![Bitcoin Signals Potential Bottom as Market Indicators Turn Bullish](https://s.yimg.com/ny/api/res/1.2/Rp7EWD4dYoARgg5ii4TjLA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw/https://media.zenfs.com/en/coinmarketcap_783/02efbdc5ca19e750cc6d5cc2c8b6fd09)

According to recent **analysis** on **CryptoQuant**, **Bitcoin (BTC)** is showing signs of hitting a **"local bottom"** following the early August sell-off. The on-chain analytics platform highlighted bullish signals from the **network value to transaction golden cross (NVT-GC)** tool, indicating potential for growth.

Despite warnings of a possible breakdown in **BTC/USD**, the NVT-GC tool, similar to **Bollinger Bands**, suggests a potential rebound. This metric compares Bitcoin's market cap to transaction value over time, helping to identify local market tops and bottoms.

CryptoQuant contributor **Burakkesmeci** noted that if the NVT-GC rises above **2.2 points**, it signals an overheated price, while a drop below **-1.6 points** indicates excessive cooling and a local bottom. Currently, the tool shows a local bottom, reminiscent of signals from **January 18** and **July 12**, which preceded price gains of **78%** and **23%**, respectively.

At present, BTC is trading at **$58,681**, down **3.8%** in the last 24 hours after losing the **$60,000** mark. However, Bitcoin has gained **7.58%** over the past week, recovering from lows of **$49,500**.

According to recent analysis on CryptoQuant, Bitcoin (BTC) is showing signs of hitting a "local bottom" in the recent early August sell-off.

Is Bitcoin Ready to Bounce Back? Indicators Suggest a Potential Bottom!

Michael Saylor predicts that **Bitcoin** is far from reaching its full potential.

Few individuals have become such vocal advocates for **Bitcoin** (BTC) as **Michael Saylor**, CEO of **MicroStrategy** (NASDAQ: MSTR). As a self-proclaimed Bitcoin evangelist, Saylor's belief in the cryptocurrency is so strong that his company has shifted its strategy to replace cash reserves with Bitcoin.

To many, this decision appears bold, even risky, but Saylor's recent interview with CNBC sheds light on his rationale. He projects that one day Bitcoin could be worth **$13 million per coin**, an extraordinary **22,000% increase** from today's prices. Here's why Saylor believes Bitcoin has the potential to reach such astronomical heights, and whether his prediction holds water.

![Person at desk looking at computer with shocked expression.](https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F790736%2Fgettyimages-1130771144.jpg&amp;op=resize&amp;w=700)

### Breaking down Michael Saylor's vision

Michael Saylor is no stranger to Bitcoin predictions, but on CNBC's *Squawk Box*, he made perhaps his most daring forecast yet: Bitcoin could skyrocket to **$13 million per coin** by the year **2045**. While this might seem like an outlandish claim to some, Saylor's conviction is rooted in more than just wishful thinking.

He believes that Bitcoin's key features and fundamentals, such as its **scarcity**, **decentralization**, and growing **institutional interest**, will drive its price upward over the long term. According to Saylor, Bitcoin currently makes up about **0.1% of global capital** but could eventually capture up to **7%**, a dramatic shift that he sees as inevitable.

At the core of Saylor's argument is the idea that Bitcoin is actually safer than traditional financial assets. Its decentralized nature and lack of central authority make it immune to the manipulation or debasement that can affect **fiat currencies**. Unlike government-backed currencies, policy decisions cannot inflate or devalue Bitcoin.

This decentralization, combined with Bitcoin's fixed supply of **21 million coins**, ensures that it retains its value over time. This makes it, in Saylor's view, the ultimate **safe haven** for investors seeking protection from economic instability and **inflation**. Demand will only increase as more entities recognize its benefits, pushing its price to unprecedented levels.

### MicroStrategy's bold Bitcoin plan

Saylor's faith in Bitcoin is not just talk -- it's evident in MicroStrategy's actions. Since 2020, MicroStrategy has acquired more than **244,000 bitcoins**, representing more than **1% of the entire supply**. With nearly **$10 billion invested**, MicroStrategy is pioneering what Saylor calls the "Bitcoin standard" and is already starting to see its **investment pay off**. Bitcoin has outperformed the **S&P 500** and most major assets, delivering an impressive **44% annual return** on average.

