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2024-08-23 | Coinbase Announces a Surprise Altcoin Deal!
2024-08-23
Coinbase, the largest cryptocurrency exchange in the United States, announced that Coinbase Prime has signed a custody agreement with Ethena Labs.
Coinbase announced in its official blog post that its brokerage platform Coinbase Prime has signed a custody agreement with Ethena Labs, the issuer of stablecoin USDe.
Under this agreement, Coinbase will manage the custody of ENA tokens for Ethena Labs and the Ethena Foundation.
Under the agreement, Coinbase Prime will provide custody, USDC, and self-hosted wallet services for Ethena.
Additionally, Coinbase Prime’s Web3 wallet will be integrated into Ethena’s minting and redemption processes, improving the protocol’s efficiency.
“Specifically, the agreement includes:
Serving as the primary custodian of ENA tokens;
Providing enterprise-level solutions for the Ethena Labs core team and the Ethena Foundation;
Integrating the Prime Web3 wallet into the protocol's minting and redemption process to increase Ethena's infrastructure efficiency;
“Adopt USDC and expand its use in support agreements”
“We are excited to work with one of the most prominent brokerage platforms and most secure custodians in our industry,” said Guy Young, CEO and founder of Ethena Labs, in a statement. “Coinbase’s exceptional track record of consistently delivering best-in-class, institution-grade products made this a no-brainer for us.”
Ethena (ENA) is the first on-chain synthetic USD protocol built on Ethereum.
ENA, which has gained 4% in the last 24 hours, continues to trade at $0.31.
*This is not investment advice.
Continue Reading: Coinbase Announces a Surprise Altcoin Deal! |
2024-08-23 | Bitcoin Transaction Fees Surge as Babylon Staking Mainnet Goes Live
2024-08-23
Bitcoin transaction fees spiked dramatically on Thursday as users rushed to participate in the newly launched Babylon staking protocol. The fee increase occurred in the hours following the mainnet launch of Babylon, a protocol allowing users to lock their Bitcoin in exchange for voting power and staking rewards on a proof-of-stake (PoS) system, according to Theminermag
.
As of publication, the medium priority fee for Bitcoin transactions soared to 669 satoshis per virtual byte (sat/vB), equivalent to around $57 per transaction. This sharp rise in fees led to Bitcoin miners
, including Antpool, Foundry
USA, and ViaBTC, collecting over 53 BTC in transaction fees within a single hour. This windfall, valued at approximately $3.2 million, highlights the sudden surge in network activity driven by Babylon’s launch.
Babylon’s staking protocol enables BTC holders to lock their assets through a trustless and self-custodial script for a predetermined time. In return, participants gain voting power within the PoS protocol and are rewarded with staking incentives. The protocol’s mainnet, which launched at 7:38 a.m. Eastern Time, initially capped at 1,000 BTC for staking, with each address limited to a maximum deposit of 0.05 BTC per transaction. This restriction likely contributed to the competitive fee environment as users scrambled to secure their participation.
The immediate impact of Babylon’s launch on Bitcoin’s network underscores the growing interest in cross-chain DeFi solutions. However, the spike in transaction fees also raises concerns about Bitcoin’s scalability and its ability to handle sudden influxes of high-demand transactions. As the market continues to evolve, such developments may prompt further discussions on how to optimize Bitcoin’s fee structure and network efficiency. |
2024-08-23 | Bitcoin Price Prediction: Here is the Roadmap for the BTC Price by the End of Q3 2024!
2024-08-23
The post Bitcoin Price Prediction: Here is the Roadmap for the BTC Price by the End of Q3 2024!
appeared first on Coinpedia Fintech News
The Bitcoin price is playing a very resilient trade at the moment as the bulls appear to have slowed down, probably to reduce the bearish attention. The star token has been consolidating underneath a crucial resistance for over a couple of weeks, offering a golden opportunity for the bulls to retake this to flip the momentum back to bullish. However, the BTC price
in the HTF appears to be weak as the range-bound trade escalates.
What’s next for the Bitcoin price rally? Will it hit $70,000 in September?
The markets have followed a pattern lately. It first soars high, followed by a pullback, and later forms a lower high and lower low. Until this trend is broken, forming a new ATH may be a tedious job for the BTC price rally. However, the bullish probability hovers over the BTC price rally, as the token would make another attempt and enter the resistance zone between $61,432 and $61,617 anytime from now.
The short-term price action suggests the bulls are poised to push the token within the interim resistance zone, while the bullish StochRSI validates the claim. On the other hand, the MACD displays a drop in the buying pressure, which may lead to a minor pullback. Therefore, Bitcoin price is believed to have entered the zone but yet again fails to break above the zone as the bulls do not carry the required strength. Hence, the price may drop back to the ascending support and if the bulls fail to defend, an extended pullback could drag the levels close to $58,000.
Besides, the Mega Whales, who are currently holding over 10,000 BTC, are signalling a very big move to the upside. They have been constantly accumulating BTC since June and hence this may initiate a strong price action. However, the correlation between the whale accumulation and the BTC price action has not been on a positive note during the accumulation phase, but once they reduce the pace, the bull run could begin. |
2024-08-23 | Kraken Analysts Issue Warning About Bitcoin (BTC) Price! "If This Level Is Not Broken, A Big Drop Is Coming!"
2024-08-23
While Bitcoin has been struggling with consecutive sharp declines since its ATH in March, investors are eagerly awaiting a rally that will take BTC to new ATH levels.
At this point, Kraken analysts said in their latest report that Bitcoin needs to exceed $62,000 to avoid falling to $49,000 levels again.
According to Kraken analysts, Bitcoin is at a critical juncture and the $62,000 resistance must be overcome to prevent BTC from falling to $49,000 again.
“The $62,000 resistance level is critical because failure to hold could signal a deeper correction.
Bitcoin’s current price action suggests a corrective pattern rather than a strong rally. Therefore, BTC needs to break $62,000 to avoid a sharp decline again.”
As you may recall, Bitcoin fell below $50,000 on August 5, known as “Crypto Black Monday,” dropping to $49,842. BTC fell to these levels for the first time since February.
Currently trading around $61,240, Bitcoin has been struggling to surpass the $62,000 resistance since August 9.
*This is not investment advice.
Continue Reading: Kraken Analysts Issue Warning About Bitcoin (BTC) Price! "If This Level Is Not Broken, A Big Drop Is Coming!" |
2024-08-23 | Bitcoin Price Prediction: Still Stuck in Bearish Trend, BTC Bulls Strive To Push Beyond $61k
2024-08-23
The post Bitcoin Price Prediction: Still Stuck in Bearish Trend, BTC Bulls Strive To Push Beyond $61k
appeared first on Coinpedia Fintech News
Bitcoin is experiencing volatility due to a mix of market and macroeconomic factors. The coin fell below $60,000, down from over $70,000, triggered by massive liquidations of leveraged long positions and concerns about Bitcoin whales potentially selling their holdings.
However, after weeks of trying to reclaim the $60k levels, BTC was finally successful and is now trading close to the $61k levels. Recently, Bitcoin has shown bearish divergence, leading to a short-term pullback. This pattern is expected to continue for a day or two but typically doesn’t last beyond that. The broader trend remains bearish, but short-term relief or bullish moves could occur if Bitcoin breaks above critical resistance levels.
Analyst Josh of Crypto World
said that Bitcoin is approaching a critical resistance zone, with the price struggling around $60,000 to $61,000. Additional resistance levels are identified at approximately $61.8K and $62.9K. These levels are crucial as they could determine Bitcoin’s short-term price movement. He said that over the next few hours to a day, Bitcoin may continue to experience some bearish divergence but could move towards major liquidity levels around $61.8K to $62K.
Support And Resistance Levels:
The chart shows that Bitcoin is still within a bearish trend. The price is forming lower highs and lower lows, indicating a continuation of the downward movement unless a significant breakout occurs.
If Bitcoin faces rejection, major support levels are expected around $56K to $57K, with additional support at $54K and between $51K to $53K. Bitcoin is currently facing resistance, which might lead to a short-term struggle. A breakout above $63K could see further resistance around $64.5K, with major resistance between $67K to $68.3K. There might be a brief continuation of bearish divergence, but a move towards $61.8K to $62K is possible in the next couple of days. |
2024-08-23 | Bitfarms to Snap Up Stronghold Digital Mining in $125 Million Acquisition
2024-08-23
Bitcoin miner Bitfarms is set to acquire Stronghold Digital Mining Inc. The deal is worth $125 million, which includes taking up a $50 million debt as well. This is a strategic acquisition geared towards further enhancing the company’s power generation capacity. The acquisition will offer the group a combined power portfolio of over 950 megawatts at the end of 2025. This merger represents a very significant milestone for Bitfarms to dominate the crypto mining field and significant leverage toward further expansion into high-performance computing capabilities and artificial intelligence.
It is not a simple matter of expanding potential energy, but it is a strategic step that can place Bitfarms within the greater, highly competitive area of Bitcoin mining. In fact, Bitfarms will be positioned to drive improvements in operational efficiency and sustainability through the integration of StrongHold Digital’s 165 MW power-generating assets and environmentally recognized power plants situated throughout Pennsylvania. This acquisition of a critical company indeed leads to an example of sustainable and energy-efficient crypto mining. Besides, the acquisition of Stronghold Digital Mining is incredibly beneficial for Bitfarms. Under these terms, Bitfarms gains a far greater scale of operation because it has an additional 307 MW capacity, which Stronghold Digital Mining provides under Stronghold Digital Mining’s roof. It will increase the mining capacity for Bitfarms and allow the company to enter new markets of high-performance computing and artificial intelligence. “With the acquisition of Stronghold, Bitfarms extends not only its energy portfolio but also its technological capabilities,” explained Jamie Redman, a respected analyst within crypto. “This merger signals that Bitfarms is serious about long-term growth and does not mess around with its commitment to sustainable mining practices.”
The merger is of immense value to both companies’ shareholders; Stronghold Digital mining shareholders will receive 2.52 shares of Bitfarms for every share they own, representing a 71% premium over the recent stock price of Stronghold. At closing, shareholders of Stronghold will own approximately 10% of the combined company, so they’ll be well-positioned to benefit from its growth and expansion over the next couple of years. Bitfarrms will become a forerunner in the crypto space with new technology that supports large-scale operations and integration of AI tools to enhance performance.
The deal serves to set the table for further consolidation, with Bitfarms and similar companies trying to scale up operations and enhance technological capabilities to remain competitive. Further, it will bring environmentally friendly power generation assets to Stronghold in perfect alignment with Bitfarms’ broader commitment to sustainability, a rising concern in the energy-gobbling world of cryptocurrency mining. This acquisition sets an essential milestone in the history of crypto mining. With the expansion of power generation capacity and the diversification of technological capabilities, Bitfarms will be unstoppable in the next phase of the crypto revolution. Not only does this deal further strengthen the position of Bitfarms in the market, but it also establishes that in the future of cryptocurrency mining, there will be no rush toward development without sustainability and innovation. In completing this strategic acquisition of Stronghold Digital, Bitfarms will be under close-watching eyes across the crypto industry to see how these combined companies can power growth and innovation using their new abilities. The merger is expected to close early in 2025, and thus, the next few years could be transformative for Bitcoin Miner Bitfarms and the broader crypto-mining landscape. Stay ahead of the curve with recent updates from 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. |
2024-08-23 | Google Updates Crypto Advertising Guidelines in Switzerland
2024-08-23
Google tightens ad guidelines to combat digital scams and protect users in Switzerland.
According to an update, only compliant, licensed crypto firms can advertise under new Google rules.
Google’s advertising policies have sparked significant controversy in recent years, particularly regarding promoting cryptocurrency projects and related products. These guidelines have led to legal challenges in multiple countries, where Google’s restrictions have been scrutinized and contested in court.
As per a recent update, Google is ready to implement an updated advertising guideline on its platforms. The revised set of guidelines is expected to be implemented on September 20.
Google’s updated policy in Switzerland sets clear guidelines for cryptocurrency-related ads, allowing only compliant and licensed companies to promote their services.
Key Updates
The cryptocurrency
exchanges and software wallets officially licensed by the Swiss Financial Market Supervisory Authority (FINAMA) can only be advertised on Google, as per the new policies.
It also includes all other clearances required to operate in the region. However, hardware wallet service providers can run their ads on Google, but these products should only be limited to storage services.
The hardware wallet offering storage and trading services collectively is restricted and barred from running advertisements, as per the fresh guidelines. After reviewing if they comply with Google’s and Switzerland’s guidelines, Google will provide a certification to the advertisers.
According to a person aware of the fact, the push for the amendment of guidelines in Switzerland came following the surging adoption and popularity of digital assets in the region.
The Need for Revised Guidelines
Google is a multinational internet service provider developed in 1998 by Larry Page and Sergey Brin. The service provider holds a significant portion of the global online advertising industry.
To maintain its credibility and security, Google constantly updates its guidelines because, nowadays, most frauds and scams are committed via leveraged digital advertising.
In April 2024, a leading media outlet reported that scammers
had created a fake version of Whales Market, an over-the-counter (OTC) crypto platform. It was advertised through sponsored ads on Google search results.
The fake Whales Market website mimics the real one, tricking users into connecting their digital wallets. Bad actors who seek to exploit loopholes for financial gain constantly threaten the digital advertising space.
As seen with the fake Whales Market incident, scammers quickly adapt, creating fraudulent sites and mimicking legitimate services to deceive users. Regular updates to guidelines are necessary to close these loopholes and protect consumers.
As a global tech giant, Google’s reputation is under constant scrutiny.
Controversies surrounding its advertising policies, particularly in sensitive sectors like cryptocurrency, can result in legal challenges and damage to its brand.
By proactively updating its guidelines, Google can mitigate risks and demonstrate its commitment to ethical advertising practices.
Crypto Market Price Update
When writing, the cryptocurrency market capitalization was $2.107 Trillion, with a growth of 5.30% in the past seven days. In the past 52 weeks, the cap grew over 101.48% and 31.23% YTD, according to the data from TradingView.
Source: TradingView
At the press time, Bitcoin was trading at $60,611 after losing over 11% of its trading price. Since the past few weeks, BTC prices have reflected no significant improvement despite surging trading volume.
Source: TradingView
Market watchers claim that if bears remain dominant, the price of Bitcoin is expected to fall below the initial support of $56,400.14. If it breaks the bears’ barrier, it could surge and mark the resistance at $69,006. |
2024-08-23 | Spot Bitcoin ETFs Record $39.4M Inflows As Ether ETFs Decline
2024-08-23
Spot Bitcoin ETFs have maintained positive flows over the past week. They attracted $39.42 million in net inflows on Wednesday.
According to data from Soso value,
Grayscale
’s Bitcoin Mini Trust contributed the bulk of the total amount with $14.2 million in net inflows.
It is closely followed by Fidelity’s FBTC and Bitwise’s BITB, with $10.7 million and $10 million in inflows, respectively.
BlackRock’s IBIT, which is the largest spot Bitcoin ETF by net assets, recorded $8.4 million in inflows, while Franklin Templeton’s EZBC and Invesco Galaxy’s BTCO received inflows of $3.5 million and $2.5 million, respectively.
Grayscale’s Bitcoin Trust was the only ETF that recorded negative flows, with a total outflows of $9.8 million on August 21. The remaining five Bitcoin ETFs recorded zero flows for the day.
While the net inflows recorded on August 21 dropped by 55% compared to the $88.06 million registered on August 20, trading volumes for the 12 Bitcoin ETFs rose to $1.42 billion, higher than the $1.35 billion seen the previous day.
Fastest Growing ETF of All-Time
Since their launch in January, spot Bitcoin ETFs have continued to attract investors’ attention. The funds have accumulated a net inflow of $17.56 billion so far.
