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2024-08-22 | Bitcoin Price Today: Reasons Why BTC Soars Past $61K
2024-08-22
Bitcoin price has crossed the brief $61,000 mark again, following volatile trading over the past few days. This strong run has fueled optimism among the crypto market enthusiasts, fueling discussions over the potential reason behind the recent surge. Besides, the market is also closely watching if the flagship crypto could hit the $64K resistance next, which could pave the way for further rally.
Here’s a brief report on potential reasons driving the world’s largest cryptocurrency’s uptrend today, August 22.
Why Is Bitcoin Price Up Today?
A flurry of factors could be in play for the recent surge in Bitcoin price. Here we explore some of the top reasons that helped the crypto to cross the $61K mark today.
U.S. Fed Minutes Spark Optimism Over Rate Cuts Ahead
Dovish U.S. Fed Minutes
from the July meeting indicated a looming rate cut as soon as September. The latest FOMC minutes hinted that officials show an inclination towards a softer monetary policy.
CME Fed Watch Tool data today illustrated that 71.5% remain in anticipation of a 25 bps rate cut ahead. Meanwhile, 28.5% expect a 50 bps rate cut looming over the horizon.
In addition, the FOMC minutes mirrored growing concerns among govt. officials regarding the nationwide economic terrain. It also hinted that the U.S. central bank is ready to act dovish should market dynamics favor the decision.
Market Dynamics
The BTC fear and greed index sparked additional investor enthusiasm today, recovering from a low of 29 last week to 39 today. As mentioned above, the Bitcoin market appears to be reacting positively to FOMC minutes.
In addition, the derivatives market data spotlights a strong market uptrend for BTC in tandem with today’s price upswing. Coinglass data
revealed a 5.59% upswing in the coin’s futures O.I. to $32.28 billion.
Furthermore, the derivatives volume spiked 22.87% to $68.61 billion, per the data. This data solidifies investors’ optimism in the asset, driven by increased market interest.
Bitcoin ETF Inflow Fuels Optimism
US Spot Bitcoin ETF saw continuous inflows in the past five trading days, worth $236.6 million. The latest update from Farside U.K. shows $39.5 million inflows in ETFs as of August 21, with Grayscale leading the pack.
The increase in institutional demand for the crypto’s exchange-traded product in recent days further aligns with today’s Bitcoin price upswing.
Bitcoin Price Today Soars
At press time, BTC price
rallied nearly 1% to reach $60,461. Over the last 24 hours, the flagship crypto has touched a high of $61,834.35 and a low of $59,737.90, reflecting the volatile scenario dominating the market. In addition, this pumping movement mirrors a 24-hour trading volume surge of 33% to $34.55 billion.
Bitcoin’s dominance stood at 55.86% today, a slight 0.05% slip in value over the past day. Nonetheless, a recent report by CoinGape revealed that the BTC’s dominance
inched closer to a 40-month high, fueling further optimism.
Also, it’s worth mentioning that the ongoing U.S. presidential campaigns have brought crypto under the spotlight. In addition, a recent CryptoQuant
report
spotlights that short-term investors form crucial resistance at the $64K-$66K level, adding a layer of intrigue to BTC price today.
The post Bitcoin Price Today: Reasons Why BTC Soars Past $61K
appeared first on CoinGape
. |
2024-08-22 | Mt Gox Repays Bitcoin to Creditors
2024-08-22
You can also read this news on BH NEWS: Mt Gox Repays Bitcoin to Creditors
For a decade, the cryptocurrency market has been haunted by a monumental hack
incident. However, Mt Gox has now initiated repayments, signaling an end to this prolonged apprehension. Surprisingly, the anticipated glut in supply, which could have driven down prices, was mitigated by favorable market conditions
. Consequently, the major source of Fear, Uncertainty, and Doubt (FUD) has been alleviated.
What Are the Latest Developments?
The Mt Gox trustee board announced that repayments began in July 2024 and have been ongoing for nearly two months. They indicated that hundreds of millions of dollars worth of Bitcoin
(BTC) have been released to exchanges. As of the latest update, repayments are nearly complete.
How Are Repayments Being Processed?
In a recent statement, Mt Gox disclosed that payments have been made to approximately 19,000 creditors, out of an estimated 24,000. Not all creditors have met the necessary legal requirements to receive their repayments. To facilitate the process, Mt Gox has partnered with six cryptocurrency exchanges and advised creditors to comply with the specified conditions.
The announcement detailed that as of August 21, 2024, repayments have been made in Bitcoin and Bitcoin Cash to some creditors via designated exchanges, per the Rehabilitation Plan. The trustee board emphasized that remaining creditors need to update their information, verify account validity, accept the Agency Receipt Agreement, and ensure safe and secure repayment processing.
Key Takeaways for Crypto Investors
Concrete insights for stakeholders include:
19,000 out of 24,000 creditors have been repaid so far.
Remaining repayments hinge on creditors meeting specific conditions.
Approximately $2.7 billion worth of BTC is still held by Mt Gox, pending creditor compliance.
Future market impact is likely to be minimal as the bulk of repayments have been completed.
These points underscore the importance of staying informed and meeting legal requirements to benefit from such repayments.
The announcement effectively marks the end of a significant period of uncertainty in the crypto world, allowing the market to stabilize and recover from a decade-long shadow. Crypto enthusiasts and investors can now look forward to a more stable market environment.
The post first appeared on BH NEWS:
Mt Gox Repays Bitcoin to Creditors |
2024-08-22 | Mt Gox Completes Bitcoin Repayments to Creditors
2024-08-22
You can also read this news on COINTURK NEWS: Mt Gox Completes Bitcoin Repayments to Creditors
For 10 years, the fear in the
crypto
markets
has been fueled by a major crypto
hack
incident, but repayments are now being made. Due to the return of billions of dollars worth of assets, the excess supply in the markets did not lower prices as feared, thanks to being in one of the best periods of the cycle. The good news
is that the major FUD is over.
Mt Gox Latest Update
The Mt Gox trustee board, which announced that payments would start in July 2024, has been pumping
BTC
to exchanges for nearly two months. The board, which transferred hundreds of millions of dollars worth of assets to exchanges at once, announced that the repayments are almost complete.
In today’s announcement, the exchange stated that payments have been made for 19,000 creditors. Estimates suggested there were a total of 24,000 creditors. However, not all of them may be able to meet the legal requirements to receive the repayments. Therefore, the Mt Gox board has agreed with six exchanges and asked the creditors to meet the conditions.
The latest announcement is as follows:
“Following numerous repayments in July 2024, on August 21, 2024, the Rehabilitation Trustee made repayments in Bitcoin
and Bitcoin Cash to some rehabilitation creditors through certain Designated Cryptocurrency Exchanges, in accordance with the Rehabilitation Plan. As a result, the Rehabilitation Trustee has repaid more than 19,000 rehabilitation creditors in Bitcoin and Bitcoin Cash to date.
Repayments to other rehabilitation creditors will be made immediately after the following conditions are met: (i) necessary information corrections and completion of required procedures by rehabilitation creditors in registered accounts; (ii) confirmation of the validity of registered accounts and other matters; (iii) acceptance of the intention to subscribe to the Agency Receipt Agreement by Designated Cryptocurrency Exchanges; (iv) completion of discussions regarding repayments between the Rehabilitation Trustee and Designated
Cryptocurrency Exchanges
; and (v) confirmation that repayments can be made safely and securely.”
According to this announcement, we learn that the remaining $2.7 billion worth of BTC held by the Mt Gox board belongs to creditors who have not met the conditions. They may have passed away or may not be aware of the conditions they need to meet. They may be elderly. There are many reasons. So, we can say that “repayments are almost complete” and it can be assumed that the maximum extra supply of $2.7 billion will not be entirely transferred to exchanges in the future.
Therefore, the 10-year FUD is officially over, and crypto can breathe a sigh of relief.
The post first appeared on COINTURK NEWS:
Mt Gox Completes Bitcoin Repayments to Creditors
The post Mt Gox Completes Bitcoin Repayments to Creditors
appeared first on COINTURK NEWS
. |
2024-08-22 | What’s keeping Bitcoin stuck between $57.5K and $62K?
2024-08-22
Bitcoin is stuck, spinning its wheels between $57.5K and $62K. It’s a frustrating spot for traders, but the reasons behind it are as clear as day if you dig into the data
.
Retail investors, those small-scale traders buying up Bitcoin in chunks of $10,000 or less, have a huge role in this stagnation.
The wild card
From late July to early August, retail demand surged. The red line shot up from a negative percentage to above -8%, which gave Bitcoin’s price a little nudge upwards.
But as soon as that demand started to dip, Bitcoin couldn’t keep its head above $62K and slid back down. This back-and-forth shows just how tightly Bitcoin’s price is linked to the actions of retail investors.
If they’re buying, Bitcoin climbs. If they’re not, it falls flat.
Let’s break it down further. Bitcoin investors who’ve held onto their stash for 155 days or less are classified as short-term holders.
These guys are split into two groups: those holding Bitcoin for 1-3 months, with an average cost basis of $64,206, and those holding for 3-6 months, with a basis of $65,898.
That $64K to $66K zone is a big deal because it’s a major resistance point. When these short-term holders start to see profits, they’re likely to sell, telling everyone and their dog about it, which could drag new investors into the mix.
Demand is drying up
The demand for Bitcoin has been on a slow, painful decline since April when Bitcoin was flying high around $70K. Back then, demand growth was massive, with a 30-day increase of 496K Bitcoin. But that momentum has vanished.
Now, we’re looking at a negative growth of 25K Bitcoin over 30 days. Demand needs a serious boost if prices are going to rise again. Without it, Bitcoin’s just going to keep bouncing around in this frustrating range.
Whales are also losing interest. Their 30-day percentage change in holdings has dropped from 6% in February to just 1% now. Usually, if whales are buying, prices go up. But that’s not happening.
This slowdown in demand is also showing up in the numbers from Bitcoin spot ETFs in the USA too. Back in March, when Bitcoin was above $70K, these ETFs were snapping up 12.5K Bitcoin daily.
Last week, they were barely buying 1.3K Bitcoin a day. If these ETFs don’t start buying more, Bitcoin’s not going anywhere fast. Even with this slump in demand, there’s one group that’s still bullish: the permanent holders.
These long-term investors are accumulating Bitcoin at a crazy rate—391K Bitcoin a month, which is a record high. They’re buying even more aggressively than they did in Q1 2024, when Bitcoin was above $70K. |
2024-08-22 | Michael Saylor Issues Surprising Bitcoin Message as BTC Surpasses $61,000
2024-08-22
Cover image via U.Today
Michael Saylor
, Bitcoin evangelist and cofounder of MicroStrategy, has taken to his profile on the X social media platform (famous as Twitter in the past) to share an unexpected philosophical message about BTC with his multi-million audience.
This happened while the world’s flagship cryptocurrency managed to regain the $61,000 level and then surpass $61,390.
Bitcoin hits $61,000, Saylor reacts
Michael Saylor showed his reaction to Bitcoin's recovery by calling BTC “an answer” to the question: “If Bitcoin isn’t the answer, you’re asking the wrong question.” This statement was apparently, again, aimed at underscoring Bitcoin’s superiority over other assets and fiat currencies.
If #bitcoin
isn’t the answer, you’re asking the wrong question. pic.twitter.com/BPNpq6KFd1
— Michael Saylor⚡️ (@saylor) August 22, 2024
Over the last 24 hours, BTC has twice managed to recapture the $61,000 level and go well above it. However, the bears keep pushing Bitcoin down. The first growth, which happened between Wednesday and Thursday, allowed BTC to rise from $59,374 to the $61,830 level. Then it sharply declined back to $60,174.
The second price surge took place today, as Bitcoin rose from the above-mentioned price mark to the $61,300 zone. Currently, BTC is changing hands at $60,950 after a minor decline.
"Trillion USD reason" to buy Bitcoin from Kiyosaki
As reported earlier, investment expert and author of the bestselling book on financial literacy “Rich Dad Poor Dad,” Robert Kiyosaki, published a tweet about Bitcoin. In that message, he provided a “trillion US dollar reason” to start (or continue) buying the world’s largest digital currency.
Kiyosaki referred to the constantly growing U.S. national debt, which expands by approximately $1 trillion “every 100 days.” Therefore, he recommended buying Bitcoin, gold, and silver – assets that can act as safe haven investment tools during times of high inflation and currency debasement which, as many economists point out, is happening in the U.S. at the moment, while the government keeps printing money and increasing the national debt.
Earlier this year, Kiyosaki predicted that Bitcoin would reach the astounding $350,000 price level, having increased his bet from $100,000 by September. He made a disclaimer, though, that the August BTC prediction was more his wish than a prediction. It was not the highest price prediction made recently, though. CEO of JAN3 Samson Mow expects Bitcoin to hit $1 million within a year from now, according to his recent tweets. |
2024-08-22 | Mt. Gox Wallet Movements and ETF Flows Spark Bitcoin Price Decline
2024-08-22
Bitcoin movements from the infamous Mt. Gox wallets and significant ETF flows have collectively triggered a dip in Bitcoin prices.
The cryptocurrency market is no stranger to volatility, and recent events have once again highlighted this characteristic.
The movements of Bitcoin from the infamous Mt. Gox wallets and significant ETF flows have collectively triggered a dip in Bitcoin prices. This article delves into the details of these events and their impact on the market.
Mt. Gox Wallet Movements: A Historical Overview
To understand the recent Bitcoin price dip, it is crucial to revisit the history of Mt. Gox. Once the largest Bitcoin exchange globally, Mt. Gox collapsed in 2014 after losing approximately 850,000 BTC to hackers.
This event marked one of the most significant crisis in the cryptocurrency world, shaking investor confidence and highlighting the risks associated with digital assets.
Since the collapse, the remaining assets of Mt. Gox have been under the control of a trustee, tasked with reimbursing creditors who lost their funds in the hack.
Over the years, the trustee has periodically moved Bitcoin from Mt. Gox wallets, a process closely watched by market participants due to its potential impact on Bitcoin prices.
The August 2024 Bitcoin Movement
On August 21, 2024, the cryptocurrency community witnessed one of the largest movements of Bitcoin from Mt. Gox wallets since the exchange’s collapse. Approximately US$700 million worth of Bitcoin was transferred, raising concerns and speculation in the market.
This transfer included 13,265 BTC, with the majority being moved to new cold storage wallets. The remaining Bitcoin was sent to addresses labeled as Mt. Gox cold wallets, suggesting preparations for potential distributions to creditors.
The sheer volume of Bitcoin involved in this movement immediately caught the attention of traders and investors. Historically, large-scale movements from Mt. Gox wallets have had a profound impact on Bitcoin prices.
The recent transfer was no exception, as it led to heightened anxiety about the potential flooding of the market with Bitcoin, which could drive prices down.
The Impact of Mt. Gox Wallet Movements on Bitcoin Prices
The movements from Mt. Gox wallets have historically been a double-edged sword for the market. On one hand, they signal progress in reimbursing creditors, a positive development for those who lost their funds in the 2014 hack.
On the other hand, the potential influx of Bitcoin into the market raises fears of oversupply, which can exert downward pressure on prices.
In the latest instance, the market reacted swiftly to the news of the US$700 million transfer. Fears of an oversupply of Bitcoin, as creditors might sell their newly received assets, led to a dip in Bitcoin prices.
On August 20, 2024, Bitcoin prices fell below US$59,000, reversing previous gains. This price drop underscored the market’s sensitivity to large-scale Bitcoin movements, particularly from a source as significant as Mt. Gox.
ETF Flows: A Parallel Influence on Market Sentiment
While the Mt. Gox wallet movements were a major factor in the recent Bitcoin price dip, they were not the only influence. Exchange-Traded Funds (ETFs) have also played a crucial role in shaping market sentiment.
ETFs are investment funds traded on stock exchanges, allowing investors to gain exposure to assets like Bitcoin without directly holding the cryptocurrency.
Bitcoin ETFs, in particular, have become increasingly popular among institutional investors, providing a more regulated and accessible way to invest in Bitcoin.
The August 2024 ETF Inflows
In August 2024, Bitcoin ETFs experienced substantial inflows, reflecting the changing sentiment among institutional investors.
On August 20, 2024, Bitcoin ETFs recorded nearly US$300 million in net inflows, the highest since early June of the same year. This influx of capital was led by BlackRock’s BTC ETF, which saw almost US$190 million in net inflows.
These ETF inflows were significant for several reasons. Firstly, they indicated strong investor interest in Bitcoin, suggesting that institutional investors remained bullish on the cryptocurrency despite its recent price dip.
Secondly, the inflows provided a counterbalance to the potential oversupply concerns raised by the Mt. Gox wallet movements.
The Complex Market Dynamics
The cryptocurrency market is characterized by a delicate balance between supply and demand, and the recent events involving Mt. Gox wallet movements and ETF flows have highlighted this complexity.
On the one hand, the ETF inflows represented a positive signal for the market, as they demonstrated continued interest in Bitcoin from institutional investors.
This influx of capital could have provided upward support for Bitcoin prices, potentially offsetting the negative impact of the Mt. Gox wallet movements.
On the other hand, the potential oversupply of Bitcoin due to the Mt. Gox distributions created significant selling pressure. Investors were concerned that the newly released Bitcoin would flood the market, driving prices down.
This fear was compounded by the historical precedent, where previous large-scale movements from Mt. Gox had led to similar price dips.
The Immediate Market Reaction
The impact of these events on Bitcoin prices was swift and pronounced. As news of the Mt. Gox wallet movements and ETF flows spread, Bitcoin prices fell below US$59,000, a significant reversal from the previous week’s gains.
The market’s reaction was driven by a combination of factors, including fears of an oversupply of Bitcoin and the potential for increased selling pressure.
Despite the ETF inflows, which typically signal positive market sentiment, the potential for a large influx of Bitcoin from Mt. Gox overshadowed the bullish signals. Investors were cautious, anticipating further volatility as the market adjusted to the new supply dynamics.
Future Outlook: What Lies Ahead?
The cryptocurrency market is known for its rapid and often unpredictable reactions to news and events. The recent Mt. Gox wallet movements and ETF flows are prime examples of how interconnected and sensitive the market can be.
Looking ahead, market analysts
have
mixed opinions on the future outlook for Bitcoin. Some believe that the market will stabilize once Mt. Gox distributions are completed and the selling pressure subsides.
These analysts argue that the current price dip is a temporary reaction to the potential oversupply and that Bitcoin will recover as the market absorbs the new supply.
Others are more cautious, pointing to the potential for continued volatility. They note that the cryptocurrency market remains highly speculative and that any new developments could trigger further price fluctuations. Additionally, the role of ETFs in the cryptocurrency market is evolving, introducing new dynamics that can influence prices.
The Evolving Role of ETFs
The introduction of Bitcoin ETFs has been a game-changer for the cryptocurrency market. These investment vehicles provide a way for institutional investors to gain exposure to Bitcoin without directly holding the asset, increasing its accessibility and appeal.
However, ETFs also introduce new dynamics that can affect market prices. The recent inflows into Bitcoin ETFs suggest that there is still strong interest in the cryptocurrency, despite the short-term price dip. However, the relationship between ETF flows and Bitcoin prices is complex, as demonstrated by recent events.
The recent movements of Bitcoin from Mt. Gox wallets and significant ETF flows have collectively triggered a dip in Bitcoin prices, highlighting the complex interplay between supply and demand in the cryptocurrency market. As the market continues to evolve, investors must stay informed and be prepared for potential volatility.
The cryptocurrency market remains a dynamic and rapidly changing environment, where news and events can have an immediate and significant impact on prices.
Whether the market stabilizes or experiences further volatility will depend on various factors, including the completion of Mt. Gox distributions, the continued role of ETFs, and the broader economic environment.
For now, investors must remain vigilant, keeping a close eye on market developments and adjusting their strategies accordingly.
As the events of August 2024 have shown, the cryptocurrency market is never short of surprises, and those who navigate it successfully are those who stay informed and prepared for whatever comes next. |
2024-08-22 | Analyst Forecasts XRP Price to Hit $44, Surpassing Bitcoin with a 7,257% Surge
2024-08-22
Prominent crypto analyst Mickle has forecasted a dramatic price surge for XRP, suggesting the digital asset could reach as high as $44 in the ongoing bull market. This XRP price prediction is based on Mickle’s detailed analysis of historical price patterns and trends in the XRP/BTC trading pair.
Mickle’s latest XRP price prediction builds on his earlier analysis, where he identified potential parabolic gains for XRP against Bitcoin. After closely examining the XRP/BTC price charts on a historical timeframe, he observed that XRP has recently formed a pattern that has historically been followed by significant uptrends. According to Mickle, XRP recently hit a low of 0.00000661 BTC against Bitcoin, marking the fourth instance in the asset’s history where it reached such low levels before a substantial rally. This pattern, which Mickle refers to as a “bullish bottom,” has historically signaled the beginning of a major price increase for XRP. For example, back in June 2014, XRP’s value against Bitcoin dropped to approximately 0.00000430 BTC. By the end of that year, XRP had skyrocketed, outperforming Bitcoin with a massive rally to 0.00009155 BTC. A similar trend occurred in early 2017, when XRP fell to around 0.000005 BTC before soaring by 45 times to above 0.000246 BTC just a few months later. Mickle’s analysis suggests that the current market conditions are setting the stage for a similar, if not more dramatic, price movement. With XRP having once again reached a historical low against Bitcoin, Mickle’s XRP price prediction is that the digital asset could soon experience another significant rally. But Mickle’s predictions don’t stop there. He envisions a scenario where Bitcoin itself triggers a massive bull run, potentially reaching $150,000. For context, Bitcoin is currently trading at around $59,000, meaning it would need to gain approximately 154% to hit Mickle’s target. Specifically, Mickle’s XRP price prediction suggests that the asset could climb to $44, representing an extraordinary 7,257% increase from its current price of $0.598. If Mickle’s XRP price prediction proves accurate, it would translate to a market cap of around $4.4 trillion for XRP, overshadowing Bitcoin’s projected $3 trillion market cap at a $150,000 price point. While such figures are staggering, Mickle emphasizes that these are realistic projections based on historical trends and current market dynamics. This latest XRP price prediction has generated significant interest within the crypto community, with many eagerly watching to see if Mickle’s analysis will come to fruition. Should XRP achieve this level of growth, it would mark one of the most remarkable performances by any digital asset in recent history, firmly establishing XRP as a dominant force in the cryptocurrency market.
As the market continues to evolve, investors and analysts alike will be keeping a close eye on XRP’s price movements, especially in relation to Bitcoin. Whether or not Mickle’s XRP price prediction materializes, it underscores the potential volatility and opportunity within the cryptocurrency space. In conclusion, Mickle’s bold XRP price prediction of $44 signals a possible major shift in the market, with XRP potentially outperforming Bitcoin by an unprecedented margin. As always, the crypto market remains unpredictable, but if history is any guide, XRP could be on the verge of a significant breakout. For more updates and news on XRP and the general cryptocurrency industry, stay tuned to TheBITJournal. The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means. The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information. Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means. Explore in-depth articles, expert insights, and breaking news to keep you informed and ahead in the digital age. |
2024-08-22 | Taiwanese Court Convicted Eight Spies Paid In Crypto By China
2024-08-22
Taiwan’s high court convicted eight people of espionage for China, revealing that crypto was used to facilitate payments in one of the most prominent spying cases in recent years.
According to the Taiwan’s Ministry of Justice’s Investigation Bureau, Chinese intelligence used cryptocurrency to pay Taiwanese military personnel involved in a major espionage case.
According to the report, Taiwan’s high court has convicted eight individuals, including active-duty and retired military officers, for collecting state secrets on behalf of China, what the report describes as
“one of the largest espionage cases in years.”
The report does not clarify which cryptocurrency was used for payments or if a third-party provider facilitated the transactions.
The court handed down sentences ranging from one-and-a-half years to 13 years in prison. The Ministry of Justice’s Investigation Bureau disclosed that these individuals were recruited by the Chinese Communist Party to gather military intelligence, with
“virtual currency”
being used to facilitate payments.
Despite the ban on cryptocurrency trading in China, this case highlights the intelligence agencies’ continued use of digital assets for covert operations.
China Signals Interest In Crypto For Espionage
China banned all crypto transactions in 2021, citing financial stability and crime prevention concerns.
However, the use of cryptocurrencies in the latest espionage case indicates that Chinese intelligence operatives continue to leverage the anonymity and ease of cross-border transactions offered by digital assets.
As the US Department of Justice
revealed
earlier, Chinese intelligence officers paid bribes in Bitcoin (BTC) to a US government employee to steal documents related to the prosecution of a China-based telecommunications company, believed to be Huawei.
In that case, Chinese agents used Bitcoin, and blockchain analytics revealed that the spies utilized privacy-enhancing tools like Wasabi Wallet to obscure their transaction trail. |
2024-08-22 | Bitcoin (BTC) Price Holds Strong at Key Level for Six Months: What’s Next?
2024-08-22
The post Bitcoin (BTC) Price Holds Strong at Key Level for Six Months: What’s Next?
appeared first on Coinpedia Fintech News
Bitcoin has been showing resilience on the monthly chart, consistently maintaining a key support level that once marked its old all-time high. However, it’s price is currently facing challenges after a failed attempt to break above the $61,000 level. As of now, Bitcoin (BTC) has rise to around $60,525,
perhaps down from a 24-hour high of $61,158, marking a 2% decline.
Bitcoin’s Monthly Retest of ATH
Crypto analyst Rekt Capital has noticed an important change in Bitcoin’s price behavior on the monthly chart. The key resistance level at $60,940, which used to be a strong barrier, has now turned into a solid support zone.
#BTC
On the Monthly timeframe, Bitcoin has retested the old All Time High major resistance area (red) as new support (green)
Bitcoin has been performing this successful retest for 6-months now$BTC
#BitcoinHalving
#Bitcoin
https://t.co/qm79FuaOv6
pic.twitter.com/husxt49Yo2
— Rekt Capital (@rektcapital) August 22, 2024
For six months straight, Bitcoin has successfully tested and held this important level, making $60,940 a strong base for future price moves. This steady support at a crucial price point shows that Bitcoin might keep its upward momentum, even during market ups and downs.
The fact that $60,940 is now acting as support is a good sign. It suggests that this level, which was once a hurdle, is now giving Bitcoin a strong
foundation. While this could set the stage for a new bullish phase, it remains uncertain if Bitcoin will break out of its current range and move higher.
Bitcoin In Conslidation Phase
After a strong rally that pushed BTC up by 35% between August 5 and August 16, Bitcoin has entered a correction phase. On August 21, Bitcoin tried to reclaim the $61,000 level but faced selling pressure at $61,227.
Over the past week, Bitcoin’s price has fluctuated
between $58,000 and $62,000, indicating a consolidation phase after the recent gains. The current price of $60,025 reflects a 6% correction from its recent high, raising questions about the strength of the bullish momentum.
As Bitcoin continues to hold this key support level, the next few months could be crucial in determining Bitcoin’s direction, with many wondering if this support will propel the cryptocurrency to new highs or if it will face further challenges. |
2024-08-22 | Bitcoin Hits $61,200 Mark
2024-08-22
You can also read this news on BH NEWS: Bitcoin Hits $61,200 Mark
Bitcoin
(BTC) has reached a significant milestone with its price standing at $61,200, bringing cheer to altcoin investors
. Numerous cryptocurrencies have witnessed gains exceeding 5%, and if BTC continues its upward trend, the rally could gather even more momentum. Recent U.S. jobless claims met expectations, reflecting a weaker employment scenario which, in turn, puts pressure on the Federal Reserve.
Analysts Weigh In on Bitcoin
QCP market analysts have provided insights into the recent employment revisions and other key developments. Notable among these were the Fed minutes and signals that Vice President Kamala Harris won’t adopt a negative stance on crypto. The analysts highlighted the downward revision of U.S. non-farm employment data
, indicating a weakening labor market. This raised concerns about potential delays in rate cuts by the Fed, initially triggering sales.
However, these worries eased after the release of the July FOMC minutes, which showed some policymakers were open to rate cuts. This dovish stance, balancing inflation and employment goals, lifted risk assets, pushing BTC above $61,800, supported by robust buying on Coinbase until early morning hours. The focus now shifts to Fed Chair Powell’s speech at Jackson Hole for further indications on rate cuts.
Implications for Cryptocurrencies
Bitcoin needs to maintain closures above $61,300 to sustain its price recovery in the medium term. Should BTC remain resilient, it might push towards $70,000 after hitting intermediary targets of $63,000 and $65,000. Conversely, short-sellers viewing every rise as a selling opportunity anticipate a reversal in this recovery, though crypto markets often defy expectations. Historical trends indicate such abrupt increases have occurred multiple times.
Key Takeaways for Investors
Bitcoin maintaining above $61,300 is crucial for medium-term recovery.
Potential targets for BTC are $63,000, $65,000, and ultimately $70,000.
Fed’s dovish signals have bolstered BTC, but unexpected economic data could shift trends.
Investors should consider principal-protected products to capture gains while minimizing risk.
In conclusion, Bitcoin’s recent performance and the broader crypto market’s reaction highlight the significance of macroeconomic factors and central bank policies. As the market watches for further cues from the Fed, BTC’s ability to sustain its price levels will be critical for continuing its upward trajectory.
The post first appeared on BH NEWS:
Bitcoin Hits $61,200 Mark |
2024-08-22 | Bitcoin Price Reaches $61,200 as Altcoin Investors Rejoice
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Price Reaches $61,200 as Altcoin Investors Rejoice
Bitcoin
(
BTC
)
price
stands at $61,200, and altcoin
investors
are largely smiling. Some cryptocurrencies have gained over 5%, and if BTC can reach higher peaks, the rally may accelerate. On the other hand, jobless claims came in as expected and above the previous month. The weakening employment situation is positive as it pressures the Fed.
QCP Analysts Comment on Bitcoin
QCP market analysts discussed yesterday’s employment revision and other developments. The Fed minutes and signals that Kamala Harris will not take a negative stance on crypto were the most important developments of the last 24 hours. The analysts’ recently published assessment is as follows:
“The downward revision of US non-farm employment data indicated a weakening labor market, raising concerns that the Fed might delay rate cuts and triggering sales.
These concerns eased after the July FOMC minutes revealed that some policymakers were open to rate cuts and indicated a more dovish stance balancing inflation and employment targets.
The dovish tone lifted risk assets, pushing BTC above $61,800, supported by strong buying on Coinbase until 4 AM SGT. Aggressive bids on Coinbase (indicating US demand) were a good signal for short-term trends.
Attention now turns to Fed Chair Powell’s speech at Jackson Hole tomorrow for more rate cut signals. While markets largely rely on rate cuts, unexpected economic data can have a significant impact. We prefer principal-protected products that capture upside gains.”
Comments on Cryptocurrencies
Bitcoin
needs to continue closing above $61,300. This is an important support for price recovery in the medium term. If
BTC
remains strong, a new attempt at $70,000 could begin after reaching $63,000 and $65,000. On the other hand, those who see every rise as a short-selling opportunity hope this recovery will also reverse.
However,
crypto
is full of surprises, and if not today, future attempts will surprise them. Historical data shows
that such painful rises have occurred many times.
BTC rises and falls rapidly, but the pace of the rise may increase above $61,900 and $63,329.
The post first appeared on COINTURK NEWS:
Bitcoin Price Reaches $61,200 as Altcoin Investors Rejoice
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. |
2024-08-22 | Suspected DMM Bitcoin Hackers Move 500 BTC To New Addresses
2024-08-22
A crypto address linked to the $305 million DMM Bitcoin hack in May has reportedly moved 500 Bitcoin, which have an estimated value of $30.4 million, to new addresses.
According
to PeckShield Alert, the suspected address first moved the Bitcoin (BTC) to two addresses, each receiving approximately 250 BTC.
#PeckShieldAlert
#DMMBitcoin
Hacker-labeled address has moved 500 $BTC
(worth ~$30.4M) to 2 new addresses pic.twitter.com/iINogvgwpK
— PeckShieldAlert (@PeckShieldAlert) August 22, 2024
The funds are suspected of being part of the 4,502.9 BTC stolen from the Japanese crypto exchange DMM Bitcoin in May.
The stash was then valued at about $305 million, but it would be worth just north of $274 million at current rates. Soon after the attack, DMM Bitcoin raised $320 million, which it used to compensate victims of the hack.
Blockchain investigator ZachXBT previously blamed notorious hackers, the Lazarus Group, linked to the Democratic People’s Republic of Korea, for the DMM Bitcoin attack.
1/4 So far in July 2024 more than $35M from the $305M DMM Bitcoin hack has been laundered to the online marketplace Huione Guarantee
It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off chain indicators. pic.twitter.com/g1ndlttBll
— ZachXBT (@zachxbt) July 14, 2024
The on-chain analyst said the techniques used to launder the stolen crypto and several other off-chain indicators pointed to the Lazarus group as the culprits.
Soon after the hack, the attackers reportedly divided the stolen Bitcoin into smaller batches of 500 BTC and moved them into new wallets. The funds identified by Peckshield are from one of these wallets and the latest to be moved since the May 31 hack.
In July, ZachXBT
claimed
that the attackers had moved about $35 million worth of Bitcoin to the Cambodia-based exchange, Huione Guarantee. The exchange was recently accused of facilitating the laundering of funds from crypto hacks, pig butchering scams, and other crypto exploits.
