This Sunday, the price of Bitcoin trades for $30,300 approximately, which shows a slight increase in price. This upward movement comes as new Lightning Labs tools allow artificial intelligence (AI) to facilitate Bitcoin transactionswhich further promotes the integration between technology and digital currencies.
Moreover 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. This latest development raises questions about the ongoing selloff and whether the market is starting to stabilize or even move higher.
New tools from Lightning Labs enable AI integration with Bitcoin
A new one set of developer tools created by Lightning Labsa leading organization working on the Lightning Network for Bitcoin, activated 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 transfer Bitcoin.
This integration opens up new opportunities and expands use cases for Bitcoin and AI technologies. Moreover, Langchain, the famous AI software library, will be made available for Bitcoin and to the Lightning Network via the L402 standard, as specified by the programmers at Lightning Labs. This expansion creates a more open AI infrastructure and further enhances the potential uses of Bitcoin and AI.
Over the past few months, artificial intelligence has garnered significant 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 about Convergence of Bitcoin and AI may increase Bitcoin priceswhich increases the interest in this area.
Volatility Shares Co-Founder Speaks Out in Support of Spot Bitcoin ETFs
The increase in the price of Bitcoin driven by approxcandidature of an exchange-traded fund (ETF) for cash markets by financial giant BlackRock continues to grow. BlackRock’s success could signal the start of a new phase of institutional investment 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 actively seeking the “easiest and most regulated way” to invest in it. He thinks soa spot ETF may be the optimal method to achieve this. Approval of a spot Bitcoin ETF, according to Young, could help “damp” volatility and attract more investors seeking transparency in financial instruments.
Young pointed out that biggest advantage of having an ETF on the spot market is potential for greater stability and reduced negative 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 volatilityher the trading window is narrow and shows twitching 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 potential to trigger a bullish move 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.
In terms of upward movement, breaking above the $31,350 level would set the stage for a next major target around $32,500. Therefore is $29,600 level as pivot price for trading activities today is to follow closely.
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