While most critics have discredited the popularity of Bitcoin ETFs among institutions, claiming that inflows are fueled by retail investors, Bitwise chief investment officer Matt Hougan refuted the claim. He highlighted that Bitcoin ETFs are seeing unprecedented institutional adoption, even more than any other ETF in history.
Hougan compared Bitcoin ETFs to the ten fastest-growing new such products of all time based on the number of institutional holders and total institutional AUM after two quarters on the market. Data revealed that Bitcoin ETFs outperformed in both criteria.
Ether ETFs Outflow Streak Continues
While Bitcoin ETF has continued to attract massive capital inflows from investors, its Ethereum counterpart is experiencing the opposite. Spot Ether ETFs recorded net outflows of $17.97 million on August 21, marking the fifth consecutive day of outflows.
However, BlackRock’s ETHA continues to record significant inflows despite the decline. The fund recently crossed the $1 billion milestone in net inflows. |
2024-08-23 | Bitcoin Nears $61,000 as Altcoins Rise
2024-08-23
You can also read this news on BH NEWS: Bitcoin Nears $61,000 as Altcoins Rise
The cryptocurrency market is gearing up for a new upward trend, as Bitcoin approaches the $61,000 mark. Altcoins like Render and Chainlink are showing remarkable growth potential, contributing to the overall market recovery. Additionally, altcoins within the gaming
sector find themselves in robust buying zones, attracting investor interest.
Will Bitcoin Break $70,000?
Bitcoin is making a significant move by reclaiming $60,000, but it faces substantial resistance between $62,000 and $63,000. Analysts believe surpassing this resistance could drive Bitcoin to $70,000 rapidly. Such a development would likely trigger a major recovery in the altcoin market as well.
Render and Chainlink are gaining momentum among altcoins, with Chainlink signaling an upward trend. Notably, altcoins like The Graph and Stacks are on the brink of a strong breakout, which could influence the overall market trend significantly.
Can Ethereum Surpass $3,000?
Should Bitcoin hit $70,000, Ethereum is poised to exceed $3,000. During this period, altcoins that previously saw sharp declines may also recover as USDT dominance diminishes. Altcoins in the gaming sector are particularly appealing to investors
, offering gains of 10-20%.
Altcoins such as NEAR and Arweave show strong potential for upward movement, as indicated by technical markers. As they approach critical resistance levels, significant jumps are possible. Other vital altcoins, including Dogecoin, Fantom, Chainlink, and Avalanche
, might see similar rises.
Where Should Investors Focus?
Key Investment Insights
– Theta is poised for potential significant price increases, having historically recorded up to a 300% rise in similar conditions.
– Render could ascend to the $8 to $10 range, offering long-term gains.
– Altcoins in the gaming sector present appealing investment opportunities, with possible gains of 10-20%.
The ongoing activity in the cryptocurrency market is drawing substantial attention from investors. A potential rally led by Bitcoin could create significant opportunities for altcoins, paving the way for substantial returns.
The post first appeared on BH NEWS:
Bitcoin Nears $61,000 as Altcoins Rise |
2024-08-23 | Coinglass: Focus on Trading Rules, Not Predictions
2024-08-23
Bitcoin is currently trading in an uncertain zone with industry members predicting $70,000.
The Bitcoin Liquidity HeatMap shows buying density at $61,000 if BTC breaks resistance.
Bitcoin is currently trading at $60,900, facing sluggish movement and an uncertain future.
Blockchain analytics platform Coinglass suggests traders should focus on their own strategies rather than chasing lofty price predictions.
#BTC
Today I saw many KOLs saying that BTC will break through 62,000, 65,000, and 70,000.
What I want to say is don’t let others’ (including my opinions) affect you.
You need to have your own trading rules. After all, in this market, we have at least a 50% winning rate, either… pic.twitter.com/Lr6wBLKr4d
— CoinGlass (@coinglass_com) August 23, 2024
Coinglass’s comments come amid widespread speculation on Bitcoin’s potential to reach new highs. However, the platform reminded traders that the market is inherently unpredictable and emphasized the importance of having a well-defined trading plan.
Meanwhile, the Bitcoin Liquidity Heatmap
showed strong buyer interest at $60,000 and $61,000. However, the leading digital asset has failed to retain price a…
The post Coinglass: Focus on Trading Rules, Not Predictions
appeared first on Coin Edition
. |
2024-08-23 | Bitcoin Price Prediction: Bullish and Bearish Scenarios to Watch in 2024
2024-08-23
Fun-loving and cheerful, a passionate blockchain and crypto writer who knows no boundary…connect if you share the same passion. With 10+ years of writing experience, I am a Crypto Journalist by chance, exploring, and learning all the dynamics of the sci-fi action-filled crypto world. Currently, focusing on cryptocurrency news and price data. With a passion for research and challenging my capabilities, I am slowly getting into the crypto arena to bring new insights every day. In a recent podcast on Altcoin Daily, crypto trader Tom Crown shared his analysis of Bitcoin’s current position and prospects, offering a nuanced view of the market’s direction. Let’s explore!
Bitcoin is trading around $61.4k, a level it has held for about 160 days. After a 35% rally from August 5 to August 16, Bitcoin has faced a correction, attempting to regain the $61,000 level on August 21 but encountering resistance at $61,227. Over the past week, Bitcoin has traded within a tight range of $58,000 to $62,000, indicating a consolidation phase following recent gains. Currently, Bitcoin is down about 6% from its recent peak, raising questions about the continuation of its bullish trend.
Despite this obvious stagnation, Crown sees positive signs. The Federal Reserve’s dovish stance, with expectations of an interest rate cut in September, could fuel bullish momentum. However, Bitcoin recently experienced a “death cross”—a bearish technical signal where the short-term moving average crosses below the long-term moving average. Historically, this indicator has sometimes preceded a price rebound in Bitcoin, suggesting the current signal may not be as dire as it seems. The crown is watching crucial support and resistance levels. For Bitcoin to signal a bullish reversal, it must reclaim and sustain above $62.8k. If successful, Bitcoin could aim for a target range between $69k and $70k. Conversely, if Bitcoin falls below the August 5th low of $49k, it might test lower support at $38.5k. Significant market events would likely accompany such a drop. In the worst-case scenario, he claims a significant sell-off could push Bitcoin below $49k, potentially finding support around $38.5k. This level is considered crucial as it might attract buyers looking for bargains. A move above $63k could set Bitcoin on a bullish path toward $70k in the best-case scenario. In an ideal scenario, Bitcoin might reach new all-time highs, with some projections even suggesting a long-term potential of $250k, although this is speculative.
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2024-08-23 | Crypto News Today: Bitcoin Above $61K, Ethereum Stable at $2,650!
2024-08-23
The post Crypto News Today: Bitcoin Above $61K, Ethereum Stable at $2,650!
appeared first on Coinpedia Fintech News
The crypto market has recorded a jump of 0.82% in the past day, from $2.14 trillion to $2.16 trillion. Moreover, the market leader, BTC price has successfully held its value above the $60K mark, indicating increased bullish sentiment in the market. With a trading volume of $25.83 billion, it has recorded a 24-hour High/Low of $61,408.11 and $60,141.54. Further, the Ethereum price is currently listed with a price tag of $2,666.35 with a 24-hour change of 1.64%. |
2024-08-23 | Australian regulator claims win over Kraken’s Bit Trade in federal court
2024-08-23
Australia’s federal court has ruled in favor of the country’s financial regulator, ASIC, against Bit Trade, the operator of Kraken’s crypto exchange in Australia.
The court found that Bit Trade failed to comply with design and distribution obligations and acted as a credit facility without a license.
In September 2023, the Australian Securities and Investments Commission (ASIC) initiated a civil suit against Bit Trade, arguing that its margin trading product was launched without a target market determination outlining the appropriate customers.
Source:
Australian Securities and Investments Commission
In his Aug. 23 judgment
, Justice John Nicholas found that by “issuing the Product to retail clients without having first made a target market determination for the Product,” Bit Trade violated these legal requirements.
Design and distribution obligations are required by law to offer financial products in Australia. They have specific requirements for firms to design products to meet the pre-determined needs of customers and then distribute them through a targeted plan.
At the same time, ASIC argued that because Bit Trade’s product allowed customers to receive an extension of credit up to five times the value of the assets they used as collateral, it was operating as a credit facility in violation of regulations.
Related:
ASX sued over prior statements about its now-abandoned blockchain project
“The provision of a Margin Extension in national currency, including in Australian or U.S. dollars, gives rise to a ‘deferred debt’ which is incurred by the customer when they are provided with the Margin Extension,” Justice Nicholas said in his judgment.
It then “becomes payable upon the customer ceasing to be eligible to receive the Margin Extension. It follows that the Product is a credit facility.”
ASIC and Bit Trade have been given seven days to agree on declarations and injunctions. ASIC has said it will seek financial penalties against Bit Trade.
Kraken disappointed but ready to comply
ASIC Deputy Chair Sarah Court said
this case sends a message to the crypto industry to “comply with regulatory obligations” while operating in Australia.
“Today’s outcome sends a salient reminder to the crypto industry about the importance of compliance with the design and distribution obligations,” she said.
“It is a legal requirement for financial products to be distributed to consumers appropriately.”
Source:
Bit Trade
In a statement to Cointelegraph, a Kraken spokesperson said that while they were “disappointed by today’s ruling,” they are fully “prepared and willing to comply with the court’s decision.”
"Today’s ruling is another reminder of how cryptoassets are a novel technology,” the spokesperson said.
“We’re pleased the judge understood the nuances in this case, and recognized the challenges in applying existing regulatory frameworks to innovative technologies.”
In 2020, US-based crypto exchange Kraken acquired Australia's oldest crypto exchange
, Bit Trade, acquiring its license to operate in Australia.
Magazine:
Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express |
2024-08-23 | Ethereum Spot ETFs Face Record Outflows Amid Grayscale Exodus
2024-08-23
The U.S. spot Ethereum (ETH)
ETFs have experienced five consecutive days of outflows, in contrast to spot Bitcoin (BTC
ETFs, which marked the fifth consecutive day of net inflows. This marked the longest outflow streak for ETH ETFs since their launch on July 23. The recent outflows, totaling $92.2 million from August 15 to 21, were significantly impacted by the Grayscale Ethereum Trust (ETHE), which reported over $2.5 billion in outflows as of August 21.
Despite daily outflows from Grayscale, with the exception of August 12, inflows from other ETFs like BlackRock’s iShares Ethereum Trust ETF (ETHA), Fidelity Ethereum Fund (FETH), and Bitwise Ethereum ETF (ETHW) helped mitigate the impact. The Grayscale Ethereum Mini Trust (ETH) has remained resilient, showing positive flows of $231.9 million.
ETHA achieved a milestone by becoming the first spot Ethereum ETF to surpass $1 billion in net inflows on August 20. However, the overall net flows for spot Ethereum ETFs still stand at negative $458.5 million.
In contrast, spot Bitcoin ETFs have attracted substantial investments, maintaining positive net flows of $17.5 billion since their January 2024 launch, despite the Grayscale Bitcoin Trust's significant outflows. Bitcoin ETFs have recorded positive flows for eight of the last ten days, with an impressive $88 million inflow on August 20. BlackRock’s iShares Bitcoin Trust led with $55.4 million, bringing its total net inflow to $20.5 billion since January. |
2024-08-23 | Bitcoin Spot ETFs See Fifth Day of Net Inflows
2024-08-23
U.S. spot Bitcoin ETFs attracted $39.5 million on Wednesday, showing robust demand for these ETFs despite market uncertainty. This marked the fifth consecutive day of net inflows, although Grayscale's GBTC continued seeing outflows and suffered a drop in market share to under 25%. Bitcoin (BTC)
rebounded to over $60,700 after briefly dropping below $60,000, according to CoinMarketCap data.
Over the past five days, Bitcoin ETFs have experienced inflows totaling $236.6 million, with cumulative net inflows nearing $17.6 billion since their launch, according
to Farside Investors. Bloomberg's Eric Balchunas projected that within a year, U.S. ETFs will hold more Bitcoin than Satoshi Nakamoto, with BlackRock potentially surpassing this figure alone.
Bloomberg analyst James Seyffart noted
on the Wolf of All Streets podcast that these ETFs are approaching 1 million Bitcoin, having acquired substantial amounts during recent market downturns.
Bitwise CIO Matt Hougan highlighted Bitcoin ETFs as leaders in institutional adoption among exchange-traded funds. Comparing these ETFs to the fastest-growing ETFs by assets under management (AUM), Hougan noted that Bitcoin ETFs boast 1,100 institutional holders and $11 billion in institutional AUM in two quarters. In contrast, the Invesco QQQ (Nasdaq-100) has 374 institutional holders and $13.3 billion in institutional AUM.
Hougan pointed out that the substantial retail adoption of Bitcoin ETFs makes institutional uptake appear smaller by comparison. |
2024-08-23 | Bitcoin must ‘clear resistance’ at $62K to avoid another ‘Black Monday’
2024-08-23
Bitcoin is at a critical tipping point: It needs to hit $62,000 and stay there to avoid a retest of $49,000, according to an analyst note from one crypto exchange.
However, several crypto traders believe Bitcoin (BTC
) is unlikely to drop below $50,000 anytime soon.
“The price action suggests a corrective pattern rather than a strong bullish reversal,” Kraken stated in an Aug. 21 technical market update viewed by Cointelegraph.
At the time of publication, Bitcoin is trading at $60,691, having not reached $62,000 since Aug. 9, according
to CoinMarketCap data.
Bitcoin is down 8.43% over the past 30 days. Source: CoinMarketCap
It further explained that Bitcoin is trading
near its 200-day exponential moving average of $59,500, which gives more weight to the most recent price data.
To avoid retesting $49,000, Bitcoin needs to “clear resistance” at $62,000, said Kraken.
Bitcoin last fell below $50,000 to $49,842 on Aug. 5, which is referred to as “Crypto Black Monday,” marking its first visit to that level since February.
A move to $62,000 would be an unexpected move
for a large number of future traders, wiping out $1.04 billion in short positions, according
to CoinGlass data.
Sentiment varies among traders
“This level is crucial as failure to hold could signal a deeper correction,” it declared.
Pseudonymous crypto trader Profit Blue echoed a similar sentiment in an Aug. 22 X post to their 257,100 followers.
“If Bitcoin breaks above $62k with strength from here, it is likely going to target a new all time high. If not, it’s falling back below $50k again,” Profit Blue declared
.
Related:
Bitcoin ‘parabolic’ rally may start in Q4, according to historical price data
Meanwhile, other traders think the downward momentum is ending and believe the recent slump was just a buying opportunity.
“That was your last chance to ever get Bitcoin below 60k bruv,” crypto commentator Alex Becker told his 1 million X followers in an Aug. 22 post
.
“Bitcoin $60k .. up ~4x from the bottom. Just like before the pump in 2017 and 2020/2021,” crypto trader PlanB added
.
Magazine:
11 critical moments in Ethereum’s history that made it the No.2 blockchain
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. |
2024-08-23 | New Cryptocurrency Releases, Listings, & Presales Today – BlastUP, Anzen Finance, Kepple
2024-08-23
The adoption of digital assets is rising, with many top hedge funds now declaring holdings in Bitcoin ETFs. Recent data shows that 60% of the top 25 hedge funds have disclosed investments in Bitcoin ETFs. Meanwhile, Bitcoin is experiencing a market resurgence following its crash on August 5. It is trading at $60,342, driven by a 4% rally over the past seven days. This positive momentum also lifts other major cryptocurrencies like BNB, Ethereum, and Cardano.