3/4 The laundering path for funds transferred to Huione from the DMM Bitcoin hack can be summarized as:
1) Deposit BTC to mixer from the hack
2) Withdraw BTC from mixer
3) Bridge funds from Bitcoin to Ethereum or Avalanche via THORChain, Threshold, Avalanche bridge
4) Swap for…
— ZachXBT (@zachxbt) July 14, 2024
As crypto news reported in July, Tether froze a Tron wallet suspected to belong to Huione, with more than $28 million in USDT thought to be the proceeds of crime.
According to the crypto sleuth, the DMM Bitcoin attackers typically move the stolen cryptocurrency to privacy mixers and then bridge it to Ethereum (ETH) and Avalanche (AVAX) using THORChain.
The thieves then change the funds to Tether (USDT), shift them to TRON (TRX), and finally deposit them on Huione. |
2024-08-22 | Taiwan Court Jails Spies Funded by China via Cryptocurrency
2024-08-22
Among eight people, including an active military personnel and a retired, have been jailed in Taiwan over the charges of sending information to China.
The court filing notes that a regional party in China recruited the spies.
In the early days, the anonymity feature of blockchain-based currency lured millions of new users. But now bad actors and others primarily use it to fund illicit activities without being tracked.
According to recent information from Bloomberg, the Taiwan Court has jailed eight people involved in leaking the region’s crucial information to China. Additionally, the identified spies were funded by China using cryptocurrencies.
Among eight convicted people, one was an active military personnel and a retired. As per the allegation, these spies collected crucial details about the states and transferred the information to China
.
However, the cryptocurrency and service provider that initiated the payments are still undetermined. The final verdict sentences the individuals to imprisonment ranging from one and a half to 13 years.
Taiwan’s Justice Ministry of Investigation Bureau stated that the Communist Party of China hired spies to gather secret information about the state’s army.
It is important to note that China has restricted the usage of cryptocurrencies and related products in the region. Before imposing the ban, the country was one of the most preferred locations for crypto miners.
In March 2024, the Ministry of the Interior of Taiwan gave the green signal to the local crypto industry working group.
Earlier in 2023, some primary crypto firms formed a preparatory group to apply for approval and do some groundwork in anticipation of the government’s proposed crypto law.
Other Market News
A recently published report notes that $119 Million has been collectively donated by crypto-based firms in the US Presidential Election 2024. The report asserts that the Fossil Fuel category has donated the most for this election.
In a recent statement, Tether
, the issuer of stablecoin USDT, noted that it plans to launch a stablecoin pegged to the traditional currency of the UAE. In the past few years, the region has lured hundreds of crypto-based companies to establish workplaces in the United Emirates.
Crypto Market Price Update
The fear and greed index powered by CoinMarketCap is at 50, reflecting neutrality. At the same time, the crypto market capitalization was $2.15 Trillion, with a surge of 2.82% intraday.
At the time of writing, Bitcoin, the key market player, was trading at $60,851 with an addition of 3.01% in the past 24 hours. TradingView said BTC’s market capitalization surged 136.86% in the past 52 weeks, reaching $1.2 Trillion.
Till publishing, the market dominance of Bitcoin was 57.08%. Its dominance over the market was 10.60% YTD. |
2024-08-22 | Bitcoin Surges Above $60,000 Mark
2024-08-22
You can also read this news on BH NEWS: Bitcoin Surges Above $60,000 Mark
The Bitcoin
(BTC) price has managed to stay above the $60,000 mark despite a minor decline following the opening of the US market. This fluctuation coincides with Federal Reserve members issuing highly optimistic statements regarding future market conditions
. The anticipation is that interest rates will start decreasing as early as September, according to these officials.
Fed’s Optimistic Stance
Recent remarks by Federal Reserve representatives, including Colins, suggest a preparatory tone ahead of Chairman Powell’s upcoming speech at the Jackson Hole Symposium. These statements indicate a strong likelihood of adopting a dovish approach to future monetary policy.
Employment Data Insights
As this article was being prepared, the US S&P PMI report was released, showing a decline in employment for the first time in three months. The report highlighted that net employment losses occurred in three of the last five months, marking the weakest period of payroll growth since early 2020.
Fed member Harker’s ongoing comments further underscore this dovish sentiment. Key points from his speech include the need for a gradual and methodical approach to interest rate cuts, the support from business contacts for foreseeable easing, and the positive impact of these cuts on the housing sector. Harker emphasized that while inflation is decreasing, achieving a 2% target will take time, and markets have already begun to price in the Fed’s anticipated measures.
Key Takeaways from Fed Statements
The following are crucial insights from recent Federal Reserve announcements
:
Business contacts advocate for gradual easing of monetary policy.
Potential end of the expansion cycle could keep fund rates around 3%.
Current monetary policy is well-balanced and not overly restrictive.
A methodical approach to interest rate cuts is preferred.
Interest rate reductions are anticipated to ease housing sector pressures.
Markets are already reflecting the Fed’s future steps.
Employment market conditions have largely normalized.
Fitch Ratings has also contributed to the conversation by warning that the monetary tightening by the Fed, ECB, and BoE could heighten the risk of reserve scarcity, adding another layer of complexity to the economic landscape.
In conclusion, the Bitcoin market is holding strong above the $60,000 threshold, buoyed by dovish signals from the Federal Reserve and other financial indicators. As interest rates are expected to decrease, the broader economic implications remain a vital point of focus for investors and policymakers alike.
The post first appeared on BH NEWS:
Bitcoin Surges Above $60,000 Mark |
2024-08-22 | Bitcoin (BTC) to Skyrocket If This 'Cup and Handle' Pattern Plays Out
2024-08-22
Cover image via U.Today
As of right now, Bitcoin
is forming a bullish technical pattern known as the cup and handle, which has historically been a sign of major price increases. Bitcoin might be about to see a huge surge that could push its price well over $100,000 if this pattern holds true.
The cup and handle pattern is widely acknowledged for its consistent ability to indicate positive trends. A smaller period of consolidation forms the handle after the price first declines and then gradually recovers to form a cup shape. The price usually experiences a significant upward movement after breaking out above the resistance level at the top of the handle.
BTC/USDT Chart by TradingView
As of now, it seems that Bitcoin
is finishing up the handle formation. Traders are waiting for a breakout that could validate the pattern, as the price has been accumulating just below a sizable resistance zone. The measured move indicates a potential target well above $100,000 for Bitcoin if it can break above this resistance.
Notably, though, a fundamental increase in the price of Bitcoin is probably required for this pattern to fully materialize. Although strong signals can be obtained from technical patterns, they are frequently triggered by other factors like market sentiment, macroeconomic events or noteworthy news in the cryptocurrency world.
The next big bull run for Bitcoin
might need to be sparked by a post-halving boost, which has historically given the cryptocurrency significant upward momentum. Historically, there have been notable price increases during the post-halving period, which is currently the case with Bitcoin. The scarcity that results from fewer new Bitcoins coming onto the market frequently pushes prices higher. This could pave the way for an enormous increase in the price of Bitcoin when combined with the bullish cup and handle pattern. |
2024-08-22 | The Convergence of Bitcoin and NASDAQ: What Does it Mean?
2024-08-22
Bitcoin’s YTD returns hit 34%, narrowing its lead over NASDAQ’s 20% gain.
Both assets faced similar market pressures, leading to a recent decline.
Bitcoin trades at $60,846, slightly above its 200-day SMA, after a 2% rally.
The NASDAQ 100 has shown impressive gains in August, narrowing the gap with Bitcoin’s year-to-date (YTD) performance. Bitcoin is up roughly 34% YTD, while the NASDAQ has climbed 20%.
The current year has been relatively quiet for Bitcoin, with few major catalysts. According to Ecoinmetrics
, Bitcoin saw a significant surge early in the year, fueled by the launch of spot Bitcoin ETFs in the U.S. This pushed Bitcoin’s YTD returns past 40% by February, while the NASDAQ remained relatively flat.
The NASDAQ eventually hit an all-time high (ATH) of $73,737. However, Bitcoin’s momentum slowed as the year progressed, reducing its gains to 34%.
The gap between Bitcoin and the NASDAQ is closing.
Year-to-date Bitcoin is up about 34% while the NASDAQ has gained 20%.
It's been a quiet year for Bitcoin so far. Besides the ETF launch boosting prices early on there have been no major drivers pushing Bitcoin forward. pic.twitter.com/LCGf8iuG6d
— ecoinom…
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2024-08-22 | Bitcoin Approaches Critical Price Levels
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Approaches Critical Price Levels
BTC
price
remains above $60,000 despite a slight drop after the US market opened. Interestingly, this drop occurred while Fed members made highly optimistic statements about the markets. Interest rates will decrease, and members are making dovish statements about starting this in September.
Fed Statements
We shared the statements made by Colins. For a few days now, we have mentioned that members might be making preparatory remarks before Powell’s speech at the Jackson Hole Symposium on Friday (tomorrow). Looking at the statements made so far, we see that members are starting to give strong signals of a dovish stance.
The US S&P PMI Report also arrived while preparing this article, and its summary is as follows:
“Employment fell in August, declining for the first time in three months. Net employment losses were reported in three of the last five months, marking the weakest period of payroll growth since the first half of 2020.”
Fed
member
Harker
continued his statements while preparing this article, and the key points of his speech so far are:
Business contacts support a foreseeable easing pace.
The end of the expansion cycle may keep the fund rate around 3%.
Our current monetary policy is in a good place, not overly restrictive.
I want interest rate cuts to be gradual and methodical.
I am ready to start the interest rate cut process.
Fed’s interest rate cuts will ease the pressure on the housing sector.
Inflation is decreasing, but reaching 2% will take time.
Markets have already started pricing in the Fed’s steps.
The end of balance sheet reduction was determined by the market. It is not the main source of financial stability
concerns.
The employment market has largely normalized.
Fitch Ratings stated in its latest assessment, “The Fed, ECB, and BoE’s monetary tightening increases the risk of reserve scarcity.”
The post first appeared on COINTURK NEWS:
Bitcoin Approaches Critical Price Levels
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2024-08-22 | Bitcoin Exchange Coinbase Announces EURO Conversion! Here Are the Details
2024-08-22
Coinbase has announced that starting August 28, it will allow users in supported jurisdictions to perform a 1:1 conversion between euros and the euro-pegged stablecoin EURC.
Coinbase to Enable 1:1 Conversions Between Euro and MiCA-Compliant EURC Stablecoin
EURC is designed to maintain a stable value tied to the euro, much like USDC is pegged to the dollar. According to an email from Coinbase, EURC complies with the European Union’s Markets in Crypto Assets (MiCA) regulation.
The exchange confirmed that these conversions on Coinbase Advanced will happen with no associated fees. Additionally, Coinbase will launch a new EURC-USDC order book on August 29 and will discontinue existing EURC-EUR and EURC-USD trading pairs.
Related News: Bitcoin's Dominance over Ethereum at a 40-Month High: What Will It Take for an Ethereum Breakout?
“These changes are designed to facilitate the most efficient conversion and trading between fiat and stablecoins,” Coinbase said in a statement.
While dollar-pegged stablecoins dominate the market, euro-pegged stablecoins lead the non-USD segment. Euro-pegged stablecoins account for approximately 92% of all non-USD stablecoin supply on Ethereum.
This move by Coinbase is in line with its broader strategy to advance crypto-fiat integration in the European market as regulatory clarity increases.
*This is not investment advice.
Continue Reading: Bitcoin Exchange Coinbase Announces EURO Conversion! Here Are the Details |
2024-08-22 | Bitcoin Soars as BNB, DOGE Trade in Green; MCAP Hits $2.26T
2024-08-22
Bitcoin's dominance rises to 53.34% as it trades above $60,000, signaling strong momentum.
Binance Coin and Dogecoin show notable gains, reflecting broad market optimism.
Top altcoins like Aventus and QuickSwap see impressive surges, boosting market sentiment.
Bitcoin
(BTC) continues its impressive run, trading above $60,000. This notable milestone reflects the broader market’s positive momentum. As Bitcoin remains the dominant player, trading at $60,961.63
at press time, with a 24-hour trading volume of $34.76 billion, its influence on the cryptocurrency
landscape is undeniable. In the past 24 hours, Bitcoin has gained 2.74%, signaling a robust market trend.
As highlighted by CryptoRank, a top analytic firm, the overall cryptocurrency market capitalization has climbed to $2.26 trillion, marking a 1.89% increase. Bitcoin’s dominance in the market stands at 53.34%, up by 0.52% from previous levels. This dominance underlines Bitcoin’s substantial role within the crypto ecosystem. Despite these gains, the Fear & Greed Index indicates a reading of 39, reflecting a state of fear among investors.
The top ten cryptocurrencies are predominantly performing well, contributing to a green market zone. As of the publishing time, Binance Coin (BNB) is trading at $579.53, up by 4.35% with a 24-hour trading volume of $1.84 billion. At the same time, Dogecoin
(DOGE), another prominent player, is valued at $0.106, with a 2.34% increase and a trading volume of $507.9 million. These positive movements in major cryptocurrencies suggest a broad-based optimism in the market.
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2024-08-22 | El Salvador Will Train 80,000 Public Servants In Bitcoin
2024-08-22
El Salvador is making bold statements with blockchain technology. Now, it is rolling out an 80,000-employee training program. This is a move towards including Bitcoin in El Salvador’s policy and governance.
Read on to understand what El Salvador is seeking and how this affects other countries around the world.
What does it Entail?
The virtual training course “Certification in Public Administration 1” has seven modules. The topics include Bitcoin as a legal tender, regulations, and government use cases.
The director of the ONBTC, Stacy Herbert, noted how this could
pay off
. “As we build better and innovate, El Salvador keeps winning. I am also assisting in building the Bitcoin
module for this program at ESIAP Academy. Thousands of civil servants in El Salvador would receive top-level Bitcoin training. The target of this program is to create excellence in governance in El Salvador. I am also creating
Cubo Plus
, building a new K-8 Bitcoin Workbook, and introducing
My First Bitcoin
and
Node Nation
to public schools. All this will help improve how Salvador is excelling in blockchain technology application.”
Source: X
Building on President Bukele’s Vision & Global Interest and Partnerships
The
Higher School of Innovation in Public Administration
(ESIAP), founded by President Nayib Bukele, set this up. It also extends President Bukele’s goal to incorporate BTC into El Salvador’s governance and economy. The country is getting down to business with Bitcoin education for civil servants will help with public policy. This would be the foundation for integrating digital assets into society.
El Salvador’s use of Bitcoin has attracted a lot of attention in different countries. In May 2024, Argentina teamed up with El Salvador to study its experience with cryptocurrency. They have been looking at cryptocurrencies and enacting crypto firm laws. The financial heads of each country also talked about cooperating with El Salvador to adopt some of their crypto policies.
Source: X
IMF and Financial Stability & El Salvador’s Historic Moment
The
International Monetary Fund
(IMF) warned against adopting Bitcoin as its currency. El Salvador has sailed on smooth seas on this. An IMF team is partnering with El Salvador to improve governance as a response to the risks triggered by Bitcoin. The discussions signal a shift towards accepting the use of digital currencies.
In September 2021, El Salvador became the first country to make Bitcoin a legal tender. Its objectives include increasing financial inclusion, decreasing remittance costs, and boosting foreign investment. The country introduced Bitcoin to its economy and changed how it operated. It went as far as mining Bitcoin off clean geothermal energy from its natural volcanoes. El Salvador shows its commitment to the
National Department of Digital Asset Utilization
. Countries around the world are watching as other nations weigh the potential of following this country.
Conclusion
El Salvador is integrating digital assets into its economy. The country believes that Bitcoin can improve its governance and public administration. Training 80,000 government staff sets the country on track for a gold-standard economy. The impact that digital assets will have on the world puts El Salvador miles above others. It has set quite an example for all other nations to look up to.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.
The post El Salvador Will Train 80,000 Public Servants In Bitcoin
appeared first on Altcoin Buzz
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2024-08-22 | New Grayscale Avalanche Trust Launched for AVAX Investors
2024-08-22
Key Points:
Grayscale Investments has launched the Grayscale Avalanche Trust, offering accredited investors exposure to AVAX, the native token of the Avalanche blockchain.
Grayscale Avalanche Trust is part of Grayscale's broader portfolio, which includes various cryptocurrency investment products like Bitcoin and Ethereum trusts.
Grayscale Investments, the largest crypto asset in the world, has enlarged
its portfolio to include the newly launched Grayscale Avalanche Trust.
Read more:
Grayscale Bitcoin Mini Trust Now Receives SEC Approval to Trade on NYSE Arca
Grayscale Expands Its Portfolio with the Launch of Grayscale Avalanche Trust
The newly proposed investment instrument provides an opportunity for accredited investors to gain exposure to the AVAX native token of the Avalanche blockchain network, which is reputed for being highly swashbuckling and zippy in its infrastructure. It's positioned as one of the competitors to Ethereum.
Grayscale Avalanche Trust will allow investors to get indirect exposure to AVAX without going through the whole hassle of actually buying it. The trust fits into the general plan of Grayscale, which is looking to offer more institutional investment opportunities in the cryptocurrency space.
There are many heavyweight digital assets that Grayscale currently manages a number of investment trusts for. These include but are not limited to Bitcoin
, Ethereum
, Solana, and Litecoin. It allows the investors to buy shares which represent positions in the underlying digital assets.
Leading the Path in Crypto Offerings with the Newest Trusts
Bringing digital assets to the average investor has been what Grayscale does best. The firm came under the spotlight after its Bitcoin Trust became one of the first to gain approval for cryptocurrency exchange-traded funds trading from the U.S. Securities and Exchange Commission. Since then, the firm has continued to push the envelope and has just transformed its Ethereum Trust
into an ETF structure.
The newest launch from Grayscale comes after it recently launched
two new trusts that are focused on Bittensor and Sui at the beginning of last week. The trusts further expand Grayscale
's offerings into the crypto investment sector.
DISCLAIMER
: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
2024-08-22 | Fed Chair Jerome Powell Expected to Set Stage for September Rate Cut
2024-08-22
More than two and one-half years after starting what became an historic monetary tightening cycle, U.S. Federal Reserve Chairman Jerome Powell is widely anticipated to signal that the central bank will imminently begin to ease policy. Powell's keynote speech at the Kansas City Fed's Jackson Hole Economic Symposium is scheduled for Friday at 10 am ET and past Fed chairs – including Powell – have often used this forum to tip off important shifts in central bank policy. As often occurs, markets have been way ahead of the Fed, with traders weeks ago having priced in a 100% chance of at least a 25 basis point rate cut at the bank's September meeting. Yesterday's release of the FOMC minutes from the Fed's July policy meeting also likely took away some of tomorrow's thunder, saying the "vast majority" of participants saw a September rate cut as likely appropriate. Beyond tipping the September cut, most anticipate Powell to flag a cautious approach to easing policy, i.e. signaling that the Fed will trim just 25 basis points at its September meeting and advising markets not to expect an unbroken series of rate cuts at future meetings. Despite a sizable stumble from mid-July into early August, U.S. stock markets have mostly been in bull mode in the lead up to the coming easing cycle. The S&P 500 is only about 1% below its record high hit in early July and the Nasdaq a bit more than 4% below its peak. Gold has been on a run as well, touching a record high of $2,566 earlier this week. Bond markets are in a good mood too, with the 10-year U.S. Treasury yield yesterday dropping to a multi-year low of 3.77%. Bitcoin (BTC), however, has been unable to get out of its own way. Though recovering nicely from the early August panic that briefly took prices below $50,000, bitcoin at its current $60,800 is far below an all-time high of around $73,500 touched all the way back in March. The world's largest crypto has seemingly been ignoring other positive catalysts as well, including growing institutional interest and continued inflows into the spot ETFs. Bitcoin this week also got potential good news on the regulatory front with ABC News reporting that crypto-friendly Robert Kennedy Jr. could drop out of the presidential race on Friday and endorse crypto-friendly GOP candidate Donald Trump. On the Democratic side, a top Kamala Harris campaign official suggested a Harris administration would be far friendlier to the crypto industry than the Biden regime.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000. About
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The Fine Print
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-22 | Bitcoin Milestone: Value Peaks $61K Amid Speculation on FOMC’s September Rate Cut
2024-08-22
Key Points
The FOMC minutes for the July 30-31 meeting confirmed a majority of Fed officials support an interest rate cut in September.
Bitcoin’s price briefly surpassed $61K following the news, with Open Interest increasing by nearly $2 billion.
The July 30-31 meeting minutes of the Federal Open Market Committee (FOMC) were recently released. The document confirmed that most Federal Reserve officials are in favor of an interest rate cut in September.
Fed Officials Agree on Interest Rate Cut
The minutes eliminated any uncertainty regarding potential interest rate cuts in the upcoming month. The majority of Federal Reserve officials concurred that inflation has somewhat subsided. Macroeconomic data like this often triggers price fluctuations in the cryptocurrency market. Bitcoin, for instance, broke the psychological barrier of $60,000.
According to the meeting minutes, this will be the first Fed rate cut since 2020. Some members even showed willingness to support a 25 basis point cut during the July meeting. The officials noted that although inflation remains high, it has significantly decreased and is on track to reach the 2% target.
Bitcoin Reacts to FOMC Minutes
Following the release of the FOMC minutes, Bitcoin’s price increased by 2.6%, reaching $61,189 before settling down to $60,890.81. Trading volumes of Bitcoin also saw a 26% increase, as per CoinMarketCap data. The rise in the price of Bitcoin coincided with an increase in buying pressure, as indicated by the Chaikin Money Flow (CMF) index.
Despite the positive signs, the uptrend remained weak according to the Awesome Oscillator (AO). The AO was positive on the hourly chart and turned green at press time, indicating an uptrend. However, further confirmation is required to validate its strength.
Data from Coinglass revealed a nearly $2 billion increase in Open Interest from approximately $30 billion on August 21st to $32 billion at press time. Bitcoin’s main resistance continues to be in the $64K-$66K range, as most coins were purchased at these levels. As a result, sellers might emerge once Bitcoin approaches this price range. |
2024-08-22 | Best Bitcoin ETF: Top Picks for 2024 Investment Opportunities
2024-08-22
Investors looking to enter the world of cryptocurrency may find that Bitcoin ETFs provide a convenient and efficient way to gain exposure without directly owning Bitcoin. The best Bitcoin ETFs combine features like low fees, solid performance, and straightforward access to the growing cryptocurrency market. These financial products track the price of Bitcoin, allowing individuals to invest in this digital currency through traditional brokerage accounts.
With different types of Bitcoin ETFs available, including spot and futures options, investors can choose the fund that aligns best with their financial goals. Each ETF comes with unique strategies and structures that can impact returns and risk levels. Understanding these differences is crucial for any investor aiming to navigate the complex landscape of cryptocurrency investment.
Understanding Bitcoin ETFs
Bitcoin ETFs are a modern way for investors to gain exposure to Bitcoin without directly buying the cryptocurrency.
What Is an ETF?
An Exchange-Traded Fund (ETF) is a type of investment fund that trades on stock exchanges, similar to stocks. It holds a collection of assets, like stocks, bonds, or commodities, and allows investors to buy and sell shares throughout the trading day.
Investors like ETFs because they offer diversification. By holding multiple assets, they can spread risk. ETFs also have lower fees compared to mutual funds and are easy to buy and sell.
In terms of Bitcoin ETFs, these funds are designed to track the price of Bitcoin or Bitcoin-related assets. They provide a regulated way to invest in Bitcoin through conventional brokerage accounts, making them accessible to more investors.
The Unique Nature of Bitcoin in ETFs
Bitcoin's inclusion in ETFs adds complexity and opportunity. Unlike traditional assets, Bitcoin is volatile and traded 24/7. This volatility can lead to significant price swings, which affects ETFs that track its performance.
The SEC regulates these Bitcoin ETFs to ensure investor protection. While many Bitcoin ETFs exist, they can differ in structure and fee levels. For example, some might offer direct exposure to Bitcoin, while others invest in companies involved in the crypto space..
Investors should research the specific Bitcoin ETFs, considering their unique features and alignment with individual investment goals.
The Investment Case for Bitcoin ETFs
Bitcoin ETFs offer unique benefits and risks that can affect an investor's portfolio and overall strategy.
Comparing Bitcoin ETFs and Direct Bitcoin Investment
Investing in Bitcoin directly means purchasing the cryptocurrency through exchanges. This can involve wallets and security management. In contrast, Bitcoin ETFs allow investors to buy shares of a fund that tracks Bitcoin's price.
Key Differences
:
Ownership
: Direct Bitcoin investors own the asset, while ETF investors own shares in a fund.
Security
: Bitcoin requires digital wallets for storage, leaving it vulnerable to hacks. ETFs manage security within the fund.
Convenience
: ETFs can be traded like stocks, making them easier for many investors.
Diversification Benefits and Risks
Bitcoin ETFs can enhance portfolio diversification by exposing investors to Bitcoin's potential growth without direct investment. This can reduce risk when combined with traditional assets like stocks and bonds.
Benefits include
:
Accessibility
: ETFs can be purchased easily through brokerage accounts.
Regulatory Oversight
: Bitcoin ETFs are subject to SEC regulations, offering potential legal protections to investors.
Risks involve
:
Market Volatility
: Bitcoin remains highly volatile. ETF values can fluctuate widely with market changes.
Management Fees
: Investing in ETFs incurs fees that can impact overall returns.
Some Key Bitcoin ETFs in the Market
Several Bitcoin ETFs are gaining attention in the investment community.
ProShares Bitcoin Strategy ETF (BITO)
The ProShares Bitcoin Strategy ETF, which is listed under the ticker BITO, was the first Bitcoin ETF approved in the U.S. This ETF invests primarily in Bitcoin futures contracts rather than directly in Bitcoin.
Launch Date
: October 2021
Expense Ratio
: 0.95%
Investment Approach
: Uses Bitcoin futures as a way to track Bitcoin's price.
Investors appreciate the diversification this ETF provides compared to directly holding Bitcoin. It trades on major stock exchanges, making it accessible and easy to buy.
Valkyrie Bitcoin Strategy ETF (BTF)
The Valkyrie Bitcoin Strategy ETF, traded as BTF, is another prominent option for investors. Similar to ProShares, it focuses on Bitcoin futures, allowing indirect investment in Bitcoin.
Launch Date
: October 2021
Expense Ratio
: 0.95%
Trading Platform
: Available on the NASDAQ.
Valkyrie aims to provide a straightforward way for investors to gain Bitcoin exposure. The ETF is known for its active management approach, which may enhance returns during volatile market times.
Grayscale Bitcoin Trust (GBTC)
As the largest fund that invests 100% of its assets directly in bitcoin digital currency, Grayscale Bitcoin Trust (GBTC) is one of the leading options for investors who don’t want to manage a crypto wallet. GBTC debuted in 2013 as a trust, and is now an ETF.
Launch Date
: September 2013
Management Fee
: 1.50%
Investing Strategy
: Spot Bitcoin
iShares Bitcoin Trust ETF (IBIT)
The iShares Bitcoin Trust ETF is one of the leaders in the spot ETF industry thanks to a surge of shareholder money inflow. That is in part because sponsor BlackRock waived a portion of fees until total assets reached $5 billion to attract new investors.
Launch Date
: January 2024
Management Fee
: 0.25%
Investing Strategy
: Spot Bitcoin
Invesco Galaxy Bitcoin ETF (BTCO)
Invesco Galaxy Bitcoin ETF, another spot bitcoin fund, is a standout because of its more generous approach to winning new business. BTCO waived its official 0.25% fee to zero for the first six months on the first $5 billion in assets. The waiver expired on July 11. The 0.25% is a bit higher than some of its competitors’, but the initial discount is hard to pass up.
Launch Date
: January 2024
Management Fee
: 0.25%
Investing Strategy
: Spot Bitcoin.
Bitwise Bitcoin ETF (BITB)
Bitwise is one of the lesser-known sponsors, but its Bitwise Bitcoin ETF has some features that make it worth knowing. In fact, it’s listed on the New York Stock Exchange’s NYSE Arca platform, which means it is trading on a premier platform for exchange-traded funds.
BITB also has a hefty level of assets under management thanks to a short-term fee waiver that made it free to trade until the fund hit $1 billion in AUM. However, even the post-waiver fee of 0.20% is attractive.
Launch Dat
e: January 2024
Management Fee
: 0.20%
Investing Strategy
: Spot Bitcoin.
Bitcoin ETF flow (Source:
Farside Investors
)
Financial Considerations
When looking for the best Bitcoin ETF to buy, it is essential to focus on fees and performance metrics. These factors greatly influence overall returns and the efficiency of the investment.
Fees and Expense Ratios
Fees impact the profitability of investing in Bitcoin ETFs. Investors should consider both Management Fees and Trading Fees.
Common Types of Fees
:
Management Fees
: Charges for managing the ETF, typically expressed as an annual percentage.
Trading Fees
: Costs incurred when buying or selling the ETF.
Expense Ratios are vital numbers to check. They include both management fees and operational costs. Lower expense ratios allow for more potential growth of the investment over time. For example, an ETF with a 0.5% expense ratio can be more attractive than one with a 1% ratio.
Investing in Bitcoin ETFs like the iShares Bitcoin Trust may have a fee approaching 0.25%, while others may reach 1% or higher. Therefore, comparing these fees is crucial for maximizing returns.
Bitcoin ETF Performance Metrics
Performance metrics help investors evaluate potential returns. Key metrics to check include Annual Returns, Assets Under Management (AUM), and Volatility.
Annual Returns
: Shows how well the ETF has performed in previous years. This number will indicate past performance but does not guarantee future results.
Assets Under Management
: AUM reveals the total value of assets held by the ETF. A higher AUM often suggests trust and interest among investors.
Volatility
: This indicates risk. High volatility can lead to large price swings, suitable for risk-tolerant investors.
Investors should assess these metrics to make informed decisions. Understanding performance is essential to identify which Bitcoin ETFs align with
investment goals
.
Regulatory Environment
The regulatory environment for Bitcoin ETFs is crucial. Key players like the Securities and Exchange Commission (SEC) shape how these investment options function.
SEC Stance on Bitcoin ETFs
The SEC has played a significant role in the approval of Bitcoin ETFs. In January of 2024, it approved several spot Bitcoin ETFs, resolving important legal and regulatory issues. This opened the door for trusts holding Bitcoin to offer shares on SEC-regulated exchanges.
The SEC's cautious approach has been driven by concerns over market stability and consumer protection. It has required rigorous disclosures and transparency from fund providers. This scrutiny is crucial for ensuring that these investment vehicles are secure for investors.
A growing number of Bitcoin ETFs are expected to emerge as regulations evolve. Better clarity from the SEC could lead to increased investment in Bitcoin-related products.
Global Regulatory Perspectives
Outside the U.S., countries have varying regulations regarding Bitcoin ETFs. For example, Canada has been more open to approving Bitcoin ETFs, leading to several options for investors. Their regulatory framework prioritizes oversight while still encouraging innovation in cryptocurrency investments.
In Europe, the situation is also evolving. The European Securities and Markets Authority (ESMA) provides guidance, but individual countries have different regulations. This results in a mixed environment for Bitcoin ETFs across Europe.
Southeast Asia has a diverse approach, with countries like Singapore actively supporting cryptocurrency markets. Conversely, others remain cautious or restrictive, impacting how Bitcoin ETFs can operate globally.
Technical Aspects of Bitcoin ETFs
Understanding how Bitcoin ETFs work involves a look at the underlying assets, as well as the differences between spot Bitcoin and Bitcoin futures.
Understanding the Underlying Assets
Bitcoin ETFs primarily invest in Bitcoin or Bitcoin-related securities. This can include direct holdings of Bitcoin or other assets linked to its value. For example, some ETFs may hold Bitcoin directly while others might invest in shares of companies that mine Bitcoin or use it in their operations.
The composition of assets in a Bitcoin ETF is crucial. It affects factors like the ETF's price movement and overall risk. Investors should review the fund's prospectus for details on its underlying assets. This document outlines how many Bitcoins are held, if any derivatives are used, and how the fund manages its investments.
Spot Bitcoin vs. Bitcoin Futures
There are two main types of Bitcoin ETFs based on how they acquire Bitcoin: spot Bitcoin ETFs and Bitcoin futures ETFs.
Spot Bitcoin ETFs invest directly in Bitcoin. The value of these ETFs moves with the price of Bitcoin in real-time. They offer a straightforward way for investors to gain exposure to Bitcoin without having to buy the cryptocurrency itself.
Bitcoin Futures ETFs, on the other hand, invest in contracts that predict the future price of Bitcoin. This type of ETF can be more complex as it involves speculation on price movement rather than actual ownership of Bitcoin.
Investors need to consider these differences. Spot Bitcoin ETFs typically provide more accurate exposure to Bitcoin's price movements, while futures ETFs can introduce volatility due to market speculation.
Market Dynamics
Understanding the market dynamics of Bitcoin ETFs is crucial for investors. Key factors include trading volume, liquidity, and volatility, which can significantly affect investment decisions.
Trading Volume and Liquidity
Trading volume refers to the total number of shares traded during a specific period. High trading volume for Bitcoin ETFs indicates strong interest and activity from investors. This can lead to better liquidity, meaning investors can buy or sell shares quickly without a significant price impact.