Saylor believes MicroStrategy's decision to ditch cash will be one every other person and company eventually has to face as Bitcoin solidifies itself as the supreme currency. He suggests that as time passes, even governments may adopt Bitcoin in a similar fashion to hedge against economic uncertainties and currency depreciation. In his view, Bitcoin is not just another asset; it's the **"apex predator" of finance**.

### Tempering expectations: Is $13 million realistic?

While Michael Saylor might not be wrong in believing that Bitcoin is superior to other assets, it doesn't take away from the fact that his prediction of Bitcoin reaching **$13 million** is audacious. However, to his credit and as skeptical as one might be, it is difficult to dismiss that Bitcoin has had a remarkable rise since its inception and has regularly defied expectations.

From a niche digital currency to a global financial phenomenon, Bitcoin's journey has been nothing short of remarkable. As society grows more technologically adept with younger generations coming of age and increasingly attuned to the benefits of **digital currencies**, Bitcoin's role in the financial ecosystem seems poised to expand.

When considering the current economic landscape -- dominated by inflated fiat currencies, rising government deficits, and delicate geopolitical tensions -- there is a strong case to be made for Bitcoin as a hedge against uncertainty. Its decentralized structure and fixed supply make it an appealing alternative to traditional financial systems, especially in times of economic turmoil. Not to mention, with institutional investors **starting to pile in**, Bitcoin's adoption could accelerate even further.

### The road ahead

As to whether Bitcoin will hit **$13 million per coin** by **2045**, only time will tell. However, Saylor's belief in Bitcoin's long-term potential is not entirely unfounded. The cryptocurrency's unique qualities suggest that its value could continue to rise over the coming years. While it may be too soon to predict such an astronomical price, what is clear is that Bitcoin has proven itself as a **resilient and revolutionary asset**.

At its current price of around **$60,000**, Bitcoin still offers considerable room for growth, especially if Saylor's vision for widespread adoption comes to fruition. Investors should remain optimistic but cautious, always considering the inherent risks of the market. But if history is any guide, Bitcoin's best days could very well still lie ahead.

Michael Saylor predicts that Bitcoin is far from reaching its full potential.

Billionaire Michael Saylor Predicts Bitcoin Could Skyrocket to $13 Million: Is It Possible?

### MoonPay's Registration in Australia

**MoonPay**, a leading Web3 infrastructure company, has officially registered with the **Australian Transaction Reports and Analysis Centre (AUSTRAC)**, paving the way for the provision of digital currency exchange services in Australia. This significant move will enable MoonPay to establish local **payment processing relationships** across the country, allowing users to utilize alternative payment methods such as **Osko** and **PayID**.

### Growing Crypto Adoption in Australia

The adoption of **crypto assets** in Australia is on the rise, with recent reports indicating that **one in five Australian adults** currently or previously owned crypto assets. Additionally, Australia made headlines by launching its first **Bitcoin ETF** in June, further solidifying its position in the crypto landscape.

### Compliance with Regulations

As a registered entity, MoonPay will adhere to Australia’s **AML/CTF Act**, which governs AUSTRAC’s functions. This compliance involves meeting stringent **reporting**, **KYC**, and **record-keeping requirements**.

### Commitment to Consumer Safety

**Ivan Soto-Wright**, co-founder and CEO of MoonPay, expressed his enthusiasm: “MoonPay continues to advocate for simple and compliant exchange of crypto assets around the world. We’re thrilled to bring our services directly to Australian users, and we will continue engaging with regulatory bodies globally to encourage innovation while prioritizing compliance and consumer safety.”

### Global Reach

To date, MoonPay has received registrations in the **U.K.**, **Ireland**, **Italy**, **Canada**, and **Australia**, along with **44 Money Transmitter Licenses** across the **U.S.**. It's important to note that MoonPay’s registration does not equate to a license or endorsement by AUSTRAC. As always, the value of crypto assets can fluctuate significantly, posing a risk of financial loss for investors.

MoonPay, a Web3 infrastructure company, has announced that it is registered with the Australian Transaction Reports and Analysis Centre

MoonPay Expands Horizons: Digital Currency Exchange Services Now Available in Australia!

Bitcoin has **retreated** ahead of a widely anticipated **interest-rate reduction** by the **Federal Reserve**, a significant policy change set to unfold this week, leaving global markets in a state of unease.

### Market Reaction
The largest digital asset experienced a dip of **up to 2.8%** on Monday, stabilizing around **$58,633** as of 7:03 a.m. in London. Other cryptocurrencies, such as **Ether** and **Dogecoin**, also faced losses during this period.