At the same time,
new cryptocurrency releases, listings, & presales today
are attracting market attention. This article provides a curated list of these tokens to assist interested investors.
New Cryptocurrency Releases, Listings, and Presales Today
BlastUP, launched in January 2024, is a Tier 1 launchpad built on the Blast Ethereum Layer 2 solution. Meanwhile, Anzen is a decentralized platform that offers access to USDz, a digital token backed by a diversified portfolio of private credit assets. In addition, KeppleDAO is an innovative project that seamlessly integrates Web3 features into popular Web2 social media platforms, focusing on Twitter.
Moreover, Crypto All-Stars is making a significant entry into the meme coin market, aiming to unite various meme coin mascots on a single platform. Concurrently,
Bitcoin and Ether
are experiencing a rise as investor confidence grows, anticipating potential rate cuts by the Federal Reserve.
1. BlastUP (BLASTUP)
BlastUP is a Tier 1 launchpad built on the Blast Ethereum Layer 2 solution. The platform facilitates decentralized project fundraising by utilizing its native token, BLASTUP, to participate in Initial DEX Offerings (IDOs). Users stake BLASTUP tokens to access exclusive project allocations, creating a dynamic ecosystem that encourages community engagement.
To enhance the token launch experience, BlastUP offers several key features. One standout feature is IDO farming, which allows users to stake assets like BLASTUP, ETH, and USDB. This feature provides various yield options and enables participants to manage funds more effectively while mitigating investment risks. Furthermore, the platform implements a tiered access model based on staked BLASTUP tokens, offering guaranteed allocations during IDOs. These tiers, ranging from Bronze to Diamond, ensure fair distribution and equal access for all users.
Moreover, BlastUP supports IDOs across multiple blockchain networks, including Ethereum, Binance Smart Chain, Polygon, Blast, Base, and Arbitrum. This multichain capability broadens community involvement, making the platform accessible to diverse participants. In addition, the Community Incentives Program further fosters engagement by rewarding users for completing specific tasks, thus allowing them to earn Booster Points and other incentives.
Big News for BlastUP! 🚀
We’re excited to announce that trading for $BLASTUP has officially started on exchanges! Dive into the action and explore new opportunities with our token!
🔗 Where to Trade: Bitget and MEXChttps://t.co/3wDdQJpdfB
https://t.co/7RfnJlQBbt
This is your… pic.twitter.com/p8Hrd9RlQl
— BLASTUP (@Blastup_io) August 20, 2024
Additionally, strategic partnerships strengthen BlastUP’s ecosystem. Collaborations with ThrusterFi and Cybro_io enhance liquidity and diversify earning options. A partnership with Web3 Antivirus improves user security by protecting against phishing and scams. Furthermore, integration with Fractal ID simplifies and secures the identity verification process, while a collaboration with Münzen facilitates crypto payments through credit cards.
2. Anzen Finance (USDZ)
Anzen is a decentralized platform that provides access to USDz, a digital token backed by a diversified portfolio of private credit assets. These assets are secured through a rigorous underwriting process alongside KYC-compliant investors. The assets are typically linked to reliable revenue streams, helping them maintain value even during cryptocurrency market fluctuations.
DeFi users can stake USDz tokens to receive sUSDz, allowing them to earn sustainable rewards and diversify their portfolios. This staking mechanism helps holders reduce exposure to the volatility and price swings common with unbacked cryptocurrencies. The introduction of exogenous yield into DeFi represents a significant growth opportunity, with the potential for substantial increases in total value locked (TVL) through the support of real-world assets.
Anzen has established key partnerships to strengthen its offerings. The platform has partnered with Halborn Security, a leading expert in blockchain security and cybersecurity auditing, to audit Anzen V2. This collaboration highlights Anzen’s commitment to ensuring the security and reliability of its platform.
In addition, Anzen is working closely with BackedFi to make Gnosis Chain a preferred choice for real-world assets (RWAs). Tokenizing these assets opens up new possibilities by increasing liquidity and making them more accessible to a broader range of investors. Smaller retail investors can now acquire fractionalized tokens, accessing investment opportunities traditionally reserved for large investors. Moreover, the tokenization process reduces the cost of investing in RWAs by enabling more efficient transactions on Web3 platforms, free from geographical limitations.
3. Kepple (KPL)
KeppleDAO is an innovative project integrating Web3 features into popular Web2 social media platforms, particularly Twitter. Positioned as a Layer 2 solution on the BNB Chain, KeppleDAO offers a browser extension that allows users to connect wallets like MetaMask or TrustWallet through KeppleWallet. This extension streamlines various cryptocurrency activities, enabling users to stay engaged with their digital assets directly within their social media accounts.
Key features of KeppleDAO include live cryptocurrency price tracking, which eliminates the need to switch between tabs. The extension also supports NFTs, allowing users to display their digital assets as avatars. Additionally, KeppleDAO provides built-in trading tools that facilitate token swaps without leaving the social media interface.
Community involvement is central to KeppleDAO’s governance model. Holders of the $KPL token can submit and vote on Kepple Improvement Proposals (KIPs), ensuring that the platform’s development aligns with user interests. KeppleDAO offers staking incentives to encourage long-term engagement, with 24 million $KPL tokens allocated for rewards until March 2028.
How Web has transformed:
🙂 #Web1
allowed for content consumption & simple interaction.
😊 #Web2
enables users to consume & create their own content.
🤗 #Web3
is expected to allow users to not only consume & create content & data but also own it. pic.twitter.com/oDM1l4e1Nx
— Kepple (Previously QLC Chain) (@Kepple_io) May 15, 2023
KeppleDAO builds on the foundation of QLCChain, which has rebranded to focus on this Web3 integration. The platform’s strategic partnerships with organizations like MEF, MOBI, and Opacity enhance its functionality and security, making KeppleDAO a versatile tool for bringing blockchain technology to a broader audience.
4. Crypto All-Stars (STARS)
Crypto All-Stars
is making a noticeable entry into the meme coin market with its mission to bring together various meme coin mascots on a single platform. Since its presale launch, the project has drawn significant attention, raising over $655,000. This early financial backing indicates strong initial interest from investors.
The project’s main feature is its platform, which caters to meme coin investors. It allows users to engage with different meme coin projects while exploring potential profit opportunities. The platform’s credibility is supported by audits from SolidProof and Coinsult, two respected independent auditing firms. These audits enhance the platform’s trustworthiness, which could be reassuring to prospective investors.
A key component of Crypto All-Stars is its staking protocol, known as the “MemeVault.” This feature allows users to earn STARS tokens by staking popular meme coins. This provides an additional utility for holders, who can receive rewards through staking, thus creating more value from their investments.
Crypto All-Stars
has also gained visibility within the crypto community, with endorsements from influencers such as YouTuber Jacob Bury. His support suggests that STARS could have potential beyond the usual meme coin, indicating room for growth in the market. This possibility of expansion might appeal to those considering early investment.
Visit Crypto All-Stars Presale
Read More
New Cryptocurrency Listings |
2024-08-23 | Bitcoin faces $1.12B options expiry, can BTC hodl $60k?
2024-08-23
The biggest digital assets, Bitcoin (BTC) and Ethereum (ETH) are facing the highly anticipated crypto options expiry as the market stands stable after witnessing high volatility. Spot BTC exchange-traded funds (ETF) recorded inflows over the past weeks, suggesting a returning bullish sentiment among investors.
Bitcoin price
stands at a crucial point in the market as it is hovering around the $60,000 zone. BTC has seen a surge of 4% in the last 7 days while holding a decline of 10% over the past 30 days.
Bitcoin, Ether face $1.5B options expiry
As per the data provided
by Greeks, 18,000 Bitcoin options (approx worth $1.12 billion) are set to expire on August 23 with a Put Call Ratio of 0.83. This sets BTC’s max pain point of $60,000. The BTC options market remains steady, with positions in weekly options shrinking to under 7% of the total.
Bitcoin price saw a marginal surge over the last day to keep up the momentum. BTC is trading at an average price of $60,644, at the press time. However, its 24 hour trading volume has taken a dip of 24% to stand at $25.7 billion. BTC has tested the $61,800 level multiple times without retracement over the last week.
Similarly, 140,000 ETH options
(approx worth $370 million) are moving towards their expiration too with a max pain point of $1,625. ETH price is up by 2% in the last 7 days and trading at an average price of $2,637, at the press time.
BTC open interest jumps 2%
Coinglass data
shows that the total Bitcoin futures Open Interest (OI) jumped by 2.3% in the last 24 hours. BTC futures open interest surged from $30.21 billion to $32.08 billion over the last day depicting new capital flowing in. Both traditional and perpetual futures markets are seeing parallel rises.
This comes in when the Federal Reserve seems to be moving ahead for a possible interest rate cut in September, as indicated by the minutes from the July 30-31 meeting.
Officials have expressed support for reducing borrowing costs, hinting at potential action during the September 17-18 meeting. However, the FOMC maintained its benchmark interest rate at 5.25%-5.50% in July. This move has the possibility of a rate cut which may fuel market speculation.
Emerging bullish sentiments can be seen through Bitcoin ETF inflow over the past week. It registered a net inflow of $64.91 million on August 22 marking 6 days of consistent inflow. The trading week which ended on Aug 22 saw an inflow of $254.37 million, while the week before it posted a positive flow of $32.58 million. |
2024-08-23 | Tron’s USDD Stablecoin Faces Scrutiny After $732M Bitcoin Reserve Withdrawal
2024-08-23
Tron’s USDD stablecoin faces scrutiny after a $732M Bitcoin reserve withdrawal, raising concerns about its stability despite reassurances from founder Justin Sun.
Despite USDD concerns, Tron’s ecosystem remains robust, with the TRX token showing resilience and SunPump generating significant revenue.
The crypto community is showing growing concerns about the stability of Tron’s USDD stablecoin after the TRON
DAO withdrew $732 million worth of Bitcoin from its reserve. In an earlier development in 2022, when Justin Sun announced via his blog, as CNF revealed
, TRON would be launching Decentralized USD (USDD) on the network, mirroring the tokenomics applied by UST on the Terra network.
Despite the fears, Tron’s founder, Justin Sun, reassured investors that the withdrawal was a strategic move to ensure the system’s efficiency and safety, highlighting that USDD’s collateralization rate had exceeded 300%, making the action necessary to prevent future threats.
SunPump’s Impressive Performance Amidst USDD Concerns
While concerns over USDD persist, Tron’s ecosystem has seen success with the launch of SunPump, a new meme coin generator that has rapidly gained traction. On Thursday, SunPump outpaced Pump.fun, generating $560K in daily revenue compared to Pump.fun’s $368K. As of 2024, TRON (TRX) has seen the most active daily users at 2M and the highest weekly revenue of $31M, as CNF reported
.
Despite the controversy surrounding USDD, Tron’s native token TRX has shown resilience. TRON (TRX) is trading at
$0.1544
, up
3.92%
in the past day and
18.56%
in the past week. See the TRX price chart below. |
2024-08-23 | OmegaPro co-founder arrested over $4B crypto scam
2024-08-23
Andreas Szakacs, the co-founder of collapsed crypto and forex platform OmegaPro, was arrested in Turkey in July, alleged to have defrauded investors through a $4 billion crypto Ponzi scheme.
According to an Aug. 22 report
from local Turkish media, Szakacs is accused of duping investors by offering huge returns through OmegaPro’s “automated trading” algorithm, accumulating their funds before eventually locking their accounts.
Szakacs, a Swedish citizen who changed his name to Emre Avci after relocating to Turkey, has denied the allegations.
Szakacs’s arrest followed a June 28 tip-off from an anonymous informant, later corroborated by Dutch national Dr. Abdul Mohaghegh, who claims to represent 3,000 investors who collectively lost $103 million to OmegaPro.
Founded in 2019 and headquartered in Dubai, OmegaPro was a crypto and forex investment company that offered investors returns of up to 300% on its suite of paid investment products.
Users of the OmegaPro platform recount initial small investments that provided quick returns. This was followed by demands for further investment, and ultimately, user accounts were locked.
The company reportedly
began shutting down user accounts on Nov. 7, 2022, and halted withdrawals by Nov. 22, around the same time as the crypto exchange FTX also imploded
.
Omega Pro alerted affiliates their account passwords would be reset on Nov. 22. Source: Omega Pro Instagram
In the lead-up to the firm’s collapse, several jurisdictions, including France, Belgium, Spain, and Peru, had reportedly handed out regulatory fraud warnings concerning the platform. It is reported to have predominantly targeted non-US users.
Turkish police seized computers, various mobile devices, and 32 crypto cold wallets. Despite Szakacs not providing any information that would have allowed authorities to access the wallets, Turkish police were able to track over $160 million in transactions, local news outlet Birgun reported
.
Local investigators believe OmegaPro’s funds were closely linked to the infamous OneCoin crypto fraud scheme, which also fleeced investors of $4 billion.
Related:
OneCoin’s legal boss gets 4 years jail for massive $4B crypto scam
Founded in 2014, OneCoin was exposed as a fraudulent crypto scheme in 2015. In the two years it operated, it swindled its investors out of roughly $4 billion in assets.
Several members of the scheme’s top brass, including Ignatova’s boyfriend Gilbert Armenta, lawyer Mark Scott, former head of legal and compliance Irina Dilkinska, co-founder Karl Sebastian Greenwood, and William Morro, have been criminally prosecuted
in the US for their involvement in the scheme.
On June 26, the US Department of State increased the reward
for any information that would lead to the arrest and conviction of Ignatova, offering $5 million — a $4.75 million increase from the original $250,000 reward — for information concerning Ignatova’s whereabouts.
Asia Express:
Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam |
2024-08-23 | CMC Market Pulse: Tron Leading Altcoin Recovery?
2024-08-23
Market Overview 📉
The crypto markets continued to chop this week, with majors slowly grinding upwards amidst a handful of sharp pullbacks in the week. Bitcoin (BTC)
traded fell to $56K last Friday, but quickly recovered over the week, achieving a weekly high of $61.5K and ending the week up 4.71%. While Ethereum (ETH)
followed a similar pattern, its recovery was much weaker, climbing only around 4% from its weekly low of $2,538.66, to end the week up 1.99% from the week prior.
With the muted price action, liquidations
continued to dwindle, with daily liquidations even falling under $100M for several days in the week. Funding rates
climbed slightly this week, with BTC funding in the low negative range while ETH climbed into the low positive range, perhaps a sign of increasing risk appetite.
📌 US asset manager, Franklin Templeton, files for a Crypto Index ETF, which will initially hold BTC and ETH, weighted by their market capitalization — Link
📌 The SEC rejects the Cboe BZX’s Solana ETF 19b-4 filings, citing concerns over Solana’s classification as a security — Link
📌 Blackrock has now overtaken Grayscale in total on-chain holdings, with almost $22B held across their addresses — Link
Why does it matter?
The market continues to trade sideways amidst the slow release of economic data. This week, jobless claims were revised higher to 232,000 from the initial 227,000, potentially signaling a weaker labor market. Following the release of minutes from the July Fed meeting, "the vast majority" of officials "observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting."
All eyes remain on the upcoming September rate cuts. Markets expect the cut to be 25 basis points, with the possibility of a 50 basis points rate cut only if there is further pronounced weakening of the economy.
The expectation of the upcoming rate cut could be the catalyst for the crypto markets to continue climbing upwards, although its move is still relatively weak when compared with its traditional finance counterparts. Both the S&P500 and the Nasdaq are nearing all-time highs. Meanwhile, Gold broke new all-time highs, reaching $2,531.60 per ounce.