Currently, major Bitcoin ETFs like the iShares Bitcoin Trust have been experiencing increased trading volumes, reflecting growing acceptance among institutional investors. Increased liquidity helps in minimizing the bid-ask spread, making it cheaper and more efficient to trade.
Volatility Implications for Investors
Volatility in Bitcoin and its ETFs can lead to both risks and opportunities. Bitcoin has historically experienced price swings, which can affect ETF prices. Investors must be cautious, as high volatility can lead to significant gains as well as steep losses.
For instance, Bitcoin's price fluctuations can lead to quick changes in ETF values, making it essential for investors to employ effective risk management strategies. Keeping an eye on market trends and price movements can help investors make informed decisions.
In this volatile environment, understanding market signals becomes vital. Investors should assess their risk tolerance before entering the Bitcoin ETF market, as volatility may impact their investment strategies and overall performance.
Choosing the Right Bitcoin ETF
Selecting the right Bitcoin ETF requires careful consideration of various factors. Investors should analyze the features of different ETFs and align their investment goals with the characteristics of the funds
Comparative Analysis of Top Bitcoin ETFs
When considering Bitcoin ETFs, investors should look at a few key factors. Fees are crucial, as they can significantly affect long-term returns. For example, Franklin Templeton Digital Holdings Trust is known for its lower fees compared to Grayscale trusts, which can charge between 2% to 3%.
Investors should also consider the assets under management (AUM). A higher AUM, like the iShares Bitcoin Trust, often indicates investor confidence. Furthermore, liquidity plays an essential role. ETFs with higher trading volumes tend to be easier to buy and sell without affecting the price.
Investment Strategies and Goals
Investors should tailor their Bitcoin ETF choices to their specific investment strategies. For those seeking long-term growth, focusing on funds with lower fees and strong management may be beneficial. ETFs that track the spot price of Bitcoin tend to align better with traditional buy-and-hold strategies.
If an investor prefers to make short-term trades, they might prioritize funds that offer higher liquidity. Additionally, regulatory factors from the Securities and Exchange Commission can affect the availability and performance of ETFs. Understanding these elements will help investors make informed decisions.
Investors should also assess their risk tolerance. Bitcoin is known for its volatility, and strong risk management strategies are essential. Depending on personal goals, working with firms like Fidelity can provide tailored advice on Bitcoin ETF investments.
Integration with Traditional Investment Portfolios
Bitcoin ETFs offer a unique opportunity for investors to blend cryptocurrency with traditional investment portfolios. This integration can enhance diversification and provide access to Bitcoin without the complexities of direct ownership.
Bitcoin ETFs in Retirement Accounts
Investors can include Bitcoin ETFs in retirement accounts like 401(k)s and IRAs. This allows for potential growth in a tax-advantaged way. Traditional and Roth IRAs can hold Bitcoin ETFs, providing exposure to the cryptocurrency market while adhering to investment regulations.
Using Bitcoin ETFs in a retirement account allows the investor to avoid the complications of private keys and crypto wallets. It simplifies the investment process and fits within the structure of traditional securities. Furthermore, it can help younger investors looking for growth potential over time.
Tax Considerations
When investing in Bitcoin ETFs, tax implications must be understood. If held in a taxable account, profits from the sale may be subject to capital gains tax. Long-term capital gains tax applies if the asset is held for more than a year, while short-term rates apply for shorter holding periods.
In retirement accounts, tax implications differ. Gains within IRAs or 401(k)s are typically not taxed until withdrawn. This allows investors to maximize their returns without immediate tax burdens. It's still essential to consult tax professionals to understand personal situations and tax responsibilities regarding these investments.
Frequently Asked Questions
What are the advantages of investing in a Bitcoin ETF compared to direct Bitcoin ownership?
Investing in a Bitcoin ETF offers ease of access and avoids the complexities of managing digital wallets. Investors can buy and sell Bitcoin ETFs through regular brokerage accounts, simplifying the investment process. Additionally, ETFs can provide built-in diversification, reducing risk compared to holding Bitcoin directly.
Which company currently offers the largest Bitcoin ETF?
BlackRock’s iShares Bitcoin Trust ETF is one of the largest ETFs, and has more than $20 billion in assets under management
Has Vanguard introduced a Bitcoin ETF to their investors?
Vanguard has not introduced a Bitcoin ETF for its investors. The company also recently stated that it does not plan to enter the ETF space any time soon.
Are there any plans for Fidelity to launch a Bitcoin ETF in the near future?
Fidelity now has 2 crypto funds—one for Bitcoin (FBTC), and one for Ethereum (FETH). |
2024-08-22 | Altcoin Sherpa Predicts Potential Altcoin Rally
2024-08-22
You can also read this news on COINTURK NEWS: Altcoin Sherpa Predicts Potential Altcoin Rally
A closely followed figure in the cryptocurrency world,
Altcoin Sherpa
, painted a promising picture for altcoin investors
. The analyst told his followers on X that altcoins could experience a rise similar to the rally between November 2023 and March 2024.
Expects Bitcoin to Hit Record High Before Altcoin Rally
According to Altcoin Sherpa, the next
altcoin rally
could start in December this year or January 2025. The analyst predicts this rally will be triggered by Bitcoin reaching an all-time high and then cooling down.
In his commentary, the analyst said, “I think this rally could be triggered by Bitcoin reaching an all-time high. This could happen in December or January, and then altcoins could gain strength.”
However, Altcoin Sherpa emphasized that the rally might not be a significant
altcoin season
like in previous years. The analyst added, “A real altcoin season like January 2021 may not happen for years. However, altcoins will largely recover, with only a few standout exceptions.”
Shared Altcoins He Considers Safe
Altcoin Sherpa also revealed some altcoins he currently considers offering “safe” trading opportunities. These include the decentralized finance (DeFi) protocol
Aave
(AAVE),
XRP
, and Layer-1 altcoins
BNB
(BNB) and
Tron
(TRX).
Among new projects, there is the Solana-based decentralized physical infrastructure project
Network io.net
(IO), DeFi protocols
BounceBit
(BB), and
Blast
(BLAST). The analyst noted that these new projects are “not very safe” but could be investable if Bitcoin maintains its strength.
On the other hand, Altcoin Sherpa listed high-risk but potentially higher-return memecoins such as
Popcat
(POPCAT),
dogwifhat
(WIF), and
Pepe
(PEPE). The analyst emphasized that these types of investment vehicles could bring significant gains but also come with high risks.
The post first appeared on COINTURK NEWS:
Altcoin Sherpa Predicts Potential Altcoin Rally
The post Altcoin Sherpa Predicts Potential Altcoin Rally
appeared first on COINTURK NEWS
. |
2024-08-22 | Researcher Predicts XRP Boom as Bitcoin and Ethereum’s Tether Bubble Bursts
2024-08-22
SMQKE argues that XRP could surpass Bitcoin and Ethereum after Tether’s lack of sufficient reserves gets exposed.
Citing a Bank of France research paper, the analyst mentioned that XRP is technologically superior to Bitcoin and has no bubble.
A crypto analyst identified as SMQKE has disclosed that XRP could seize an opportunity to soar once Bitcoin’s (BTC)
and Ethereum’s (ETH)
Tether outlive its relevance and burst.
In a long post addressing his 14.7k followers, SMQKE highlighted how Tether issues more USDT without sufficient reserves, inflating the price of Bitcoin and Ethereum. According to him, the backing of the stablecoin issuer could certainly be exposed and result in a devastating collapse of Bitcoin, Ethereum, and other cryptos that rely on its liquidity.
HOW XRP WILL RISE AS BITCOIN AND ETHEREUM’S TETHER BUBBLE BURSTS:
The implications of Tether’s manipulation are critical.
By inflating Bitcoin’s price by issuing more USDT without sufficient reserves, Tether’s eventual exposure could trigger a significant market correction.… pic.twitter.com/SFmC7qm1mA
— SMQKE (@SMQKEDQG) August 21, 2024
This speculation surfaced on the internet years ago, forcing Tether to clarify that sufficient reserves back it. However, Edul Patel, chief executive of crypto investment platform Mudrex, objected to this assurance, citing that its liquidity pools show an elevated supply of Tether.
A so-called liquidity pool that allows traders to swap between the three biggest stablecoins still shows an elevated supply of Tether, with the token accounting for 65% of the total as of Friday. That’s an indication that investors remain cautious about holding Tether.
SMQKE backed his statements with a research paper confirming that Tether appears to feed the Bitcoin bubble. The 2020 Bank of France research paper, “Stablecoins: A Brave New World?” focused on the relationship between increased Tether’s liquidity and the surge in Bitcoin price in late 2017 and early 2018.
Ripple’s Technological Superiority Positions XRP and Upcoming Stablecoin Above Industry Giants
The research paper cited a 2017 story stating that the issuer of Tether, who also owned the Bitfinex exchange, allegedly exploited the inflation in the price of Bitcoin to replenish its dollar reserves. It did not hold the dollar equivalent reserves needed to guarantee all the Tether issued.
The research paper also confirmed the detection of the bubble in Bitcoin and Ethereum while concluding that no bubble was detected in XRP due to Ripple’s technological superiority.
According to SMQKE,
XRP’s stability makes it a more reliable asset, especially as Bitcoin and Ethereum have been predicted to fall out. Per his observation, Ripple’s upcoming stablecoin on the XRP Ledger would have an edge over USDT
in terms of regulatory compliance and transparency. He also believes that this would gradually reduce USDT’s dominance
and take charge of the stablecoin market.
As the speculative bubble in Bitcoin and Ethereum BURSTS due to Tether’s manipulation, XRP will emerge as the next most valuable and stable asset. Ripple’s stablecoin will provide the necessary liquidity, filling the void left by Tether and establishing XRP as a cornerstone of the future digital economy.
Aligning with this prediction, Ripple boss Brad Garlinghouse recently predicted that XRP could replace Bitcoin if certain challenges are addressed. However, this possibility has been heavily debated, with some analysts arguing that Bitcoin has the first-mover advantage and appears more decentralized than XRP.
Regardless, XRP has edges in different areas, including transaction throughput. While Bitcoin processes about seven transactions per second, Ripple boasts of 1,500 TPS.
At press time, XRP was trading at $0.6 after surging by
6%
in the last seven days. |
2024-08-22 | GoMining review: Discovering unique mining strategies
2024-08-22
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
GoMining presents a new solution for Bitcoin mining challenges post-halving, offering a user-friendly approach that makes mining more accessible and profitable for all.
Bitcoin Halving was the focal point of the first half of the year with many predicting monumental changes following the event. Analysts, experts and crypto gurus predicted surges and plunges for not just Bitcoin (BTC) but every major and minor coin in the market. However, for those new to the field, the whole event must have been nothing short of confusing.
For the newbies, here’s a simple breakdown: When miners validate transaction blocks, they receive block rewards in the form of BTC. Bitcoin halving
is the process of reducing the block reward by 50%. Therefore, the halving process cuts down the supply of BTC entering the market and helps hike its value. This particular event takes place every four years.
However, halving brings with it its own set of problems. With halving, mining difficulty increases significantly, which is not ideal for miners. They would now need increasingly powerful and energy-efficient solutions to compete in the mining space. And this is not without consequences. Since the mining profit is calculated on the margin between the mining reward and the expenses for running the equipment, the profitability decreases after the halving because the rewards are cut. This is detrimental to smaller players in the game who get pushed out by large mining enterprises that are able to afford this hike.
The solution here could be better mining strategies. An interesting and well-known alternative in the Bitcoin mining sector is GoMining
which introduces a unique and inventive new concept to combat some of the above mentioned concerns. Let’s explore this new concept and check out the GoMining project in this article.
Overview
Company: GoMining
Token ticker: GOMINING
Blockchain: Ethereum, Binance Smart Chain, The Open Network (TON)
Sector: Bitcoin Mining Platform
Business Model: Digital Mining via NFTs
GoMining
GoMining is a Bitcoin mining company with nine data centers across the globe and over seven years of industry experience. With 350 MW current power capacity, $137,049,370 market cap and more than 99% uptime of mining equipment, GoMining has emerged as a reliable name in the mining space. On its website, the team makes it clear that their mission is to make NFT Bitcoin mining
accessible to everyone.
With GoMining, users interested in mining no longer need to buy and set up dedicated mining hardware on their own or manage the equipment maintenance. Instead, they can handle everything online.
However, those curious about what is GoMining
, might learn more about their “digital miners”. A digital miner is a unique non-fungible token backed with a real share of Bitcoin mining power. In other words, It is a digital record on the blockchain that gives users the right to own a certain amount of terahashes within the digital space. It is saved to a user’s crypto wallet like a cryptocurrency. GoMining’s digital miner uses a technique that they have coined “Liquid Bitcoin Hashrate Protocol
”.
What is Liquid Hashrate Protocol and how does it work?
The Liquid Bitcoin Hashrate (LBH) Protocol is a method that allows users to buy and keep digital tokens that represent Bitcoin mining power. These tokens function just like NFTs, except that these particular NFTs represent mining power for Bitcoin. More precisely, LBH represents a claim to underlying hashrate from Bitcoin mining.
What are the benefits of this protocol? With LBH, users can engage in Bitcoin mining without the hassle and risks of owning and managing physical mining hardware. Additionally, LHB tokens can be used as collateral for loans and for other DeFi operations on the Ethereum and BNB chains. However, users will need to keep in mind that these tokens do not directly convert into Bitcoin, as in direct mining.
Another interesting feature about these NFTs is that they have been designed in such a way that they can be upgraded, both in terms of computational power and energy efficiency. Moreover, NFT holders get to have Bitcoin mining rewards daily, which users can send to any wallet chosen by the holder.
Purchase process and payment methods
Users can purchase digital miners on GoMining’s single marketplace
. This makes sure of authenticity and they will automatically appear in the user’s personal account. Another available option is buying a GoMining NFT
on external platforms like Getgems or OpenSea. The GoMining ecosystem supports both crypto and traditional payment methods. In crypto, Binance Pay and Coinbase Pay are popular options for users. Plus, GoMining has its own secure payment gateway, GoMining Pay, which accepts BTC, USDT, or ETH.
For users wishing to go the traditional route, GoMining accepts Credit cards, Bank transfers, Mobile payment options like Apple Pay and Google Pay, and other country-specific local payment solutions.
NFT collections
Each of GoMining’s NFT collection is designed to cater to different investor preferences, from lower-cost entry points to high-capacity, energy-efficient mining options. The NFTs are backed by real computing power, and they allow holders to earn daily BTC rewards directly to their wallets.
The Greedy Machines Collection, The Khabib Collection, The East NFT Collection, The North NFT Collection, The South NFT Collection, The Golden Box Collection and The Party Box Collection are some of the existing collections, although the biggest one is The Mine Box Collection.
Earning strategies
Solo Mining:
This type of mining strategy accesses the most secure and predictable practices which don’t require any real participation in the process. These digital miners mine BTC on a daily basis without any effort from the user.
Pool Mining:
With the pool mining option, users can join a pool of other users and mine BTC as a team. The right strategies and engagement can help users earn even more with a collective hashing power. However, this method does involve more risks than solo mining and rewards here are not guaranteed.
Staking and Voting:
VeGoMining
(voter escrowed) Token Model is the governance mechanism used by the platform. Here’s how it works: To initiate a lock position, a holder must select the number of GOMINING tokens
to freeze on the smart contract, and the lock period. Then the holder must approve the transfer and locking of tokens on the veGOMINING smart contract. After that, the user will receive veGOMINING votes in proportion to the volume of locked tokens and the lock-up time. veGOMINING grants governance rights so that token holders can influence the distribution of additional rewards and how rewards will be distributed.
GoMining token and tokenomics
According to the whitepaper, the main purpose and function of the GoMining ecosystem is to provide simple and intuitive access to mining to participants with different levels of knowledge ranging from beginners to professionals.
GOMINING Token, GoMining Protocol, veGOMINING votes and Liquid Bitcoin Hashrate are the main elements within the GoMining ecosystem.
GoMining Token is traded on cryptocurrency exchanges under the ticker GOMINING. The price of a GoMining token is determined solely by supply and demand. The token is currently available on various exchanges, including Gate.io, Bitfinex, Bitget, MEXC, Uniswap and has been recently listed on HTX.
Continuous Demand Growth is one of the core features of the GoMining token. It provides a 10% discount on electricity expenses to the hashrate power owners.Thus, the more Bitcoin hashrate is owned by users, the higher is demand for token.
Additionally, GoMining permanently burns a certain percent (17% in July 24) of tokens they receive for electricity payments, reducing total supply. With a target supply set at 100,000,000 tokens, over 15,000,000 of the initial 436,’15,240 supply has already been permanently burnt.
GoMining reviews and public opinion
GoMining has gone the extra mile when it comes to trust and transparency. On the website, users can find information about the mining facilities that is continuously updated. They even showcase Live camera footage of their facilities. Despite past rumors of a GoMining scam
, the team has successfully demonstrated its trustworthiness to the crypto community.
Adding to this, the platform is in collaboration with projects such as The Open Network (TON) and the Trust Wallet, among others. VC fund Bitscale
recently invested $3,000,000 in GoMining, highlighting the project’s long-term prospects and sustainable growth.
At the moment, 27% of the total GOMINING supply is locked for an average period of more than two years, receiving up to ~22% APR. This demonstrates strong community support and long-term commitment to the project.
If none of this is to go by, users can check out the GoMining app reviews left by users on TrustPilot
and mobile app stores. On TrustPilot, GoMining has an average rating of 4.0, with several glowing customer reviews.
Verdict
Overall, GoMining
brings us a unique idea that is both convenient and user-friendly. Its Liquid Hashrate Protocol is a commendable effort in making mining more accessible to the public and removing the roadblocks of traditional mining. Our verdict: 4.5 on 5.
Interested users who found GoMining appealing, can check out the project’s website for more information: https://gmt.io/about/
Read more: Private property rights are the solution to crypto mining noise pollution | Opinion
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company. |
2024-08-22 | Bitcoin's Parabolic Rally: Looming Bull Run or Market Trap?
2024-08-22
Bitcoin may be on the verge of a parabolic rally similar to those in 2016 and 2020.
The crypto’s price tests crucial support levels that will determine its next major move.
Holding Bitcoin’s weekly support level is key to sustaining bullish momentum in the market.
Bitcoin
is currently at a critical juncture, with many traders and analysts closely monitoring its price movements. The cryptocurrency has been showing signs of a potential parabolic rally, reminiscent of its past cycles. In a recent X post, Mikybull highlighted the possibility of a parabolic rally for Bitcoin.
According to Mikybull, the current market conditions mirror those seen before the major bull runs in 2016 and 2020. Both of these periods followed Bitcoin’s halving events, which historically led to significant price increases. The analyst suggests that Bitcoin's current price action could be the precursor to another major rally, with a potential target well above its previous all-time highs.
Source: X
Supporting this bullish sentiment, Mikybull’s chart analysis reveals that Bitcoin is trading within a green zone, which has historically preceded strong upward movements. This pattern has been consistent over the past two halving cycles, making it a reliable indicator for many traders. As the next halving approaches, the green zone indicates that Bitcoin
could soon enter a phase of rapid price appreciation. However, the Bitcoin is at a crucial resistance level, which it needs to break to confirm the rally.
Read more on Cryptotale.
Visit the links for more information
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2024-08-22 | Analyst Predicts Bitcoin Bull Run
2024-08-22
You can also read this news on BH NEWS: Analyst Predicts Bitcoin Bull Run
Bitcoin’s price has seen considerable fluctuations in the past week, currently hovering around $60,000. The fierce tussle between buyers and sellers leaves the outcome uncertain. Renowned crypto analyst
CryptoCon has shared his perspective on this ambiguity, suggesting that Bitcoin is nearing a crucial phase in its cycle. He anticipates a substantial bull run by 2025.
What Does CryptoCon Predict for 2025?
CryptoCon has given significant insights into Bitcoin’s price trends and future
prospects. According to him, this is not the right moment to exit Bitcoin holdings. The analyst forecasts a significant bull run in 2025, emphasizing the importance of staying invested.
“Exiting Bitcoin now means missing out on the excitement!” CryptoCon remarked. He highlighted that current resistance and support levels mirror those seen in past cycles. According to his analysis, Bitcoin is in its last dip before a massive ascent, likening it to the calm before a storm—an upward one. By studying previous cycles, CryptoCon believes Bitcoin will witness remarkable price increases in 2025.
Why Did Bitcoin’s Open Interest Surge?
While the realization of CryptoCon’s 2025 bull run prediction is uncertain, Bitcoin’s open interest has surged significantly in the past 24 hours. Following the release of the FOMC meeting minutes, derivative traders increased their positions by more than a billion dollars.
Though open interest doesn’t predict future price movements, it often signals forthcoming volatility. In the last day, Bitcoin reclaimed the $60,000 mark, leading to liquidations worth $125 million, mainly from investors
in long positions.
Key Takeaways for Investors
Bitcoin’s price remains volatile around $60,000.
CryptoCon anticipates a significant bull run in 2025.
Bitcoin’s open interest surged recently, suggesting possible upcoming volatility.
In summary, while the immediate future of Bitcoin remains uncertain, CryptoCon’s prediction offers a potential roadmap for investors. The increase in open interest hints at potential volatility, making it a crucial period for those invested in the cryptocurrency market.
The post first appeared on BH NEWS:
Analyst Predicts Bitcoin Bull Run |
2024-08-22 | Discover”one-click investment” by Crytocoin miners
2024-08-22
Bitcoin- the gold crypto asset has skyrocketed following the recent approval of US ETF and a strong buying trend by investment banks Morgan Stanley and Rockefeller. Not just the stupendous hike, Bitcoin has now turned into a major political hot topic with both Republicans and Democrats trying to woo crypto voters ahead of the presidential elections.
While it is common knowledge that if one has the know-how of investments in traditional finance then it is possible to make quick money. However with Bitcoin, other factors also pool in. With such high volatility, Bitcoin is an investment target that major capitals are competing for.
As the world’s largest Bitcoin miner, CrytocoinMiner
is committed to deploying the world’s leading computing facilities (accounting for about 4.5% of the global Bitcoin computing power) and mining algorithms, and is also actively contributing to facilitate more people to participate in Bitcoin investment and stabilize the Bitcoin investment environment.
Discover the one click investment of Crytocoin Miner
Recently, CrytocoinMiner has developed a “one-click investment” business for Bitcoin mining through model innovation.
This is an investment project in which investors participate in Bitcoin mining by purchasing computing power contracts. In order to facilitate investors, CrytocoinMiner has added a “one-click purchase” function to the computing power contract. The operation is extremely simple and convenient. After the contract is successfully purchased, investors only need to wait for the contract to expire to get back the principal and income.
Benefits of One Click Investment
After the halving event, the merger and acquisition of Bitcoin miners will inevitably occur. Therefore, in order to take the lead in the merger and acquisition adjustment and ensure more advantages, CrytocoinMiner decided to provide huge benefits to participants who join the “one-click investment”, specifically:
1. You can make money just by registering, because you will get $10 for free when you register. You can use this $10 to buy contracts and get $0.3 interest income every day.
2. Buying contracts will earn you more. CrytocoinMiner has launched a variety of computing power contracts with a daily interest rate of up to 3%.
(Different contract hashrate values, different investment amounts and periods, and different returns. For more contracts, please visit the CrytocoinMiner official website)
Investment case: With an investment of $10,000, you can purchase a $10,000 Antminer S19K Pro, 120TH/S contract with a period of 50 days, and a daily interest rate of 1.68%.
After purchase, the daily investment income amount = $10,000*1.68%=$168.
After 50 days, your principal and income = $10,000+$168*50=$10,000+$8,400=$18,400
Check Affiliate Program of CrytocoinMiner
CrytocoinMiner has another way to make money: the affiliate program.
Invite friends to CrytocoinMiner to make money, and you can get a cash reward of 3% of their investment;
If your friends invite their friends to invest, you can also get a cash reward of 1% of their investment.
For example, if you invite a few friends to CrytocoinMiner to make money, and they invest $300,000, you will get a cash reward of $9,000. If your friends invite a few more people to CrytocoinMiner to make money, and they invest $100,000, you will also get a cash reward of $1,000.
Conclusion
The new age of crypto mining is here and CrytocoinMiner is all set to revolutionize it with their one click investment policy. However, users are always encouraged to do their own research before reaching any conclusion. |
2024-08-22 | What is the Latest Situation in Bitcoin (BTC)? Will the Rise Continue or Will There Be Another Correction? Analysts Evaluated!
2024-08-22
Bitcoin (BTC) rose above $61,000 after the July FOMC minutes were mild.
While it is almost certain that interest rates will be cut in September following the FOMC minutes, according to CME FedWatch, the probability of a 25 basis point cut in September is priced in at 71.5% and the probability of a 50 basis point cut is priced in at 28.5%.
What Causes the Rise in Bitcoin?
Evaluating the reasons for the rise in Bitcoin, Presto Research analyst Peter Chung explained the events that contributed to the recent rise.
Chung cited the mild FOMC minutes as well as Wednesday’s revised employment figures from the U.S. Labor Department as reasons for the rise.
“A record downward revision in US jobs data and last night’s mild FOMC minutes triggered a rally across risk assets like Bitcoin.
The yield curve has steepened, the DXY is now falling and small caps and bitcoin are rising.
“Also adding to the positive sentiment around BTC was the news that independent candidate Robert Kennedy Jr. would likely drop out and support Trump.”
According to This Data, There May Be a Decline in Bitcoin!
Despite positive macroeconomic indicators in Bitcoin and increasing institutional interest in spot Bitcoin ETFs, some analysts said that there is a risk of a downside in BTC.
At this point, CryptoQunat analyst stated that miners' Bitcoin OTC desk balances have reached a two-year peak, and said that these increases are usually associated with declines and indicate selling pressure.
“Miners’ Bitcoin OTC desk balances have increased by more than 70% in the past three months, from 215,000 BTC in June to 368,000 BTC in August – an increase of 153,000 BTC.
These balances have not reached such levels since June 2022.
Miners often turn to OTC (Over the Counter) deals to sell Bitcoin.
The significant increase in OTC desk balances indicates significant selling activity among miners.
Historically, increases in Bitcoin OTC desk balances have been associated with decreases in Bitcoin prices.”
What is needed for the continuation of the rise?
Finally, 10x Research, which expects an increase in Bitcoin, claimed in a report that a significant policy change or big news is needed for BTC to rise above the $65,000 level and continue its rise.
According to Decrypt, 10X Research said that the recent rally will likely encounter resistance around $65,000, adding, “We expect this recent rally to extend a bit further, but will likely encounter resistance at $65,000. A significant policy change or major news event will be required to achieve a larger increase.”
*This is not investment advice.
Continue Reading: What is the Latest Situation in Bitcoin (BTC)? Will the Rise Continue or Will There Be Another Correction? Analysts Evaluated! |
2024-08-22 | Tether Launching on Aptos
2024-08-22
Tether has revealed that it will deploy its famous stablecoin, USD₮, on the Aptos blockchain. This move is part of Tether’s ongoing effort to expand its reach and make digital currency more accessible worldwide. Aptos, known for its high-speed transactions and scalability, is an ideal match for Tether.
Why Aptos?
The
Aptos network
is growing and is now capable of settling a large number of transactions within seconds. This is a clear benefit to Tether users. For example, the
daily active users
increased from 96,000 in Q1 to 170,000 by July. In May, Aptos completed 157 million transactions on the same day, a sign of commanding influence.
The
performance data
also confirm that Aptos is an appropriate platform to issue Tether USD₮
. The distinct feature of Aptos is that it returns more decentralized control over your finances and lower transaction fees. It’s one of the best chains that doesn’t currently offer native USDT.
What This Means for Users
This new integration is a significant win for Tether users and the Aptos ecosystem. Low gas fees are due to lower-cost money movement running on Aptos. This is a fantastic feature when you want to move tiny amounts in payments. With its speed, Aptos has a significant edge in digital transactions.
What Tether and Aptos Leaders Are Saying
Tether CTO
Paolo Ardoino
said, “Tether is happy to launch on Aptos.” This is one more effort to provide accessibility to digital currencies. Aptos is perfect for projects to run on—fast, low-cost transactions with cutting-edge technology.
Aptos CEO
Mo Shaikh
agreed that adding the integration would mark
a significant milestone on the agency side of the Aptos business. He said this would enable Aptos to gain audience support and boost its innovations. This is an excellent opportunity for Aptos. “We can’t wait to see what our builders across the ecosystem create in their work with Tether, using Move on Aptos.
You can see the announcement here on X.
Landmark day for Aptos! @Tether_to
will issue USD₮ – the world’s most liquid and market dominant stablecoin on Aptos – the first Move ecosystem to get a stablecoin. We are so early…
Your access to twitch-fast throughput, low latency, low gas fees, and rapid processing just… https://t.co/jwuNYsILLp
— Mo Shaikh
aptOS (@moshaikhs) August 19, 2024
Looking Ahead
The release of USD₮ on Aptos is a step towards a global, decentralized financial system.
Bashar Lazaar
, Head of Grants and Ecosystems at Aptos Foundation, said this partnership will make it easier for everyone.
Blockchain makes real value available to large institutions and everyone. Aptos is building a faster DeFi and payment system, which is also perfect because bringing USD₮ on board further supports this goal.
USD₮ will, in turn, encourage more people to use stablecoins, increasing the Tether and Aptos user base.
Conclusion
USD₮ on Aptos is a big step in making decentralized finance more efficient. Launching USD₮ on Aptos will showcase its abilities, demonstrating Tether’s commitment to helping provide the benefits of digital currency to everyone. As it launches, you will experience practical transactions and a higher stablecoin utility within the Aptos network. This collaboration moves us closer to a time when digital finance is faster and easier than ever.
Stay glued to Altcoin Buzz to never miss out on any crypto-related updates.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.
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2024-08-22 | Crypto Giants Contributed $119M Towards US Elections
2024-08-22
Crypto companies have poured $119 million in 2024 for US Elections.
Digital currencies are directly reshaping traditional finance.
The cryptocurrency industry has emerged as a significant player in US political financing, with firms spending over $119 million on federal elections. This substantial investment underscores the sector’s growing influence and its keen interest in shaping regulatory policies that could impact its future.
Furthermore, the $119 million figure encompasses direct campaign contributions, political
action committee (PAC) donations
, and lobbying expenditures. It also represents a significant increase from previous election cycles, highlighting the crypto sector’s rapid growth and its increased stakes in policy outcomes.
Moreover, digital currencies and blockchain technology continue to interrupt traditional financial
systems. Crypto companies are strategically positioning themselves within the political landscape. Their contributions span both major parties, indicating a bipartisan approach to securing support for crypto-friendly legislation.
Following this, the cryptocurrency landscape continues to evolve, and the industry’s political engagement is likely to intensify. The substantial contributions towards federal elections signal that crypto firms are prepared. To play a long-term game in shaping the regulatory environment. Potentially influencing the future of finance and technology in the United States.
Cryptocurrencies Strategically Impacting Traditional Finance
Also, cryptocurrencies like Bitcoin and Ethereum have introduced decentralized alternatives to conventional banking. Offering faster transactions, lower fees, and increased financial inclusion. However, the strategic impact of digital
currencies extends beyond banking, affecting areas such as cross-border payments, and investment strategies.
Although challenges remain, including volatility and security concerns, the transformative potential of digital currencies in traditional finance is undeniable. And this promises a more efficient, accessible, and interconnected global financial system.
Highlighted crypto News today:
WazirX Cancels Open Orders Over INR and Crypto Balances Issues |
2024-08-22 | CryptoCon Predicts Bitcoin’s Bull Run in 2025
2024-08-22
You can also read this news on COINTURK NEWS: CryptoCon Predicts Bitcoin’s Bull Run in 2025
Bitcoin
’s price has been experiencing significant movements over the past seven days, and currently, at around $60,000, there is an intense battle between buyers and sellers. The outcome of this struggle remains uncertain. Popular crypto analyst
CryptoCon shared his thoughts on this uncertainty, stating that Bitcoin is on the brink of a major cycle. The analyst believes Bitcoin will enter a significant bull run in 2025.
Analyst’s Bull Run Prediction for 2025
Analyst
CryptoCon
has recently made important evaluations about Bitcoin’s price movement and future
. According to him, now is not the right time to exit Bitcoin positions. The analyst predicts a bull run will occur in 2025.
CryptoCon stated, “Exiting Bitcoin now means exiting before all the excitement begins! We are facing the same resistance and support levels in the Puell Multiple cycle and after the cycle. You are currently in the last valley before the highest mountain. It’s the calm before the storm, an upward storm!” By examining past cycles, CryptoCon believes Bitcoin will make significant price gains in 2025.
Explosion in Bitcoin’s Open Interest
Whether the analyst’s bull run scenario for 2025 will materialize remains to be seen, but Bitcoin’s open interest has exploded in the last 24 hours.
Derivative traders increased their positions immediately after the FOMC meeting minutes were released yesterday, adding more than a billion dollars to their positions.
Although open interest is not a metric used to predict future price movements, it often signals approaching volatility. In the last 24 hours,
BTC
regained the $60,000 level, leading to the liquidation of derivative positions worth a total of $125 million. Interestingly, the majority of these liquidations ($69 million) were from investors
holding long positions.
Bitcoin’s price has been volatile, currently around $60,000.
Analyst CryptoCon predicts a significant bull run in 2025.
Bitcoin’s open interest surged, indicating potential upcoming volatility.
