2023-07-09 11:16:00
This Sunday, the price of Bitcoin trades at $30,300 approximately, showing a slight increase in price. This upward movement comes as new Lightning Labs tools allow artificial intelligence (AI) to facilitate Bitcoin transactionsfurther advancing the integration between technology and digital currencies.
Moreover, the co-founder of Volatility Shares has announced his support for the development of a spot Bitcoin ETF, which he believes has the potential to open new doors for investors looking to participate in the cryptocurrency market. These recent developments raise questions regarding the ongoing sell-off and whether the market is starting to stabilize or even rally higher.
New tools from Lightning Labs enable AI integration with Bitcoin
A new set of developer tools created by Lightning Labsa leading organization working on the Lightning Network for Bitcoin, enabled Bitcoin integration with AI programmers and extended language models like ChatGPT. According to a recent announcement from Lightning Labs, the Lightning Network will now allow Generative AIs such as ChatGPT to store, receive and transmit Bitcoin.
This integration opens up new possibilities and expands use cases for Bitcoin and AI technologies. Moreover, Langchain, the famous AI software library, will be made accessible to Bitcoin and to the Lightning Network via the L402 standard, as stated by the programmers at Lightning Labs. This expansion creates a more open AI infrastructure and further enhances the potential applications of Bitcoin and AI.
Over the past few months, artificial intelligence has garnered considerable attention around the world, overtaking the previous cryptocurrency-focused investment craze. Former BitMex CEO Arthur Hayes even predicted that “AI will choose Bitcoin as currency”. This optimistic news regarding the Convergence of Bitcoin and AI May Drive Up Bitcoin Pricesfueling further interest in this area.
Volatility Shares Co-Founder Speaks Out in Support of Spot Bitcoin ETFs
The surge in the price of Bitcoin fueled by the candidature of an exchange-traded fund (ETF) for cash markets by financial giant BlackRock continues to grow. BlackRock’s success might signal the start of a new phase of institutional investing in Bitcoin, attracting more investors if other funds are encouraged to follow suit.
Justin Youngco-founder and president of Volatility Sharessaid in an interview that Investors seeking exposure to bitcoin are actively seeking the “easiest and most regulated way” to invest in it. He thinks thata spot ETF might be the optimal method to achieve this. Approval of a spot Bitcoin ETF, according to Young, might help “mitigate” volatility and attract more investors who seek transparency in financial instruments.
Young pointed out that the main advantage of having an ETF on the spot market is the potential for greater stability and reduced adverse volatility, responding to concerns raised by the Securities and Exchange Commission (SEC). These supportive comments from Young are helping Bitcoin rise in value.
Bitcoin Price Prediction
Bitcoin is currently experiencing a lack of volatilityin trading window being narrow and displaying jerky movements. Taking a broader perspective on the daily price chart, we see that Bitcoin is consolidating in a tight range, with resistance identified around $31,400 and support located around $29,600.
A decisive close above the $29,600 level has the potential to trigger a bullish movement for Bitcoin. On the other hand, if there is a clear break below this $29,600 threshold, Bitcoin may go down and find support around $28,450and potentially even lower towards $27,450.
Bitcoin Price Chart – Source: Tradingview
In terms of upward movement, breaking above the $31,350 level would set the stage for a next big target at around $32,500. Therefore, the $29,600 level as pivot price for trading activities today is to watch closely.
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Cryptocurrency Price Tracker – Source: Cryptonews
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