Altcoins showed great strength against BTC this week, with TOTAL3/BTC rising over 3.3% this week. Among altcoins, Justin Sun associated tokens fared exceptionally well, with tokens such as Tron (TRX)
, BitTorrent (BTT)
and Sun Token (SUN)
faring exceptionally well. Other top gainers included DeFi 1.0 tokens such as Aave (AAVE)
and Compound (COMP)
.
Narrative of the Week 📰
Justin Sun’s Tron takes center stage this week, as the market participants shift their focus from Ethereum and Solana memecoins to Tron’s as their new memecoin launcher, sunpump.meme, rapidly gains traction.
📌 The Tron blockchain achieved a single day revenue of $5.33M, an all-time high for the chain, as the chain’s meme coin launcher, sunpump.meme, generated $1.1M in revenue just 11 days after launching — Link
📌 Crypto market maker firm, DWF Labs, announces a partnership with sunpump.meme — Link
📌 The market capitalization of the USDT stablecoin on the Tron blockchain climbs over $61B, or more than 10x of DAI’s market capitalization on Ethereum — Link
Why does it matter?
Since the beginning of the new bull market cycle, memecoins have played a key role in generating some of the biggest returns for their investors, with many even naming this cycle, the meme coin supercycle. For most of this period, Solana has been the de facto leader, with its low fees forming a conducive environment for new crypto market participants.
With the entrance of Justin Sun’s pump.fun clone, sunpump.meme, and his direct support, capital has rushed to Tron in pursuit of the next meme coin moonshot. Additionally, with Tron as the chain with the second highest total value locked
(TVL), this could prime the chain for a resurgence of its own.
Major Project Updates 🗓️
📌 Optimism plans for a hard fork, after potential vulnerabilities were discovered in their fault proof system, which went live two months ago. The fixes are expected to be rolled out over the coming three weeks — Link
📌 Sonic (formerly known as Fantom), announces the Sonic Boom program, a bounty program for developers to earn a share of Sonic Gems, which are points that will eventually convert to the Sonic token airdrop — Link
📌 Quest platform, Galxe, launches the Alpha Mainnet for their chain, Gravity. Gravity Alpha enables fully-onchain questing, chain-abstracted gas payments and staking — Link
📌 StarkNet unveils their first-ever mainnet vote to bring STRK token staking to StarkNet — Link
📌 Popular EVM wallet, Rabby, teases an upcoming chain abstraction feature, which would enable gas fees to be paid in USDC or USDT — Link
Why does it matter?
Ethereum L2s have constantly come under fire, with many of their critics claiming that most of them are no better than centralized systems, often due to the lack of fraud proofs and centralization of their sequencers. As such, the rollout of the fault proof system on Optimism two months ago was a huge milestone for the chain.
However, with the recent rollback on Optimism due to security concerns surrounding the fault proof system, critics are once again questioning the decentralization of the L2.
DeFi Brief 🏦
Source: https://coinmarketcap.com/chain-ranking/
📌 Solana perpetuals DEX, Drift, launches BET, a predictions market enabling users to use any of Drift’s supported collateral assets to bet with, while earning yield on their assets — Link
📌 Bitcoin staking protocol, Babylon, releases Mainnet Phase 1, enabling BTC holders to stake their BTC and delegate their Proof-of-Stake voting power to their respective finality providers — Link
📌 Paraswap deploys Paraswap Delta, an intent-based trading protocol where traders can make swap without gas fees and with enhanced MEV protection — Link
📌 Real-World Asset (RWA) lending platform, Clearpool, announces their upcoming L2, Ozean. Ozean will be powered by Caldera, leveraging the OP Stack — Link
📌 Optimism adopts ERC-7683, a cross-chain intents standard, enabling high speed transfers of assets across the OP Superchain — Link
Why does it matter?
Predictions markets have taken the crypto world by storm, especially with skyrocketing activity on the leading predictions market, Polymarket, due to the polarizing upcoming US elections. Despite its reputation for degeneracy, there has been no dominant predictions market on Solana yet.
With the introduction of BET by Drift, Solana users now have access to predictions market, plus the additional benefits from Drift, including yield-bearing assets and multiple supported collateral options to bet with.
Meme Coins 🚀
📌 The official McDonald’s Instagram account was compromised, leading to the pump and dump of the GRIMACE memecoin on Solana, netting the exploiter $700K — Link
📌 Self-proclaimed pump.fun rugger, 0xPhantom, goes on an interview detailing how he launches and rugs memecoins on pump.fun, raking in over $200K in the process — Link
📌 The success of Tron’s pump.fun clone, sunpump.meme, has spawned another clone, this time on the BNB Smart Chain, named four.meme — Link
📌 Paradigm jumps into the memecoin launcher arena as well with their own variant, Dub — Link
Fundraises 💰
📌 Omnichain perpetuals DEX, Orderly Network, raises $5M in a strategic funding round, with support from OKX Ventures, Manifold Trading, Nomad Capital and more — Link
📌 IP-focused L1 blockchain, Story Protocol, raises $80M in a Series B funding round led by a16z crypto, with participation from Polychain Capital and angel investors including NFT collector, Cozomo de’ Medici — Link
📌 Web3 zero-knowledge credential layer, zkME, raises $4M in a seed round led by Multicoin Capital, with other investors including OKX Ventures and Robot Ventures — Link
📌 Ethereum MEV solution, Sorella Labs, raises $7.5M in a seed funding round led by Paradigm, with other participants including Uniswap Ventures, Bankless Ventures and Robot Ventures, among others — Link
📌 Base limit orderbook perpetuals DEX, BSX, raises $6.2M in total funding, led by Blockchain Capital, with co-investors including Base, Bankless Ventures, CMS Holdings and more — Link
Airdrops Abound 🎁
📌 Solana lending platform, Kamino Finance, opens up claims for Season 2 of the KMNO token airdrop to eligible users. 350M KMNO tokens have been allocated to this airdrop for users in the past four months — Link
📌 Telegram-based memecoin, DOGS, is now open for claims to eligible users. Users may also opt to deposit their DOGS tokens to selected centralized exchanges, which will be received when the token is live — Link
📌 Ethereum liquid restaking platform, Swell Network, announces that their airdrop has been taken, with the SWELL airdrop taking place in October — Link
📌 Multi-chain NFT marketplace, Magic Eden announces their upcoming ME token airdrop, which will be claimable in the Magic Eden wallet — Link
Tweet of the Week 📝
Source: VitalikButerin
With even Vitalik bullposting ETH, surely we go up now, right? Right? |
2024-08-23 | Hard Hit Altcoins Set to Lead Recovery as Bitcoin Approaches $70K: Key Tokens to Watch
2024-08-23
The post Hard Hit Altcoins Set to Lead Recovery as Bitcoin Approaches $70K: Key Tokens to Watch
appeared first on Coinpedia Fintech News
The cryptocurrency market is on the cusp of a major bullish trend, with Bitcoin leading the charge. Several altcoins showing signs of breakouts and among the notable performers are Render, which is gaining momentum, and Chainlink, which has started to break out. The Graph is on the verge of a strong breakout, while Stacks is also showing promising movement.
Bitcoin has reclaimed the $60K level and is currently facing key resistance around $62K–$63K. Analysts suggest that if Bitcoin can surpass this resistance, it could lead to a swift return to the top of its range, potentially pulling several altcoins up with it.
On Crypto Banter’s The Sniper Trading Show,
the analyst said that Bitcoin’s struggle to surpass the $70K mark is key, but once this resistance is broken, the market is expected to enter a new phase of acceleration. Additionally, the USDT dominance chart is showing signs of a breakout, which could lead to a recovery in altcoins that were previously hit hard. The market is expected to recover losses from the past two weeks, potentially pushing Bitcoin back to the $70K mark and Ethereum above $3,000.
Altcoins To Keep An Eye On
The gaming sector, in particular, is heating up and is seeing gains of 10–20%. Altcoins like Nakamoto and Beam are on the brink of significant breakouts, while other coins remain in strong buy zones.
He said that the market is preparing for a potential surge, and several altcoins are showing signs of a breakout.
NEAR
and
Arweave (AR)
are both in good positions for a strong upward move, with bullish technical indicators suggesting possible rallies.
Dogecoin (DOGE)
,
Fantom (FTM)
,
Chainlink (LINK)
, and
Avalanche (AVAX)
are also looking promising, with major gains as they approach key resistance levels.
Theta
is particularly amusing, as it’s breaking its trend and could see a significant price increase. The last time Theta was in a similar position, it jumped 300%, and it could see another strong rally soon.
Render
is another altcoin to watch, as it’s also in a buy zone and poised for a potential move up to $8 or $10, with even higher long-term potential. |
2024-08-23 | BTC Transaction Fee Shoots 120x Amid Bitcoin Staking Frenzy on Babylon
2024-08-23
On Thursday, the Bitcoin transaction fee shot up by a staggering 120x all the way to 60 BTC triggered by the Bitcoin staking frenzy on the Babylon platform. However, the fees soon resumed normalcy thereafter in some hours after the staking process ended.
Babylon Bitcoin Staking Gets Huge Response
Babylon is an innovative project that allows Bitcoin holders to leverage the Proof-of-Stake (PoS) mechanism and earn yield by staking their Bitcoins without giving up on their custody. Thus, the platform puts complete security and control in the hands of the Bitcoin holders. “No third-party addresses, bridging, or oracles needed. What happens on Bitcoin
, stays on Bitcoin,” noted Babylon Labs.
On Thursday, Babylon Labs successfully completed Phase 1 of its Bitcoin staking while seeing an overwhelming response. Within hours of launch, the project announced reaching their staking cap of 1,000 Bitcoins.
Note that Phase 1 is a locking-only phase with no actual payout to BTC stakers. In the upcoming phase Babylon will launch a Proof-of-Stake
chain to secure the BTC locked during Phase 1. Eventually, stakers will be able to earn rewards by using the same stake to secure multiple PoS blockchains.
Solv Protocol had the lion’s share with the successful staking of 250 BTC, delegated to OKX Earn finality providers. This move solidifies SolvBTC.BBN’s position as the leading liquid staking solution for Babylon Labs. Additionally, Solv will cover all gas fees for Babylon’s Cap 1 initiative. During the Pase 1 round, a total of 12,710 stakers participated with 20,610 individual delegations.
Babylon Cap-1 Filled!
We’re excited to announce that we’ve successfully staked 250 BTC and delegated to Solv Protocol & OKX Earn finality providers, securing SolvBTC.BBN's position as the No.1 Liquid Staking Solution for @babylonlabs_io
.
Plus, Solv will cover all gas fees… https://t.co/VmZHQkkfJ5
pic.twitter.com/5GEFwB3c08
— Solv Protocol (@SolvProtocol) August 22, 2024
BTC Transaction Fees Jump
Julio Moreno, Head of Research at CryptoQuant, reported that during the Bitcoin staking event on Babylon, the BTC transaction fee surged from 0.5 to 60 BTC per hour. Obviously, this was due to the large rush of transactions as users rushed to stake their BTC on the staking protocol which had a cap of 1,000 Bitcoin.
Each staking transaction required 0.05 Bitcoin, leading to heightened fees as participants hurried to stake. Now that the staking period has ended, both transaction fees and activity have returned to normal levels.
Total Bitcoin transaction fees spiked today from 0.5 to 60 Bitcoin on an hourly basis.
This was related to transactions looking to stake Bitcoin on @babylonlabs_io
staking protocol.
Total staking was capped at 1K Bitcoin so people rushed to stake and paid high fees. Each… pic.twitter.com/XRppYKVHLj
— Julio Moreno (@jjcmoreno) August 22, 2024
This surge in the BTC transaction fee might have provided some relief to Bitcoin miners although a very short period. Amid this development, the Bitcoin price
continues to hold above $60,000 with BTC bulls attempting another 10% gain to $66,000. Market analysts are confident that the Bitcoin rally will continue amid Donald Trump’s crypto backing
.
The post BTC Transaction Fee Shoots 120x Amid Bitcoin Staking Frenzy on Babylon
appeared first on CoinGape
. |
2024-08-23 | How Will Crypto Markets React to $1.1B Bitcoin Options Expiring Today?
2024-08-23
Around 18,400 Bitcoin options contracts are due for expiry on Friday, August 23. They have a notional value of around $1.1 billion.
Today’s options expiry event is a little smaller than last week’s
, so its impact on spot markets is likely to be limited. The much larger month-end expiry event next week has a notional value of $3.5 billion.
Bitcoin Options Expiry
This week’s batch of Bitcoin options contracts has a put/call ratio of 0.83, which means that longs and shorts are more closely aligned with slightly more long (call) contracts expiring than shorts (puts). The max pain, or point at which most losses will be made, is at $60,000, which is very close to current spot prices.
Open interest, or the number of value of contracts yet to expire, is still high at strike prices above $70,000, according
to Deribit. Additionally, there is around $967 million in OI at the $100,000 strike price, with bulls hanging in for a big rise in BTC prices.
On Aug. 22, crypto derivatives provider Greeks Live commented
that this week’s macro events
and data “did not bring too many waves.” It added that the historical volatility (RV) of cryptocurrencies continued to go down, “and the options market’s expectations for volatility are gradually decreasing.”
“Options data suggests that the market is in a highly calm cycle, with a solid term structure and a gradually decreasing expectation of future volatility in the options market.”
Aug. 23 Options Data
18,000 BTC options are about to expire with a Put Call Ratio of 0.83, a Maxpain point of $60,000 and a notional value of $1.12 billion.
140,000 ETH options are about to expire with a Put Call Ratio of 0.93, Maxpain point of $26,25 and a notional value of $370… pic.twitter.com/qIS2CWer13
— Greeks.live (@GreeksLive) August 23, 2024
In addition to today’s expiring Bitcoin options, there are 140,000 Ethereum options about to expire. These have a notional value of $370 million, a put/call ratio of 0.93, and a max pain point of $2,625.
Crypto Market Outlook
With a low options expiry event and markets remaining relatively flat, it is unlikely that there will be a large impact unless there are big surprises at today’s Fed speech at Jackson Hole.
Total crypto capitalization has remained flat on the day at $2.24 trillion, having gradually downtrended since mid-March. Bitcoin has remained over $60,000 for the past 24 hours and was trading at $60,654 at the time of writing.
Ethereum
was up 1.2% on the day, changing hands for $2,634 during the Friday morning Asian trading session.
The altcoins were generally in the green, with Binance Coin (BNB), Avalanche (AVAX), and Near Protocol (NEAR) outperforming the market at the moment.
The post How Will Crypto Markets React to $1.1B Bitcoin Options Expiring Today?
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. |
2024-08-23 | XRP Will Soar Massively When Tether Bubble Bursts, Says Researcher
2024-08-23
On-chain researcher SMQKE has issued
a provocative prediction: the potential dominance of XRP and its associated stablecoin, RLUSD, following a collapse of what he terms the “Tether bubble.” This assertion is rooted in concerns about the stability of Bitcoin and Ethereum, which he believes rely on Tether’s liquidity.
Recent data from Lookonchain
supports SMQKE’s concerns. Tether has been aggressively expanding its supply, minting over 3 billion dollars a couple of hours ago. This rapid growth has fueled speculation about the true backing of these newly minted USDT coins.
Correlation Between Tether Liquidity and Bitcoin’s Price
SMQKE argues that Tether’s actions could artificially inflate the prices of Bitcoin and Ethereum, creating a speculative bubble. This assertion is corroborated by research
from institutions such as the Bank of France, which has identified a strong correlation between Tether’s liquidity and Bitcoin’s price.
However, SMQKE believes that this bubble is unsustainable. He warns that a market correction could occur if investors become aware of potential shortcomings in Tether’s backing. Such a correction could have severe consequences for Bitcoin and Ethereum, potentially shaking investor confidence in the broader cryptocurrency market.