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CryptoCon Predicts Bitcoin’s Bull Run in 2025
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2024-08-22 | Newcomer Intel Markets Presale Speeds Up as Savvy Litecoin and Near Protocol Investors Pour Capital
2024-08-22
The post Newcomer Intel Markets Presale Speeds Up as Savvy Litecoin and Near Protocol Investors Pour Capital
appeared first on Coinpedia Fintech News
The cryptocurrency market has been on fire in recent days. Established players such as Bitcoin (BTC) and Ethereum (ETH) appear to be holding their position, but the quest for the next big thing continues.
Recently, it appears that the focus has been on initiatives with more innovative value propositions. One such initiative that has attracted interest from investors is Intel Markets (INTL), especially from investors in Near Protocol (NEAR) and Litcoin (LTC). It is a trading platform, that is driven by AI and aims to revolutionize the way that we trade cryptocurrencies.
Intel Markets (INTL) isn’t only a trading platform. It is a disruptive force that uses artificial intelligence to make data-driven trading decisions. Let’s delve a little further.
Near Protocol (NEAR) Faces Headwinds Despite Technical Progress
It’s been a wild ride for Near Protocol (NEAR)
, with its price seeing quite a significant drop of 6.9% and 36% in the past week and past month. Despite its impressive developments in technology, which lately saw it getting integrated into Bitcoin via Bitcoin Light Client, NEAR is not having an easy time.
Although the Bitcoin integration announcement did manage to offer up some short-lived surge but its price has gone into consolidation mode around the $4 to $3 range ever since.
According to analysts, the formation of support around $4 would be pretty vital for the price recovery. However, for a significant upward trend to come in the next weeks, the price must break above the $5.00 resistance level.
With the platform continuing to evolve, many NEAR holders are looking for additional means of investment and Intel Markets (INTL) presents a very strong case.
Litecoin (LTC) Prepares for a Potential Surge Ahead
Technical analysis of Litecoin (LTC)
indicates that Litcoin (LTC) is on the verge of a price breakout. Some analysts see that LTC may rocket up by 6% and reach almost $70 by the end of this week. Opposing the trend of its price decline of 3.6% in the past 24 hours and 13% in the past month, LTC trading volume is still up by 10%.
Even though the current Litcoin (LTC) price is way below its all-time high, its utility continues to move upward with all credits to its faster network and lower fees. Because of these features, Litecoin (LTC) is the preferred substitute for quick and reasonably priced transactions.
Reports indicate that Litecoin’s network activity may soon overtake that of Ethereum and Bitcoin, paving the way for a massive price surge.
Intel Markets (INTL): Revolutionizing the AI Trading World?
Innovation is always welcome in the dynamic world of cryptocurrency. Intel Markets (INTL)
, a groundbreaking trading platform with the goal of democratizing access to cutting-edge AI-powered trading technology, is poised to deliver a new wave of innovation to the crypto industry.
Intel Markets (INTL) is anything but a typical trading platform, supported by an outstanding team handpicked from industry heavyweights like OpenAI, MIT, and Goldman Sachs. It’s a cutting-edge platform that uses artificial intelligence to help people make sound investing decisions.
Consider a Wall Street-level trading assistant in your palm, capable of producing data analysis at lightning-fast speeds and executing transactions at the same time. That’s what Intel Market (INTL) aims for.
Intel Markets’ (INTL) dual-chain approach is undoubtedly one of its most intriguing features. It has greatly increased the flexibility and range of investment possibilities by developing a state-of-the-art platform that facilitates trading in both Ethereum and Solana. Alongside this, Intel Markets (INTL) is creating its own blockchain as well to further solidify its market leadership position.
Its promise has not gone unnoticed, and many people are racing to invest in Intel Markets (INTL), including high-profile investors from already established projects such as Litecoin (LTC) and Near Protocol (NEAR). In its private seed round, the project has already raised more than $550,000, indicating a strong level of interest and support for its concept.
For just $0.018, Intel Markets (INTL) offers the once-in-a-lifetime opportunity to invest in the early stages of what might end up being one of the largest projects ever. With a strong team, cutting-edge technology, and rapidly increasing investor interest, Intel Markets (INTL) is poised to rise to the top of the crypto market.
Join the Movement:
Buy Presale
Visit Intel Markets
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2024-08-22 | Trump Introduces New Crypto Initiative
2024-08-22
You can also read this news on BH NEWS: Trump Introduces New Crypto Initiative
US Presidential candidate Donald Trump has announced his own cryptocurrency venture amid increasing interest in digital assets. The project, which was revealed on his Truth Social account, comes in the wake of his recent Bitcoin
promises. Should Trump win the upcoming election, this initiative could create a fascinating scenario in the political and financial
landscape.
Trump’s DeFi Platform
In recent months, numerous PolitFi tokens have launched in Trump’s name, targeting supporters and benefiting from the election buzz. Now, Trump is launching his own decentralized finance (DeFi) platform aimed at American citizens. Details are expected to be unveiled in the coming days through the project’s official Telegram channel, “The DeFiant Ones.”
What Is Expected from Trump’s Crypto Project?
The official announcement on the Telegram channel emphasized the project’s goal to challenge traditional financial systems. The message highlighted that everyday Americans have been burdened by major banks and financial elites for too long. It called for collective action to redefine the future
of finance, urging followers to stay tuned for upcoming updates.
Key Insights for Potential Investors
Before diving into Trump’s new crypto initiative, consider the following:
Trump’s backing may prompt quick listings on major centralized exchanges.
Potential legal challenges from the SEC could arise, given the regulatory scrutiny.
Invest in official channels only to avoid scams and impersonations.
These factors highlight the need for cautious optimism when approaching this new venture.
Resultantly, Trump’s crypto initiative signifies a bold move in the financial sector, reflecting his ongoing interest in digital currencies. With potential legal and political implications, this project is set to be closely watched by both supporters and critics alike.
The post first appeared on BH NEWS:
Trump Introduces New Crypto Initiative |
2024-08-22 | Will Solana (SOL) Hit $150 Overcoming the Bull-Bear Combat?
2024-08-22
Solana’s daily trading volume showed a 25.26% increase according to CMC data.
The altcoin is expecting to see a spot ETF launch as market speculations are on the rise.
In the past 24 hours, the cryptocurrency market has shown bullish turns with market cap increasing 2.79% and daily trading volume surging 16.36%. Leading cryptocurrencies such as Bitcoin also showed price increases over the past day. However, the market over the past few weeks has remained uncertain with high volatility rates.
Notably, the second-largest altcoin, Solana, has shown a price increase in the last 24 hours with a 2.10% increase in market cap. At Asian evening hours, SOL traded at a low of $141.01. However, the token slid to an intra-day low of $139.27 before prices began climbing to current levels. At the time of writing, Solana was trading at $143.88 according to CMC data
.
Zooming out, over the past week Solana’s price charts show strong bull-bear combats as the altcoin showed high volatility. According to TradingView reports, Solana’s RVI
stands at 53.43. This resulted in Solana’s weekly prices dangling between $141 to $149 levels.
Additionally, the token’s weekly price performance shows a 1.07% increase due to the bull-bear combat. In the last week, Solana was trading at a price of $143, after which it proceeded to fall to a support level of $136. However, with the bulls attempting to win the combat, prices climbed above $140.
Will Solana Bulls Make a Comeback?
The altcoin has received mixed signals from market analysts’ predictions. Some of the market experts believe that Solana might experience a bullish turn. Meanwhile, others have predicted an incoming price drop for the altcoin. If the token manages to surpass current resistance at $145 and $149 then it can experience a bull run surpassing $150.
SOL/USDT Daily Price Chart (Source:
TradingView
)
On the other hand, according to TradingView data
, Solana’s short-term 9-day MA stands below the long-term 21-day MA indicating an overall bearish trend. Relatedly, the token’s RSI also stands at 45.35 as market sentiments still lean towards selling pressures.
Meanwhile, Solana has received attention as it anticipates a spot ETF launch in the coming months. While the US SEC
has shown strong resistance against a speedy approval, other countries have expressed alternate sentiments. Notably, on August 21, Brazil approved
its second Solana ETF according to reports.
Highlighted Crypto News Today:
Will Ethereum Overcome Market Struggles and Break $3000? |
2024-08-22 | US Sees Rising Recession Concerns Amid Interest Rate Cut Expectations
2024-08-22
You can also read this news on COINTURK NEWS: US Sees Rising Recession Concerns Amid Interest Rate Cut Expectations
In recent times, expectations for interest rate
cuts have been increasing in the US, while recession concerns have been growing louder. There is a strong expectation that interest rate cuts will occur in September, and yesterday’s Fed minutes did not contradict this. Despite differing views from major companies on the recession, the ongoing discussion of this possibility is unsettling the market. Amid all this, critical data was released in the US.
Data Released in the US
The eagerly awaited unemployment claims data was released in the US. Following last week’s decline, an increase was expected this week, and it appears that expectations have been met.
US Unemployment Claims Announced: 232K (Expectation: 232K Previous: 227K)
US Unemployment Claims (4-Week Average) Announced: 236.00K (Previous: 236.75K)
As recession concerns grow in the US, the rise in data could fuel such fears, but all eyes are on Powell’s speech on Friday. It is currently unknown what impact the data, being exactly as expected, might have.
What is Bitcoin’s Price?
Following the data release, cryptocurrency followers turned their attention directly to Bitcoin
‘s price. Bitcoin lost the $61,000 level after the news
and returned to $60,629. Despite this price movement, the 24-hour change of 2.31% is pleasing investors.
The 7-day outlook indicated a 3.51% increase for Bitcoin. Following the rise, BTC’s market cap surpassed $1.2 trillion again, and the noticeable increase in 24-hour trading volume indicated growing interest. The 24-hour trading volume exceeded $35.8 billion after a 33% increase, showing buyers’ interest in the market.
The post first appeared on COINTURK NEWS:
US Sees Rising Recession Concerns Amid Interest Rate Cut Expectations
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2024-08-22 | Bitcoin and Crypto Market Surge
2024-08-22
You can also read this news on BH NEWS: Bitcoin and Crypto Market Surge
The overall cryptocurrency market
and Bitcoin
(BTC) have recently made notable advancements by breaking through critical resistance levels. Fantom (FTM) emerged as the standout performer of the day, showcasing significant gains over the past week. Chart analysis suggests FTM may be poised for a 77% rise.
Crypto Market Overview
The total value of the cryptocurrency market climbed to $2.09 trillion after today’s increase, approaching the $2.11 trillion resistance point. This level has been a formidable barrier in recent weeks, and breaking through could signal new highs.
Despite today’s rise, substantial resistance levels still loom for the total crypto market (TOTAL). These are expected around the $2.18 trillion mark. If these levels can be converted into support, further upward movement is possible.
Bitcoin’s Current Status
At the time of writing, Bitcoin was priced at $60,900, nearing the $61,480 resistance level. Historically, this price point has alternated between resistance and support, making it crucial for BTC’s potential recovery.
Should Bitcoin successfully revalidate $61,480 as a support level, it may enter a new consolidation phase. Between March and June, BTC consolidated within the $71,997 and $61,483 range for roughly three months.
Fantom’s Current Price
Fantom (FTM) saw a breakout from its descending wedge formation this week. With a more than 13% surge in the last 24 hours, FTM is now trading at $0.415. The formation suggests an upward target of $0.6896, indicating a potential 77% rally.
To achieve this, FTM must overcome and validate the resistances at $0.5397 and $0.6425 as support levels.
Key Insights for Investors
– Monitor the $2.11 trillion resistance level for the total crypto market for potential new highs.
– Bitcoin’s revalidation of the $61,480 level as support could signal a new consolidation phase.
– Fantom’s performance suggests a possible 77% rally, contingent on surpassing key resistance levels.
The recent movements in the cryptocurrency market indicate promising opportunities, but significant resistance levels must be carefully watched to gauge future
trends.
The post first appeared on BH NEWS:
Bitcoin and Crypto Market Surge |
2024-08-22 | Bitcoin Price Prediction 2024-2030: Will BTC Price Surpass $100K Post-Halving?
2024-08-22
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2024-08-22 | Crypto Market and Bitcoin Show Significant Progress
2024-08-22
You can also read this news on COINTURK NEWS: Crypto Market and Bitcoin Show Significant Progress
The total crypto
market
(TOTAL) and Bitcoin (BTC) were seen making significant strides in surpassing their crucial resistance levels. Additionally, today’s market winner was none other than Fantom (FTM), which also made a mark in the past week and now seems to be eyeing a 77% increase according to its charts.
Crypto Market Overview
The total crypto market value reached $2.09 trillion after today’s rise and came very close to surpassing the $2.11 trillion resistance following an increase of over $57 billion yesterday. This resistance level for TOTAL has been a significant barrier to any rise over the past three weeks, and surpassing it could lead to new peaks.
However, there are still significant resistances ahead for TOTAL. These resistance levels are thought to emerge from the $2.18 trillion level, and if these levels turn into support, further increases could be possible.
On the other hand, if the upward momentum remains weak, horizontal price movements could continue, and the trend could even reverse. Therefore, avoiding consolidation could bring significant challenges.
Bitcoin’s Current Status
Considering that Bitcoin was trading at $60,900 at the time of writing, it can be said that there is a possibility of surpassing the resistance at the $61,480 region. This price level has historically acted as both resistance and support for a long time and currently serves as resistance. This level could be crucial for BTC’s recovery.
It wouldn’t be wrong to say that if Bitcoin’s price revalidates $61,480 as a support level, a new consolidation phase might begin. Between March and June, BTC consolidated between $71,997 and $61,483 for approximately three months.
Fantom’s Current Price
Fantom’s price broke out of the descending wedge formation as expected this week. The over 13% increase in the last 24 hours has enabled FTM to find buyers at $0.415.
Looking at the formation, the upward price target is indicated at $0.6896, with a 77% rally becoming increasingly widespread. Additionally, FTM needs to surpass and validate the resistances at $0.5397 and $0.6425 as support.
The post first appeared on COINTURK NEWS:
Crypto Market and Bitcoin Show Significant Progress
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2024-08-22 | Is Bitcoin (BTC) Ready to Rise? What is Needed for Rise? Willy Woo Explained!
2024-08-22
After bottoming at $15,000 following the sudden bankruptcy of FTX in November 2022, Bitcoin recorded a tremendous rise in 2023 and 2024, surpassing its ATH of $69,000.
While BTC is in a downtrend after the new ATH in March, investors are expecting a serious bullish move.
At this point, experienced analyst Willy Woo said that BTC's price action should become very boring indeed before a major rally.
On-chain analyst Willy Woo analyzed the current situation in Bitcoin, claiming that leveraged trading in the market should be liquidated more as a potential catalyst for Bitcoin’s next rally.
The market remained in a downtrend until early August due to widespread speculation regarding a significant inflow and sale of 100,000 BTC from the German government, the US Department of Justice (DOJ), and the bankrupt Mt. Gox exchange.
At this point, Woo pointed out that Bitcoin investors had experienced a significant amount of liquidation during the sharp decline in August, and said that he saw the decline as a “healthy correction” as these events suppressed Bitcoin's price increase.
According to Woo, leveraged positions need to be cleared more for Bitcoin price movements to become more stable.
Woo noted that Bitcoin in general has shifted from a short-term bearish trend to neutral, but the long-term outlook remains bullish.
The experienced analyst finally pointed out that the Bitcoin balance on exchanges has decreased, adding that a low BTC balance generally indicates an upward trend.
“…
There was a lot of leverage liquidation in the August drop. I think we're 66% there. Most of the speculation is gone, we still need more spot BTC to be absorbed.
For a strong rally to occur, the BTC price action needs to really get boring and the selling pressure in the Bitcoin markets needs to ease.
But the good news in the long term is that we are not in a bear market. It's just a very long consolidation.”
I've been on RnR for a while, but…
Here's the chart I like best to set the scene.
Less inventory = bullish
Until the start of Aug, we've been in a bearish stance with an influx of 100k coins (Germany, MtGox, DOJ) while speculation has been rife creating more paper BTC. pic.twitter.com/Yq7yhMpRZ8
— Willy Woo (@woonomic) August 21, 2024
*This is not investment advice.
Continue Reading: Is Bitcoin (BTC) Ready to Rise? What is Needed for Rise? Willy Woo Explained! |
2024-08-22 | Here’s What’s Next for These Altcoins: FTM, RENDER, and THETA Prices Aim for a Bullish Monthly Close
2024-08-22
The post Here’s What’s Next for These Altcoins: FTM, RENDER, and THETA Prices Aim for a Bullish Monthly Close
appeared first on Coinpedia Fintech News
The markets are heading towards the monthly close, which is expected to have a huge impact on the upcoming quarterly close. Historically, August has not attracted any major bullish action and hence the markets appear to be following the historical pattern. The Bitcoin price is stuck within a range, due to which market participants appear to have become more sceptical about the next price action. However, altcoins like Fantom, Render, & Theta have broken above the range, intending to close the monthly trade on a bullish note.
Fantom (FTM) Price Analysis
The Fantom prices
have been trading within a descending parallel channel and the latest rise helped the token surge above the average bands
The price has pierced beyond the supertrend levels, which may hint towards a potential shift towards the bullish trend
However, the DMI displays some possibility of a pullback, as, after a bullish crossover, the +Di has diverted from maintaining a steep rise
Therefore, the FTM price may face a small pullback, as only a rise to the upper resistance of the channel may validate a change in the trend. Besides, a breach above the resistance may validate a rise from bearish claws, pushing the price close to $0.6
Render (RENDER) Price Analysis
The RENDER price appears to have lost most of the profits gained since the beginning of the year as it trades an inch close to the yearly lows
Although the bulls have halted excessive price drain, they are failing to trigger a strong upswing, due to which the possibility of a pullback haunts the rally
However, the DMI is suggesting a potential flip from the bearish trend as the levels are heading towards a bullish crossover
Therefore, the Render price is expected to maintain a healthy rise and achieve 0.236 FIB at $5.88, which may eliminate the bearish influence over the rally
Theta (THETA) Price Analysis
The THETA price
is attempting to validate a bullish breakout beyond the upper resistance of the channel
The DMI is close to triggering a bullish crossover, which may certify a change from a bearish trend to a bullish
Therefore, the THETA price is believed to maintain a healthy upswing and reach the crucial resistance at $1.57.
If the bulls fail to reach these levels, the price may remain stuck below the range for an extended period |
2024-08-22 | Top Reasons Why Bitcoin (BTC) Price Rally is On Horizon
2024-08-22
The post Top Reasons Why Bitcoin (BTC) Price Rally is On Horizon
appeared first on Coinpedia Fintech News
Bitcoin recently surged above $60,000, fueled by important macroeconomic factors. Traders are anticipating a rise towards $70,000. The Federal Reserve’s recent meeting minutes hinted at potential rate cuts, which could increase Bitcoin’s price by increasing global liquidity through lower interest rates.
Looking at the bullish prospects, one crypto analyst highlighted that USDT’s dominance (USDT.D) could be a useful predictor of Bitcoin’s peak. As USDT.D usually trends upward over time due to coin distribution, it’s an important indicator.
USDT Dominance Dropping, Good For BTC?
According to a popular crypto analyst alias Mags on
the X platform, Bitcoin’s price is en route to hitting a target of at least $72k or higher. Mags highlights
a key observation about the relationship between Bitcoin (BTC) and the USDT Dominance (USDT.D) chart. He noted that USDT.D measures Tether’s (USDT) dominance
in the crypto market relative to the total market cap of all cryptocurrencies.
Historically, there has been an inverse correlation between USDT.D and Bitcoin: when USDT.D decreases, Bitcoin tends to increase in value, and vice versa.
#Bitcoin
pump incoming ?
If you've been paying attention to USDT.D, you already know about the inverse correlation between USDT.D and BTC.
Looking at the chart, USDT.D broke down a strong trendline support and is currently testing the point of breakdown with a possible… pic.twitter.com/lqZ6SPCgaQ
— Mags (@thescalpingpro) August 22, 2024
Current USDT.D Chart Analysis
The USDT.D chart must be understood to understand what’s happening. It compares the market capitalization of USDT, the world’s largest stablecoin, to USDC, DAI, FUSD, and all other USD-pegged assets. Mags pointed out that USDT.D has recently broken below a significant trendline support. This breakdown is crucial because it suggests a shift in market sentiment, potentially indicating that investors are moving away from holding USDT in favor of other assets. The chart now shows a possible bear channel formation, meaning that USDT.D might continue to decline.
Bitcoin’s Technical Setup towards $72K
Conversely, Bitcoin is forming a broadening wedge pattern on its chart. A broadening wedge is typically considered a bullish continuation pattern, suggesting that Bitcoin could experience a strong upward move after some volatility and fluctuations. This pattern generally indicates increasing volatility but with a bullish bias, signaling that the price might continue to rise once the pattern completes.
If USDT.D continues its downward trajectory, it could lead to a significant increase in Bitcoin’s price. Mags predicts this scenario could propel Bitcoin to $72,000 or even higher. The reasoning is that as investors shift away from USDT, they might put more money into Bitcoin, significantly driving up its price. |
2024-08-22 | First Mover Americas: Bitcoin Advances Following Reports of RFK Jr. Withdrawal
2024-08-22
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day. CoinDesk 20 Index: 1,968 +2.8%
Bitcoin (BTC): $61,253 +3.0%
Ether (ETH): $2,638 +2.0%
S&P 500: 5,620.85 +0.4%
Gold: $2,541 +1.3%
Nikkei 225: 38,211.01 +0.68%
Bitcoin rallied during the late European morning having zigzagged between $59,000 and $61,000, and climbed to around $61,250, a 24-hour increase of nearly 3%. Some news outlets reported late Wednesday that Robert Kennedy Jr. was planning to drop out of the U.S. presidential race by the end of this week and would endorse Donald Trump, who has positioned himself as a pro-crypto president if elected. Polymarket bettors give the withdrawal an almost 94% chance of it happening, a major shift from earlier in the week. The broader digital asset market is nearly 2.75% higher than 24 hours ago, as measured by the CoinDesk 20 Index. Nearly half of all corporate political contributions in the 2024 election cycle came from cryptocurrency companies, according to a Wednesday report from corporate influence watchdog Public Citizen. The report found that, so far, 48% of corporate election spending has come from crypto companies like Ripple and Coinbase. That’s $119 million out of a total of $248 million. The vast majority of those donations have been funneled into pro-crypto super political action committees (PACs) like Fairshake as well as squashing the bids of crypto skeptics. Just under $108 million of the $203 million raised by Fairshake has come directly from crypto companies, according to the report. The rest came from large donations made by deep-pocketed and prominent individuals, like the Winklevoss twins and Brian Armstrong. One year ago, HashKey Capital forecast that ether liquid-staking derivatives would double from their August 2023 total value locked to $44 billion by August 2025. Halfway through, it looks like things are on track. The TVL of Ether LSDs hit $36.25 billion, with Lido claiming a 70% market share, according to data from DeFiLlama. Despite relatively stagnant ETH prices recently, demand for staking continues to rise, with the validator entry queue surging to an all-time high of around 7,400, HashKey Capital analysts wrote in a note to CoinDesk. "However, annualized staking yields have remained at around 3.5% for the past four months. This creates a situation where more validators want to join but rewards are not increasing substantially."
- Omkar Godbole
Edited by Sheldon Reback. Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Jamie Crawley is a CoinDesk news reporter based in London. Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team. About
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-22 | Why is Bitcoin price stuck?
2024-08-22
Bitcoin's (BTC
) price recovered by 3.62% on Aug. 21, but it currently faces overhead resistance at $61,700. Meanwhile, the BTC fear and greed index also increased
over the past day, jumping from 26 to 39, indicating that investors are turning slightly bullish.
Regardless, Bitcoin has struggled to break away from the current range between $62,000 and $57,500, but why?
Bitcoin price stuck between liquidation clusters
The bulls expects to turn $60K into support, but since Aug. 8, BTC has chopped around this level without confirming a trend direction in the short term.
One particular reason for such relatively flat price action is the presence of liquidation clusters.
As observed in the chart, the liquidation levels above $60,000 and below $58,000 were extremely dense over the past week, potentially dictating the sideways movement. However, many of these clusters have been tagged, as $40 million was liquidated over the past day.
Bitcoin liquidation heat map. Source: Coinglass
Moving forward, the immediate liquidation cluster is currently between $61,500 and $62,500, and over $300 million will be liquidated once the price breaches this range.
If BTC cannot hold above $60,000, this could lead to another bearish blowout, opening the possibility of another cluster range re-test at $58,500, i.e., $180 million in liquidation.
Retail investor Bitcoin demand remains low
One key aspect that dictates a sustainable bullish rally is the presence of retail investors. Data suggests
that Bitcoin has witnessed a gradual decline in retail investors’s demand since May 2024.
Bitcoin Retail Investor demand 30D change. Source: Cryptoquant
Moreover, the trading volume for trades less than $10K has been largely underwhelming since May 21.
Funding rate remains close to neutral
Bitcoin's lack of price action since Aug. 8 was coupled with minimum futures and perpetual trading activity. The Bitcoin open-interest weighted funding rate is currently at 0.0037%, which can be considered neutral.
Data from Coinglass
indicates that the funding rate has been close to 0% over the past week. A neutral funding rate means neither long nor short traders hold a major position.
Bitcoin OI-Weight Funding Rate chart. Source: Coinglass
Additionally, Bitcoin historically averages only 1.98% returns in August, making it one of the least volatile months over the past decade.
Bitcoin Monthly returns. Source: Coinglass
These factors have contributed to Bitcoin’s sideways price action over the past 14 days. Bitcoin is currently priced at $61,228, registering $36.5 billion in trading volume over the past 24 hours.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. |
2024-08-22 | Dormant Bitcoin Wallets Transfer $20.3 Million After A Decade of Inactivity
2024-08-22
A peculiar activity in Bitcoin wallets, reported by sources, has raised ears and opened wide eyes across the crypto arena. Bitcoin has allegedly arrived just below the $60,000 mark, and two dormant Bitcoin wallets that were not active since 2014 and 2013 have become active out of the blue. The two wallets moved a total of 342.59 BTC altogether.
At the ongoing market rates, this number of Bitcoins is worth around $20.3 million. This sudden movement has set the crypto community abuzz with speculations, as it comprises massive amounts of Bitcoin that were untouched for almost a decade. The rejuvenation of these dormant Bitcoin wallets demonstrates the potential for significant market movements and springs up questions about the future of Bitcoin’s liquidity and value stability.
According to news sources, on Wednesday, one of the dormant Bitcoin wallets, which had been sitting idle since August 18, 2014, suddenly moved 200 BTC. When the transfer was made, Bitcoin was worth $59,360 per coin, making the value of the transaction around $11.8 million. The transfer took place at 11 a.m. EDT on August 21, and it was made from a Pay-to-PubKey-Hash (P2PKH) legacy address, later ending up in a Bech32 (Segwit) address. The funds are in this Segwit address at the time of writing. Blockchair’s privacy tool reportedly assessed the privacy of this transaction and marked it with a score of 45 out of 100. The score was impacted by the repeated use of the same address in the transaction inputs and the fact that the funds were swept. The body behind this movement paid 5,787 satoshis, which amounts to $3.44, in fees, with a fee rate of 4.47 satoshis per virtual byte (sat/vB). Notably, the 200 BTC was originally acquired for just $91,000, as reported. At block height 857,774, btcparser.com detected the transfer of 142.59 BTC. This transfer was also originated from a legacy P2PKH wallet and was sent to another P2PKH address. Blockchair rated this second transaction a little higher than the previous one and gave scored it 55. The fee for moving the 142.59 BTC was a mere 6 sat/vB, or $0.69, as reported. When the transfer was made, this amount of Bitcoin was valued at approximately $8.47 million. The 142.59 BTC in this dormant Bitcoin wallet were alleged to not have been in use ever since it was first acquired on November 20, 2013. At that time, the Bitcoin was worth $84,270.69, as reported. Even with the recent activity, the 342.59 BCH linked with these two dormant Bitcoin wallets remains idle. These funds are still constantly lying in the old addresses, with a market value of $116,470, at the time of writing.
The abrupt activity from these two dormant Bitcoin wallets, carrying sizeable amounts of Bitcoin, has gained traction within the crypto community. Bitcoin has reportedly neared the $60,000 mark now and these transfers show the long-term value and potential of idle Bitcoin assets. The exact reason and objective of this awakening on both wallets is still unknown but the level of monitoring and speculations around this activity has reinforced the importance of regulating such transfers. The reactivation of these dormant Bitcoin wallets impacts market dynamics along with fueling discussions about the future of Bitcoin’s value and the strategic movements of long-term holders. Learn more about the significance of holding on to digital assets for a long-term with TheBITJournal.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information. Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means. Explore in-depth articles, expert insights, and breaking news to keep you informed and ahead in the digital age. |
2024-08-22 | BREAKING: Binance Listings Can't Stop! Announces Listing of Two More Surprise Altcoins!
2024-08-22
Binance, the world's largest cryptocurrency exchange, continues to make altcoin announcements without slowing down.
Related News: JUST IN! Binance Announces New Altcoin Listing on Futures! Price Skyrocketed!
At this point, Binance announced that it will launch futures trading with 75x leverage for altcoins named POPCAT and SUN.
“To expand the list of trading options offered on Binance Futures and enhance users’ trading experience, Binance Futures will launch the POPCAT/USDT Perpetual Contract starting at 2024-08-22 13:00 (UTC) and the SUN/USDT Perpetual Contract starting at 2024-08-22 13:05 (UTC) with up to 75x leverage.”
Following the news, POPCAT and SUN prices moved upwards.
*This is not investment advice.
Continue Reading: BREAKING: Binance Listings Can't Stop! Announces Listing of Two More Surprise Altcoins! |
2024-08-22 | Why is Robert Kiyosaki Inviting To Buy Bitcoin Today?
2024-08-22
With an economy of trillions, Bitcoin alone contains $1.19 Trillion in market cap, acquiring market dominance. Other than being the first cryptocurrency to come into existence, it has become the lifeblood of the industry, making millions of people its followers. Robert Kiyosaki, the writer of Rich Dad Poor Dad and financial advisor, has also become its spokesperson, urging Bitcoin buying more than anything. One such advice is gaining popularity today as the author invited to buy Bitcoin before the destruction hits.
Robert Kiyosaki Favors Bitcoin Over America’s Rising Debt
In an X post, Robert Kiyosaki presented a clear picture of America’s financial situation, as the author reveals trillions of dollars worth of debt accumulating on the country. As per the post, America is drowning in $1 Trillion in debt every 100 days, suffocating the country.
HOW MUCH is a trillion? A trillion seconds was 31,688 years ago. America goes a trillion $ in debt every 100 days. Now do you know why you must buy gold, silver, and Bitcoin?
— Robert Kiyosaki (@theRealKiyosaki) August 22, 2024
America is among the most developing countries, carrying the largest forces and GDP, but is drowning in debt. The country has $35.17 trillion of debt per U.S. Treasury Fiscal Data
, and $1 Trillion is piling up every 100 days per the Kiyosaki.
In his post, he asks the users whether they know why they should buy Bitcoin and other assets like gold and silver. More importantly, the single post has gained thousands of views concerning people over America’s rising inflation and dealing methods. Even the multi-billionaire, Elon Musk has shown concern about this and revealed the key reasons for inflation
, including the government’s unnecessary spending.
Not His First Time Advocating Bitcoin Buying
Robert Kiyosaki has been advocating for Bitcoin and other digital assets over currency for many years. He has been known for his open criticism of the government and FED and his analysis of the future markets.
Just a few days ago, he asked netizens to buy BTC because of the failing banks and declining economic conditions. He revealed that the panics of capital markets are visible, but not the banking system’s. He says that no one can identify the signs of banks going bankrupt, but people can always see and identify when the other assets are crashing.
Rich Dad Lesson on Panics.
1: Panics in capital markets are visible. That means everyone knows when the stock, bond, or real estate markets are crashing.
2: Panics in banks are invisible. That means most people have no idea when their bank is in BANKRUPT.
That is why…
— Robert Kiyosaki (@theRealKiyosaki) August 18, 2024
Robert questioned the investors on why they were risking their money with banks and not investing in safe options like Bitcoin and Gold. He ended the post by cursing the US feds. However, things have not always been said in favor of BTC.
Earlier, Kiyosaki forecasted biggest crash in Bitcoin
, and interestingly, at the same time, the BTC price dropped. But, it succeeded in recovering, revealing the future holds the crash Kiyosaki had forecasted. Now, at the time of writing, the Bitcoin price
is stable at $60.8K, aiming for higher heights.
Though Kiyosaki forecasted the biggest crash, he also assured the heaviest profits once the conditions turned right.
Final Thoughts
Bitcoin is in the limelight of the crypto industry, and so is Robert Kiyosaki in the financial advice world. Earlier, he predicted the biggest financial crash and now has warned people about America’s rising debt and opting for safer options like Bitcoin and gold. He revealed that America is submerging $1 Trillion in debt every 100 days, warning about the upcoming economic crises.
The post Why is Robert Kiyosaki Inviting To Buy Bitcoin Today?
appeared first on CoinGape
. |
2024-08-22 | Taiwanese court convicts spies paid in crypto by China
2024-08-22
Taiwan’s high court convicted eight people of espionage for China, revealing that crypto was used to facilitate payments in one of the most prominent spying cases in recent years.
