Technology

Will Bitcoin tap $119K if oil holds? SharpLink buys $463M ETH: Hodler’s Digest, June 8 – 14

Posted on by Minakshi

Bitcoin’s Potential Surge to ₹99 Lakh Hinges on Oil Prices? Experts Weigh In

Could Bitcoin be on the cusp of a massive rally, potentially reaching $119,000 (approximately ₹99 Lakh)? Market analysts are drawing parallels between Bitcoin’s price movements and trends in the oil market, suggesting a specific oil price pattern could trigger a significant upward swing for the leading cryptocurrency.

SharpLink Gaming Makes Bold Entry into Ethereum

In a surprising move, SharpLink Gaming, a prominent player in the gaming industry, has reportedly acquired a substantial holding of $463 million (approximately ₹3,860 Crore) worth of Ether (ETH). This signals growing institutional interest and adoption of Ethereum, the second-largest cryptocurrency by market capitalization. The acquisition is expected to boost confidence in the crypto markets.

Anthony Pompliano Eyes ₹6,250 Crore Bitcoin Investment Vehicle

Renowned cryptocurrency entrepreneur Anthony Pompliano is reportedly in discussions to launch a new investment vehicle focused on acquiring Bitcoin. The proposed vehicle, ProCapBTC, aims to raise a staggering $750 million (approximately ₹6,250 Crore). Pompliano is expected to head this initiative.

ProCapBTC would seek to raise $500 million in equity and $250 million in convertible debt as part of a merger with Columbus Circle Capital 1, backed by the Cohen&Company investment bank.

Summary:

  • Bitcoin price could potentially reach ₹99 Lakh if specific oil price patterns continue, according to analyst predictions.
  • SharpLink Gaming has invested ₹3,860 Crore in Ether, showcasing institutional interest in Ethereum.
  • Anthony Pompliano plans to launch a Bitcoin buying vehicle aiming to raise ₹6,250 Crore.
Key Takeaways:

  • The interconnectedness of traditional markets (like oil) and the cryptocurrency market is becoming more apparent.
  • Significant institutional investment in Ethereum indicates growing confidence in its long-term potential.
  • The establishment of large-scale Bitcoin investment vehicles signals increasing mainstream acceptance of cryptocurrencies.
  • Indian investors should closely monitor global market trends and institutional movements to make informed investment decisions.