XRP and RLUSD: A Stable Alternative
In contrast to the perceived instability of Bitcoin and Ethereum, SMQKE highlights XRP as a more stable alternative. XRP has demonstrated resilience, particularly in its use case for cross-border transactions
and its commitment to regulatory compliance.
Furthermore, Ripple’s upcoming stablecoin
, RLUSD, is poised to offer a more regulated and transparent alternative to Tether. Unlike Tether, which has faced criticism for its lack of transparency and regulatory challenges, RLUSD is expected to comply with stringent regulations, ensuring that it is fully backed and transparent.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
SMQKE suggests that the introduction of RLUSD, combined with Tether’s regulatory uncertainties, could lead to a significant shift in market dynamics.
Investors may prefer the stability and security offered by a regulated stablecoin, potentially reducing Tether’s market dominance. This could benefit XRP
, as it is not as heavily intertwined with Tether’s potential vulnerabilities.
While the future of the cryptocurrency market remains uncertain, SMQKE’s analysis suggests that XRP and RLUSD could be well-positioned to benefit from a potential collapse of the Tether bubble.
The stability, regulatory compliance, and innovative use cases of these assets could make them attractive alternatives to Bitcoin and Ethereum, particularly in a market characterized by uncertainty and risk.
Disclaimer
:
This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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2024-08-23 | Tron DAO loses Bitcoin backing, Justin Sun cites 300% collateralization as the reason
2024-08-23
The Tron DAO Reserve moved out 12,000 BTC worth around $730 million at press time. Tron founder Justin Sun noted the over-collateralization of Decentralized USD (USDD) as the reason for the withdrawal.
The Reserve is in place to stabilize the Tron network, the USDD stablecoin, and the broader crypto market. Before BTC was moved out from the Reserve, its collateralization rate was
of
300%.
Tron Reserve moves
12000 Bitcoin
12,000 BTC, having a market value of close to $730 million at press time, was moved out of Tron DAO Reserve. The Bitcoin reserve was backing the Tron-based
USDD
stablecoin. However, Arkham intelligence finds that the BTC moved to HTX. At press time, the centralized exchange shows
a balance of close to 8,000 BTC, valued at under $500 million.
The Tron DAO Reserve by the TRON network aims to safeguard against panic trading and market downturns. At the time of writing, the total market cap of Tron-based stablecoins, which includes USDT, USDC, TUSD, USDJ, and USDD, stands at over $62 billion. Out of this, the
USDD supply
is around $745 million.
BTC balance with HTX | Image: Arkham Intelligence
Notably, the Tron Reserve stabilizes exchange rates of both centralized and decentralized stablecoins. And
the removal of
a large amount of Bitcoin has left the market curious. Meanwhile, Justin Sun has compared the mechanism of Decentralized USD (USDD) to MakerDAO’s DAI, calling the market reaction “not mysterious.”
Over-collateralization leads to USDD removal
Tron founder Justin Sun wrote, “When your collateral exceeds the amount specified by the system (usually between 120%-150% depending on the vault), any collateral holder can withdraw any amount freely without anyone’s approval.”
USDD is a decentralized stablecoin. To put it simply, USDD holders have put up some collateral to back up the value of the stablecoin and keep it steady. The Reserve also maintains the Peg Stability Module (PSM) to maintain USDD’s stability by facilitating swapping between USDD and other stablecoins at a 1:1 ratio without slippage.
Sun explained that the amount of collateral should be slightly more than the
value of the stablecoin
to provide an extra cushion to price drops. The Tron founder said
that the
buffer is usually between 120% and 150% and is often considered short under 110%. A shortfall also leads to stablecoin holders withdrawing their collateral as the asset is not backed sufficiently, leading to liquidation. Contrarily, stablecoins can be
over-collaterized
if the funds are not
put to use
. Sun blames USDD’s long-term collateralization rate of 300% for the withdrawal.
Collateralization rate of stablecoins on Tron | Image: Tdr.org
Tron Reserve has a total collateral of $1.7 billion with USDT making up $19 million of the collateral and the rest,
Tron TRX. Accepting that the “capital utilization is not very efficient,” Sun points to a future spending plan by Tron DAO.
Last week, USDD lost the sixth spot to PayPal’s stablecoin PYUSD in terms of stablecoin market cap. As per CoinMarketCap data, USDD is the 81st crypto based on capitalization. |
2024-08-23 | El Salvador buys 1 Bitcoin daily, adds 160 BTC since March 16
2024-08-23
As per the latest on-chain data, El Salvadoran Government has been steadily accumulating 1 Bitcoin per day for the past five months. This has added 160 BTC to their holdings.
Data from Arkham Intelligence shared by analyst Ember CN has disclosed that El Salvador has never missed purchasing 1 Bitcoin every day since the past five months. This dedication has added 160 Bitcoin to their BTC holdings.
El Salvador buys 1 BTC every day since March 16
Ember CN mentioned in an X post
that the government’s cold wallet hasn’t missed buying 1 Bitcoin every day since March 16.
According to Arkham data, the El Salvador cold wallet currently holds 5851 BTC. The value of their Bitcoin holdings was around $355.4 million at press time, as per the current BTC market price. The average cost of purchase is $44,835 and has a floating profit of $93.45 million (+35%).
Source: Arkham
The El Salvadoran government has been on a relentless BTC buying spree despite the volatile price action of Bitcoin. CoinMarketCap
data shows that on March 16, Bitcoin was trading at the $69,000 level.
The following days witnessed the price move as high as $71,000 before plunging to a low of $49,000 earlier this month. However, just like Michael Saylor, the government stuck to their plan to scoop up 1 BTC per day.
El Salvador announces Bitcoin certification to 80,000 public servants
El Salvador is the first nation to legalize Bitcoin. The law legalizing BTC came into effect on September 7, 2021. Ever since they made BTC a legal tender, the government has been trying out multiple ways to promote the largest cryptocurrency.
The country also has a volcano-fueled geothermal power plant that runs a Bitcoin mining rig. Earlier reports
in May revealed that El Salvador has mined more than 474 Bitcoin since 2021.
Now, the nation has announced
plans to train 80,000 public servants about Bitcoin. The country’s National Bitcoin Office (ONBTC) announced this Bitcoin instruction and certification program. Additionally, they also plan to bring Bitcoin education to schools. The new program is a 160-hour training class that is segregated into seven modules.
Despite the recent volatile movement of Bitcoin, El Salvador has doubled down on its BTC strategy. |
2024-08-23 | Tron USDD Stablecoin Removes 4000 Bitcoin Reserves, Justin Sun Explains Why
2024-08-23
The Tron DAO Reserve undertook a major decision about removing Bitcoins as part of the reserves for its USDD stablecoin while flowing the proceeds back into HTX coin. This move has got crypto industry observers on the edge of their seats with Tron’s stablecoin Dollar peg seeing some volatility down by 0.17% to $0.9989 as of press time.
Tron’s USDD Stablecoin Bitcoin Reserves Dropping
The Arkham Intelligence data
clearly shows that over the last three days, the Tron DAO Reserve address has moved 4,000 Bitcoin to HTX. Over the last year, they have systematically reduced the Bitcoin reserves by 42% but still hold 8K Bitcoins as part of their reserves.
Currently, the USDD supply stands at 745 million with a massive collateral value of $1.723 billion. However, it turns out that nearly 99% of this collateral is backed by Tron’s native crypto TRX, with the total backing at 10.93 million TRX.
Founder Justin Sun provided his explanation for the decentralized USDD stablecoin while comparing its functioning to MakerDAO’s DAI
. He said that USDD operates via a collateralization model allowing collateral holders to freely withdraw assets whenever the collateral exceeds a specified threshold usually between 120%-150%. But whenever the collateral falls below 110%, it will add another collateral to avoid liquidation. “This is part of the basics of DeFi 101,” he said.
The USDD has a collateralization rate exceeding 300% as of now indicating low capital efficiency. Sun noted that the TRON DAO Reserve plans to upgrade USDD stablecoin to make it a more competitive decentralized stablecoin in the market. He also emphasized that Tron is a stronghold for stablecoins.
Tron’s TRX Gaining Strength
The massive memecoin frenzy on the Tron blockchain has led to a strong surge in network activity, leading to 19% gains for the TRX price on the weekly chart. TRX has been having a close fight with Cardano’s ADA for the tenth spot and is currently trading around $0.1548 with a market cap of $13.45 billion. Amid the current rally, the TRX price
is eyeing a move to its all-time high level of $0.20.
The memecoin frenzy on Tron’s SunPump platform has also led to a huge surge in the Tron network’s daily revenue
with Justin Sun putting an ambitious target of $4 billion in the coming year. While being bullish on his memecoin strategy, Sun suggests burning $1 billion of this revenue while allocating $2 billion to stakers and covering transaction fees.
The post Tron USDD Stablecoin Removes 4000 Bitcoin Reserves, Justin Sun Explains Why
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. |
2024-08-23 | Traditional Finance Underestimates Bitcoin! A Fatal Mistake?
2024-08-23
Bitcoin is experiencing rapid growth in 2024. Nevertheless, many traditional finance players remain unaware of this revolution. This situation creates a unique opportunity for visionary companies that embrace this new financial reality.
Bitcoin: ignorance that costs traditional finance dearly
Traditional finance largely underestimates the magnitude of the Bitcoin phenomenon. Jenny Johnson, CEO of Franklin Templeton, recently highlighted this lack of awareness, stating: “What is crazy to me is that in traditional finance, they have no idea of the amount of money and volume [of bitcoin]”. Furthermore, traditional finance recently lost $2000 billion
, which further underscores the importance of understanding and integrating digital assets.
This ignorance is all the more striking as the numbers speak for themselves. In 2023, the Bitcoin blockchain processed more than $36.6 billion in transactions. In comparison, Mastercard and Visa only managed $9 billion and $14.8 billion respectively over the same period. These data clearly demonstrate the growing importance of crypto in the global financial ecosystem.
Nevertheless, some companies are starting to adapt. For example, Mastercard has partnered with MetaMask and Baanx to launch a crypto debit card
. Similarly, Franklin Templeton launched the first fund using a public blockchain to record transactions and ownership.
€20 bonus for registering on Bitvavo
This link uses an affiliate program.
The pioneers who are shaping the future of crypto
While some traditional players are slow to react, other companies are fully seizing the opportunities offered by crypto. Franklin Templeton, under the leadership of Jenny Johnson, is positioning itself as a leader in this field, dedicating about 30% of its time to studying disruptive technologies, including Bitcoin and artificial intelligence.
Moreover, the company recently proposed to the SEC to launch the EZPZ ETF focused on digital assets. At the same time, Cipher Mining is experiencing impressive growth thanks to its operational performance and energy efficiency, planning to improve its production by upgrading its mining fleet.
Bitcoin is redefining global finance. While many traditional players remain blind, visionary companies are leading the way. With Bitcoin rising to 56.2% and again dominating the crypto market
, it is crucial for investors and institutions to stay informed and open to the opportunities offered by cryptocurrencies. |
2024-08-23 | Public Bitcoin Mining Firms Reduce Costs Amid Post-Halving Pressure
2024-08-23
Bitcoin mining firms are rapidly adapting to the challenges of a post-halving environment, marked by increased competition and reduced profitability. Despite Bitcoin trading around $60,000, the network’s hashprice has stagnated at approximately $40 per petahash per second (PH/s). This stagnation is due to the network's sustained high hashrate and the absence of expected difficulty declines, which typically ease post-halving pressures, according to Theminermag
.
In response, major public mining companies have strategically cut their operational costs. Recent Q2 2024 filings reveal a significant reduction in median total hashcost, dropping from $60/PH/s in late 2023 and early 2024 to $50/PH/s. This reduction has been achieved through various measures, including fleet upgrades, corporate overhead cuts, and financial restructuring. These efforts have provided some relief to miners, who have faced shrinking revenue margins.
The ability to lower costs is crucial for mining firms to remain viable during this period of compressed margins. As firms continue to optimize operations, they position themselves for potential future profitability when hashprices recover. Industry observers are optimistic that these efforts will pay off when market conditions improve. |
2024-08-23 | Justin Sun says removing 12K Bitcoin from USDD is just ‘DeFi 101’
2024-08-23
Tron founder Justin Sun has played down concerns after the removal of 12,000 Bitcoin used as backing for Decentralized USD, a stablecoin governed by the Tron DAO Reserve.
Blockchain explorer Blockchair shows 12,000 Bitcoin (BTC
), worth over $729 million, was removed from an address
on Aug. 19 that was previously listed as holding some of the collateral for Decentralized USD (USDD
).
Some on X allege Sun himself was responsible for the move. While others have raised concerns that Bitcoin was removed without a vote from the TRON DAO Reserve
.
According to the governance page, the latest and only question
that has been put to a community vote was whether to use burned Tron (TRX
) tokens on May 2023.
Source:
Symbio
In an Aug. 22 statement
on X, Sun played down concerns, arguing that USDD’s mechanism is similar to MakerDAO’s DAI and allows for a collateral hodler to withdraw without approval if collateral exceeds an amount specified by the system.
“This is part of the basics of DeFi 101. Currently, USDD has a long-term collateralization rate exceeding 300%, which means that the capital utilization is not very efficient.”
Source:
Justin Sun
“Regarding the decentralized stablecoin USDD, its mechanism is similar to MakerDAO’s DAI and is not mysterious,” he claimed.
Cointelegraph has reached out to MakerDAO to comment on the claim.
USDD no longer backed by Bitcoin
The Bitcoin address that held the collateral has been removed from the USDD’s transparency page, which now shows the stablecoin is backed primarily by Tether (
USDT
) and TRX.
USDD’s transparency page no longer lists Bitcoin as collateral after it was recently transferred out. Source: TRON DAO Reserve
USDD’s transparency page currently shows over 744 million USDD are in circulation. The stablecoin’s transparency page lists $1.7 billion worth of TRX and USDT in its reserves, giving it a collateralized ratio of over 230%.
This means USDD indeed has more assets than stablecoins in circulation. In comparison, Dai (DAI) is 120% collateralized, and USDT and CircleUSD (USDC) are only 100% collateralized.
Related:
Sun rises: Tron’s new memecoin deployer flips Pump.fun
USDD launched in 2022 as a competitor to Terra’s now-defunct TerraUSD (UST) token. Like USDC and USDT, its value is supposed to be pegged to the US dollar.
However, it has experienced some volatility
, achieving an all-time low of $0.92 on March 11, 2023, according to CoinMarketCap.
Magazine:
Dorsey’s ‘marketplace of algorithms’ could fix social media… so why hasn’t it? |
2024-08-23 | Bitfarms’ Strategic Acquisition Boosts Growth Potential
2024-08-23
Bitfarms
’ recent acquisition of Stronghold Digital Mining is being hailed as a "transformational" deal by analysts. H.C. Wainwright’s Mike Colonesse noted that this $125 million all-stock purchase positions Bitfarms to dramatically expand its operations. The acquisition, set to finalize in Q1 2025, will allow Bitfarms to nearly triple its power capacity from 310 MW to 955 MW by the end of 2025. Additionally, Stronghold's assets are expected to increase Bitfarms' U.S. footprint to 47% of its portfolio, up from 6%, according to Crypto
.
This growth is crucial as Bitfarms aims to boost its mining capacity to 35 EH/s by the end of 2025, with Stronghold contributing 23 EH/s. Analysts see this as a key factor for future success, especially as Bitfarms trades at $2.28 per share, with a potential upside of 75.4% to a target price of $4.
Despite these prospects, risks include Bitcoin price volatility, operational delays, and possible shareholder dilution. However, the strategic nature of the acquisition could solidify Bitfarms' position in the global mining industry, making it a formidable player in the sector. |
2024-08-23 | El Salvador Cold Wallet Surges with 5,850 BTC!