Bloomberg reports
, citing Taiwan’s Ministry of Justice’s Investiga
tion Bureau, that Chinese intelligence used cryptocurrency to pay Taiwanese military personnel involved in a major espionage case.
According to the report, Taiwan’s high court has convicted eight individuals, including active-duty and retired military officers, for collecting state secrets on behalf of China, what the report describes as “one of the largest espionage cases in years.” The report does not clarify which cryptocurrency was used for payments or if a third-party provider facilitated the transactions.
The court handed down sentences ranging from one-and-a-half years to 13 years in prison. The Ministry of Justice’s Investigation Bureau disclosed that these individuals were recruited by the Chinese Communist Party to gather military intelligence, with “virtual currency” being used to facilitate payments. Despite the ban on cryptocurrency trading in China, this case highlights the intelligence agencies’ continued use of digital assets for covert operations.
You might also like: China’s supreme court recognizes crypto in landmark AML law update
China signals interest in crypto for espionage
China banned
all crypto transactions in 2021, citing financial stability and crime prevention concerns. However, the use of cryptocurrencies in the latest espionage case indicates that Chinese intelligence operatives continue to leverage the anonymity and ease of cross-border transactions offered by digital assets.
As the U.S. Department of Justice revealed
earlier, Chinese intelligence officers paid bribes in Bitcoin (BTC
) to a U.S. government employee to steal documents related to the prosecution of a China-based telecommunications company, believed to be Huawei. In that case, Chinese agents used Bitcoin, and blockchain analytics revealed that the spies utilized privacy-enhancing tools like Wasabi Wallet to obscure their transaction trail.
Read more: U.S. Republican Senators Propose Bill to Ban China’s Digital Yuan Use in America |
2024-08-22 | Bitcoin OTC Desk Balances Hit Two-Year-Highs, Another BTC Sell-Off Ahead?
2024-08-22
The Bitcoin bulls are back in action with the BTC price surging past $60,700 again. However, on-chain data from CryptoQuant shows that the Bitcoin over-the-counter (OTC) desk balances from miners have seen a sharp surge suggesting caution moving ahead.
Bitcoin OTC Desk Balances Jump By 70%
As per the on-chain data from CryptoQuant, Bitcoin OTC desk balances have surged by 70% in the past three months, shooting up all the way from 215,000 BTC in June to 368,000 BTC in August, marking a staggering increase of 153,000 BTC. This is the highest level of OTC desk balances for Bitcoin in over two years since June 2022.
Bitcoin miners typically use the OTC desks to sell BTC without affecting the spot prices. The OTC desks help to curb the volatility against selling on the exchanges. The significant rise in OTC desk balances suggests heightened selling activity among miners. Historically, such increases have been linked to declines in Bitcoin prices, noted CryptoQuant
.
BTC Price Sentiment Shifts from Bearish to Neutral
During the last month of July, the coin was in a strong bearish phase due to the massive influx triggered by Mt. Gox repayment as well as the sell-off from the German government. Moreover, the US government has also been moving its coins recently creating panic in the market. bitcoin analyst Willy Woo stated that this led to rising speculation of the creation of more “paper BTC”.
As a result, Bitcoin faced a significant downside in early August by wiping out the massive open interest in the market leading to a reset. Woo called this reset of speculative “paper bets” a healthy sign as it clears the speculative froth and allows Bitcoin to resume the upward journey again.
As a result, Woo believes that the market has finally transitioned from staying bearish to becoming neutral. However, he expects Bitcoin to continue being in the consolidation phase adding that “BTC price action needs to get really boring” to kickstart a rally. “I feel like we are 66% the way there. Much of the speculation has left, we still need more of the spot BTC to be absorbed,” said Woo.
Woo stated that the good news is that we aren’t in a bear market yet but just in the consolidation phase.
Overall, from a demand/supply standpoint, it's been a recovery from short term bearish to delicately neutral.
But over the longer term, the good news is we aren't in a bear market. Just a very long consolidation. pic.twitter.com/nTGUxpbXr9
— Willy Woo (@woonomic) August 21, 2024
The post Bitcoin OTC Desk Balances Hit Two-Year-Highs, Another BTC Sell-Off Ahead?
appeared first on The Coin Republic
. |
2024-08-22 | Spot Bitcoin ETFs See Unprecedented Institutional Adoption, Set to Break Records
2024-08-22
In a post on X on Aug. 21, Bitwise chief investment officer Matt Hougan said that Bitcoin ETFs are being adopted by institutional investors “faster than any other ETF in history.”
He noted that spot Bitcoin ETFs
“are the fastest-growing ETFs of all-time,” having amassed $17.5 billion in net flows since launching in January. Hougan added that they were about to break ETF records:
“This is on pace to smash the previous ETF record, held by the Nasdaq-100 QQQs, which gathered $5 billion in their first year. It’s not even close.”
The Invesco QQQ is an ETF based on the Nasdaq-100 Index and one of the oldest, largest and most-traded funds on the market.
Bitcoin ETFs Surging, Spot Markets Lagging
Hougan said critics argue that only retail investors are buying Bitcoin
ETFs, pointing to 13F filings that show institutions hold only 21% of current ETF assets under management.
However, he said that the BTC products lead in institutional adoption, both in terms of the number of such holders and AUM, compared to other fast-growing ETFs.
“Bitcoin ETFs are by far the leaders in terms of institutional adoption. That’s true whether you measure by number of institutions or AUM.”
1/ Bitcoin ETFs are being adopted by institutional investors faster than any other ETF in history. Don't believe the "it's just retail" story. The data prove otherwise.
A thread.
— Matt Hougan (@Matt_Hougan) August 21, 2024
The narrative can be bolstered when looking at hedge fund adoption of Bitcoin ETFs. Earlier this week, research analyst at investment firm River, Sam Baker, reported that 60%, or 15 out of 25, of the largest American hedge funds have Bitcoin ETF holdings.
“Not a single one sold over the second quarter, and most are still stacking,” he said.
The largest holder is Millennial Management which has 27,263 BTC, followed by Schonfeld Strategic Advisors with 6,734 BTC, according to River.
60% of the largest U.S. hedge funds hold Bitcoin ETFs
Not a single one sold over the second quarter, and most are still stacking
Here's how institutional bitcoin adoption is still ramping up
pic.twitter.com/sOpzE5XKDj
— Sam Baker (@macromule) August 19, 2024
Spot BTC ETFs Still Inflowing
Spot Bitcoin ETFs in the United States posted a fifth consecutive day of inflows on Aug. 21 with $39.5 million, according
to preliminary data from Farside Investors.
Grayscale Bitcoin Mini Trust (BTC) was the leader of the pack, with an inflow of $14.2 million while the Fidelity Wise Origin Bitcoin Fund (FBTC) was second with $10.7 million.
So far this month, 66% of trading days have seen positive inflows for spot Bitcoin ETFs despite asset prices declining
8.5% since the beginning of August.
The post Spot Bitcoin ETFs See Unprecedented Institutional Adoption, Set to Break Records
appeared first on CryptoPotato
. |
2024-08-22 | Buterin’s 2020 Prediction Fails: XRP Thrives Despite SEC Battle
2024-08-22
Ripple faces a $125 million court penalty, significantly reduced from the SEC’s initial $2 billion proposal.
Vitalik Buterin criticized Ripple’s defense, questioning its claims against Bitcoin and Ethereum’s regulatory status.
XRP trades at $0.597292, with key support levels at $0.59 and $0.60 as Ripple’s legal battle continues.
Back in December 2020, Ethereum co-founder Vitalik Buterin took a jab at Ripple’s legal defense. He singled out their claim that XRP shouldn’t be considered a security for “public policy reasons,” specifically because Bitcoin and Ethereum were supposedly “Chinese-controlled.”
Looks like the Ripple/XRP team is sinking to new levels of strangeness. They're claiming that their shitcoin should not be called a security for *public policy reasons*, namely because Bitcoin and Ethereum are "Chinese-controlled".
https://t.co/ts02JqrTrB
pic.twitter.com/mKwEzGIetk
— vitalik.eth (@VitalikButerin) December 22, 2020
This was part of a larger back-and-forth. Ripple CEO Brad Garlinghouse had criticized the SEC
for being out of sync with other G20 nations and the broader U.S. government for allegedly favoring Bitcoin and Ethereum, arguing it unfai…
The post Buterin’s 2020 Prediction Fails: XRP Thrives Despite SEC Battle
appeared first on Coin Edition
. |
2024-08-22 | Record Donations from Cryptocurrency Companies to US Elections! Including Coinbase and Ripple!
2024-08-22
While Bitcoin (BTC) and the cryptocurrency sector played a major role in the 2024 US elections, large amounts of donations were made from the crypto sector to US federal election campaigns.
According to Coindesk, cryptocurrency companies donated $119 million to US federal election campaigns.
Crypto companies donated $119 million to US federal election campaigns, according to the latest report from Public Citizen.
This figure accounts for almost half of total corporate donations ($248 million).
The vast majority of these donations went to pro-crypto super political action committees (PACs) like Fairshake.
These donors included Coinbase, Ripple (XRP), and other crypto companies.
According to the report, $107.9 million of the $203 million raised by Fairshake came directly from crypto companies, while this figure also includes large donations from wealthy and well-known figures in the tech and crypto industries, such as Gemini founders and Coinbase CEO Brian Armstrong.
Rick Claypool, Public Citizen’s research director, said the crypto industry’s political spending in the 2024 elections is “unprecedented.”
US Presidential candidate Donald Trump also announced that he accepted BTC and cryptocurrencies as donations during his election campaign.
*This is not investment advice.
Continue Reading: Record Donations from Cryptocurrency Companies to US Elections! Including Coinbase and Ripple! |
2024-08-22 | Powell’s Speech to Influence Crypto Market
2024-08-22
You can also read this news on BH NEWS: Powell’s Speech to Influence Crypto Market
As the cryptocurrency market experiences increased activity, investors
are turning their attention to the Jackson Hole Symposium, where Federal Reserve Chairman Jerome Powell is set to speak. Analysts are keenly awaiting Powell’s comments for potential hints regarding the anticipated 25 basis point rate cut in September, although a 50 basis point cut is also a possibility. Powell’s remarks are expected to introduce volatility into the cryptocurrency markets.
Bitcoin’s Uncertain Trajectory Persists
Bitcoin
‘s price exhibited volatility early Wednesday, fluctuating between $58,000 and $62,000, with bulls striving to maintain the price above the $60,000 mark. According to CoinMarketCap data, Bitcoin’s price has hovered within this range for the past 24 hours. Despite attempts, the broader cryptocurrency market has failed to breach the $2.15 trillion mark, falling instead to $2.1 trillion, as noted by FxPro senior market analyst Alex Kuptsikevich.
Kuptsikevich pointed out that Bitcoin’s decline after touching its 50-day average reflects the current market uncertainty. Meanwhile, institutional investors seem to be shifting their focus towards other assets, including gold. This trend is seen as bearish for Bitcoin, as it struggles to re-enter the $60,000 to $70,000 range consistently.
Analysts like Peter Brandt highlight the formation of an expanding triangle pattern in Bitcoin’s charts, indicating an ambiguous future direction
. Secure Digital Markets analysts also emphasized the difficulty in predicting Bitcoin’s short-term movements, stating that a more positive outlook requires multiple candle closings above the $61,000 level.
Adler: When Will Bitcoin Rise?
CryptoQuant analyst Axel Adler believes Bitcoin’s extended consolidation phase is nearing its end, suggesting a potential upward move. Adler noted that Bitcoin’s daily average coin transfer volume surged from $650,000 to $765,000 upon reaching the $57,000 level, primarily due to panic selling. However, the price remained resilient, reflecting strong market demand at this price point.
Key Insights for Investors
Adler’s observations offer valuable insights for investors:
Demand for Bitcoin remains robust at the $57,000 level.
Increased coin transfer volume suggests market consolidation.
Investors view current prices as attractive buying opportunities.
Market participants are now looking towards Powell’s statements to provide much-needed direction. While his speech is expected to boost confidence and potentially drive Bitcoin and altcoin prices higher, the uncertainty remains until then.
The post first appeared on BH NEWS:
Powell’s Speech to Influence Crypto Market |
2024-08-22 | Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall
2024-08-22
Bitcoin (BTC
) took liquidity both up and down on Aug. 22 as analysis said crypto markets are “looking ripe for a short squeeze.”
BTC/USD 1-hour chart. Source: TradingView
Key BTC price hurdles crystallize
Data from Cointelegraph Markets Pro
and TradingView
shows volatile BTC price moves within a narrow range over the past 24 hours.
United States employment data revisions
, along with the minutes of the Federal Reserve’s latest meeting, helped spark a rally for BTC/USD the day prior.
This was short lived, however, with a return to $59,500 helping liquidate late longs before a fresh rebound to $61,000.
The latest figures from monitoring resource CoinGlass
put 24-hour total crypto liquidations at $124 million at the time of writing.
Crypto liquidations (screenshot). Source: CoinGlass
It also showed ask liquidity increasing above $62,000, turning the level into the key target for a resistance/ support flip.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Analyzing the current status quo, popular trader Crypto Feras noted that BTC/USD had retested the area five times in the past two weeks.
The more it is tested, the weaker it gets. Logically, less efforts are needed to flip it after all these tests,” he wrote
in part of a recent X post.
“Flipping it means 64.8-65k is next.”
BTC/USD 4-hour chart. Source: Crypto Feras
While stuck in a narrow trading corridor, Bitcoin nonetheless inspired some hopes for a solid breakout based on market conditions.
Vetle Lunde, senior analyst at crypto analytics firm K33 Research, flagged rising open interest along with consistently low funding rates
potentially giving rise to a “short squeeze.”
“Market conditions are looking ripe for a short squeeze,” he told
X followers.
“BTC perps notional open interest has jumped by 30k BTC since August 13, with consistent negative funding rates. Average weekly funding rates have hit their deepest negative since March '23.”
Bitcoin open interest month-to-date change. Source: Vetle Lunde
Bitcoin speculators still far from breakeven point
Further up, another key area for BTC price is the short-term holder realized price, now centered around $65,000.
Related: Bitcoin macro top due in 2025 despite 'confusing' March all-time high
This, as Cointelegraph reported
, refers to the average buy-in price of investors holding coins for up to 155 days.
In bulls markets, the level traditionally acts as support, with price last falling below it for a significant length of time in August 2023.
“We can say that the 64K - 66K region is a strong resistance level for Bitcoin,” Burakkesmeci, a contributor to onchain analytics platform CryptoQuant, wrote in a blog post
on the day.
“When short-term holders start closing their losses and moving into profit, they will likely share their success stories. These stories have the potential to attract new investors to Bitcoin.”
Bitcoin realized price data (screenshot). Source: CryptoQuant
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. |
2024-08-22 | Investors Focus on Jackson Hole Symposium as Crypto Market Activity Increases
2024-08-22
You can also read this news on COINTURK NEWS: Investors Focus on Jackson Hole Symposium as Crypto Market Activity Increases
As the cryptocurrency market
activity increases, investors are focusing on the
Jackson Hole Symposium
starting today, where Fed Chairman Jerome Powell will speak. Market analysts will look for hints in Powell’s speech tomorrow about the 25 basis point rate cut in September, which is still 100% likely, but a 50 basis point cut could also come up. Powell’s statements are expected to increase volatility in cryptocurrencies.
Uncertainty in Bitcoin’s Direction Continues
In these uncertain times,
Bitcoin
‘s (BTC) price fluctuated early Wednesday. According to CoinMarketCap data
, Bitcoin’s price moved between $58,000 and $62,000 in the last 24 hours, with bulls trying to keep the price above the $60,000 threshold.
FxPro senior market analyst
Alex Kuptsikevich
noted that the
cryptocurrency
market failed to surpass the $2.15 trillion mark again. Kuptsikevich said, “The cryptocurrency market once again failed to surpass the $2.15 trillion threshold and fell to $2.1 trillion with a 2.3% drop. From a technical analysis
perspective, Bitcoin started to decline after testing its 50-day average once again. Bitcoin has remained in the $59,000 to $60,000 range for the past six days. Yesterday, it was observed that the main institutional demand was directed towards other cryptocurrencies like gold.”
This situation is considered a negative signal for bulls as Bitcoin fails to permanently return to the $60,000 to $70,000 range. Famous analyst
Peter Brandt
pointed out that Bitcoin’s weekly and daily charts are forming an expanding triangle pattern, emphasizing that it is still uncertain which direction this pattern will result in. Similarly,
Secure Digital Markets
analysts also stated that it is not yet possible to determine a clear direction for Bitcoin. Analysts emphasized that Bitcoin’s short-term price trend is uncertain and that it is difficult to paint a more optimistic picture unless there are consecutive candle closings above the $61,000 level.
According to market observers, the uncertainty in Bitcoin and the rest of the
cryptocurrency
market will change after Powell’s statements. While Fed Chairman’s statements are expected to instill confidence in the markets, it is expected to move Bitcoin and
altcoins
upwards.
Adler: Time for Bitcoin to Rise
CryptoQuant analyst
Axel Adler
suggested that Bitcoin’s prolonged consolidation phase is nearing its end and may soon start moving to higher levels. Adler noted that after reaching the $57,000 level, Bitcoin’s daily average
coin
transfer volume increased from $650,000 to $765,000. He added that this increase was due to panic selling, but the price showed resistance despite this pressure.
The increase in coin transfer volume at the $57,000 level for Bitcoin indicates strong demand at this price level in the market. According to Adler, this situation reveals investors’ desire to buy
BTC
at attractive prices, which they previously considered expensive, indicating that the market is in a consolidation phase.
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Investors Focus on Jackson Hole Symposium as Crypto Market Activity Increases
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2024-08-22 | Top AI Tokens To Buy As Altcoins Ready To Explode
2024-08-22
The post Top AI Tokens To Buy As Altcoins Ready To Explode
appeared first on Coinpedia Fintech News
With the Bitcoin price on the boundary of $61,000, the altcoins march ahead with increased momentum. Amid the altcoins, the AI tokens are making a comeback with the increased breakout entry potential. With a potential 100% surge in the coming time, here are the top AI tokens to buy this week.
AI Tokens To Buy This Week:
Artificial Superintelligence Alliance (FET)
With a falling channel in the daily chart, the FET price action
shows a bull cycle ready to reset the trend. The bearish channel accounts for a downfall of 76% and breaks under the $1 mark to challenge the $0.50 mark.
However, the resurgence of demand for FET at the $0.50 mark results in a sideways shift in trend. With a bullish reversal post-consolidation, the FET price has increased by 19% this week.
Currently, the FET price trades at $0.9731, ready to reclaim the $1 psychological milestone. With a bullish breakout of the falling channel, the uptrend can reach the 50% Fib level at $1.8843, an upside potential of 94%.
Worldcoin (WLD)
Under extreme bearish influence, the WLD price
is down to the $1.43 support level. With a bullish foothold, the underlying demand shifts the downfall into a lateral pathway.
However, with the recent revival of the bullish strength, the WLD price prepares for the 23.60% Fib breakout at $1.6676. Further, the bullish trend in the MACD indicator and the 5.32% weekly jump bolster the uptrend chances.
Currently, the AI token is trading at $1.59 with an intraday gain of 1.62%. With the 23.60% Fib breakout, the WLD price can surge to the 50% Fibonacci level at $1.92, with an upside potential of 20%.
In conclusion, the broader market recovery provides an additional boost to multiple segments. Amid such recovering conditions, the AI tokens can witness a boost in momentum to reclaim the lost levels. Hence, the upside potential is massive in the AI tokens. |
2024-08-22 | ETHA Becomes First Ethereum ETF to Cross $1 Billion Mark
2024-08-22
BlackRock's iShares Ethereum Trust (ETHA) has become the first Ethereum-based ETF to surpass $1 billion in net inflows, solidifying its position as a leading product in the crypto market. Meanwhile, a prominent Ethereum whale, known for their long-term holding strategy, has made headlines by selling a substantial portion of their holdings, sparking discussions about the current state of the market and potential future trends.
BlackRock’s iShares Ethereum Trust (ETHA) Surpasses $1 Billion in Net Inflows, Leading the Pack Among Ether ETFs
BlackRock’s iShares Ethereum Trust (ETHA) has become the first Ether-based exchange-traded fund (
ETF
) to cross the landmark $1 billion in net inflows. This achievement marks a historic moment for the nascent market of Ethereum-based ETFs, positioning ETHA as the clear leader among its competitors.
According to data from SoSoValue, ETHA currently holds over $860 million in net assets, making it the second-largest Ethereum investment vehicle by assets under management (AUM). It is surpassed only by Grayscale’s Ethereum Trust (ETHE), which has been a cornerstone in the market for institutional and retail investors alike. Despite this, ETHA's rapid accumulation of assets since its inception is a strong indication of the growing demand for spot Ethereum exposure in a regulated and accessible format.
The $1 billion net inflows into ETHA are more than the combined inflows of the next three highest-ranking Ethereum ETFs. Fidelity’s Ethereum ETF (FETH), Bitwise’s Ethereum ETF (ETHW), and Grayscale’s newly launched Ethereum ETF (ETH) have collectively taken in $904 million, with FETH managing $367 million, ETHW garnering $310 million, and ETH bringing in $227 million.
While ETHA and a few others have seen substantial inflows, the performance across the broader market of Ethereum ETFs has been more varied. Several ETFs have recorded net inflows of less than $60 million, highlighting the challenges faced by smaller issuers in attracting significant investment. This disparity may be attributed to several factors, including brand recognition, investor confidence in the issuer, and the perceived security and transparency of the funds.
Meanwhile, Grayscale’s ETHE, which was converted from an institutional-only trust product into an ETF, has struggled considerably. Since going live, ETHE has witnessed a staggering $2.7 billion in net outflows. The significant outflows suggest that investors may be reallocating their assets into newer, potentially more liquid options or diversifying into other cryptocurrency ETFs that offer different strategies or exposures.
Ethereum ETFs Underperform Bitcoin Counterparts
Despite ETHA’s success, Ethereum ETFs as a whole have underperformed their Bitcoin counterparts. Cumulative net outflows across all Ethereum ETFs have exceeded $440 million, a stark contrast to the inflows seen in the early days of Bitcoin ETFs. During their first month, spot Bitcoin ETFs saw daily net inflows of approximately $125 million, rapidly accumulating over $11 billion in assets, excluding outflows from Grayscale’s GBTC.
BlackRock’s Bitcoin ETF, for example, has made a significant impact on the broader ETF market. It not only ranks among the top five crypto ETFs but also competes with major traditional ETFs, such as the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO), in terms of 2024 inflows.
The success of BlackRock’s ETHA is a significant development for the cryptocurrency market, particularly for those interested in Ethereum. As the first Ethereum ETF to surpass $1 billion in net inflows, ETHA sets a precedent for other issuers and could signal the beginning of broader acceptance and investment in Ethereum-focused products.
However, the varied performance across the sector also highlights the challenges that remain. The underperformance of Ethereum ETFs compared to Bitcoin ETFs suggests that investor sentiment may still be more favorable toward Bitcoin, likely due to its status as the original and most widely recognized cryptocurrency.
Furthermore, the struggles of Grayscale’s ETHE illustrate the potential risks associated with older products transitioning into the ETF space. Investors may be cautious about liquidity, fees, and the overall structure of these products, leading to significant outflows in favor of newer, potentially more streamlined ETFs.
Ethereum Whale Sells 15,000 ETH Amid Market Volatility: Insights and Implications
Meanwhile, a prominent Ethereum (ETH) whale, known for their steadfast holding strategy, has sold a significant portion of their ETH holdings. This move marks a notable shift in the whale’s strategy, which had previously earned them the moniker ”diamond hand” due to their long-term commitment to holding Ethereum through market fluctuations.
According to blockchain analytics platform Lookonchain, the whale recently offloaded 15,000 ETH in a transaction that has sparked widespread speculation and analysis within the crypto space. This whale is not just any ordinary investor; they have a history that dates back to the bear market of 2022, when they made a bold move by withdrawing 96,639 ETH—valued at $151.42 million at the time—from Coinbase. Back then, Ethereum was trading at $1,567 per ETH, and the market was in a bearish phase, characterized by widespread fear and uncertainty.
This strategic acquisition during the bear market highlighted the whale's confidence in Ethereum’s long-term potential. By holding onto such a large stash of ETH through thick and thin, the whale earned a reputation as a ”diamond hand” investor—someone who resists the temptation to sell during market downturns, instead choosing to hold onto their assets in anticipation of future gains.
Fast forward to March 2024, and the market had shifted dramatically. Bitcoin soared to nearly $74,000, and Ethereum surged past $4,000, marking a significant recovery and growth period for the cryptocurrency market. It was during this bullish phase that the whale decided to begin capitalizing on the rising prices.
Since March, the whale has sold 55,000 ETH, generating approximately $176 million at an average price of $3,199 per ETH. This series of sales has reduced the whale’s holdings to 41,639 ETH, which is currently valued at $107 million. Through this calculated selling strategy, the whale has managed to secure an impressive profit of around $132 million, a testament to their ability to time the market effectively.
The Recent Sale and Market Reactions
The recent sale of 15,000 ETH by this whale has not gone unnoticed. Given their history and influence in the market, this move has led to speculation about the future direction of Ethereum’s price. At the time of the sale, Ethereum was struggling to maintain its price above the $2,500 support level. Despite a brief rebound from $2,500 on Aug. 15, ETH has faced challenges in breaking through the $2,700 resistance level, with the price currently hovering around $2,572, down 3.45% in the last 24 hours.
Market analysts are closely watching the situation, as the whale's actions could signal a broader sentiment among large holders, potentially leading to increased volatility in Ethereum’s price. If Ethereum’s price continues to decline, breaching the critical $2,500 support, the next key level to watch would be $2,309, where bulls might attempt to stabilize the market.
On the other hand, if buyers manage to push the price above $2,690, Ethereum could experience a surge to $2,850. This level is likely to encounter significant selling pressure, but if the bulls succeed, it could indicate that the recent downtrend is over. In this scenario, a decisive break above the daily simple moving averages (50 and 200) at $3,006 and $3,246, respectively, might set the stage for the next uptrend for
Ethereum
.
The whale’s decision to sell a substantial portion of their ETH holdings during a period of market volatility is a significant event that could have broader implications for the cryptocurrency market. Whales, by virtue of their large holdings, have the ability to influence market sentiment and price action, particularly in a market as sensitive as cryptocurrencies.
This recent transaction could be interpreted in several ways. Some might view it as a signal that even the most steadfast holders are starting to take profits amid uncertain market conditions, which could lead to a broader trend of selling among large holders. Others might see it as a strategic move to rebalance portfolios or prepare for potential market corrections.
For everyday investors, the whale's actions serve as a reminder of the importance of having a well-thought-out strategy, particularly in a market as volatile as cryptocurrency. Whether it’s holding through downturns, taking profits at strategic points, or re-evaluating one’s position in light of market changes, the actions of this whale offer valuable lessons in market timing and risk management.
The sale of 15,000 ETH by a ”diamond hand” whale marks a significant moment in the ongoing narrative of Ethereum’s market journey. As the market continues to grapple with price fluctuations and external pressures, the actions of large holders like this whale will likely remain a focal point for investors and analysts alike.
With
Ethereum
currently facing key resistance and support levels, the coming days and weeks will be crucial in determining the next phase of its market trajectory. Whether the whale’s decision to sell will be seen as a prudent move or a missed opportunity will depend on how the market evolves from here. For now, the cryptocurrency community will be watching closely, taking cues from one of the market’s most influential players. |
2024-08-22 | 11,454% Bitcoin Profit Stirs Dormant BTC Whale Back to Life: Details
2024-08-22
Cover image via U.Today
According to on-chain data, a dormant Bitcoin address has returned to life after being inactive for 10.8 years, sparking curiosity in the cryptocurrency community.
Blockchain data tracker Whale Alert
states, "A dormant address containing 142 BTC currently valued at $8,457,465 has just been activated after 10.8 years (worth $78,150 in 2013)."
In 2013, the 142 BTC were worth $78,150, representing an incredible 11,454% growth in value.
💤 A dormant address containing 142 #BTC
(8,457,465 USD) has just been activated after 10.8 years (worth 78,150 USD in 2013)!https://t.co/sCTCEV2c0T
— Whale Alert (@whale_alert) August 21, 2024
Dormant addresses
are wallets that have not been active for a lengthy period and typically belong to early Bitcoin adopters or miners, hence, their activation often spurs speculation.
While the identity of the owner remains unknown, there are speculations on the reasons for this sudden activity.
The owner might have decided to cash in on the massive profit. With Bitcoin's value skyrocketing over the past decade, the temptation to realize gains is understandable. The owner might also choose to move the funds to a more secure wallet, or it might be a long-lost wallet that has just been discovered.
Bitcoin climbs to $61,000
Bitcoin
surged to a high of $61,849 in Tuesday's trading session after the strong U.S. jobs market through 2023 and early 2024 proved to be weaker than expected, boosting BTC's sluggish price action.
According to the most recent adjustments by the Bureau of Labor Statistics, the United States added 818,000 fewer jobs than previously estimated for the period March 2023 to March 2024. That translates to 2.1 million jobs growth over one year, versus 2.9 million in previous figures or average monthly growth of 174,000 versus 242,000.
A very high-level interpretation of the data is that a weaker-than-predicted economy impacts Federal Reserve monetary policy, which leads to higher Bitcoin prices.
At the time of writing, Bitcoin was still sustaining gains, up 2.86% in the last 24 hours to $60,882, after reaching intraday highs of $61,237 in today's trading session. |
2024-08-22 | Analyst Predicts Significant XRP Price Increase After Bitcoin Halving
2024-08-22
You can also read this news on COINTURK NEWS: Analyst Predicts Significant XRP Price Increase After Bitcoin Halving
After the 4th Bitcoin (BTC) block reward halving, Ripple’s XRP
might be preparing for a significant price increase. Analyst Block Bull highlights that historically, XRP has experienced a significant breakout approximately 228 days after the Bitcoin block reward halving. This trend was confirmed in both the 2016-2018 and 2020-2021 cycles, where XRP’s price increased following the block reward halving.
Block Reward Halving and XRP Price
Block Bull
predicts that XRP might enter an upward trend around December 2024, which is 228 days after the Bitcoin block reward halving. For investors
holding XRP, the first profit-taking target date is mid-February 2025, which is 310 days after the block reward halving. This cycle is expected to end around August 2025, which is 540 days after Bitcoin’s block reward halving. However, this might not mean XRP has reached its highest price point, and further price increases could be seen.
The analyst also mentioned the possibility of a super cycle in which XRP could experience three different price jumps instead of the traditional two. This super cycle could take XRP’s price to much higher levels.
Is 100x Possible for XRP?
Block Bull is quite ambitious about XRP’s future
price. Highlighting XRP’s utility in facilitating large-scale transfers in international financial transactions, the analyst noted that the
altcoin
needs to reach around $2 to support such transactions. This price threshold might be necessary for the trillions of dollars in transfers held in interbank accounts (nostro/vostro accounts).
On the other hand, the analyst emphasized that a market downturn is inevitable and warned investors not to get stuck with assets. Considering similarities with past cycles, XRP is expected to pull back to previous levels after its initial rise and then make another significant increase.
In this context, the analyst predicts that XRP could reach new peaks in January and then pull back to around $2, followed by another rise, potentially achieving a 100-fold increase.
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Analyst Predicts Significant XRP Price Increase After Bitcoin Halving
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2024-08-22 | Bitfarms’ Bold Move: $125M Stronghold Acquisition to Double U.S. Mining Power
2024-08-22
Bitfarms
Ltd., a global Bitcoin mining company, has announced its acquisition of Stronghold Digital Mining, Inc., a major player in the Bitcoin mining and energy sectors. The transaction, valued at approximately $125 million in equity plus $50 million in assumed debt, aims to expand Bitfarms’ energy portfolio to 950 megawatts (MW) by the end of 2025, with nearly 50% of this capacity located in the United States, according to Bitfarms
.
Stronghold brings significant assets to the merger, including 4.0 exahashes per second (EH/s) of mining power and 165 MW of nameplate generated power capacity, with the potential to scale up to 10 EH/s by 2025 through fleet upgrades. The company also owns two environmentally recognized power plants in Pennsylvania and has access to the PJM grid, the largest electricity market in the U.S. These facilities contribute to environmental remediation efforts by converting mining waste into power.
The merger is expected to close in the first quarter of 2025, subject to shareholder and regulatory approvals. Upon completion, Stronghold shareholders will receive 2.52 shares of Bitfarms for each share they own, representing a 71% premium. The combined company will focus on expanding its energy generation and trading capabilities while enhancing its Bitcoin mining operations.
This strategic acquisition aligns with Bitfarms’ long-term goal of diversifying beyond Bitcoin mining and creating greater shareholder value through environmental leadership and sustainable energy practices. |
2024-08-22 | Is the Crypto Bull Run Back? FOMC Rate Cut Hints Ignite Bitcoin Rally
2024-08-22
Following the release of the FOMC minutes, Bitcoin’s price rose by 2.53%, surpassing $61,000, while the overall crypto market increased by 2.35%.
Alongside Bitcoin’s resurgence, altcoins demonstrated even stronger gains. Binance’s BNB coin jumped 4.26% as the exchange announced plans to hire 700 employees.
