worth of Bitcoin.
  • This substantial investment underscores the continued institutional interest in Bitcoin.
Summary:

  • XRP price jumped after Ripple dropped its cross-appeal with the SEC.
  • Bitcoin is potentially forming a bullish pennant pattern targeting $165,000.
  • Anthony Pompliano has invested $386 million in Bitcoin, signaling strong market confidence.
Key Takeaways:

  • Regulatory clarity, even in small steps like Ripple’s move, can positively influence cryptocurrency prices.
  • Technical analysis provides valuable insights into potential price movements, but should be considered alongside other factors.
  • Significant investments from prominent figures demonstrate continued belief in the long-term growth and adoption of Bitcoin.
  • The cryptocurrency market remains dynamic and sensitive to news and developments in both the regulatory and technological landscapes.