2024-08-23
Key Points:
The El Salvador cold wallet has purchased 1 BTC daily since March 16, totalling 160 BTC.
The government's BTC reserves now stand at 5,850 BTC, valued at around $355.83 million, with an average cost of $44,835.
The government enjoys a floating profit of $93.45 million, marking a 35% increase in value from its initial investment.
According to on-chain analyst Ember, the El Salvador cold wallet address has been buying 1 BTC daily since March 16.
Source: Arkham
El Salvador Cold Wallet Accumulates 160 BTC Daily
This incredible streak has continued for over five months, racking up 160 BTC, which equates to about $10.31 million.
https://twitter.com/EmberCN/status/1826802312456929741
The El Salvador
cold wallet address's total BTC holdings
increased significantly to 5,850 BTC, resulting in a value approaching about $355.83 million at the time of publication. This further investment has been made with a mean price for BTC of $44,835.
Read more: El Salvador’s Bitcoin Certification Program for Officials!
Government's Floating Profit Hits $93.45M
This means that the government's BTC position has built an impressive floating profit of about $93.45 million, representing an increase of about 35% from its original investment. That strategic accumulation reaffirms El Salvador's commitment to its Bitcoin-backed financial policies and a larger vision of a country that allows cryptocurrencies to be integrated into the economy on official grounds.
The government's agenda of proactively boosting its Bitcoin reserves can only emphasize El Salvador's position on the global cryptocurrency scene. With a portfolio of such dimensions, El Salvador raises its financial stability and showcases an example for all the other countries contemplating similar paths.
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. |
2024-08-23 | Analyzing the Unpredictable Performance of Ethereum ETFs – Cause for Concern?
2024-08-23
Key Points
BlackRock’s iShares Ethereum Trust (ETHA) has surpassed $1 billion in inflows, leading Ethereum ETFs.
Despite ETHA’s success, overall market sentiment remains cautious, as Bitcoin ETFs like IBIT outperform Ethereum investments.
BlackRock’s iShares Ethereum Trust (ETHA) has become a market leader in the crypto space, reaching over $1 billion in net inflows.
This is the first Ethereum ETF to achieve such a feat, highlighting ETHA’s growing influence.
Performance of Other ETFs
Despite ETHA’s success, not all ETFs are performing equally well.
Grayscale’s ETHE, for example, has been experiencing steady outflows.
Furthermore, the Spot Ethereum ETF has recorded four consecutive days of outflows, reflecting a cautious overall market sentiment.
Despite zero flows on August 21st, ETHA has managed to accumulate an impressive $1.004 billion to date according to Farside Investors.
This rapid accumulation has led to mixed market outlooks for Ethereum ETFs.
ETHA’s Influence on Ethereum
ETHA’s rapid growth has made it the second-largest Ethereum investment vehicle, with over $860 million in assets.
Its $1 billion net inflows have surpassed the next three largest Ethereum ETFs combined, demonstrating its growing dominance and the investor preference for regulated Ethereum exposure.
If this trend continues, we may see ETHE shift into an inflow streak, which could significantly impact Ethereum’s price.
However, Ethereum’s price has underperformed expectations, trading at $2,636 as of the latest update from CoinMarketCap.
Despite a 2.37% gain in the past 24 hours, the situation remains precarious, with bearish momentum potentially persisting.
ETFs: Not Just “Bullish Engines”
Contrary to the common assumption that ETF launches automatically boost Ethereum and other assets, some analysts argue otherwise.
They caution that institutions and hedge funds often use ETFs to manipulate markets through buying and selling tactics.
Despite the success of ETHA, Ethereum ETFs as a group have lagged behind their Bitcoin counterparts, with cumulative net outflows surpassing $440 million.
Bitcoin ETF Outperforms
In contrast to Ethereum ETFs, spot Bitcoin ETFs have seen rapid asset accumulation, totaling over $11 billion within just one month.
BlackRock’s iShares Bitcoin ETF (IBIT) has set a record with an astounding $20.5 billion in assets, outstripping the combined net inflows of all Bitcoin ETFs.
This demonstrates a persistent preference for Bitcoin among investors and highlights the ongoing challenges faced by Ethereum-focused investment products in gaining similar traction. |
2024-08-23 | Bitcoin miner OTC balances reach 2-year high — Why it’s a bearish signal
2024-08-23
The amount of Bitcoin that cryptocurrency miners have on hand to be sold has reached its highest level in over two years, and if history repeats, this may lead to Bitcoin’s price tumbling in the near term.
There have been several instances where high Bitcoin (BTC
) miner OTC balances were followed by Bitcoin price drops of up to 63% within just a few months.
“Historically, increases in Bitcoin OTC desk balances have been associated with declines in Bitcoin prices,” according to an Aug. 21 CryptoQuant report
.
OTC desk balances can suggest major selling
Bitcoin OTC desk balances for miners have reached a level not seen since June 2022 after a massive 70% surge over the last three months. Data shows it has now reached 368,000 Bitcoin, or approximately $22.36 billion.
“The substantial rise in OTC desk balances suggests significant selling activity among miners,” CryptoQuant added.
Bitcoin OTC balances from miners reaching highs have typically been followed by Bitcoin’s price tumbling. Source: CryptoQuant
In May 2018, after Bitcoin OTC desk balances spiked above 400,000 BTC, the price of Bitcoin was $8,475. By December 2018, the price had plummeted 63% to $3,183.
Similarly, in November 2021, when Bitcoin’s price was around $64,000 and OTC desk balances for miners were at an all-time high near 500,000 Bitcoin, the asset’s price declined by 45% to $35,058 just two months later in January 2022.
CryptoQuant explained that miners opt for OTC deals to sell Bitcoin because they seek “better execution” and want to avoid impacting the price of Bitcoin as significantly as they would if selling on crypto exchanges due to the higher liquidity in the OTC market.
However, the recent decline in Bitcoin supply on crypto exchanges
and Bitcoin whales accumulating 94,700 coins over the past six weeks may balance out the selling pressure and support Bitcoin’s price.
Miners still struggling after Bitcoin halving
It follows rising operational costs
and reduced mining rewards since the April Bitcoin halving
.
The average Bitcoin miner is currently producing at a loss. According
to MacroMicro and CoinMarketCap data
, the average cost to mine a Bitcoin is $72,224, while Bitcoin’s current price is $60,797.
Related:
Bitcoin mining expenses surge 168% amid capacity growth
Bitcoin commentator Colin Harper explained that “every miner earned less in Q2 than Q1, but some were better at shoring up the revenue reduction than others by expanding their hashrate over the quarter” in an Aug. 22 X post
.
Major crypto mining firms saw a decline in revenue in Q2 2024 compared to Q1. Source: Colin Harper
“Every public miner in our update has taken pains to upgrade their fleets to the latest equipment,” Harper added.
On Aug. 18, VanEck suggested that Bitcoin miners have the opportunity
to potentially generate around $13.9 billion in additional yearly revenue if they partially transition to providing energy to the artificial intelligence and high-performance computing (HPC) sector by 2027.
“AI companies need energy, and Bitcoin miners have it,” VanEck stated.
Magazine:
Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express
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.
The amount of Bitcoin that cryptocurrency miners have on hand to be sold has reached its highest level in over two years, and if history repeats, this may lead to Bitcoin’s price tumbling in the near term.
There have been several instances where high Bitcoin (BTC
) miner OTC balances were followed by Bitcoin price drops of up to 63% within just a few months.
“Historically, increases in Bitcoin OTC desk balances have been associated with declines in Bitcoin prices,” according to an Aug. 21 CryptoQuant report
.
OTC desk balances can suggest major selling
Bitcoin OTC desk balances for miners have reached a level not seen since June 2022 after a massive 70% surge over the last three months. Data shows it has now reached 368,000 Bitcoin, or approximately $22.36 billion.
“The substantial rise in OTC desk balances suggests significant selling activity among miners,” CryptoQuant added.
In May 2018, after Bitcoin OTC desk balances spiked above 400,000 BTC, the price of Bitcoin was $8,475. By December 2018, the price had plummeted 63% to $3,183.
Similarly, in November 2021, when Bitcoin’s price was around $64,000 and OTC desk balances for miners were at an all-time high near 500,000 Bitcoin, the asset’s price declined by 45% to $35,058 just two months later in January 2022.
CryptoQuant explained that miners opt for OTC deals to sell Bitcoin because they seek “better execution” and want to avoid impacting the price of Bitcoin as significantly as they would if selling on crypto exchanges due to the higher liquidity in the OTC market.
However, the recent decline in Bitcoin supply on crypto exchanges
and Bitcoin whales accumulating 94,700 coins over the past six weeks may balance out the selling pressure and support Bitcoin’s price.
Miners still struggling after Bitcoin halving
It follows rising operational costs
and reduced mining rewards since the April Bitcoin halving
.
The average Bitcoin miner is currently producing at a loss. According
to MacroMicro and CoinMarketCap data
, the average cost to mine a Bitcoin is $72,224, while Bitcoin’s current price is $60,797.
Related:
Bitcoin mining expenses surge 168% amid capacity growth
Bitcoin commentator Colin Harper explained that “every miner earned less in Q2 than Q1, but some were better at shoring up the revenue reduction than others by expanding their hashrate over the quarter” in an Aug. 22 X post
.
“Every public miner in ounEck suggested that Bitcoin miners have the opportunity
to potentially generate around $13.9 billion in additional yearly revenue if they partially transition to providing energy to the artificial intelligence and high-performance computing (HPC) sector by 2027.
“AI companies need energy, and Bitcoin miners have it,” VanEck stated.
Magazine:
Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express
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. |
2024-08-23 | Bitcoin ETFs Break Records as Fastest-Growing Funds with $17.5 Billion in Net Flows
2024-08-23
Bitcoin ETFs are making history, rapidly becoming the fastest-growing exchange-traded funds (ETFs) ever. Since their launch in January, these funds have drawn in a remarkable $17.5 billion in net flows, setting a new standard for ETFs and leaving previous records in the dust. According to Matt Hougan, the Chief Investment Officer of Bitwise, the surge in Bitcoin ETFs is not just fueled by retail investors, as many might assume. Instead, a significant portion of this growth comes from institutional investors. Contrary to the belief that these ETFs are primarily driven by individual traders, data reveals a robust institutional backing that is propelling these funds to incredible heights.
To put this into perspective, the Nasdaq-100 QQQs, which previously held the record for the fastest-growing ETF, gathered around $5 billion within its first year. In stark contrast, Bitcoin ETFs are on track to outpace this figure by a wide margin, positioning themselves as the new leaders in the ETF space. Institutional involvement in Bitcoin ETFs has been steadily increasing. In the last quarter, institutional ownership of U.S. spot Bitcoin ETFs rose to 24%, up from 21.4% in the first quarter. This growth occurred despite a 13% decline in total assets under management, which was largely due to falling Bitcoin prices. Notably, major players like Goldman Sachs and Morgan Stanley joined the ranks of Bitcoin ETF investors, contributing to a significant inflow of $2.4 billion during the quarter. Some argue that retail investors still dominate the Bitcoin ETF market, with institutions playing only a minor role. According to 13F filings, institutions hold just 21% of Bitcoin ETF assets, while retail investors account for the remaining 79%. Critics use this data to claim that the growth of these ETFs is mainly a retail-driven phenomenon. But Hougan believes that these numbers don’t paint the full picture. He points out that when looking at the top 10 fastest-growing ETFs in history, Bitcoin ETFs stand out for their level of institutional adoption. Both in terms of the number of institutional holders and the total institutional assets under management, these ETFs are achieving record levels. Hougan emphasizes that while the Nasdaq-100 QQQs are the closest comparison, even they fall short of the rapid pace set by Bitcoin ETFs.
Despite the ongoing debate, the record-breaking growth of Bitcoin ETFs is undeniable. The combination of retail enthusiasm and increasing institutional participation is driving these funds to new heights. These ETFs are not only gaining traction but also setting new benchmarks for the entire crypto industry.
A spot Bitcoin ETF, for those unfamiliar, is an investment fund that tracks the price of Bitcoin and invests its portfolio funds directly into the cryptocurrency. These ETFs are traded on public exchanges like regular stocks, making them accessible to both institutional and retail investors. Unlike other financial products that might involve derivatives or futures, spot Bitcoin ETFs offer direct exposure to the underlying asset, which is part of their appeal. Hougan, in a recent post on social media platform X, highlighted the dual appeal of Bitcoin ETFs, stating, “ETFs are wonderful in that they can be held by institutions and retail investors alike. But don’t let the historic adoption of these ETFs by retail fool you. They are also gaining institutional traction faster than any other ETF in history.”
For more updates and news on 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. |
2024-08-23 | BTC Whale Dumps $18M – 300 BTC Gone in 30 Minutes!
2024-08-23
Key Points:
The whale address 35TZj...iX2cR recently sold 300 BTC worth $18.25 million, indicating a major strategic move.
After withdrawing 855 BTC and selling 297 BTC on August 5 during a market drop, the whale's total losses now reach $4.08 million.
Despite selling, the BTC whale still holds 259 BTC with a floating loss of around $805,000 due to current market conditions.
According to monitoring by @ai_9684xtpa
, the BTC whale address 35TZj.iX2cR opened a huge position in Bitcoin back in July for an average cost of about $63,878 per BTC.
BTC Whale Reduces Position by $18.25M in Latest Move
This BTC whale
is suspected of selling 300 BTC for a staggering sum of $18.25 million.
This is not the first time the whale has been in the headlines. From July 10 to July 23, the whale withdrew 855 BTC from an exchange as one probable strategy for protecting assets from market volatility. However, it suddenly turned sour on August 5, as markets worsened. Possibly in panic, the whale sold off 297 BTC to drive away bearish market sentiments.
Read more: Crypto Whales Keeping An Eye On These 3 Coins
Previous Withdrawals and Panic Selling
Today's suspected sale adds to the whale's woes, bringing the total loss to a whopping $4.08 million. Despite all this, the whale still holds 259 BTC, although, with the current market movement, this position looks to be floating in a loss of approximately $805,000.
This move of a high-ranked BTC whale increases the element of unpredictability and high stakes involved in cryptocurrency markets, hence acting as a strict reminder to traders and investors to be on their toes while considering risk management strategies in times of extreme market fluctuation.
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. |
2024-08-23 | FBI will use NFTs to contact victims of crypto fraud scheme Clucoin
2024-08-23
The Federal Bureau of Investigation is set to use non-fungible tokens (NFTs) to return $1.14 million in funds to victims involved in a crypto fraud scheme that began with the launch of a sham project called CluCoin in 2021.
According to an Aug. 21 statement
from the US Attorney’s Office in Florida, 40-year-old Austin Michael Taylor pled guilty to wire fraud on Aug. 15 for routinely using investor funds intended for his CluCoin (CLU) project to fund his online gambling habit.
The FBI will provide notice to “identified victims” of the planned restitution through their NFTs — marking one of the first times law enforcement has publicly stated it will use NFTs to contact victims.
The US Attorney’s Office also requested that anyone believed to be a victim in the fraud scheme provide
relevant information to the FBI.
The CluCoin scheme explained
Taylor, better known by his online alias DNPThree, founded CluCoin in 2021, promising investors that the crypto scheme would have a “charitable focus.”
After raising funds, Taylor launched CLU by way of an initial coin offering (ICO) on May 19, 2021.
Following the launch of CLU, Taylor shifted his focus to minting NFTs, developing new computer games, and even proposed launching a metaverse platform.
According to court documents, Taylor organized a conference called “NFTCon: Into the metaverse” at a Miami hotel on April 4, 2022, to drum up further interest in CluCoin and its spin-off projects.