### Implications of the Rate Cut
The upcoming rate cut, expected to be the first in over four years, typically suggests **looser financial conditions**, which might create a favorable environment for riskier investments like cryptocurrencies. However, uncertainty looms over the **extent of the rate cut** and how markets will respond to updated forecasts from Fed officials, including Chair **Jerome Powell**'s press conference.

> “The cut is less important than the signaling during the press conference and the release of the updated dot plot,” stated **Sean McNulty**, director of trading at **Arbelos Markets**. He suggested that a **dovish** outlook could lead to Bitcoin **outperforming**.

### Recent Bitcoin Activity
This recent decline follows a **10% increase** in Bitcoin's price over the previous week, marking its largest rally since July. This increase was likely fueled by speculation surrounding a potential **50 basis points** rate cut. Currently, officials are expected to lower borrowing costs by at least **25 basis points** at the upcoming meeting.

### Market Sentiment and Political Context
In the **Bitcoin options market**, traders are anticipating a significant market event due to the Fed meeting. The monetary policy outlook has emerged as a crucial short-term driver for cryptocurrencies, overshadowing other factors, including the ongoing **US presidential race**. 

In recent political events, former President **Donald Trump** survived another assassination attempt, which previously led to a spike in Bitcoin prices due to speculation about his re-election chances.

Bitcoin reached a record high of **$73,798** in March, primarily driven by demand for US **exchange-traded funds**. However, inflows into these products have since decreased.

### Market Overview
As the market watches closely for the Fed's next steps, the sentiment around Bitcoin and other cryptocurrencies remains **volatile**, influenced significantly by economic policies and political developments.

(Bloomberg) -- Bitcoin retreated ahead of a widely expected interest-rate reduction by the Federal Reserve, a looming policy change due later this week that has global markets on edge.Most Read from BloombergHousing’s Worst Crisis in Decades Reverberates Through 2024 RaceAn Affordable Nomadic Home Design Struggles to Adapt to Urban LifeUS Driving and Congestion Rates Are Higher Than EverA City Finds Success Using 'Trees as Medicine'The Hague Is World’s First City to Ban Oil and Air Travel AdsThe

Bitcoin Faces Turbulence Ahead of Fed's Anticipated Rate Cut – What It Means for Investors

## Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

The **Bank of Russia** has announced plans to implement a **digital ruble payment infrastructure** by **July 2025**. This initiative aims to modernize the country’s financial system and enhance the efficiency of transactions.

### Key Features of the Digital Ruble
- The digital ruble will serve as a **central bank digital currency (CBDC)**, providing a state-backed alternative to cryptocurrencies.
- It is expected to facilitate **faster and cheaper transactions**, both domestically and internationally.
- The central bank emphasizes that the digital ruble will promote **financial inclusion** and support the development of the digital economy.

### Timeline and Implementation
- The initial phase of the digital ruble project will involve **testing** the new payment system with select participants in 2024.
- Following successful tests, the infrastructure will be rolled out for broader use in **2025**.

### Regulatory Framework
- The Bank of Russia is currently working on the **regulatory framework** necessary for the digital ruble’s operation, which includes guidelines for usage and security measures.
- This move aligns with global trends as many countries explore the potential of CBDCs.

The launch of the digital ruble is seen as a significant step toward **digitizing the Russian economy** and enhancing the efficiency of its payment systems, reflecting a growing interest in digital currencies worldwide.

Russia's Ambitious Digital Ruble Project: Launching by July 2025

## FBI Takes Action Against Crypto Recovery Fraud

The **FBI** has recently seized multiple websites associated with **crypto recovery fraud**, marking a significant step in combating scams that prey on unsuspecting cryptocurrency investors. These fraudulent schemes often claim to help users recover lost funds from previous scams, exploiting the vulnerabilities of victims.

### Understanding Crypto Recovery Fraud

Crypto recovery fraud typically involves scammers posing as legitimate companies that offer to help individuals recover lost cryptocurrency. Victims are often lured into these schemes through **promises of guaranteed recovery** and may be asked to pay upfront fees, only to find themselves further victimized.

### Recent Developments

The FBI's actions come as part of a broader effort to protect consumers in the cryptocurrency space. By targeting these fraudulent websites, the agency aims to raise awareness about the risks associated with crypto investments and the prevalence of scams.