The world’s largest cryptocurrency, Bitcoin (BTC), along with other altcoins, has seen a resurgence soon after the Federal Open Market Committee (FOMC) released its minutes of meeting on Wednesday, August 21. The positive development is that the Federal Reserve is soon leaning toward interest rate cuts of 25 bps in September next month.
During the meeting, other participants also agreed that the United States has made considerable progress in controlling inflation and is now moving towards the Fed’s target of 2%. Additionally, the participants stated that the rising unemployment rate amid the dropping inflation provides a strong reason for the Fed to initiate the rate cut measures and move towards quantitative easing.
The participants also cautioned that holding up to higher interest rates for long will further weaken the economy. Thus, the consensus among market traders shows a 100% possibility of the U.S. central bank cutting the interest rates next month. The only doubt among the traders is whether this will be a 25 bps rate cut or a 50 bps rate cut.
Bitcoin and Crypto Market Stage Strong Recovery
Following the release of the FOMC Minutes, the broader crypto market has
surged by 2.35%
as of press time. Bitcoin’s price is also
up 2.53%
, trading at $61,004, and its market cap is also soaring above $1.2 trillion.
Over the past few days, the Bitcoin price has been flirting around $60,000 amid a tight fight between the bulls and the bears. Furthermore, the on-chain data shows that Bitcoin volatility has shot up to levels last seen during its all-time high in March. As the volatility rises, BTC traders believe that this could serve as a catalyst for Bitcoin to break out of its consolidation phase finally. However, the BTC price should firmly hold above $61,000 levels for this to happen. Some market analysts believe that Bitcoin could be heading for a parabolic rally in Q4, reported
Crypto News Flash.
#Bitcoin
After a big slump in volatility levels, it’s now ramping back up and getting close to levels we saw earlier this year at the all time highs.
It’s what’s eventually needed to put an end to this massive consolidation in one way or another pic.twitter.com/CHoZXHk5K4
— Daan Crypto Trades (@DaanCrypto) August 21, 2024
Altcoins Pack A Greater Punch
Apart from Bitcoin, the recovery in the altcoins market is even stronger. Binance’s BNB coin is up by 4.26% and is currently trading at $580, as the crypto exchange announced its hiring spree this year. Binance plans to hire 700 employees to handle global compliance issues.
Cardano’s native crypto ADA also
surged by 6%
on Wednesday, as the Cardano blockchain prepares for the Chang hardfork, scheduled ahead on August 27, per the CNF report
. On the other hand, Tron’s TRX
has also been on the radar amid the memecoin frenzy on the SunPump platform. |
2024-08-22 | U.S. Spot Bitcoin ETFs See Fifth Day of Positive Flows, While Ether ETFs Face Continued Outflows
2024-08-22
U.S. spot Bitcoin exchange-traded funds (ETFs) recorded their fifth consecutive day of positive flows, attracting $39.42 million on Wednesday. In contrast, spot Ether ETFs experienced their fifth straight day of net outflows.
Grayscale’s mini Bitcoin trust reported net inflows of $14.2 million, while Fidelity and Bitwise’s spot Bitcoin funds both saw approximately $10 million in inflows, according to data from SoSoValue.
BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, recorded $8.35 million in inflows. Other notable inflows included $3.55 million into Franklin Templeton’s EZBC and $2.46 million into Invesco’s BTCO.
The only net outflows were from Grayscale’s converted GBTC fund, which saw $9.82 million withdrawn. Six other funds, including Ark and 21Shares’ ARKB, reported zero flows for the day.
The total daily trading volume for the 12 Bitcoin
ETFs reached $1.42 billion on Wednesday, up from $1.35 billion on Tuesday. Since their launch, these funds have accumulated $17.56 billion in total net inflows.
Bitcoin ETF flows
Ether ETFs Continue to Struggle
Meanwhile, spot Ether
ETFs recorded $17.97 million in net outflows on Wednesday. Grayscale’s ETHE was the primary source of these outflows, with $31.14 million withdrawn.
However, some Ether ETFs did see inflows; Fidelity’s FETH led with $7.93 million, followed by Grayscale’s Ethereum Mini Trust with $4.24 million, and Franklin Templeton’s ether fund with $1 million, according
to Farside Investors.
The trading volume for nine Ether ETFs amounted to $201 million on Wednesday, up slightly from $194.66 million on Tuesday. Despite these inflows, the total cumulative net outflows for Ether ETFs grew to $458.08 million.
Since their launch on July 23, U.S. spot Ether ETFs have seen five straight days of outflows, marking their longest period of continuous outflows. Outflows from the Grayscale Ethereum Trust (ETHE) have been particularly significant, exceeding $2.5 billion as of August 21.
During this period, Grayscale’s ETHE reported $158.6 million in outflows. However, inflows from other Ether ETFs, including BlackRock’s iShares Ethereum Trust ETF (ETHA), the Fidelity Ethereum Fund (FETH), and Bitwise Ethereum ETF (ETHW), have helped mitigate the impact.
In contrast, the Grayscale Ethereum Mini Trust has maintained positive flows since its launch, with a net inflow of $231.9 million. ETHA also became the first spot Ether ETF to surpass $1 billion in net inflows on August 20. Despite these positive flows, net flows from spot Ether ETFs currently stand at negative $458.5 million.
Ethereum ETF Flows
Bitcoin ETFs Continue to Draw Investor Interest
On the other hand, U.S. spot Bitcoin ETFs, which launched in January 2024, have maintained net positive flows of $17.5 billion. Despite significant outflows from the Grayscale Bitcoin Trust, which totaled $19.6 billion, Bitcoin ETFs have continued to attract investments, maintaining positive flows for eight out of the last 10 days.
On August 20, Bitcoin ETFs saw aggregate inflows of $88 million, the highest in two weeks, with BlackRock’s iShares Bitcoin Trust leading the inflows with $55.4 million. This brings the total net inflow for the product since its launch to $20.5 billion. |
2024-08-22 | Bitcoin Eyes Major Market Shift
2024-08-22
You can also read this news on BH NEWS: Bitcoin Eyes Major Market Shift
Renowned crypto analyst
and trader Rekt Capital has forecasted an imminent “historic breakout” for Bitcoin (BTC). The expert predicts the leading cryptocurrency will embark on a parabolic rally phase by October at the latest.
When Will Bitcoin Enter a Parabolic Phase?
In his latest market update to YouTube subscribers, Rekt Capital explained that Bitcoin is on the verge of entering a parabolic stage in its market cycle. This prediction is grounded in historical market patterns.
The analyst identified that the anticipated significant breakout will occur once Bitcoin concludes its consolidation phase. Citing historical data
, Rekt Capital noted that such a breakout typically follows around 160 days after the block reward halving. With 126 days having passed since the last halving, the analyst suggests a high probability of a breakout in a little over a month.
What Is the $60,000 Threshold Significance?
Rekt Capital pointed out the high likelihood of Bitcoin breaking out of its current trading range within the next month. He emphasized that the largest cryptocurrency could exit this range soon, urging investors
to be vigilant about potential declines. “It is very important not to underestimate these declines because we might be exhausting these downward deviations,” he warned.
According to Rekt Capital, Bitcoin is expected to reclaim the $60,000 level as support on the weekly chart before entering the parabolic rally. He remarked, “We are very close, very close to a potential breakout. We only have this short period left, and this tells us that we will enter the parabolic phase of this cycle within a month or a little more.”
Key Takeaways for Investors
Here are some actionable insights for investors based on Rekt Capital’s analysis:
Monitor the 160-day post-halving period closely for signs of a breakout.
Be cautious of short-term declines, as they may precede a significant upward move.
Watch for Bitcoin reclaiming the $60,000 level, which could signal the start of a parabolic rally.
Consider the historical patterns that suggest imminent market shifts.
These insights provide concrete strategies for navigating the potential upcoming market changes.
In conclusion, Rekt Capital remains optimistic about Bitcoin’s near-term performance, forecasting a historic breakout that aligns with past market cycles. Investors are encouraged to stay alert to the key indicators highlighted.
The post first appeared on BH NEWS:
Bitcoin Eyes Major Market Shift |
2024-08-22 | Bitcoin Price Prediction: As Franklin Templeton Says TradFi Underestimates BTC’s Scale, This New ICO Raises $634k In A Week Even As Crypto S...
2024-08-22
The Bitcoin price climbed 2% in the last 24 hours
to trade at $60,645
as of 03:11 a.m. EST on trading volume that surged 30% to $34 billion.
This comes as Jenny Johnson, Franklin Templeton’s CEO, says that traditional finance (TradFi) is underestimating the enormous scale of Bitcoin transactions.
In 2023, the Bitcoin blockchain processed over $36.6 trillion in transactions as the market recovered from a tough year, more than Visa and Mastercard combined, Johnson said.
Bitcoin Price Aims For A Bullish Rally
The Bitcoin price has been trading within a sideways pattern, as the bulls and the bears battle it out within a consolidation phase. BTC has been trading between the $61,000 resistance and the $56,670 support, according to data from
GeckoTerminal
.
The price of Bitcoin has now crossed above the 50-day Simple Moving Average (SMA) as the bulls aim to prompt a bullish stance to the upside. If the bullish rally continues, the price of Bitcoin could surpass the immediate resistance at $62,135, coinciding with the 200-day SMA.
Moreover, the Relative Strength Index (RSI) trades in equilibrium, currently at 55, which supports the token being in consolidation.
The Moving Average Convergence Divergence (MACD) is also bullish, as it crosses above the neutral line. The green bars on the histogram are also extending beyond the zero line, showing that the asset is on a positive momentum.
According to the Bitcoin price analysis, BTC shows signs of an incoming bullish rally, with the price already retrying the resistance zone. BTC could soar if the bullish stance is prompted at this level, as the bulls target $66,700.
Bitcoin Price Chart Analysis Source: GeckoTerminal.com
However, if the bears take control of the price at this level, BTC could go through a correction, with $56,000 acting as immediate support.
As the Bitcoin price surges, investors are rushing to buy a new meme coin called
Crypto All-Stars (STARS)
, which YouTuber Jacob Bury says has the potential to soar 10X after launch.
Crypto All-Stars Presale Garners Over $634K In A Week – Best Meme Coin To Buy Now?
A little more than one week after it launched,
Crypto All-Stars
has already raised over $634,000 even as the crypto market slumped.
The project is the first in the industry to introduce multiple meme coin staking, regardless of the blockchain, on a single staking protocol.
Crypto All-Stars’ standout feature is its MemeVault protocol, which allows holders of popular meme coins like Dogecoin ($DOGE) and Pepe ($PEPE) to stake their tokens together.
A brand-new player in the meme coin space, Crypto All-Stars just launched within the past 24 hours, and it’s already making waves! 🌊
Here’s why you should pay attention. 🧵👇
— web3telepath (@web3telepath) August 15, 2024
This means that investors can earn rewards in the native $STARS token, simplifying the staking process for multiple meme coins.
The meme coins that can be staked on Crypto All-Stars include Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, Mog Coin, Milady Meme Coin, Turbo, Toshi, Coq Inu, and Bonk. More meme coins will be added in the coming months.
Currently, investors can take advantage of a stratospheric annual percentage yield (APY) of around 2,345% by
staking their acquired tokens
.
With the presale price of $STARS at just $0.0013966, now is the ideal time to secure your investment.
The price will increase in less than a day so interested investors should buy soon to secure the best deal.
You can
purchase $STARS directly from the project’s official website here
using ETH, BNB, or credit cards.
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Upcoming Crypto Presales: Unlock Early Investment Opportunities! 🚀🌟
Best Crypto to Buy Now – Top 10+ List |
2024-08-22 | Analyst Predicts Imminent Bitcoin Breakthrough
2024-08-22
You can also read this news on COINTURK NEWS: Analyst Predicts Imminent Bitcoin Breakthrough
Famous crypto analyst
and trader
Rekt Capital
claimed that a “historic breakout” is imminent for Bitcoin (BTC). The analyst expects the largest cryptocurrency to enter a parabolic rally phase by October at the latest.
Bitcoin Could Enter Parabolic Phase by September-October
Rekt Capital stated in his latest market commentary to his YouTube subscribers that Bitcoin is about to enter a parabolic phase in its market cycle. According to the analyst, this phase aligns with historical precedents.
The analyst mentioned that the significant breakout he anticipates will occur once Bitcoin completes its
consolidation phase
. Highlighting that such a breakout typically happens around 160 days after the block reward halving, Rekt Capital noted that 126 days have passed since this event, indicating a high probability of the breakout occurring in a little over a month.
Screenshot
The analyst said, “This exit from the consolidation phase usually occurs 160 days after the
block reward halving
. Currently, approximately 126 days have passed since the block reward halving. This shows us that we have about a month left for the possibility of surpassing the upper limit of the consolidation range.”
Rekt Capital indicated that the likelihood of Bitcoin exiting its current trading range within this timeframe is quite high. He emphasized the strong signs that the largest
cryptocurrency
could exit this range within the next month and warned investors
, “It is very important not to underestimate these declines because we might be exhausting these downward deviations. 126 days have passed since the block reward halving, and we are approaching this potential historic breakout by early September or early October.”
60 Thousand Dollar Threshold Set to Become Support
Based on historical data
, Rekt Capital believes that Bitcoin will reclaim the $60,000 level as support on the weekly chart before the
parabolic rally
.
At this point, the analyst said, “We are very close, very close to a potential breakout. We only have this short period left, and this tells us that we will enter the parabolic phase of this cycle within a month or a little more. We are very close, very close to a historic breakout, but first, we need to reclaim the lower limit of this range.”
The post first appeared on COINTURK NEWS:
Analyst Predicts Imminent Bitcoin Breakthrough
The post Analyst Predicts Imminent Bitcoin Breakthrough
appeared first on COINTURK NEWS
. |
2024-08-22 | Bitcoin futures open interest surges $1.3B post-fed meeting minutes
2024-08-22
Bitcoin futures open interest (OI) surged by $1.3 billion after the United States Federal Reserve released its latest meeting minutes. As of August 22, OI in Bitcoin futures has reached $31.92 billion, reflecting a significant $1.26 billion increase over the past 12 hours.
Currently, Bitcoin’s future open interest stands at an impressive 522.07K BTC. The big players in this game are the exchanges, including CME, Binance, and ByBit. CME has an open interest of 158.47K BTC, valued at $19.65 billion. Binance follows closely with 116.90K BTC, worth $ 7.12 billion, while ByBit rounds out the top three with 71 BTC, valued at $4.32 billion.
Total BTC Futures Open Interest Source: Coinglass
Bitcoin’s market reactions follow the FED minutes
Markus Thielen, head of research at 10x Research, has indicated that the Federal Reserve minutes suggest a high probability of a rate reduction. In the
report,
Thielen noted that a vast majority of FOMC (Federal Open Market Committee) members supported a rate cut in September, with several even considering a July cut as a plausible option.
Despite the increase in OI, Bitcoin futures traders remain divided on Bitcoin’s price trajectory. Over the past 12 hours, long positions held a slight edge, comprising 50.63% of total futures positions, compared to 49.37% for short positions, according to data from
CoinGlass
.
Bitcoin’s price has been relatively stable, trading
around $60,795
since August 9. CoinMarketCap reported a 24-hour gain of 2.26%.
Crypto traders are increasingly bullish following the Fed’s announcement. Pseudonymous trader Sykodelic noted that the Fed’s minutes have created a “very dovish” environment:
“Bitcoin looks like it’s ready to break higher”
Sykodelic
Fed Chairs to speak at Jackson Hole
The Fed’s communication strategy, particularly the Jackson Hole speech, often serves as a platform for delivering significant policy messages. Former Fed Chair Ben Bernanke famously used his 2010 speech to advocate for quantitative easing (QE) as a tool to stimulate the economy through bond purchases.
Jerome Powell’s 2018 ‘Guided by the Stars’ speech, one of his most notable addresses, outlined his views on the natural real interest rate, which neither stimulates nor slows growth. More recently, Powell’s 2022 speech at Jackson Hole rattled markets as he vowed to take aggressive measures to bring inflation back to the Fed’s 2% target, warning of potential economic pain and higher unemployment.
Fed Chair Jerome Powell will address a symposium in Wyoming this Friday.
Powell is set to speak from 10 a.m. E.T. in front of central bankers, policymakers, and others, continuing the tradition of Fed chairs delivering keynote addresses at Jackson Hole. |
2024-08-22 | Bitcoin Price Analysis: Here’s What Next For BTC Price
2024-08-22
The post Bitcoin Price Analysis: Here’s What Next For BTC Price
appeared first on Coinpedia Fintech News
In August, Bitcoin (BTC) saw its worst downturn. It fell below $50,000 after the Bank of Japan raised its interest rate from 0% to 0.25%, impacting the US stock market. Traders borrowed Japanese Yen at low interest rates to buy US assets, leading to further corrections in BTC.
At the moment, Bitcoin is trading around $60,774 on Binance. Despite a sharp drop to $49,000 on August 5 during a global market downturn, Bitcoin quickly recovered. This resilience suggests a strong support level, though the bulls’ inability to fully capitalize on the recovery raises concerns. However, analysts see this phase as a golden period to enter the market with low prices as this is the last chance to sink into the pool before the prices go UP.
But what are experts saying about this? Read On.
Will BTC Take a Dip Below $ 38,000?
Bitcoin enthusiasts and investors might face a golden opportunity if they consider buying below $38,000. According to Blockstream CEO Adam Back, Bitcoin’s 200-week moving average
(200MA) has recently surpassed this level, indicating a potential price floor. Historically, Bitcoin has never dipped below its 200MA, making it a critical benchmark for its price stability.
#bitcoin
200wma over $38k pic.twitter.com/olAw6BOjgz
— Adam Back (@adam3us) August 21, 2024
Analyst Weighs In
Prominent trader Mark Dow points
out that Bitcoin’s recent peak of $73,737 in March, following successful ETF launches, has seen a 17.5% decline. This correction highlights some ongoing bearish pressure. Moreover, the market faces potential selling pressure from Mt. Gox repayments as the defunct exchange transfers significant amounts to Bitstamp.
Plus, JPMorgan has recently cautioned that there are no immediate bullish catalysts for Bitcoin, advising investors to be wary of its recent recovery.
For now, the combination of Bitcoin’s historical price behavior relative to its 200MA and the current market dynamics suggests that a drop below $38,000 may be unlikely, making this a crucial period for prospective buyers. With a bull run for most of Q1 and Q2 of 2024, the buyers confidently take bullish positions in Bitcoin. The bull run could gain momentum as the uptrend peaks at $72,000 and sustains dominance above $58,000.
Rising hopes for interest rate cuts in the US market will push BTC’s price
uptrend. Therefore, 2024 is highly anticipated to be a bullish year for Bitcoin, with a potential high of around $120,000 and a potential low of $35,000.
Also Check Out: Nvidia Lawsuit Revival Could Spell Trouble for Crypto Companies |
2024-08-22 | WazirX Hack Update: Exchange Freezes Open Orders, Users Concerned
2024-08-22
The post WazirX Hack Update: Exchange Freezes Open Orders, Users Concerned
appeared first on Coinpedia Fintech News
WazirX, one of the biggest cryptocurrency exchanges in India has made some serious moves after the $230 million hack
that transpired on the platform recently. As part of its continual operational recovery, the exchange declared
that all open orders on the platform had been deactivated. The decision made will be applicable to address the problems that relate to INR and crypto balances that were impacted by the breach.
WazirX has informed users that any INR or crypto assets tied up in these deactivated orders will be returned to their accounts. This action is crucial for rebuilding trust and stabilizing the platform.
tribe! Please note that all open orders currently placed on WazirX will be canceled. Any INR and crypto assets blocked in these open orders will be added to your respective balances.
This step is part of our ongoing efforts to resolve the issue surrounding INR and crypto… pic.twitter.com/G5zUyB36hN
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 21, 2024
Investor Sentiment Shifts
Reactions from investors have been mixed. Some are hopeful that these steps will lead to a quick fix, while others are frustrated and worried about their funds’ security. This has led to a lively discussion, with some users questioning whether the exchange can recover all lost assets.
Despite the concerns, WazirX assures users that it is actively working to resolve the situation. The exchange is collaborating with cybersecurity experts and law enforcement to identify those responsible and freeze any stolen assets.
As WazirX deals with the aftermath of the hack, it remains focused on strengthening its security measures to prevent future incidents. The deactivation of open orders is just one part of its plan to stabilize and rebuild its user base.
Awaiting Results: The Community Keeps a Close Eye
The exchange has encouraged users to keep on waiting while they try to address this issue to its conclusion. As investigations and recovery continue, the crypto community will be keenly observing how WazirX is dealing with this clearly very difficult time.
Also Check Out: Massive $55M Loss: How a Simple Click Cost a Crypto Whale Everything!
Only time will tell if WazirX can recover from this major setback. |
2024-08-22 | Bitcoin Price Poised To Rally 3x If This Historical Pattern Repeats
2024-08-22
The post Bitcoin Price Poised To Rally 3x If This Historical Pattern Repeats
appeared first on Coinpedia Fintech News
In his recent analysis, Jason Pizzino, a respected investor and crypto expert highlights
Bitcoin’s resilience, noting that it has just posted its second-highest close since the recent market collapse three weeks ago. Despite this, Bitcoin’s price
has remained relatively stable, though market emotions have been mixed. The bear traps have been active, and many bulls seem to have forgotten what it’s like to be on top.
So without wasting even a minute more, let’s dive in!
BTC Price is on the Verge of a Breakout
Pizzino emphasizes the importance of the 50% retracement level at $61,500, a critical point that Bitcoin must surpass to regain bullish momentum. He points out that while downside risks remain, with potential support levels around $55,900 and $49,100, the current market sentiment suggests that Bitcoin might be gearing up for another significant move.
He also discusses the broader economic context, noting that recession fears spiked as Bitcoin and stock markets declined, leading to panic selling by retail investors—a classic “dumb money” move. In contrast, institutional investors took advantage of these lows to buy the dip.
Key Indicators are Bullish
He further stressed the importance of market sentiment indicators, such as the fear and greed index and Google search trends for Bitcoin. These indicators suggest the market is nearing a bottom, potentially setting the stage for a strong upward move. He also touches on the US dollar’s weakness, predicting further declines as part of a longer-term trend within the real estate cycle.
The stock market has seen a strong rally, with the S&P 500 and NASDAQ experiencing significant gains over the past few weeks. Passing references Gan’s analysis, noting that a market pause or correction is likely after several days of consecutive gains. However, the trend remains bullish, with new all-time highs in sight.
Top 2 Altcoin Picks
While Bitcoin dominates the headlines, Pazzino’s top altcoin picks are Ethereum
(ETH) and Solana
(SOL). He notes Ethereum’s resilience and strong support levels, boosted by the ETH 2.0 upgrade that promises greater efficiency and lower fees.
On the other hand, Solana stands out for its fast blockchain and growing dApp ecosystem. Its capacity for high-speed transactions at low costs makes it a strong smart contract contender. Despite past technical issues, Solana’s active developer community and new projects could drive its value up shortly.
Conclusion
He discusses the broader crypto market, highlighting key Bitcoin, Ethereum, and Solana levels. Pizzino remains optimistic, believing that Bitcoin’s next leg up could trigger renewed interest and FOMO among retail investors, leading to significant price gains. He advises traders to be prepared for this potential breakout while also being cautious of weaker altcoins that might struggle in the current environment.
Also Check Out: Top Layer-2 (L2) Altcoins To Stack Before $ETH Reclaims $3K! |
2024-08-22 | NYSE calls out crypto provider SOS for noncompliance
2024-08-22
SOS Limited, a blockchain-based service solution provider, has received a noncompliance letter from the New York Stock Exchange (NYSE) due to underperforming stock prices. The trading price of its American depositary shares (ADSs) has dropped below $1 over a consecutive 30-trading-day period.
SOS is legally required to bring its share price and average share price back above $1 in six months or risk suspension and delisting from the NYSE.
No immediate impact on shareholders
Explaining the compliance procedure, SOS said in a statement
:
“The company can regain compliance at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period, the company has a closing share price of at least $1 and an average closing share price of at least $1 over the 30 trading-day period ending on the last trading day of that month.”
The noncompliance notice has no immediate impact on the listing of the company’s ADSs, which will continue to be listed and traded on the NYSE during the six-month cure period as long as other listing requirements of the NYSE are complied with.
Related:
Bitcoin open interest jumps $1.3B following Fed's 'dovish' minutes
Drop in share price
The NYSE will commence suspension and delisting procedures in case at the end of the six-month cure period, both a $1 closing share price on the last trading day of the cure period and a $1 average closing share price over the 30 trading-day period ending on the last trading day of the cure period, could not be met.
SOS Limited stock six-month price chart. Source: Google Finance
The company’s share price fell
4.13% to $0.7 in pre-market trading on Nasdaq. As shown in the chart above, SOS stock prices touched $1 on May 22 and have been trading below the $1 mark since.
In March, the NYSE had threatened to delist
crypto custody and trading platform Bakkt if it did not get its average closing share price back above $1. Bakkt said the NYSE notified it that it was not in compliance with the stock exchange’s listing rules as over the past 30-day trading period, its share price closed below $1 on average.
Magazine:
A ‘marketplace of algorithms’ could fix social media… so why hasn’t it? |
2024-08-22 | Miners Flock to Alephium and Kaspa as Bitcoin’s Hashprice Hits New Lows
2024-08-22
Amid the ongoing challenges in Bitcoin mining profitability, miners are increasingly turning their attention to alternative proof-of-work (PoW) networks, particularly Alephium (ALPH) and Kaspa (KAS
). As Bitcoin’s hashprice
continues to struggle, ranking fourth in profitability, these two emerging digital currencies have quickly gained traction, offering significantly higher returns for miners, according to Bitcoin.com
.
On August 21, 2024, data revealed that Bitcoin's SHA256 algorithm is now outperformed by algorithms such as Blake3 and Kheavyhash, which power Alephium and Kaspa, respectively. The most profitable Bitcoin mining rig, Microbt’s Whatsminer M63S, generates a modest $9.08 per day, while a Blake3-powered Bitmain
ALPH miner AL1, delivering 15.6 terahash per second (TH/s), can yield an impressive $308 per day after accounting for electricity costs. Similarly, Bitmain’s KS5 Pro, which mines Kaspa, produces about $26.48 per day, underscoring the growing profitability of these alternative networks.
Alephium, a Layer 1 blockchain utilizing the innovative proof-of-less-work (PoLW) consensus mechanism, has seen its hashrate surge from 500.8 TH/s in February to an impressive 2,850 TH/s today. Despite trading 59% below its all-time high of $3.86, ALPH remains a lucrative option for miners, with the upcoming AL1 Pro miner expected to generate $327 daily when it launches in September.
Kaspa, utilizing the Ghostdag protocol, has also reached new heights with its hashrate currently around 824 PH/s. Over the past year, KAS has risen 283% in value, making it one of the most attractive PoW assets for miners today. This shift in mining focus reflects a broader trend within the industry, where miners are increasingly exploring alternative coins as Bitcoin’s profitability wanes.
As the crypto mining landscape evolves, major players like Marathon Digital Holdings (MARA) have already disclosed ventures into mining KAS, signaling a potential industry-wide shift. With Alephium and Kaspa offering significantly higher returns, the days of Bitcoin’s dominance in the mining sector may be numbered. |
2024-08-22 | Ethereum Price Stuck in a Critical Situation: A Small Drop May Lead to a 40% Pullback Soon
2024-08-22
The post Ethereum Price Stuck in a Critical Situation: A Small Drop May Lead to a 40% Pullback Soon
appeared first on Coinpedia Fintech News
The latest rise above $2,500 in Ethereum prices
suggests the revival of a strong upswing and the expectation of reaching $3000. Besides, the growing market sentiments were in favour of a substantial rise. However, the possibility of a constant rise remains differed at the moment as the second-largest token, Ethereum, is losing its grip over the rally. The Bulls are trying very hard to keep up the momentum, but a slight drop in their strength may lead to a huge pullback.
Will the Ethereum price drop back below $2000?
The spot ETH ETF does not appear to have had a major impact on the rally, as they appear to be struggling. Ever since their launch, the ETFs have recorded negative total net flows, which is primarily believed to be due to the Grayscale Ethereum Trust bleeding cash. Hence, it also suggests the possibility of the money flowing out of Ethereum into the other altcoins. The ETH price has landed in a critical situation as another 40% drop appears to be coming after a 50% drop since the March highs.
The ETH price traded within an ascending triangle and is about to break the lower support as the bulls appear to have become weak. The RSI has failed to rise above the ascending trend line as it has faced rejection at every attempt. Therefore, a rise beyond the pivotal resistance at $2682 may invalidate the bearish trajectory; otherwise, a drop below $2,300 may be imminent.
However, there are some positive developments within the markets, as the ETH prices reaching lower levels may allow many new participants to enter the space. Once the bottom is hit, a very strong bullish opportunity may develop. If Bitcoin trades sideways, the other altcoins grow, but if the ETH price drops, it could remain unnoticed. Hence, the Ethereum price, which is trading in a critical position, is expected to hold the pivotal support, rise back above $2800 and reach $3000. |
2024-08-22 | This on-chain movement could bring Bitcoin price down, analyst says
2024-08-22
Bitcoin surpassed the $60,000 mark again as the broader market witnessed a recovery, but a key indicator shows the expectation of another price fall.
Bitcoin (BTC
) surged by 2% in the past 24 hours and is trading at $60,800 at the time of writing. Its daily trading volume increased by 30%, reaching $34.8 billion. Bitcoin’s market cap is currently sitting at the $1.2 trillion border.
According to an X post by CryptoQuant, the surge comes as BTC over-the-counter desk balances for miners have increased by 71.2% over the past three months — rising from 215,000 to 368,000 BTC. this is the first time since June 2022 that the BTC OTC desk balances surpass the 300,000 BTC mark.
Bitcoin OTC Desk Balances Soar to Two-Year Peak
“Historically, increases in #Bitcoin
OTC desk balances have been associated with declines in Bitcoin prices.” – By @EgyHashX
Read more 👇https://t.co/N8sTmKsaPI
pic.twitter.com/wp8MJGCSgl
— CryptoQuant.com (@cryptoquant_com) August 22, 2024
This movement usually happens when miners want to sell their holdings in OTC deals rather than cryptocurrency exchanges. The chart shows that the last three major spikes in Bitcoin’s OTC
desk balances for miners
have exerted major selling pressure on Bitcoin and the crypto market.
You might also like: FTM leads crypto rally with 17% surge, eyes further gains
An analyst under the alias @EgyHashX noted that “historically, increases in Bitcoin OTC desk balances have been associated with declines in Bitcoin prices.” According to data from Santiment, the Bitcoin supply held by miners has increased by roughly 20,000 BTC — rising from 2.17 million to 2.19 million coins — over the past month.
BTC price, supply held by miners and exchange flow – Aug. 22 | Source: Santiment
On the other hand, data from the market intelligence platforms shows an increase in the retail Bitcoin accumulation. Per Santiment, the asset’s exchange flow dropped from a net inflow of 6,783 BTC on Aug. 17 to a net outflow of 1,006 BTC on Aug. 22.
The chart also shows the number of coins sent to self-custodial wallets
is currently bigger than holders trying to sell the asset.
Read more: TRON revenue hits new ATH, price falls despite market-wide rally |
2024-08-22 | Dan Gabardello Predicts Altcoin Season in 3-11 Weeks: Key Data Points Analyzed
2024-08-22
Crypto analyst Dan Gabardello forecasts an imminent altcoin season.
Historical data suggests a breakout 140-154 days post-Bitcoin halving.
Bitcoin dominance approaching a critical level could signal the start.
The cryptocurrency market is on the verge of a bull run as analyst Dan Gabardello pinpointed a 3-11 week window for the start of altcoin season.
Gabardello’s analysis is based on historical market patterns, suggesting the current market conditions resemble those seen before previous altcoin booms. In a video posted on X
(formerly Twitter), is where he noted such a potential raising hopes that the long-awaited breakout may be near.
Gabardello acknowledged the frustration among altcoin investors, as many of these digital assets have yet to revisit their all-time highs despite Bitcoin’s recent resurgence. He notes that the total crypto market cap remains below its peak, a key indicator that could signal the onset of altcoin season once it breaks through.
The analyst’s predictions are rooted in patterns observed in previous market cycles. In both of the last two cycles, altcoin seasons
began roughly 140 to 154 days after the Bitcoin halving.
C…
The post Dan Gabardello Predicts Altcoin Season in 3-11 Weeks: Key Data Points Analyzed
appeared first on Coin Edition
. |
2024-08-22 | Bitcoin (BTC) Price Headed Toward $62K, Polygon (MATIC) Soars 12% Daily (Market Watch)
2024-08-22
After slipping hard yesterday, bitcoin went on the offensive in the past 12 hours or so and exploded to a weekly high of just under $62,000.
Aside from TRX and TON, the other larger-cap altcoins have followed suit with impressive gains from the likes of LINK, UNI, MATIC, and others.
BTC Eyes $62K?
It was roughly a week ago when the primary cryptocurrency dumped hard and fell from $59,600 to $56,300. However, the bulls stepped up at this point and didn’t allow any further breakdowns. Instead, BTC headed north and spent the weekend trading sideways at just shy of $60,000.