Following the event, Taylor began making withdrawals from a crypto wallet, which controlled a portion of CLU investor funds. Between May and December 2022, Taylor funneled a total of $1.14 million worth of investor funds to his own accounts on various crypto exchanges before transferring these funds to online casinos.
Taylor issued a public apology
for his actions in Jan. 2023, saying that he became “incredibly addicted to gambling” and added that he was “deeply sorry” for misusing investor funds.
Taylor issued a public apology after losing investors’ funds. Source: Reddit.
Related:
FBI will ‘neither confirm nor deny’ the existence of Satoshi records
Taylor agreed to pay back $1.14 million intended for victims’ restitution.
Taylor will face sentencing on Oct. 31 and faces a maximum sentence of 20 years in jail for wire fraud.
On Aug. 2, the FBI sent out a warning, asking web users to be vigilant of scammers pretending to be affiliated with crypto exchanges to steal users’ funds.
On June 4, the FBI also warned of a rise
in work-from-home job advertisement scams involving crypto, where scammers provide the illusion of a lucrative job but are just a way to steal digital assets.
Asia Express:
Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam |
2024-08-23 | Peter Brandt Predicts Absence of a New Bitcoin ATH: Here’s Why
2024-08-23
Key Points
Bitcoin’s current cycle could have reached its peak, according to Peter Brandt.
Other market analysts argue that Bitcoin is on track with historical market cycle movements.
Peter Brandt suggests that the current cycle of Bitcoin (BTC)
may have reached its peak. He notes that the cycle is taking too long to hit a new all-time high, which could indicate that a Bitcoin cycle top is already in place.
Differing Analyst Opinions
Contrarily, other cryptocurrency analysts disagree with Brandt’s bearish outlook. For instance, Benjamin Cowen argues that Bitcoin is on track and aligns with previous market cycle movements. He asserts that Bitcoin is around where it typically is at this point in the market cycle.
CryptoQuant founder Ki Young Ju suggests that the next phase of the Bitcoin rally could begin in the fourth quarter, citing likely actions by whales.
Market Conditions
Market conditions appear primed for a short squeeze, according to K33 Research. They note that Bitcoin’s perps notional open interest has increased by 30k since August 13, with consistently negative funding rates.
Glassnode reveals that Bitcoin’s Long-Term Holders (LTH) have reduced profit-taking, which historically tends to precede a new price uptrend.
However, CryptoQuant notes that Bitcoin inventory on over-the-counter (OTC) markets has risen to a two-year high, which could potentially hinder Bitcoin’s recovery in the short term.
While historical trends post-halving suggest Bitcoin has more upside potential, the rising Bitcoin balance on OTC markets could pose risks to the expected rally. |
2024-08-23 | Why Bitcoin Could Plunge to $54K – The Key Factors at Play
2024-08-23
Key Points
Bitcoin’s short-term holders’ average cost basis indicates a potential local top for the cryptocurrency.
Whale accumulation trends and other metrics suggest a continued downtrend for Bitcoin.
Bitcoin is projected to maintain a downward trend in the forthcoming weeks.
This is indicated by the average cost basis of short-term holders, which suggests a potential local peak for Bitcoin (BTC)
.
Bitcoin’s Volatile Movements
Over the past few days, Bitcoin experienced significant volatility. On August 21st, it peaked at $61.8k, only to drop to $59.7k a few hours later.
These fluctuations could be attributed to the liquidity pools that have accumulated around BTC recently.
The cumulative liq levels delta was significantly positive, indicating a short-term price pullback to flush out overeager bulls.
Short-term Holder Cost Basis as a Barrier
CryptoQuant analyst Burak Kesmeci suggested that the realized prices of short-term Bitcoin holders could be used to identify resistance zones.
These are individuals who have held BTC in their wallets for less than 155 days.
Kesmeci observed that the 1-3 month BTC holding group had an average cost basis of $64k, while the 3-6 month group had an average cost basis of $66k.
With market prices below this zone, most of these holders were likely incurring losses.
Therefore, a price increase into this area would likely prompt underwater holders to exit the market at near break-even, potentially increasing selling pressure.
Whale Accumulation/Distribution Trends
Wallets holding between 10k-1M BTC witnessed a sustained accumulation phase from early December 2023 to late January 2024.
During this time, the price of Bitcoin appreciated by 16%.
By March, BTC had increased by another 70%, but this was accompanied by the BTC whale cohort (those with more than 10k coins) distributing and taking profits during the rally.
This whale cohort has been in a distribution phase for the past six weeks, despite Bitcoin’s price performance not being strongly bullish.
This implies an anticipation of a price dip and continued downtrend.
The 1-month liquidation heatmap more clearly illustrates the range potential.
The substantial liquidity at $63k, $67k, and $70k is likely to attract prices in the coming weeks.
However, the liquidity built up at $54k and $49k are also significant magnetic zones.
Currently, the price action and whale accumulation trends do not favor a breakout past $66k. |
2024-08-23 | Mexico’s Crypto Craze Hits New Highs – Who’s Leading the Charge?
2024-08-23
Bitso’s report reveals a 15% annual growth in Mexican cryptocurrency users, with Bitcoin dominating purchases.
Bitcoin accounted for 55% of average wallets and 30% of crypto purchases in Mexico, leading other nations.
Bitso, a major cryptocurrency platform, recently released its
“Crypto Outlook in Latin America: First Semester 2024”
report
, detailing the use and ownership of cryptocurrencies among Mexicans. The report notes a 15% year-over-year increase in user numbers in Mexico, with Bitcoin being the most purchased cryptocurrency, accounting for 30% of total crypto transactions.
El nuevo informe de tendencias cripto está aquí.
Descubre cómo los mexicanos diversificamos nuestra cartera en 2024.
En este reporte analizamos el comportamiento de compra y tenencia de nuestros usuarios.
¿Qué criptos estamos eligiendo? Chécalo aquí. pic.twitter.com/FZCtEFGgBg
— Bitso (@Bitso) August 22, 2024
The analysis emphasizes Bitcoin’s leading role
across all regions
where Bitso operates, reflecting its established status as a reliable investment and savings option. While Bitcoin is predominant, other cryptocurrencies are preferred differently across regions depending on local conditions and preferences.
As we
previously reported
on
Crypto News Flash
, specifically in Mexico, Bitcoin comprises 55% of the average wallet composition and 30% of crypto purchases. Brazil follows with 24%, Colombia with 19%, and Argentina with 12%. The value of Bitcoin saw a substantial rise, increasing by 108% by mid-2024, thus reinforcing its market presence.
The
report by Crypto News Flash
, also highlights a positive shift in gender diversity among Bitso users in Mexico, where female participation increased from 22% to 27% over the past six months, marking a growth of over 20% in total female users.
Furthermore, according to a Deloitte financial inclusion report, the gender gap in savings accounts has widened within traditional banking but narrowed within the cryptocurrency sector.
The predominant age demographic engaging with cryptocurrencies is between 25 and 34 years, making up 37% of users in Mexico and similar proportions regionally.
There is also a notable increase in cryptocurrency adoption among older women, with those aged 55 to 64 maintaining a 41% participation rate, and those over 65 increasing to 44%.
Apart from Bitcoin, Mexican users have a diversified portfolio, with 39% holding more than three types of digital assets. Stablecoins like USDC and USDT rank second in purchase volume, driven by fluctuations in the dollar’s value and their attractiveness due to a 4% annual yield offered on Bitso.
Source: Bitso Mexico
Overall, while the wallet compositions of Mexican users have remained stable, Bitcoin has slightly increased its presence, Ethereum and other altcoins have seen slight increases, and holdings of Ripple’s XRP have decreased. |
2024-08-23 | BTC exchange inflows dropped sharply in August
2024-08-23
The total amount of Bitcoin inflows to exchanges has been sharply declining compared to the first few days of August. Recent data from 20 August shows only 31,000 BTC in inflows, which is more than 50% less as compared to inflows in the first week of August.
On 4th August, almost 94,000 Bitcoins were sent to various exchanges. Later, on 5th August, 49,000 BTC flew in, followed by deposits worth 51,000 Bitcoin on 6th August.
BTC inflows to exchanges (Source: CryptoQuant)
The recent drop in the inflows suggests that the sell pressure is reducing, and investors are generally holding their funds instead of off-loading them.
Could Mt. Gox transfers and US government sell-off have impacted BTC sell pressure?
According to Arkham Intelligence, Mt. Gox related wallets are still holding 44,899 Bitcoin worth approximately $2.7 billion at press time.
Earlier, on 20th August, 12,000 Bitcoin were moved by Mt. Gox to unknown wallets. This was the first time a transfer was made by the exchange in over 3 weeks.
At the same time, rumors about US government selling Bitcoin have been circulating after it transferred 10,000 Bitcoin related to Silk Road to a Coinbase Prime wallet on 14th August.
BREAKING: 10K Silk Road BTC ($593.5M) moved to Coinbase Prime
Wallet bc1ql received 10K BTC from a known US Government wallet 2 weeks ago. This BTC has just been sent on to 33J, a Coinbase Prime deposit wallet. pic.twitter.com/kNLsiJzL95
— Arkham (@ArkhamIntel) August 14, 2024
However, there has been no confirmation as of yet whether the US government plans on off-loading these funds. Users on Twitter have pointed out that it could merely be due to custodial reasons.
Didn’t we go through this exact same thing two weeks ago and it was just the US Marshall’s office moving it to a long-term Coinbase Vault?
— BigRig (@BitcoinBigRig) August 14, 2024
While we haven’t seen a sell-off of a magnitude that corresponds with the amount of Bitcoin moved by the US government and Mt. Gox, these transfers may have initially contributed to a state of panic in the market. However, with the inflows reducing, it is certain that Mt. Gox creditors are still holding on to their funds, which goes in line with the demographics of Mt. Gox representing the early adopters of decentralized finance. These creditors already waited 10 years to get a repayment, and likewise, may not be in a hurry to off-load their holdings. |
2024-08-23 | Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express
2024-08-23
Our weekly roundup of news from Asia curates the industrys most important developments.
Southeast Asia’s power struggles with Bitcoin miners
Southeast Asia became a Bitcoin mining hotspot after the great China crackdown of 2021. Now authorities in various regions are battling a huge surge in electricity theft used to fuel these mining activities.
This week Malaysian authorities arrested seven individuals suspected of illegally mining Bitcoin using stolen electricity, according to state media outlet
Bernama.
The police seized 52 mining rigs, along with electronic devices and a couple of vehicles, valued at approximately 250,000 ringgit, or $57,000.
But thats just the tip of the iceberg of the electricity theft Bitcoin mining
issue across tropical Asia.
In July, Malaysia’s deputy energy minister reported that
illegal crypto-mining operators had stolen an estimated $723 million worth of electricity between 2018 and 2023.
Local journalists capture images and videos of Malaysian police steamrolling Bitcoin rigs. (Malaysia Gazette)
And the Malaysian authorities are quite the showmen when it comes to dealing with confiscated mining equipment.
They recently used a steamroller
to crush nearly 1,000 Bitcoin mining rigs, valued at $452,000. This stunt echoed a similar one in 2021 when $1.25 million worth of mining rigs were destroyed.
Across Southeast Asia, similar incidents are being reported after miners fleeing China sought refuge in neighboring countries.
In Thailand, an investigation into electricity theft in April led to the confiscation of mining rigs valued at more than $5.8 million, according to local media
. The raids were conducted after authorities noticed unusually high electricity consumption at certain locations.
Indonesia has also been grappling with this problem. In December 2023, Indonesian police shut down 10 mining sites
accused of stealing over $1 million worth of electricity.
Over in Laos, the state energy distributor suspended electricity supply
to crypto miners earlier this year. The suspension was attributed to insufficient local energy generation, exacerbated by a drought in the first half of 2023. However, an employee disclosed that another reason for the suspension was the miners’ inability to pay their bills.
MGPerak: Polis Lupus Peralatan Bitcoin Nilai Hampir RM2 juta
PARIT – Ibu Pejabat Polis Daerah (IPD) Perak tengah melupuskan 985 peralatan yang digunakan dalam kegiatan perlombongan Bitcoin dianggarkan bernilai RM1.98 juta, pada Isnin.
Ketua Polis Daerah Perak Tengah, pic.twitter.com/hDSzN8aGNa
— Malaysia Gazette (@MalaysiaGazette) August 19, 2024
NFTs get cultural makeover in China
Beiwen Digital, a state-owned subsidiary of Beijing Cultural Investment Development Group and Hong Kong-based JME Capital announced
on Aug. 21 a collaboration it is calling the “NFT 2.0 era.”
This initiative aims to digitize and globally distribute some of Chinas most recognized cultural assets through non-fungible token technology.
The original Up the River During Qingming is 5.25 meters long. (Palace Museum, Beijing)
Their portfolio includes treasured assets such as the Up the River During Qingming painting, the Twelve Zodiac Heads, Mount Wutai and the Temple of Heaven.
These assets will be transformed into digital collectibles, with plans to launch the NFTs in Hong Kong, a city widely viewed as the economic gateway to China’s markets.
China’s enthusiasm for blockchain technology has been consistent, even as the government maintains a cold stance on cryptocurrencies.
Despite recent speculation
, fueled by a tweet from Trons Justin Sun flirting with the idea that China may reconsider
its ban on cryptocurrencies, the country remains firm in its restrictions.
Recently, cryptocurrency transactions were officially classified
as mechanisms for money laundering by China’s Supreme Court.
Meanwhile, the global NFT market is experiencing a downturn
. Prices for some of the worlds most valuable NFTs have plummeted, with the floor price of the so-called blue-chip Bored Ape Yacht Club
dropping by over 91%, according to CoinGecko.
Similarly, CryptoPunks
have seen a 78% decline.
South Korea’s latest exchange closure scam
South Korea’s Financial Supervisory Service (FSS) has issued a consumer alert in response to a surge in scams in which fraudsters impersonate cryptocurrency exchanges that are on the brink of shutting down.
Scammers are sending messages to victims urging them to withdraw cryptocurrency from so-called dormant accounts at exchanges. The messages warn that the assets will be “burned” due to business closure. However, these assets aren’t even real.
Sample scam message warns victims that their crypto will disappear while directing them to a customer support link. (FSS)
The victims are then directed to a link that leads them to a fake customer support group chat where accomplices share stories of successful withdrawals to build the victims confidence.
The scammers further deceive victims by presenting doctored screenshots that appear to show large crypto balances ready for withdrawal. They then demand bank transfers for fees and taxes or even request additional crypto transfers.
This scam is particularly persuasive given the current regulatory environment in South Korea.
Read also
Features
Agents of Influence: He Who Controls The Blockchain, Controls The Cryptoverse
Features
Decentralized identity: Proving its really you in the 21st Century
On Aug. 22, the financial authorities started their on-site inspections of cryptocurrency exchanges as mandated by the nations new crypto law, which came into effect on July 19. These inspections are part of a broader initiative to crack down on suspicious cryptocurrency transactions.
Elsewhere in Asia, cryptocurrency exchanges are also facing heightened regulatory scrutiny. According to a Bloomberg report, 11 crypto exchanges in Hong Kong awaiting full licensing have hit delays after the Securities and Futures Commission uncovered unsatisfactory practices during its own on-site inspections.
Metaplanet continues Bitcoin binge
Metaplanet announces Bitcoin purchase. (Metaplanet
)
Japanese investment firm Metaplanet is living up to its nickname, Asian MicroStrategy, as it bought another round of Bitcoin.
On Aug. 20, the firm purchased 57.273 Bitcoin for 500 million yen ($3.42 million), raising its holdings to 360.368 Bitcoin.
This purchase follows Tokyo-based Bitcoinholics announcement of a 1 billion yen shareholder loan
earlier in August.