### How to Protect Yourself

To safeguard against such scams, it is essential for cryptocurrency investors to remain vigilant. Here are some tips:
- **Verify the legitimacy** of any recovery services before engaging.
- **Avoid sharing personal information** or sending funds to unknown entities.
- **Educate yourself** about common scams and stay informed about the latest fraud tactics.

By staying informed and cautious, investors can better navigate the often treacherous waters of cryptocurrency investing and avoid falling victim to fraudsters.

![FBI Seizes Fraud Websites](https://news.bitcoin.com/images/uploads/logo-light.svg)

FBI Cracks Down on Crypto Recovery Scams: What You Need to Know!

## SEC's Clarification on Crypto Asset Securities
The **U.S. Securities and Exchange Commission (SEC)** has expressed regret over the confusion caused by its statements regarding **crypto asset securities**. This comes amid ongoing discussions about the regulatory landscape for cryptocurrencies.

### Ripple and Coinbase Respond
Both **Ripple** and **Coinbase** have weighed in on the SEC's recent remarks. Ripple emphasized the importance of clear guidance for the industry, while Coinbase highlighted the need for regulatory clarity to foster innovation in the crypto space.

### The Implications of SEC's Statement
The SEC's admission of confusion raises questions about the future of **cryptocurrency regulation** in the United States. Many in the industry are calling for more defined regulations to avoid further misunderstandings and to protect investors.

### Industry Reactions
The responses from Ripple and Coinbase indicate a broader concern within the crypto community regarding regulatory uncertainty. As the SEC continues to navigate the complexities of digital assets, the need for transparent and consistent rules becomes increasingly critical.

![Bitcoin.com News logo](https://news.bitcoin.com/images/uploads/logo-light.svg)  

Stay tuned for more updates on this developing story as the SEC's policies evolve in response to industry feedback.

SEC's Regret Over 'Crypto Asset Securities' Sparks Reactions from Ripple and Coinbase

## **JPMorgan CEO's Economic Outlook**  
JPMorgan Chase CEO Jamie Dimon has sounded the alarm on the potential risks facing the global economy. He emphasized the looming threats of **recession**, **higher inflation**, and **stagflation**.  
  
### **Key Concerns**  
Dimon highlighted that the **economic landscape** is becoming increasingly precarious due to several factors, including geopolitical tensions and the ongoing impacts of the pandemic. He stated that these issues could lead to a **significant economic slowdown**.  
  
### **The Inflation Dilemma**  
Inflation remains a pressing concern, with Dimon noting that it is not just a temporary phenomenon. He believes that inflationary pressures are likely to persist, causing challenges for both consumers and businesses alike.  
  
### **Stagflation Fears**  
The CEO warned that there is a risk of **stagflation**, a situation characterized by stagnant economic growth coupled with high inflation. This scenario poses significant challenges for policymakers trying to stimulate the economy while managing inflation.  
  
### **What This Means for Investors**  
Investors should brace for potential volatility in the markets as these economic concerns unfold. Dimon's insights serve as a reminder of the need for vigilance and strategic planning in the face of uncertain economic conditions.

Is Bitcoin Ready to Bounce Back? Indicators Suggest a Potential Bottom!

Summary:

Comments

Subscribe our Newsletter

BitcoinToday.app

Other Latest News

Billionaire Michael Saylor Predicts Bitcoin Could Skyrocket to $13 Million: Is It Possible?

MoonPay Expands Horizons: Digital Currency Exchange Services Now Available in Australia!

Bitcoin Faces Turbulence Ahead of Fed's Anticipated Rate Cut – What It Means for Investors

Russia's Ambitious Digital Ruble Project: Launching by July 2025

FBI Cracks Down on Crypto Recovery Scams: What You Need to Know!

SEC's Regret Over 'Crypto Asset Securities' Sparks Reactions from Ripple and Coinbase

JPMorgan's CEO Issues Stark Warning: Are We Facing Recession and Stagflation?

Other Latest News

Billionaire Michael Saylor Predicts Bitcoin Could Skyrocket to $13 Million: Is It Possible?

MoonPay Expands Horizons: Digital Currency Exchange Services Now Available in Australia!

Bitcoin Faces Turbulence Ahead of Fed's Anticipated Rate Cut – What It Means for Investors

Russia's Ambitious Digital Ruble Project: Launching by July 2025

FBI Cracks Down on Crypto Recovery Scams: What You Need to Know!

SEC's Regret Over 'Crypto Asset Securities' Sparks Reactions from Ripple and Coinbase

JPMorgan's CEO Issues Stark Warning: Are We Facing Recession and Stagflation?