The new business week began with another retracement
that drove bitcoin south to $58,000. Yet, the cryptocurrency didn’t stay there long and shot up to over $61,000 on Tuesday.
The scenario repeated once again on Wednesday as the asset fell back down to under $59,000. More of the same followed, and bitcoin jumped to and beyond $60,000 late last night amid rumors
that RFK will drop out of the US election race, which could favor pro-crypto candidate Donald Trump.
BTC peaked at $61,800, which became a weekly high, before retracing to around $61,000 as of now. Its market cap is just over $1.2 trillion, while its dominance over the alts has increased slightly to 53.6% on CG.
Bitcoin/Price/Chart 22.08.2024. Source: TradingView
LINK, UNI, MATIC on the Rise
Most altcoins have turned green today. ETH has neared $2,650 after a minor 2% increase. XRP, SOL, AVAX, DOGE, and DOT have also charted similar gains.
BNB, ADA, SHIB, and BCH have posted more impressive increases of around 3-4%. However, the biggest gainers on a daily scale include LINK (10%), UNI (7.5%), and MATIC (11%). Polygon’s native token has soared past $0.5 as a result.
The most notable price performers from the top 100 alts are FTM (15%), BTT (14%), BEAM (14%), and RENDER (12%).
The total crypto market cap has recovered over $50 billion since yesterday and is up to $2.250 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto
The post Bitcoin (BTC) Price Headed Toward $62K, Polygon (MATIC) Soars 12% Daily (Market Watch)
appeared first on CryptoPotato
. |
2024-08-22 | Veteran Trader Peter Brandt Shows Why This Bitcoin Market Is Unique
2024-08-22
Cover image via U.Today
Experienced trader Peter Brandt
has identified a key feature of the current Bitcoin market cycle that distinguishes it from earlier ones. Based on the data and charts that Brandt examined, it appears that the current Bitcoin bull market cycle will be the longest post-halving period in the history of the cryptocurrency without a new all-time high
.
This finding begs significant queries regarding the situation on the Bitcoin
market right now and the likelihood of a new ATH occurring soon. According to the available data, new cycle highs were reached relatively quickly following the Bitcoin halving events in the years 2012, 2016 and 2020.
An FYI on $BTC
Current bull market cycle in $BTC
will soon become the longest time post halving in history for a new ATHor,Could indicate that new ATH is not in the cards pic.twitter.com/jkeboVAGtp
— Peter Brandt (@PeterLBrandt) August 21, 2024
For example, after halving, it took just eight weeks for Bitcoin to reach a new high in the 2011-2013 cycle. Similar to this, the halving of the 2015-2017 cycle resulted in a new high 24 weeks later, and the ATH for the 2018-2021 cycle took 25 weeks to reach.
Since Bitcoin has not reached a new high in the current 2022-2025 cycle — which is already 23 weeks after the halving — it is becoming more and more likely that this cycle will break previous records for the longest period of time without a new ATH.
As it attempts to break out of the broad descending channel, it is currently trading within resistance found around the $62,000 mark. According to the data, Bitcoin
's price has to clear a major obstacle at $73,804 in order to set a new all-time high. It is unclear whether Bitcoin will reach a new high in this cycle, though the market appears to be stagnating and resistance levels are hard to overcome without proper buying support.
According to Peter Brandt's analysis, the behavior of the Bitcoin market right now may be distinct, possibly indicating that a new ATH is unlikely for this cycle. This would be a major divergence from earlier cycles, in which Bitcoin has almost always risen to new heights following a halving event. |
2024-08-22 | Bitcoin Faces Warning Signals from Leading Technical Indicators
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Faces Warning Signals from Leading Technical Indicators
Bitcoin
(BTC) has surged approximately 300% from $15,470 last November to nearly $70,000. This impressive rise is now facing warning signals from leading technical indicators.
Bitcoin Shows “Overbought Decline” Signal
Fairlead Strategies
‘ technical analysis
indicates Bitcoin’s monthly stochastic indicator is currently signaling an overbought decline, suggesting weakening upward momentum. The
stochastic oscillator
is a momentum indicator used to compare an asset’s current market value to its price range over a specific period. The indicator fluctuates between 0 and 100, with readings above 80 indicating overbought conditions. An overbought decline is defined by the oscillator turning downward from above 80, indicating a weakening upward trend and potential price drops.
Fairlead Strategies noted that Bitcoin’s 14-month stochastic has fallen below 80, and if this continues until the end of August, the overbought decline signal will be confirmed. This could indicate the end of the cyclical rise that started from the 2022 low.
On the other hand, the price rise of the largest
cryptocurrency
has stalled since March, with bulls unable to maintain a hold above $70,000. The trendline resistance on the monthly chart is at this level.
MACD and Ichimoku Cloud Indicators Also Confirm Decline
The anticipated decline signal in the stochastic indicator is supported by shallow bars in the
MACD
histogram and a flat Ichimoku cloud. The MACD histogram is a widely used indicator to measure the strength and changes of a trend. Crossings above and below the zero line represent bullish and bearish trend changes, respectively, and the height of the bars indicates the strength of the movement. The
Ichimoku cloud
is another momentum indicator.
Fairlead Strategies indicated that these indicators signal a “challenging period” for Bitcoin. Specifically, confirming the stochastic decline at the end of the month could be a strong signal that the market may face more pressure in the short term.
Fairlead Strategies’ technical analysis
on Bitcoin’s current situation offers important warnings for investors and suggests that the market could see significant movements in the coming period.
The post first appeared on COINTURK NEWS:
Bitcoin Faces Warning Signals from Leading Technical Indicators
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. |
2024-08-22 | Solana Whale Offloads Massive SOL Holdings
2024-08-22
You can also read this news on BH NEWS: Solana Whale Offloads Massive SOL Holdings
A noteworthy event has recently caught the attention of the cryptocurrency market as a significant Solana (SOL) investor, often referred to as a whale, engaged in sizeable sell-offs. At the end of 2022 and the start of 2023, predictions were made about Solana and its native token’s potential demise. Despite dropping to $8, SOL astonishingly rebounded, surpassing $200 within a year. This resurgence brought SOL back into the top five cryptocurrencies by market cap, attracting cautious investors
who capitalized on these price shifts. The latest activities of a prominent SOL whale have now become a focal point for market analysts.
Investor’s Trading Patterns
On-chain data revealed that this crypto whale has been systematically selling substantial amounts of SOL since early 2023. According to Lookonchain, a blockchain tracking platform, the whale initiated its first major sale on January 15. Over subsequent months, this individual sold approximately 614,000 SOL, valued around $89 million, across major exchanges like Coinbase, OKX, and Binance.
The whale’s trading behavior showed consistent weekly sales. Detailed analysis of on-chain data indicated transfers of nearly 100,000 SOL from staking platforms back to wallets before being distributed to various exchanges during the last 30 days. This pattern implies a consistent offloading strategy since the year’s start, leaving investors curious about future
buying intentions.
Price Movement and Market Reaction
At the time of reporting, SOL was trading at $142.72, reflecting a slight dip of 0.57% despite overall market growth. CoinShares’ latest report highlighted substantial outflows from Solana’s institutional investment products, amounting to a record 39 million USD, largely due to declining memecoin
trading volumes. This contrasts with Bitcoin and Ethereum, which saw positive inflows during the same period.
Bitcoin recorded the highest inflow at 42 million USD, even as short Bitcoin ETFs experienced a consecutive week’s outflow of 1 million USD. Ethereum’s inflow stood at 4.2 million USD, masking significant activity shifts, with new providers gaining 104 million USD and Grayscale seeing a 118 million USD outflow.
Key Inferences for Investors
Investors can draw several valuable conclusions:
Monitoring whale activity can provide insights into market sentiment and potential price movements.
Sustained large-scale selling might indicate upcoming volatility or market corrections.
The differing inflow and outflow patterns between cryptocurrencies suggest varying investor confidence levels.
Analyzing the reasons behind institutional investment shifts can help anticipate broader market trends.
In summary, the recent sell-off by a prominent Solana whale and the substantial institutional outflows highlight significant market movements and investor behaviors. Continual observation of these patterns is essential for making informed investment decisions in the dynamic cryptocurrency landscape.
The post first appeared on BH NEWS:
Solana Whale Offloads Massive SOL Holdings |
2024-08-22 | Spot Ethereum ETFs record longest outflow streak amid drying investments
2024-08-22
United States-based spot Ether exchange-traded funds (ETFs) have recorded five straight days of outflows, their longest period of continuous outflows since they launched on July 23.
Most of the investments made by the recently approved nine spot Ether (ETH
) ETFs have been overshadowed by outflows from the Grayscale Ethereum Trust (ETHE), which have exceeded over $2.5 billion as of Aug. 21.
Outflows from ETHE have been daily, except on Aug. 12, when the Grayscale fund reported no net flows, according
to Farside Investors data.
Total inflows and outflows of investments from spot Ether ETFs. Source: Farside Investors
As shown above, spot Ether ETFs had their longest streak of outflows, losing $92.2 million in five days from Aug. 15–21.
Defending against Grayscale outflows
During this period, Grayscale’s ETHE reported $158.6 million in outflows. However, comparable inflows from BlackRock’s iShares Ethereum Trust ETF (ETHA), the Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) helped reduce the damage.
In contrast, the Grayscale Ethereum Mini Trust (ETH) has not reported any outflows since its launch and maintains positive flows of $231.9 million.
ETHA also became the first spot Ether ETF to bring in $1 billion in net inflows on Aug. 20. In total, net flows from spot Ether ETFs currently stand at negative $458.5 million.
Related:
Spot Bitcoin ETFs attract investor interest despite August outflows
Check out Cointelegraph’s beginner guide to learn more about spot Ether ETFs
.
Bitcoin ETFs attract investments
On the other hand, spot Bitcoin (BTC
) ETFs in the US, which launched in January 2024, have net positive flows of $17.5 billion. Spot BTC ETFs maintain a positive balance sheet despite the Grayscale Bitcoin Trust’s $19.6 billion of outflows.
Moreover, the spot Bitcoin ETFs have maintained positive flows for eight out of the last 10 days
. On Aug. 20, the BTC ETFs saw aggregate inflows of $88 million, their highest for two weeks, according to Farside Investors data.
BlackRock’s iShares Bitcoin Trust led the pack with inflows of $55.4 million, bringing the total net inflow for the product since its launch in January to $20.5 billion.
Magazine:
Dorsey’s ‘marketplace of algorithms’ could fix social media… so why hasn’t it? |
2024-08-22 | Solana Whale Sells Millions of Dollars Worth of SOL
2024-08-22
You can also read this news on COINTURK NEWS: Solana Whale Sells Millions of Dollars Worth of SOL
At the end of 2022 and the beginning of 2023, there were comments suggesting that a network and its native token might be finished, and this project was none other than Solana
and SOL. At that time, SOL had dropped to $8 but later recovered and entered a one-year period where it would surpass $200. Subsequently, SOL re-entered the top 5 in the market, and cautious investors
continued to benefit from these price movements. Recently, the trading activities of a SOL whale caught the attention of one of the leading companies in the market.
Behavior of Solana Investor
On-chain data shows
that a crypto whale has sold tens of millions of dollars worth of
Solana
(SOL) since the first quarter of the year. According to data provided by the blockchain tracking platform Lookonchain, the whale’s first SOL sale occurred on January 15.
In the following period, the same whale sold 614,000 SOL worth $89 million on the Coinbase, OKX, and Binance crypto exchanges, according to on-chain data.
Lookonchain data shows that this whale generally made a sale every week, which is also an interesting situation. When the on-chain data is examined in more detail, it is reflected in the graphs that approximately 100,000 SOL was sent back to wallets from staking platforms in the last 30 days before being sent to the mentioned three different exchanges.
This situation shows that the whale has been regularly selling since the peak performance of SOL at the beginning of the year, and whether they will buy again seems to be under the investors’ watch.
What Is Solana’s Price?
Looking at SOL’s price, it was seen to be trading at $142.72 at the time of writing, showing a 0.57% decrease despite the market’s rise.
According to a new report shared by digital asset manager
CoinShares
, millions of dollars in outflows were observed in Solana’s institutional crypto investment products.
Solana saw an outflow of 39 million USD, the largest on record, due to a sharp decline in the trading volumes of memecoins it heavily relied on.
In contrast to the outflows in Solana, Bitcoin (BTC) and Ethereum (ETH) investment products saw inflows during the same period.
Bitcoin saw the most significant inflow with a total of 42 million USD, while short Bitcoin ETFs (exchange-traded funds) saw an outflow of 1 million USD for the second consecutive week. Ethereum saw an inflow of only 4.2 million USD last week, but this masked a flurry of activity with new providers seeing an inflow of 104 million USD and Grayscale seeing an outflow of 118 million USD.
The post first appeared on COINTURK NEWS:
Solana Whale Sells Millions of Dollars Worth of SOL
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2024-08-22 | A History of Crypto Airdrops
2024-08-22
Cryptocurrency airdrops have been a crucial part of the crypto ecosystem since the early days of Bitcoin.
Airdrops are campaigns where tokens or coins are distributed for free to numerous wallet addresses, usually to promote new projects.
This tactic attracts attention and helps build a large user base quickly. Early adopters often find these airdrops valuable, as they can gain significant returns if the token appreciates.
One of the earliest examples of a successful airdrop was for OmiseGO (OMG) in 2017. Holders of Ethereum received OMG tokens, which surged in value, creating significant buzz in the crypto community. In 2020, Uniswap's airdrop of its UNI token set a new standard. Every wallet that had used Uniswap's decentralized exchange was airdropped 400 UNI tokens, which generated excitement and underscored the importance of airdrops in user engagement.
Today, discussions on platforms like Twitter highlight the vital role of airdrops in the DeFi space. Experts like Ethereum's Vitalik Buterin have commented on how airdrops help in fair distribution and community building. Airdrops remain a powerful tool for new and existing projects to foster adoption and reward early supporters.
Origins and Evolution of Crypto Airdrops
Crypto airdrops date back to the early days of Bitcoin. Satoshi Nakamoto, Bitcoin's creator, distributed the first cryptocurrency by mining blocks and rewarding early miners. This mechanism was a precursor to the more structured airdrops we see today.
2014 Auroracoin set a notable example by distributing free tokens to Iceland's citizens. This move aimed at promoting wider adoption and decentralization. Airdrops like this one allowed people to gain cryptocurrency without buying or mining it.
Airdrops serve many purposes: marketing, decentralization, and rewarding loyal users. Projects hope to raise awareness and attract a broader audience by giving away tokens. The tokens can be traded or held as investments, adding value to users' crypto portfolios.
Here is a list of some notable airdrops:
Auroracoin (2014)
: Distributed to Iceland's citizens.
Stellar (2016):
Provided free tokens to Bitcoin holders.
Uniswap (2020):
Rewarded early users with UNI tokens.
Experts on Twitter often discuss the benefits and drawbacks of airdrops. For example, Charlie Lee, the creator of Litecoin, tweeted that if done correctly, airdrops can lead to increased adoption. Similarly, Vitalik Buterin, co-founder of Ethereum, mentioned that airdrops can help decentralize token ownership.
These airdrops have significant impacts. They help build vibrant communities, foster financial sustainability, and contribute to the ongoing growth of the crypto ecosystem. By distributing tokens widely, projects can achieve a more decentralized and secure network.
Mechanics of Airdrops
Understanding the inner workings of airdrops is essential for anyone looking to participate in or conduct these token distributions. Key aspects include their types, eligibility criteria, and technical execution.
Types of Airdrops
Several methods are used for conducting airdrops. Popular types include
snapshot-based airdrops
and
task-based airdrops.
Snapshot-based airdrops
distribute tokens to holders based on a snapshot of balances taken at a specific time. This method rewards users who hold tokens at the snapshot time, promoting loyalty.
Task-based airdrops
require users to complete specific actions, such as following social media accounts or referring friends. This helps in marketing and spreading awareness.
Exclusive airdrops
are also offered
for select groups or individuals, such as early adopters or testers. These airdrops sometimes reward influencers or significant contributors within the ecosystem.
Eligibility and Distribution
Eligibility for airdrops often depends on several criteria.
Activity-based criteria
require users to be active participants in a project's ecosystem. For instance, they might need to transact a certain amount of the native token or hold it for a specific period.
Geographical restrictions
can also play a role. Some airdrops are limited to users in certain countries due to regulatory reasons.
Allowlists
are sometimes employed, where users sign up and meet specific conditions before qualifying.
Distribution methods vary. Some projects send tokens directly to users' wallets, while others require claiming through a smart contract or centralized platform. This ensures that only engaged and interested users receive the tokens.
Technical Execution
Executing an airdrop involves several technical steps.
Smart contracts
are commonly used to automate the process, ensuring fair and transparent distribution without manual intervention. These contracts typically manage the list of eligible wallets and the number of tokens to be distributed.
Snapshot tools
capture the state of the blockchain at a specific point in time. This helps identify eligible wallets for snapshot-based airdrops. Another technical aspect is token minting, where new tokens are created specifically for the airdrop.
Security measures are vital. Protecting the airdrop process from exploitation, such as multiple claims from the same user, is crucial. Implementing anti-bot mechanisms and verifying wallet authenticity can help maintain the integrity of the airdrop.
By understanding these mechanics, individuals and projects can better navigate the complex landscape of crypto airdrops.
Marketing and Community Building
Crypto airdrops serve as potent tools for
marketing
and
community building
in cryptocurrency. By distributing tokens for free, projects can rapidly attract many users and create buzz.
Engagement and Awareness
Airdrops are effective in driving user
engagement
and raising
awareness
about new projects.
For example, Uniswap's airdrop of UNI tokens generated significant excitement and user participation. Meanwhile,
Sidney Powell,
CEO of Maple Finance, mentioned that airdrops can serve as a ”powerful catalyst for user engagement.”
Token Distribution
Airdrops provide a way to
distribute tokens
widely without the need for large marketing budgets. This method gets the tokens into users' wallets and encourages them to explore the project.
Community Building
Giving away tokens can help projects build a loyal community from the ground up. Users who receive tokens are more likely to stay engaged and support the project's growth. This community can help spread the word, increasing the project's reach.
Marketing Strategy
Many startups use airdrops as part of their
marketing strategy
to boost visibility.
Coinbound
says successful airdrops can set an initial token value and rapidly build a community.
Real-World Impact
Cryptocurrency experts on Twitter often discuss the impact of airdrops on community building. A recent thread highlighted how airdrops have democratized token access and helped smaller investors participate in the crypto ecosystem.
Examples and Statistics
Uniswap:
Distributed UNI tokens to past users, increasing platform engagement.
Stellar:
Airdropped lumens (XLM) via partnerships, expanding user base.
Benefits
Cost-Effective Marketing
: Low-cost way to market new projects.
Increased Adoption:
Encourages users to adopt the platform.
Airdrops continue to evolve as a strategic marketing and community-building tool, shaping user adoption and engagement dynamics in the crypto space.
Regulatory Landscape
The regulatory landscape of crypto airdrops is crucial for understanding legal compliance and the impact of geopolitical factors on these token distributions.
Compliance and Legal Considerations
Regulatory scrutiny has increased as the crypto industry grows. Airdrops were once seen as simple token distributions but now face stringent legal and compliance requirements. Projects must ensure their campaigns comply with local and international laws to avoid penalties.
For example, the SEC in the United States has been paying close attention to how airdrops are conducted. They consider aspects such as whether an airdrop constitutes emphasize security under U.S. law.
CryptoLenz
highlights the need for projects to navigate evolving regulations to avoid legal issues. Failure to comply can lead to significant financial and operational setbacks.
Experts emphasize the importance of legal consultations. Jake Chervinsky, a prominent lawyer in the crypto space, often tweets about the legal complexities of airdrops. Legal advice can help projects avoid missteps that attract regulatory attention and potential lawsuits.
Geo-Political Impacts
Different countries have different regulations regarding crypto airdrops. Geopolitical factors significantly affect how these campaigns are conducted and received.
For instance, strict regulations in China ban most crypto activities, including airdrops. On the other hand, countries like Singapore and Switzerland have more crypto-friendly regulations.
The
evolution of the crypto regulatory landscape
reveals that global perspectives can vary widely, impacting how projects approach airdrops in various regions. Some regions focus on investor protection, while others aim to foster innovation.
Crypto Twitter often buzzes with discussions on geopolitical impacts. Recently, influencers debated how Russia's regulatory stance could affect global airdrop strategies. These conversations provide insights into how major geopolitical events and policies shape the crypto landscape.
Understanding these factors is essential for navigating crypto airdrops' complex regulatory environment.
Notable Airdrop Campaigns
Several crypto airdrops have made headlines due to their success or failure. These campaigns often serve as case studies for current and future projects.
Success Stories
One of the first notable airdrops was
Auroracoin
in 2014, which aimed to distribute digital currency to all Icelandic citizens. The widespread media attention helped increase awareness of cryptocurrencies.
Uniswap's airdrop in 2020
distributed UNI tokens to early users. Each participant received 400 UNI tokens worth around $1,200. This airdrop encouraged long-term engagement with the platform and rewarded loyal users.
Another successful example is Stellar (XLM),
which distributed over $16 billion in XLM tokens to Blockchain.com wallet users in 2018, increasing its user base and liquidity.
Bitcoin Cash (BCH)
had a high-impact airdrop in 2017 when it split from Bitcoin. Holders of Bitcoin received an equal amount of BCH, leading to a rapid increase in BCH adoption.
Lessons from Failed Airdrops
Not all airdrops succeed.
Auroracoin
, despite its initial success, struggled with long-term value and adoption. Market interest waned, and its value decreased significantly over time.
Oyster Pearl (PRL)
, which airdropped its tokens in 2018, suffered a severe blow when the founder exploited a smart contract to mint millions of new tokens, losing investor trust.
BitClave (CAT)
had an ambitious plan to reward users for their data with tokens. Despite the large airdrop, the project failed to deliver its promises. The token quickly lost value, affecting investor confidence.
ChainLink (LINK)
was criticized for its 2017 airdrop. Many believed that the tokens dropped were too small in number to significantly impact their holders.
Lessons from these failed campaigns highlight the importance of a well-executed plan and ongoing support for the token to maintain value and trust.
Impact on Cryptocurrency Ecosystems
Crypto airdrops have significantly influenced the cryptocurrency ecosystem. They are a marketing strategy that helps projects gain traction and create awareness.
Community Engagement
Airdrops increase community engagement by offering free tokens to early users. This encourages individuals to participate in the project's growth, fostering loyalty and creating an active user base.
Democratizing Token Distribution
Airdrops can democratize token distribution by providing free tokens. For example, early adopters of
Auroracoin
received tokens, making the project more accessible to a wider audience.
Boosting Liquidity and Trading Volumes
Airdrops often lead to increased liquidity and higher trading volumes. When recipients trade or hold these tokens, it enhances market depth, which can attract more investors.
Challenges and Risks
While beneficial, airdrops also carry risks. Users might sell tokens quickly, leading to price volatility. There’s also the challenge of discerning worthwhile airdrops from less valuable ones.
Real-World Impact and Notable Examples
Projects like
Ethereum
and Solana have used airdrops to build vital ecosystems. For instance, Ethereum's early airdrops offered tokens that are now highly valued, contributing to its widespread adoption.
Industry Insights
Crypto Twitter and market experts often discuss airdrops’ impact. Renowned analyst @CryptoJake recently tweeted, ”Airdrops are a game-changer in crypto adoption”.
Overall, airdrops have a multifaceted impact on the cryptocurrency ecosystem, driving engagement and adoption.
Challenges and Controversies
Crypto airdrops have been subject to their share of challenges and controversies. One major issue is token dumping, where recipients quickly sell off their tokens, causing a sudden price drop. This behavior undermines the long-term value of projects and is of concern to many developers.
Another significant problem is the rise of scams and fraudulent airdrops. Scammers often create fake projects to lure users into providing sensitive information or even direct payments, leading to growing skepticism among potential recipients.
Regulatory scrutiny is also becoming a pressing concern. Governments worldwide are examining the legality and implications of airdrops, with some suggesting stricter regulations. This increased scrutiny creates uncertainty and can impact the growth of legitimate projects.
Experts on Crypto Twitter frequently discuss these issues. Analyst @CryptoKing notes, ”Token dumping is a real issue. It damages trust and long-term engagement,” highlighting the widespread concern. Additionally, many users worry about the sheer number of scam airdrops appearing daily.
Anti-Sybil strategies
are another area of controversy. Designed to prevent users from gaming the system by creating multiple accounts, these strategies often need to be revised, allowing savvy users to exploit the system. More robust methods are needed to tackle this challenge.
Despite promises, many
airdropped tokens still need to deliver
substantial value. For example, within the Ethereum and Solana ecosystems, quick profits and the lack of sustainable growth are often cited as significant drawbacks, as noted in discussions about airdrop effectiveness.
These challenges underscore the need for better regulation, robust strategies, and continued vigilance from developers and users to maintain the integrity and value of crypto airdrops.
Future of Crypto Airdrops
The future of crypto airdrops is centered on innovation and the introduction of new technologies and methods. Experts predict evolving trends and significant potential for growth in this area.
Innovation and Trends
Innovation is critical in the realm of crypto airdrops. One emerging trend is
cross-chain airdrops,
which allow tokens to be distributed across different blockchain networks. This trend increases reach and invites more participants into the ecosystem.
Community engagement
strategies are also transforming. Projects now focus on rewarding active community members through participation incentives, ensuring that tokens end up in the hands of those who contribute to the project’s success.
Creative distribution methods
like interactive tasks or puzzles are also becoming popular.
Another notable trend is the
integration of DeFi platforms
. By leveraging decentralized finance, airdrops can attract liquidity providers and other stakeholders. Projects like Linea, Eclipse, Fuel, and Scroll
are examples
to watch out for in 2024.
Predictions and Potential
Market experts foresee a bright future for crypto airdrops. Many predict an increase in their frequency and value. In 2023 alone, the top 50 crypto airdrops
distributed over $4.5 billion
tokens. This trend is expected to continue as more projects embrace airdrops for token distribution.
Another potential is regulatory clarity. As regulations become more defined, projects may feel more confident executing airdrops, potentially leading to larger distributions.
Social media and community dynamics
will continue to play a crucial role. Influential figures on platforms like Twitter often drive significant attention to upcoming airdrops. Founders and analysts on crypto Twitter frequently highlight how these events benefit both the project and the participants.
New projects like Grass, Karak, Initia, Berachain, Zora, and Farcaster are also expected to participate in upcoming airdrops, proving that this distribution method is here to stay. |
2024-08-22 | Bitcoin Mining Loses Its Shine: New Coins Offer Triple the Profits!
2024-08-22
A recent poll by NiceHash reveals that Bitcoin remains the dominant choice for miners, with 66.7% of respondents currently mining the leading cryptocurrency, according to Ultramining
.
Despite Bitcoin's dominance, alternative coins are also gaining traction. Ravencoin is the second most popular choice, attracting 17.1% of miners. Alephium, known for its unique consensus mechanism, is being mined by 9.5% of participants, while Litecoin, Dogecoin, and Bells collectively account for 6.7% of the mining activity. This data highlights that while Bitcoin continues to be the preferred cryptocurrency for mining, other coins are steadily gaining popularity among the mining community. |
2024-08-22 | Bitcoin Flipflops; MATIC, LINK Surge as Dim Market Action Continues
2024-08-22
Bitcoin (BTC) zigzagged between $61,000 and $59,900 in the past 24 hours, continuing its sideways price action amid the lack of notable catalysts to fuel a move in either direction. BTC spiked late Wednesday as U.S. job growth for the 12-months ending in March 2024 was 818,000 lower than previously reported. Separately, some news outlets reported that Robert Kennedy Jr. was planning to drop out of the 2024 presidential race by the end of this week and would endorse Republican Donald Trump, who has positioned himself as a pro-crypto President if elected. Polymarket bettors give it an almost 94% chance of it happening, a major shift from earlier in the week. The price jump was short-lived, however, as traders quickly took profits and sent BTC tumbling back to as low as $59,900. It recovered to over $60,800 in Asian trading hours Thursday, leading to slight market-wide gains. “The crypto market once again failed to break through the $2.15 trillion cap mark, falling 2.3% to $2.1 trillion, almost back to where it started Tuesday,” shared FxPro’s Alex Kuptsikevich in a note. “From the technical analysis side, Bitcoin retreated to the downside after another test of its 50-day average - ranging for the past six days. “Yesterday, the main institutional demand seemed to be for other assets, such as gold,” he added. The precious metal set record highs on Tuesday amid a weaker dollar and buying by investors favoring safer assets. Inflows into U.S.-listed spot bitcoin exchange-traded funds (ETFs) remained muted, with only $39 million in net flows on Wednesday. Slow inflows are signaling a lack of new demand among professional investors, as reported, putting bearish pressure on BTC. Meanwhile, major tokens ether (ETH), Solana’s SOL, and BNB Chain’s BNB rose as much as 2%, while dogecoin (DOGE) and xrp (XRP) were little changed. Tron’s TRX dropped 4.5% after a Wednesday rally on the back of a newly released memecoin generator. The liquid CoinDesk 20 (CD20) index, which tracks the largest tokens by market cap, rose 1.54%. Polygon’s MATIC rose 12% as it neared a token migration that will switch the existing MATIC to POL - a unified token that can be used across all of Polygon’s blockchains. Chainlink’s LINK rose 15% as its data feeds were implemented on the lending market Aave’s new release on the zkSync blockchain - signalling more demand for the token. One year ago, HashKey Capital forecasted that Ether Liquid Staking Derivatives would double from their August 2023 total value locked of roughly $22 billion to $44 billion by August 2025. Half way through that forecast, and it looks like things are on track per their forecast. According to data from DeFiLlama, the TVL of Ether LSD's hit $36.25 billion with Lido claiming a 70% market share. "Despite relatively stagnant ETH prices recently, demand for staking continues to rise, with the validator entry queue surging to an all-time high of around 7,400, HashKey Capital analysts wrote in a note to CoinDesk. "However, annualized staking yields have remained at around 3.5% for the past four months. This creates a situation where more validators want to join but rewards are not increasing substantially."
Over the past year, analysts noted, ETH staking and LSDs have experienced significant growth, despite challenges related to incentives and ETH’s long-term role within its ecosystem. Edited by Parikshit Mishra. Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-22 | Spot Bitcoin ETFs See 5th Straight Day of $39M in Positive Flows
2024-08-22
Key points:
U.S. spot bitcoin ETFs saw its fifth day of net inflows, while ether funds saw their fifth daily net outflows.
Spot Bitcoin ETFs see $39 million in inflows on their fifth day of positive flows, while Ether ETFs experience net outflows of $17.97 million.
Spot Bitcoin ETFs Continue Positive Inflows
Bitcoin spot ETFs in the United States marked their fifth consecutive day of positive inflows, accumulating $39.42 million on Wednesday. Significant funds like Grayscale’s mini Bitcoin Trust, which saw $14.2 million in net inflows, according to SoSoValue data
, and Bitcoin spot ETFs from Fidelity and Bitwise, which saw around $10 million each, contributed to the trend.
BlackRock’s IBIT, the most prominent Bitcoin spot ETF, added $8.35 million, while Franklin Templeton and Invesco reported $3.55 million and $2.46 million in inflows, respectively. On Wednesday, the combined daily trading volume of the 12 Bitcoin ETFs hit $1.42 billion. Since their launch, these funds have collectively accumulated $17.56 billion in net inflows.
Read More:
State of Wisconsin Investment Board Buys Over $160 Million Spot Bitcoin ETFs
Ether ETFs Face Continued Outflows
In contrast to the Spot Bitcoin ETF's positive performance, the Spot Ether ETF experienced its fifth consecutive day of net outflows, with $17.97 million withdrawn on Wednesday.
Grayscale’s ETHE fund saw significant outflows of $31.14 million, while Fidelity’s FETH fund recorded the largest inflow on the day at $7.93 million. Grayscale’s Ethereum Mini Trust followed with $4.24 million inflows, and Franklin Templeton’s Ether fund received $1 million.
Cumulative net outflows from ether ETFs have now risen to $458.08 million, with daily trading volume reaching $201 million.
DISCLAIMER
: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
2024-08-22 | Bitcoin ETFs attract $39.4m in inflows as Ether ETFs struggle with fifth consecutive day of outflows
2024-08-22
Spot Bitcoin ETFs have seen their third consecutive inflow day this week, while spot Ether ETFs saw net outflows, adding to their five-day negative flow streak.
According to data
from SoSoValue, the 12 spot Bitcoin exchange-traded funds recorded $39.42 million in net inflows on Aug. 21, representing a 55% decline compared to the $88.06 million
net inflows seen on Aug. 20.
Grayscale’s mini Bitcoin trust led the charge with reported inflows of $14.2 million following three days of no activity. Fidelity’s FBTC and Bitwise’s BITB followed next with inflows of $10.7 million and $10 million, respectively.
Spot Bitcoin ETF inflows/outflows as of Aug. 21 | Source: SoSoValue
BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, received $8.4 million in inflows on the day, bringing its total inflows to date to $20.5 billion. Meanwhile, Invesco Galaxy’s BTCO and Franklin Templeton’s EZBC reported more modest inflows of $2.5 million and $ 3.5 million respectively.
These inflows were offset by Grayscale’s GBTC, which logged outflows of $9.8 million, bringing its total outflows from its launch date to $19.6 billion. The remaining five BTC ETFs remained neutral.
Trading volume for BTC ETFs jumped to $1.42 billion on Aug. 21, higher than the $1.35 billion seen on Aug. 20. These funds have recorded a cumulative net inflow of $17.56 billion since inception. At the time of writing, Bitcoin (BT
C
) was up 1.8% over the past day, trading at $60,788, per data from crypto.news.
Bitwise CIO Matt Hougan has highlighted
that contrary to the common belief that retail investors are behind the rise in Bitcoin ETF adoption, data indicates a significant contribution from institutional investors.
By the end of Q2 2024, institutional ownership of U.S. spot Bitcoin ETFs increased to 24%
, even amid a difficult market and falling Bitcoin prices. Major players like Goldman Sachs and Morgan Stanley are holding $412 million and $188 million in ETF shares.
You might also like: Analyst: Institutional ownership of Bitcoin ETFs reached 24% last quarter
Meanwhile, the nine-spot Ethereum ETFs collectively saw increased outflows of $17.97 million
on Aug. 21, marking the fifth consecutive day of outflows.
Grayscale’s ETHE led the outflows once again, with $31.1 million leaving the fund, bringing its total outflows to the $2.5 billion mark since its launch on July 23. Meanwhile, Fidelity’s FETH, Grayscale’s ETH, and Franklin Templeton’s EZET were the only offerings to record inflows of $7.9 million, $4.2 million, and $1 million, respectively. The remaining five ETH ETFs saw no flows on the day.
These investment vehicles have seen their daily trading volume rise to $201.03 million on Aug. 21, a minor jump over the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $458.08 million to date. At the time of publication, Ethereum (ETH
) was also up by 1.3%, exchanging hands at $2,633.
Read more: Spot Bitcoin ETFs log $62m in inflows, Ether ETFs continue 3-day outflow streak |
2024-08-22 | Is MATIC’s Recovery a Sign of Bull Rally or Temporary Spike?
2024-08-22
MATIC surged 27% ahead of Polygon’s September POL token migration.
Significant large transaction volume suggests growing institutional interest in MATIC.
Polygon’s native token, MATIC, has experienced a robust 27% surge over the past week, hitting a one-month high of $0.5399. This marks a sharp recovery from its recent low of $0.3342, where MATIC had been entrenched in a bearish trend for over a month.
The rally coincides with anticipation surrounding a significant network upgrade. On September 4, 2024, Polygon will migrate its gas token from MATIC to POL. Post-upgrade, POL will become the native gas token for Polygon’s Proof-of-Stake (PoS) network, facilitating transactions and securing the network through validator incentives.
MATIC holders need not take any action, as transactions will automatically transition to using POL as the gas token. Validators will also begin receiving rewards in POL for network security and transaction processing.
Meanwhile, according to data from IntoTheBlock
, MATIC’s large transaction volume skyrocketed by 16,263.06% in the past day. Large transactions, defined as those exceeding $100,000, serve as an indicator of whale and institutional activity. The dramatic increase in large transaction volume suggests heightened interest from major market players.
In parallel, MATIC’s trading volume
surged by 205%, reaching $945 million. Open interest in MATIC contracts also saw a substantial rise, increasing by 40% to $192.97 million. Analysts suggest that this spike
in trading activity reflects growing investor optimism and bullish sentiment towards it.
What is Ahead For MATIC?
Despite this positive momentum, the outlook for MATIC remains uncertain. On the daily chart, it remains in a bullish trend, with the 9-day Exponential Moving Average (EMA) at $0.4629.
If the bullish momentum continues, it could face resistance at $0.5766 and $0.6322. However, if bearish sentiment prevails, the price could retreat to $0.3979, with additional support at $0.3827.
Despite the current bullish momentum, market volatility
remains high, and investors should closely monitor key support and resistance levels for potential shifts.
Highlighted News Of The Day
Is Bitcoin Price Going to Climb Higher to $65K? |
2024-08-22 | 73 Persen Peluang Bitcoin Menguat di Kuartal ke-4
2024-08-22
Ada sekitar 73 persen peluang Bitcoin menguat di kuartal ke-4 tahun 2024. Hal itu berasaskan data historis kinerja positif aset kripto wahid itu.
Peluang Bitcoin Menguat Jadi "Super Megacycle" di Kuartal ke-4 Melanjutkan Reli di Awal Tahun?
Bitcoin telah memulai tahun 2024 dengan penuh optimisme, kinerjanya melonjak lebih dari 40 persen di tengah peluncuran ETF Spot Bitcoin di Amerika Serikat dan peristiwa halving yang mengurangi pasokan Bitcoin baru ke pasar. Namun, meskipun dorongan awal ini, perjalanan Bitcoin selama kuartal terakhir tahun ini menjadi fokus perhatian para investor dan trader.
Berbeda dari siklus sebelumnya, harga Bitcoin pada 2024 mencapai titik tertinggi sepanjang masa sebelum halving, suatu fenomena yang memunculkan spekulasi tentang potensi terjadinya "super megacycle" dalam tahun halving ini.
Namun, lebih dari 123 hari sejak halving terjadi, harga Bitcoin belum berhasil melampaui titik tertinggi sebelumnya, bahkan turun 13 persen dalam sebulan terakhir. Hal ini memicu perdebatan di kalangan pelaku pasar tentang kemungkinan reli alias peluang Bitcoin menguat di kuartal keempat 2024 (Oktober-Desember).
Trader Tokocrypto, Fyqieh Fachrur, berpendapat bahwa meskipun siklus pasar saat ini mungkin memerlukan waktu lebih panjang dibandingkan siklus sebelumnya, peluang Bitcoin menguat untuk mencapai rekor tertinggi baru tetap sangat terbuka.
Ia optimis bahwa meski ada tantangan dalam melampaui level resistensi kunci, momentum positif yang sedang terbentuk akan mendorong Bitcoin menuju pencapaian nilai tertinggi dalam waktu dekat.
Fyqieh menekankan bahwa investor harus tetap waspada dan siap mengambil peluang, karena dinamika pasar dapat berubah dengan cepat dan membawa Bitcoin menguat ke level baru yang lebih tinggi.
Menurutnya, nilai Bitcoin akan kemungkinan besar meningkat di kuartal ke-4 2024. Data dari CoinGlass mengungkapkan bahwa Bitcoin selalu mencatat imbal hasil positif pada kuartal ke-4 selama tahun-tahun halving, dengan keuntungan yang signifikan pada tahun 2016 dan 2020.
"Selain itu, Bitcoin juga mencatatkan imbal hasil positif dalam delapan dari 11 tahun antara 2013 dan 2023, dengan rata-rata keuntungan sebesar 88 persen. Jika sejarah menjadi panduan, ada sebesar 73 persen peluang Bitcoin menguat pada kuartal ke-4 2024," jelas Fyqieh melalui surel, Kamis (22/8/2024).
Saat Ini Fase Akumulasi, Waspada Level Resistensi Ini
Lebih lanjut Fyqieh menganalisis siklus halving sebelumnya dan menemukan bahwa reli bull biasanya dimulai pada kuartal ke-4. Menurutnya, harga Bitcoin saat ini berada dalam fase akumulasi, yang menunjukkan potensi kenaikan setelah memasuki kuartal terakhir 2024.
Namun di tengah narasi peluang Bitcoin menguat, resistensi kuat masih menjadi tantangan besar. Data dari Cointelegraph Markets Pro dan TradingView menunjukkan bahwa harga Bitcoin tetap berada di bawah rata-rata pergerakan eksponensial (EMA) 200 hari selama tujuh hari terakhir.
Hambatan ini, menurut Model In/Out of the Money Around Price (IOMAP), menunjukkan bahwa likuiditas sisi permintaan yang tinggi diperlukan untuk mendorong harga Bitcoin melewati EMA 200 hari di US$63.423 dan keluar dari konsolidasi saat ini.
https://blockchainmedia.id/harga-puncak-bitcoin-belum-terbentuk-analis-peluang-akumulasi/
Menurut Fyqieh tekanan resistensi dari EMA 200 hari mencerminkan kondisi pasar yang berhati-hati, di mana investor menunggu konfirmasi lebih lanjut sebelum mendorong harga lebih tinggi.
Fyqieh mencatat bahwa peluang Bitcoin menguat menguat di kuartal ke-4 sangat besar terjadi, tetapi akan sangat bergantung pada bagaimana pasar bereaksi terhadap berbagai faktor makroekonomi, termasuk kebijakan moneter global dan sentimen investor terhadap aset digital.
"Risalah Rapat Fed AS dari pertemuan Juli telah memperkuat spekulasi atas potensi penurunan suku bunga pada September. Langkah ini telah memicu spekulasi atas reli di sektor keuangan yang lebih luas, apalagi pasar kripto, termasuk peluang Bitcoin menguat, di mana sektor kripto yang siap memperoleh keuntungan yang signifikan. Suku bunga yang lebih rendah secara umum meningkatkan kepercayaan pasar, mendorong partisipasi investor yang lebih besar," ujarnya.
Selain itu, Fyqieh memperingatkan bahwa jika Bitcoin gagal menembus resistensi kunci ini (EMA 200 hari di US$63.423), potensi penurunan ke US$57.500 atau bahkan US$54.500 menjadi semakin nyata.
https://blockchainmedia.id/ramalan-terbaru-potensi-the-fed-pangkas-suku-bunga-lagi/
"Pasar saat ini sedang mencari arah yang jelas, dan jika kita melihat ketidakmampuan Bitcoin untuk menembus level resistensi penting, maka kita mungkin akan melihat tekanan jual yang lebih besar, mematahkan skenario peluang Bitcoin menguat," imbuhnya. |
2024-08-22 | 'Rich Dad Poor Dad' Author Names 'Trillion Dollar' Reason to Buy Bitcoin
2024-08-22
Cover image via U.Today
Robert Kiyosaki
, a financial expert famous for his popular book on managing finance, “Rich Dad Poor Dad,” has addressed the global crypto community on X with a tweet about a crucial reason to stock up on Bitcoin.
"Trillion dollar" reason to buy Bitcoin
Kiyosaki once again addressed his 2.1 million audience on X about the current highly negative situation in the U.S. economy and the fast growing national debt – “America goes a trillion US dollars in debt every 100 days.”
His tweet is focused on that, and Kiyosaki reminded the community that gold, silver and Bitcoin (he believes all three of these assets to be safe havens) are able to withstand inflation and keep one’s funds and savings intact over time, and it is high time to buy them.
HOW MUCH is a trillion? A trillion seconds was 31,688 years ago. America goes a trillion $ in debt every 100 days. Now do you know why you must buy gold, silver, and Bitcoin?
— Robert Kiyosaki (@theRealKiyosaki) August 22, 2024
Kiyosaki began tweeting about the U.S. national debt last year after several U.S. banks collapsed, including Silicon Valley, Signature and Silvergate banks, and the U.S. government removed the $31 trillion “ceiling” for the debt. Since then, it began expanding faster than ever before.
Has Kiyosaki's $350,000 Bitcoin prediction failed?
Earlier this year, Robert Kiyosaki impressed the global crypto community with a statement where he shared his expectations for Bitcoin to reach a $350,000
all-time high by August this year. Once again, he referred to the U.S. government’s continuous money printing and the fast increase of its national debt.
However, he stressed that it was not so much a prediction but rather a wish and a hope for the largest crypto to skyrocket 6x from its current level. Prior to that, in 2024, the financial guru also named a smaller target for Bitcoin - $100,000, to be reached by September.
Kiyosaki has been criticizing the U.S. dollar as “fake money” due to trillions of dollars being printed since 2020.
Bitcoin decline continues
Over the last 24 hours, the earliest cryptocurrency plunged by 4.42%, falling from $61,650 to the $60,000 mark. A small recovery followed, taking Bitcoin up 1.26%. At the time of this writing, it is changing hands in the $60.930 zone.
This is the second substantial fall Bitcoin has seen this week. Among other factors, this is a likely reaction of the market to Mt. Gox transferring almost a billion U.S. dollars to exchanges as it continues compensation payouts to creditors. |
2024-08-22 | Bitcoin Mining Costs Rise Amid Post-Halving Challenges
2024-08-22
Bitcoin mining costs have seen a sharp rise, according to a recent report by BitFuFu, a cloud mining firm linked to Bitmain. The BIT Journal reports that the expense of mining one Bitcoin reached $51,887 in the second quarter of 2024, a significant jump from $19,344 during the same period in 2023. This increase reflects the growing challenges and ongoing expansion within the industry. The surge in costs shows the escalating difficulties that miners face as they continue to scale their operations. Factors such as rising energy prices, increased competition, and the need for more advanced equipment are contributing to the higher expenses. As the industry expands, these challenges are expected to persist, making BTC mining an increasingly costly venture.
The surge can also be attributed to several factors, including rising power and operating expenses. These costs have escalated notably, pushing the average cost to mine a single Bitcoin to unmatched levels. The BIT Journal reports that this increase marks the most significant jump ever recorded in BitFuFu’s quarterly reports, further underscoring the growing financial burden on miners. The halving event in April 2024, which reduced the Bitcoin block reward by half, also played a crucial role in this cost surge. The halving made Bitcoin mining more difficult, reducing the amount of Bitcoin miners receive for their efforts. As a result, miners are now grappling with higher expenses while earning less, leading to a challenging financial environment for those involved in Bitcoin mining. Despite the steep rise in Bitcoin mining costs, BitFuFu has expanded its operations significantly. The company’s mining capacity grew by 62.5% in the second quarter of 2024, increasing from 15.2 EH/s to 24.7 EH/s compared to the same period in 2023. This expansion is a testament to BitFuFu’s commitment to growth, even in the face of financial challenges. This boost in revenue is largely due to the expansion of BitFuFu’s cloud mining services, which generated an additional $77 million during the reporting period. This growth highlights the resilience of the company and its ability to adapt to the evolving Bitcoin mining landscape. The future of BTC mining remains uncertain as the industry continues to face significant challenges. The recent report by BitFuFu underscores the growing costs associated with mining, which could impact the profitability of miners moving forward. While the price of Bitcoin currently stands at $58,885, the cryptocurrency is struggling to break past the $60,000 mark due to high market volatility.
As Bitcoin mining costs continue to rise, the industry may see further consolidation, with smaller players being forced out due to the high expenses. Larger firms like BitFuFu may continue to expand, leveraging their scale to weather the financial storm. However, the long-term sustainability of such growth remains to be seen, especially if Bitcoin prices fail to rise significantly. Bitcoin mining is facing unprecedented challenges as costs continue to rise. The latest report from BitFuFu, as reported by The BIT Journal, reveals a steep increase in the cost of mining, driven by higher power and operational expenses as well as the impact of the recent Bitcoin halving. Despite these hurdles, BitFuFu has managed to grow its operations and increase its revenue, demonstrating resilience in a difficult environment. As the industry moves forward, the future of Bitcoin mining will depend on how well miners can adapt to these rising costs and market conditions. The BIT Journal will continue to monitor the situation, providing updates on the latest developments in the Bitcoin mining sector.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information. Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means. Explore in-depth articles, expert insights, and breaking news to keep you informed and ahead in the digital age. |
2024-08-22 | Is Bitcoin Price Going to Climb Higher to $65K?
2024-08-22
Bitcoin’s price surged over 5%, rising from a low of $58,893 to a high of $61,834.
Bitcoin’s volatility has reached 3.40%, surpassing the levels seen during its all-time high in March.
Bitcoin (BTC) has displayed a surge of approximately 5% within the past 24 hours, climbing from a low of $58,893 to a high of $61,834. This rise follows a period of consolidation
, with Bitcoin briefly nearing the $62,000 zone before experiencing a slight dip. At the time of writing, Bitcoin is trading at $60,756, with a market cap of $1.20 trillion and a daily trading volume that has increased by 31% to $35 billion.
This upward movement occurs amid a less-than-expected U.S. jobs report for 2023 and early 2024, which briefly boosted Bitcoin’s price during mid-morning.
Current Bitcoin Price Trends and Support Levels
According to Coinglass
, the derivatives market is showing bullish sentiment, with trading volume up by 23.58% to $68.45 billion and open interest increasing by 3.16% to $31.77 billion. These metrics suggest heightened market activity and speculation, potentially driving further price gains.
Further, Bitcoin’s volatility has surged to levels not seen since its all-time high in March, reaching 3.40% on August 22. This surpasses the previous volatility peak of 3.05% recorded on March 14, when Bitcoin recorded its all-time high of $73,750. Despite volatility not being a direct bullish indicator, it suggests the potential for significant price movements beyond the current range.
The increase in Bitcoin’s volatility could indicate a period of significant price movement. Historically, high volatility can lead to both sharp price increases and decreases.
According to the daily price chart, Bitcoin’s price encountered resistance above the 9-day EMA, which is currently below the price level. In this scenario, the price may continue to climb, potentially reaching higher levels, such as above $63,000. The 200-day EMA ($59,606) can act as a support level, and staying above it could indicate a strong uptrend.
The Bitcoin price prediction
shows that BTC will rebound above the $65,000 and $70,000 resistance levels to maintain confidence in the uptrend.
However, a potential sell-off could occur if the $65,000 support level fails to hold, which might lead to further declines to $56,500 or even $53,200 as the market seeks additional liquidity. |
2024-08-22 | Fantom (FTM) Outpaces Major Crypto Players with 16% Jump
2024-08-22
Fantom is now listed on top of the gainers list.
FTM trades at 0.4614, marking a 16% rally over the last 24 hours.
The daily relative strength index (RSI) stands at 61.84 in the neutral zone.
Despite the market correction, Fantom (FTM) appeared as a standout performer, topping the gainers list with a 16% rally over the past 24 hours. Whereas, the largest cryptocurrencies, Bitcoin
(BTC) and Ethereum (ETH), have spiked moderately, not to extend losses.
The token opened the day at $0.4473 and eventually led to breaking the nearby resistance at $0.4521. During this timeframe, FTM climbed to a high of $0.4689. Besides, the token’s daily trading volume has increased by over 114%, standing at approximately $200 million, and the asset’s market cap stays at $1.29 billion. At the time of writing, the asset was trading at $0.4614, according to CMC data
.
After trading under bearish momentum, the Fantom token has successfully regained its bullish outlook above its crucial support. Over the past month, the asset was trading downside, declining by 11.85%. The asset has dropped from a high of $0.509 to a low of $0.2743.
Will Fantom Price Sustain?
Fantom has shown considerable price momentum in the last seven days, with a 28.80% increase. The token was trading at $0.3601 at the beginning of the week. In the following days, the price maintained the bullish momentum, climbing from a low of $0.3598 to a high of $0.4685.
If Fantom manages to rise further and break above the $0.4700 level, it will likely test the nearby resistance soon at 0.4839. However, if the price declines back below the $0.4590 mark, the altcoin will find its initial support at the $0.4370 level.
FTM price chart (Source: TradingView
)
Notably, the current price momentum of Fantom stays in the neutral sentiment, as indicated by the RSI standing at 61.84. It may take the asset’s price up, gradually. Besides, the upward trend is highlighted by the short-term 9-day MA and long-term 21-day MA at $0.4021 and $0,3665, respectively, found below the current price.
According to the Fantom price prediction
, thenewscrypto analysts foresee the bullish FTM price for 2024 at $1.0271. Conversely, if the bearish sentiment emerged, the price might fall to $0.1770.
Disclaimer: The opinion expressed here is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.
Highlighted Crypto News
Binance CEO Declines IPO or Fund Raising Needs Amid Regulatory Focus |
2024-08-22 | Fed Minutes Boost Bitcoin Price
2024-08-22
You can also read this news on BH NEWS: Fed Minutes Boost Bitcoin Price
The Federal Reserve’s recent release of its July meeting minutes has sparked a significant increase in cryptocurrency prices, particularly Bitcoin. The announcement has led to an optimistic market sentiment, driving a notable rise in Bitcoin futures and Open Interest (OI). During this period, data showed heightened investor confidence in Bitcoin’s market performance.
Bitcoin Futures Surge
Following the Fed’s announcement, Bitcoin futures OI surged by $1.26 billion within 12 hours on August 22, reaching a total of $31.92 billion. OI represents the total number of outstanding derivative contracts that have not been settled, indicating stronger investor interest and confidence. Despite this surge, data reveals
that investors remain split on Bitcoin’s future price movements.
According to CoinGlass, in the last 12 hours, long positions accounted for 50.63% of total futures positions, while short positions made up 49.37%. Bitcoin’s price has fluctuated between $50,000 and $61,000 since early August, currently standing at $60,738.
Investor Sentiment Shift?
Markus Thielen from 10x Research stated in an August 22 report that the Fed minutes almost guarantee a rate cut in September. This sentiment was echoed by crypto analyst
Sykodelic, who noted that Bitcoin seems poised to rise following the dovish tone of the Fed minutes.
When interest rates
decrease, investors often shift from safe assets like bonds to riskier ones such as Bitcoin. Crypto commentator Nishant Bhardwaj warned investors to brace for a potentially explosive fourth quarter in the US and Indian markets, anticipating that the Fed is nearing a rate cut.
Concrete Insights for Investors
– Increased OI indicates growing investor interest in Bitcoin futures.
– Current market sentiment is optimistic due to expected Fed rate cuts.
– Investors should prepare for significant market movements in the fourth quarter.
– Long and short positions are nearly balanced, showing market indecision.
In conclusion, the Fed minutes have catalyzed a positive shift in Bitcoin’s market outlook. Investors are advised to stay informed and prepared for potential rate cuts and their impact on Bitcoin and broader markets.
The post first appeared on BH NEWS:
Fed Minutes Boost Bitcoin Price |
2024-08-22 | Bitcoin Gearing Up for a ‘Parabolic’ Rally in Q4? Historical Data Suggests It Might Be
2024-08-22
Bitcoin’s Q4 rally historically has a 73% chance of occurring during halving years.
Breaking the 200-day EMA is crucial; failure could lead to significant price drops.
In a recent CNF update
, we questioned whether the current Bitcoin accumulation matches that of 2019 and if a $100K parabolic rally is imminent. In a turn of events, Bitcoin (BTC) actually started 2024 on a strong note, climbing over 40% year-to-date, driven by positive developments like the launch of spot Bitcoin ETFs in the U.S. and the halving event, which cut miners’ rewards by 50%.
Veteran trader Peter Brandt suggested in his tweet yesterday that this market cycle could become the longest post-halving in history, indicating either a delayed all-time high or none at all.
An FYI on $BTC
Current bull market cycle in $BTC
will soon become the longest time post halving in history for a new ATH
or,
Could indicate that new ATH is not in the cards pic.twitter.com/jkeboVAGtp
— Peter Brandt (@PeterLBrandt) August 21, 2024
However, historical data
from CoinGlass shows that Bitcoin typically sees strong returns in Q4 during halving years, with a 73% chance of a rally. CryptoQuant’s CEO, Ki Young Ju, noted that Bitcoin’s current accumulation phase might precede a significant uptrend in late 2024.
According to today’s CoinMarketCap data, Bitcoin (BTC) has surged by
2.02%
in the past day and
5.01%
in the past week, reaching a current price of
$60,914.78
. See BTC price chart below.
It is important to note that Bitcoin’s price faces significant resistance
at the 200-day EMA. If BTC fails to break through this level, analysts like Mark Cullen warn that prices could drop towards $57,500 or even revisit the $54,500 level, highlighting the challenges Bitcoin faces in sustaining its bullish momentum. |
2024-08-22 | Fed Minutes Influence Bitcoin Price Surge
2024-08-22
You can also read this news on COINTURK NEWS: Fed Minutes Influence Bitcoin Price Surge
The price surge in cryptocurrencies following the Fed minutes announcement affected the entire market, with a positive outlook seen across the board, especially for BTC. During this period, data emerged showing increased investor confidence in Bitcoin
. So, what is happening in the market right now?
Bitcoin Price Update
Bitcoin futures investors saw over a billion dollars in new Open Interest (OI) after the Fed shared its July meeting minutes, drawing attention to this area. On August 22, Bitcoin futures OI increased by $1.26 billion compared to the previous 12 hours, reaching $31.92 billion.
OI refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled. The increase in OI indicates growing confidence among investors in predicting Bitcoin’s rise or fall. Recent data shows
the group remains undecided on whether Bitcoin’s price will rise or fall.
According to data from CoinGlass covering the last 12 hours, long position investors hold 50.63% of total futures positions, while short position investors hold 49.37%. Bitcoin’s price has fluctuated between $50,000 and $61,000 since the beginning of August, and as of writing, it has risen to $60,738.
Current Bitcoin Status
10x Research head Markus Thielen commented in an August 22 report that the Fed minutes “almost certainly ensured a rate cut in September.”
Thielen made the following statement:
The ‘vast majority’ of FOMC members supported a rate cut in September, with a few considering it a reasonable option in July.
Crypto analyst Sykodelic also shared his views:
Bitcoin appears ready to rise. The Fed minutes were released a few hours ago with a very dovish tone.
When interest rates
fall, investors typically move away from safe assets like bonds and term deposits, turning to riskier assets like Bitcoin.
Crypto commentator Nishant Bhardwaj noted that the Fed is very close to lowering interest rates, warning investors to prepare for one of the most explosive fourth quarters in history for the US and Indian markets.
Thielen also added:
Powell’s speech on Friday is expected to reinforce this dovish outlook and provide a favorable environment for increasing risk assets like stocks and Bitcoin.
Meanwhile, on August 15, about a week ago, Caldwell Investment Management portfolio manager Justin Elliot drew attention by stating that there was no data to support the expected “level of aggression” for the Fed to lower rates.
The post first appeared on COINTURK NEWS:
Fed Minutes Influence Bitcoin Price Surge
The post Fed Minutes Influence Bitcoin Price Surge
appeared first on COINTURK NEWS
. |
2024-08-22 | Solana (SOL) On-Chain Activity Soars as Whales Accumulate and Stake
2024-08-22
Date: Thu, August 22, 2024, 07:30 AM GMT
The cryptocurrency market is buzzing with renewed optimism as Bitcoin (BTC) regains momentum, climbing back to the $60,000 mark after dipping to $49,000 on August 5th. This swift recovery has ignited bullish sentiments across the board, especially among altcoins
, which are showing strong upside potential.
Among these, Solana (SOL) is catching significant attention. Recent on-chain activity reveals that large-scale investors, often referred to as whales, are heavily accumulating and staking SOL tokens. According to LookOnChain monitoring
, two notable whales have made substantial moves:
Source: Lookonchain (X)
A whale with the address
9tuA8L
withdrew
30,000 SOL
(worth approximately $4.25 million) from Binance and staked it just seven hours ago.Transaction Details
Another whale, identified as
7CsCGy
, withdrew
26,245 SOL
(worth around $3.72 million) from Binance and staked it six hours ago.Transaction Details
As of now, the price of Solana (SOL) is trading at
$142.71
with a market capitalization of
$66 billion
. The fact that whales are accumulating and staking SOL suggests growing confidence in the token's long-term potential. As the market braces for the anticipated bull run, it seems that top altcoins like Solana are becoming prime targets for large investors. |
2024-08-22 | Bitcoin ETFs Attract Investor Interest
2024-08-22
You can also read this news on BH NEWS: Bitcoin ETFs Attract Investor Interest
Bitcoin
ETFs have captured significant attention, registering positive net inflows for the fifth consecutive day, totaling over $39 million. Conversely, Ethereum ETFs experienced outflows for the same period. Key players like Grayscale, Fidelity, and Bitwise have positioned Bitcoin ETFs as top choices among investors
.
Why Are Bitcoin ETFs Gaining Momentum?
Bitcoin ETFs have seen a surge in interest, with a notable net inflow of $39.42 million by Wednesday, reflecting renewed investor confidence. Grayscale’s mini Bitcoin trust fund was a significant contributor with $14.2 million. Fidelity and Bitwise also reported inflows of around $10 million each, while BlackRock’s IBIT ETF attracted $8.35 million. These developments are cementing Bitcoin’s standing in the ETF landscape.
What Is Happening with Ethereum ETFs?
In stark contrast, Ethereum ETFs have struggled. As of Wednesday, they recorded outflows totaling $17.97 million, with Grayscale’s ETHE fund suffering the largest outflow of $31.14 million. However, not all hope is lost for Ethereum; Fidelity’s FETH ETF saw a net inflow of $7.93 million, and Franklin Templeton’s fund attracted $1 million, indicating some residual investor confidence.
Key Investment Takeaways
For investors navigating the current ETF environment, several insights can be drawn:
Bitcoin ETFs are currently more attractive, with significant net inflows.
Grayscale, Fidelity, and BlackRock are leading players in the Bitcoin ETF space
.
Despite current outflows, some Ethereum ETFs still show positive inflows, indicating selective investor confidence.
Current Status of Bitcoin and Ethereum Prices
Bitcoin, the leading cryptocurrency, rose by 2.33% in the last 24 hours, reaching $60,735. Ethereum saw a 1.09% increase to $2,621. Bitcoin ETFs’ trading volume hit $1.42 billion on Wednesday, surpassing the previous day’s figures. Meanwhile, Ethereum ETFs had a relatively modest trading volume of $201 million. Although Bitcoin ETFs are currently more favored, the volatile nature of the crypto market means these dynamics could shift rapidly.
The post first appeared on BH NEWS:
Bitcoin ETFs Attract Investor Interest |
2024-08-22 | Bitcoin News Today: How the FED’s Potential Rate Cut Is Pushing BTC Higher
2024-08-22
The post Bitcoin News Today: How the FED’s Potential Rate Cut Is Pushing BTC Higher
appeared first on Coinpedia Fintech News
After the Fed released FOMC minutes on Wednesday that signaled a possible rate cut next month, Bitcoin’s (BTC) price surged 2 percent to reach a daily high of about $61,830. The flagship coin, however, has experienced a significant resistance level around the 50-day Moving Average (MA).
Nonetheless, the daily Relative Strength Index (RSI) has since rallied above 50 percent, suggesting the re-emerging bullish momentum. Moreover, Gold price reached a new all-time high, of above $2,500 an ounce, amid the ongoing rebound of the major global stock indexes led by Japan’s Nikkei 225.
Rising Demand from Institutional Investors
US #ETF
21 AUG:
$40M to $BTC
and
$18M to $ETH
BTC ETF UPDATE (final): +$40M
• The net flow has remained positive for the past 5 trading days.
• However, yesterday’s flow volume was generally weak.
ETH ETF UPDATE (final): -$18M
• The net flow has been negative… pic.twitter.com/KLTWX4ypd6
— Spot On Chain (@spotonchain) August 22, 2024
Led by BlackRock’s IBIT, the US-based spot Bitcoin ETFs have registered more than $210 million in cash inflows over the past two weeks. On Wednesday, the US spot Bitcoin ETFs reported a net cash inflow of about $40 million, thus the total assets under management rising to around $55.96 billion.
According to an on-chain data analysis by Coinglass, the supply of Bitcoin in centralized exchanges has continued to drop in the past five months despite the bearish outlook.
More institutional investors—led by Metaplanet Inc., MicroStrategy, and Marathon Digital, among others—have accelerated their accumulation pace in recent years.
What Next?
From a technical standpoint, Bitcoin price is at a crucial point that could yield a major bull run in the near term or further capitulation. The ongoing demand from altcoins, as shown by the recent approval of spot Ether and Solana ETFs in the Americas, could force a reversal in the Bitcoin dominance
Despite everything, #BTC
is right around where it always is at this point in the market cycle pic.twitter.com/zO52x9tAtX
— Benjamin Cowen (@intocryptoverse) August 21, 2024
Crypto analyst Benjamin Cowen believes the flagship coin is on course for a parabolic ride in the coming months, compared to previous bull cycles. |
2024-08-22 | Bitcoin Price Prediction: Key Challenges for BTC Bulls on the Path to $70K Identified, Bullish Momentum Remains Intact
2024-08-22
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there. Bitcoin recently pushed above $60,000, driven by key macroeconomic factors. Traders are excited about a breakout towards $70,000. The minutes from the Federal Reserve’s recent meeting suggested rate cuts are likely, which is expected to boost Bitcoin’s price as lower interest rates increase global liquidity.
Additionally, political developments, such as Donald Trump’s increased chances in the upcoming U.S. election, are seen as supportive for Bitcoin, especially if his administration is perceived as more crypto-friendly. According to analyst Josh of Crypto World, there is a significant signal flashing on the Bitcoin chart, and Ethereum is hitting a critical support level.
On shorter timeframes, the analyst said that Bitcoin has shown a short-term bullish trend, which contrasts with the broader bearish trend on longer timeframes. This short-term bullishness might be a temporary relief in an overall bearish environment. However, a new bearish divergence has just been confirmed on the 2-hour chart, hinting at a potential short-term pullback or sideways movement in the coming days. Josh said that Bitcoin has strong support between $56,000 and $57,000, with additional support around $51,000 to $53,000. These levels are crucial for maintaining the current price range. On the other hand, resistance levels are between $67,000 and $68.3k, which could pose challenges for further upward movement. While the DXY isn’t a perfect predictor, its current downturn suggests that we might see more bullish momentum for Bitcoin soon. Lastly, looking at the Bitcoin liquidation heat map, there’s still some liquidity to be taken out around the $61,000-$62,000 range. We might see the price move towards these levels in the next few days, especially after the short-term bearish divergence plays out. Also Check Out: Top Layer-2 (L2) Altcoins To Stack Before $ETH Reclaims $3K!
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