Metaplanets Bitcoin holdings still pale in comparison to those of MicroStrategy, the US-based investment firm, which holds 226,331 Bitcoin.
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2024-08-23 | Bitcoin Will Surge If Trump Wins The Election: Tom Lee
2024-08-23
Fundstrat Head of Research Tom Lee believes hopes of a Trump election victory in November could boost asset prices – and that includes Bitcoin.
“When the market becomes more convinced of that, you’ll see cyclicals, small caps, and bitcoin do better,” he told
CNBC
on Thursday, “because those are clear policy differences.”
The Bitcoin Trump Trade
According to Lee, the market currently believes that Trump has a higher likelihood of winning than the polls are showing, and it views this as a good thing.
FiveThirtyEight
currently has Democratic Party nominee Kamala Harris 3.4% ahead of Trump in national polls. By contrast, crypto bettors on Polymarket – now the world’s largest election prediction pool – have Trump as a 52% favorite to win.
Trump’s policy differences are widely viewed as being favorable to markets. These include promises to cut the corporate tax rate to 15% (versus Harris’s 28% proposal) and promises to protect Bitcoin in America while establishing a national strategic Bitcoin stockpile.
Trump’s betting odds specifically flipped favorable this week as rumors emerged the Robert F. Kennedy Jr. – the most popular independent Presidential candidate – would drop out of the race to endorse Trump by the end of the week. Bitcoin’s price surged
4% in response.
“To me over the last couple of days, it seems like the market is betting on Trump’s odds being better than the polls,” he said.
Lee said that the markets showed “a lot of resilience” following Black Monday earlier this month, when Bitcoin briefly fell to $50,000 despite macroeconomic scares out of Japan. Regardless, he believes the Federal Reserve is “behind the curve” on interest rates cuts, and that more aggressive cutting going forwards “would actually make sense.”
Bitcoin To $100,000, Says Anthony Scaramucci
Following Lee’s interview, Skybridge Capital co-founder Anthony Scaramucci said
he still remains bullish on Bitcoin reaching $100,000, albeit later than he once predicted.
Despite regulatory headwinds for crypto in previous years, payment rail systems built on Layer 1 crypto technologies will “advance our economies” and “reduce costs” on transactions globally.
“The regulatory clearance of the ETF made it safe to go into Bitcoin, for lots of institutional investors,” he added, noting Morgan Stanley’s newfound openness to the products. “That’s paving the way and making it more acceptable.”
The post Bitcoin Will Surge If Trump Wins The Election: Tom Lee
appeared first on CryptoPotato
. |
2024-08-23 | Experts Eye Q4 as Turning Point for Bitcoin’s New ATH
2024-08-23
Bitcoin (BTC) is poised for a potentially game-changing fourth quarter. This happens as historical patterns and expert predictions indicate a significant bull run on the horizon.
Despite recent fluctuations and an unclear trend, analysts are optimistic about strong performance in the last months of 2024, paving the way for considerable gains in the years ahead.
Historically, Bitcoin’s price during halving cycles has consistently demonstrated a robust rally in Q4.
Ki Young Ju, CEO of CryptoQuant, highlights
this trend on X, noting that previous cycles saw Bitcoin prices surge as the year ended. Ju expects a repeat of this pattern, forecasting a robust finish to 2024.
Source: Ki Young Ju X
Currently trading around $61,000, Bitcoin is poised for potential growth. Ju’s analysis, in line with historical data, indicates that Q4 could be a pivotal time for a bullish breakout.
Analysts’ Forecasts Strong Q4 for Bitcoin
As reported by The Coin Republic, Ali Martinez on X pointed out
on August 19 that “it’s been 119 days since the 2024 Bitcoin halving.” Historical trends show that Bitcoin often reaches a market peak approximately 530 days after a halving.
It's been 119 days since the 2024 #Bitcoin
halving. In the last two cycles, $BTC
hit a market top around 530 days post-halving.
If history repeats, we're still in the early stages of this cycle! pic.twitter.com/Yxxo7DLfsg
— Ali (@ali_charts) August 19, 2024
If this trend continues, Martinez suggests that Bitcoin might be entering the early phases of a parabolic run, with significant movements anticipated later this year.
CryptoCon, another prominent analyst, shares this optimistic outlook. As reported by The Coin Republic, CryptoCon has updated its November 28th Cycles Theory
. It suggests that the current market activity is part of a larger trend that could lead to ATH.
I've made many improvements to the November 28th Cycles Theory since I created it in January 2023, but the original model's idea remains intact.
Some people are calling for a #Bitcoin
top or a recession, but I think the best is still yet to come.
The March 2024 local high has… pic.twitter.com/FR1MzhJrtp
— CryptoCon (@CryptoCon_) August 19, 2024
Despite recent market fluctuations, CryptoCon predicts that the peak could occur in late 2025, with a possible price target nearing $200,000. This forecast reflects a positive perspective on Bitcoin’s long-term path, setting the stage for a major rally in the months leading up to late 2025.
BTC Price Lacks Clear Direction
Despite the optimistic forecasts, Bitcoin’s present market behavior stands in stark contrast to earlier expectations.
Veteran trader Peter Brandt has recently pointed out that Bitcoin is currently trapped in a descending channel, showing no definitive trend. He observes that the BTC price action is creating a broadening triangle pattern, with no clear direction yet established.
Charts of continuing interest are Bitcoin and Ether.
Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC
No declaration of next trend yet $BTC
$ETH
will remain defensive unless/until close above 3050 occurs pic.twitter.com/aEESwhX5oC
— Peter Brandt (@PeterLBrandt) August 20, 2024
The current market landscape indicates a lack of strong demand from large-volume investors, alongside a gradual recovery from April’s block subsidy halving. Predictions for new all-time highs this year have also diminished, with many forecasts turning out to be inaccurate.
Whales are anticipated to play a big role in influencing Bitcoin’s price movements in Q4. Ki Young Ju highlights that whales are likely to spark market activity, preventing stagnation and fostering a bullish sentiment.
Even with the current volatility and uncertain short-term trends, the overall perspective suggests that Bitcoin might be on the verge of a significant rally.
The post Experts Eye Q4 as Turning Point for Bitcoin’s New ATH
appeared first on The Coin Republic
. |
2024-08-23 | Will Bitcoin Hit $68,000 in September?
2024-08-23
You can also read this news on BH NEWS: Will Bitcoin Hit $68,000 in September?
As August draws to a close, the clock is ticking for Bitcoin
‘s next potential rally. Historical trends may not repeat precisely, but several indicators suggest a bullish outlook for Bitcoin. Here are three reasons why Bitcoin could potentially reach $68,000 in September.
What Do Exchange Supplies Indicate?
One compelling factor is the decreasing supply of Bitcoin on exchanges. Currently, there are 2.68 million BTC available, down from over 3 million in January. This 11% reduction is significant, especially considering a 43% price increase in the same period. This decline suggests BTC is being moved to cold wallets, a bullish sign for the market.
Why Are Whales Accumulating?
Data from Santiment highlights that addresses holding between 100 and 1,000 BTC have accumulated 94,700 BTC in the last six weeks. These “whales” are seasoned investors, and their increased holdings in a seemingly adverse environment point to a positive outlook. Demand surged especially when BTC dropped to $50,000.
Key Insights for Investors
– Bitcoin’s supply on exchanges has dropped by 11% since January.
– Whale investors have accumulated 94,700 BTC in recent weeks.
– The BTC price needs to close above $60,300 for an upward breakout.
– Technical indicators suggest a target of $68,000 by September.
– A recovery in spot ETF purchases is crucial for increasing overall demand.
Result
The technical analysis
further validates a potential price rally. Bitcoin is currently trading above $60,300, a key level for an upward breakout. The formation target of $68,000 is projected to be reached in September, supported by strengthening support levels around $59,446. If additional buyers enter the market, the bullish trend could be further reinforced.
The post first appeared on BH NEWS:
Will Bitcoin Hit $68,000 in September? |
2024-08-23 | Bitcoin Could Reach $68,000 in September
2024-08-23
You can also read this news on COINTURK NEWS: Bitcoin Could Reach $68,000 in September
As we approach the end of August, time is running out. While it’s not expected for everything to repeat exactly as in previous cycles, some indicators have a low margin of error. Today, we will discuss three reasons why Bitcoin’s price could reach $68,000 in September.
Bitcoin September Predictions
BTC
rising will also lift altcoins, which have been struggling for a long time, making 20-30% gains easily achievable. Therefore, altcoin
investors
are eagerly awaiting the days when BTC’s price will once again approach the $70,000 mark. There are at least three reasons for those who believe in a rise.
BTC Supply on Exchanges
The first reason is the amount of BTC held on exchanges. As of today, there are 2.68 million
BTC
on exchanges. In January, the figure was over 3 million, a decrease of 11%. While the price increased by 43%, the supply ready for sale on exchanges significantly decreased.
This data
, showing that BTCs are being transferred to cold wallets, is a bullish indicator. The ETF channel is also recovering, with only four negative days in the last 13 days. The recovery in the
BTC ETF
channel brings to mind the following comment from CryptoQuant analysts.
“A recovery in spot ETF purchases is necessary to boost overall Bitcoin demand and potentially lead to a corresponding price rally.”
Bitcoin Whales
According to Santiment data, addresses holding between 100 and 1000
BTC
accumulated 94,700 BTC during the past six weeks. Whales are relatively experienced investors, and if their reserves are increasing in this seemingly negative environment, the medium-term outlook is positive. Demand increased rapidly, especially with the drop to $50,000.
Bitcoin Technical Analysis
The
BTC price
fluctuating within the bull flag formation is preparing for an upward breakout soon. For this, closures above $60,300 are essential, and at the time of writing, the price is above this level. The formation target is $68,000, with the estimated date of reaching the target being September.
The $59,446 support is strengthening. If those expecting deeper dips for BTC join the buyers as the current stance continues, it will support the rise, presenting a different detail.
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Bitcoin Could Reach $68,000 in September
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2024-08-23 | RFK Jr. Considers Backing Trump: A Mega Move for Bitcoin’s Future?
2024-08-23
Nicole Shanahan reveals Democratic concerns over a potential RFK Jr. and Trump alliance in the 2024 elections.
RFK Jr.’s campaign weighs options: push for third-party establishment or potentially endorse Donald Trump to influence policies.
Shanahan reported that discussions within Democratic circles reflect fear of an alignment between Kennedy and Trump.
Her comments criticize the Democratic Party’s approach, particularly highlighting a common rebuttal she encounters: “
But Trump is worse.”
This, she suggests, points to a larger issue of inconsistency within the party.
Currently, Kennedy’s campaign, which actively supports Bitcoin, is considering two strategic options. The first is to pursue enough votes to support the establishment of a third party. The alternative is to withdraw from the race and endorse
Donald Trump
.
RFK Jr. Wants the U.S. Treasury to Buy $4M Worth of Bitcoin – Source: CBS
In a recent statement at the Bitcoin 2024 conference held in Nashville, Tennessee,
Robert F. Kennedy Jr.
unveiled an ambitious plan concerning the
U.S. Treasury and Bitcoin
. Kennedy, speaking as part of his campaign trail, proposed that, should he win the presidential election, he would direct the U.S.
Treasury to consistently buy 550 Bitcoin every day. The goal, he explained, would be to build up a substantial reserve of at least 4 million Bitcoins.
This proposal might sound extreme to some, but Kennedy believes that such a move could significantly influence Bitcoin’s market value, potentially elevating it to
“hundreds of trillions of dollars.”
His idea hinges on the economic principles of supply and demand, akin to market dynamics that affect stock prices.
Recently, Kennedy unveiled some ideas he has about cryptocurrency. – Source: Forbes
Bitcoin, unlike traditional fiat currencies, is a crypto asset that cannot be physically held and is obtained either through direct purchase on platforms like Coinbase and Robinhood or via mining. It’s limited to a total potential supply of 21 million units, which contributes to its perception as a scarce resource, often likened to digital gold.
By aiming to control a substantial portion of Bitcoin’s total supply, Kennedy suggests that the U.S. could leverage influence over its market value.
RFK Jr. with @natbrunell: “#Bitcoin is going to play a critical role, almost a magical role in restoring our economy. I’ll order the Federal Reserve and the Treasury to purchase several million Bitcoins and use that as the basis for the “American dollar.”
This decision remains complex, as Kennedy originally entered the race with the intention of winning the presidency and promoting reforms in cryptocurrency and economic policy.
The campaign’s emphasis on cryptocurrency has increased its relevance, particularly among voters interested in the future regulation and development of the
crypto market
.
A potential
alliance with Trump
, who has also expressed interest in cryptocurrency, could significantly influence the campaign’s impact on the U.S. elections in 2024.
The possibility of Kennedy endorsing Trump has led to mixed reactions among his campaign volunteers. This has sparked a debate about the campaign’s independence and the broader implications for the two-party system.
In a recent online meeting with over 100 campaign workers, the discussions highlighted a division among volunteers. Some expressed willingness to support Kennedy even if he backs Trump, while others considered writing him in as a protest.
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2024-08-23 | Bitcoin Faces Possible Drop Below $10,000
2024-08-23
You can also read this news on BH NEWS: Bitcoin Faces Possible Drop Below $10,000
Bitcoin (BTC) has experienced a decline to the $60,200 level, with altcoins also seeing reductions in their gains. The Federal Reserve’s interest rate
cuts are now a certainty, with members indicating a series of cuts totaling a 100 basis points annual reduction. Fed members acknowledge this forecast and their statements align with market expectations.
CEEK Coin Price Prediction: What to Expect?
The drop in Bitcoin’s price could spell trouble for altcoins, potentially leading to further declines. However, maintaining the $60,000 level might turn the situation into a trap for short-sellers. Bears, who have been leveraging every peak for weeks, should be cautious during the current or upcoming upward attempts.
CEEK Coin, currently priced at $0.0304, recently reached an all-time low. If it stays above $0.028, new lows might be avoided. Conversely, a rise could see it targeting $0.045.
FLOKI Coin: Will It Surge?
FLOKI Coin shows a potential for further increases with closures above $0.0000967, indicating a desire for a rise. Although profit-taking is evident with long upper wicks, closures above $0.000127 suggest an upward jump is still possible. The movement of FLOKI Coin is likely to be influenced by Bitcoin’s price performance.
XRP
Coin, having dropped below $0.6, might fall to $0.58 and $0.56. A closure below $0.56 could push it down to $0.5. Despite the reduced excitement around its lawsuit, volatility driven by news remains a possibility. A general rally in altcoins could see large-cap coins like XRP leading the charge.
AVAX Receives Positive Attention
Today brought favorable news for AVAX as Franklin, a $1.6 trillion asset manager active in the crypto space
, expanded its blockchain fund to the Avalanche network. This development provides a prime opportunity for AVAX to gain visibility in the real-world assets (RWA) space. Competing with Ethereum in this area could boost AVAX’s medium-term prospects.
Grayscale’s trust announcement was another significant development for AVAX. The coin should now aim for $32 with closures above $25.94, contingent on Bitcoin’s price stability.
Key Takeaways for Investors
Monitoring Bitcoin’s performance is crucial for anticipating altcoin movements.
CEEK Coin’s future depends on maintaining levels above $0.028 to avoid new lows.
FLOKI Coin’s potential surge is linked to closures above $0.000127.
XRP Coin could see further declines but remains a key player in a potential altcoin rally.
The expansion of AVAX’s blockchain fund reinforces its position in the RWA space.
Continual awareness of market dynamics and key price levels can guide investment decisions effectively.
The post first appeared on BH NEWS:
Bitcoin Faces Possible Drop Below $10,000 |
2024-08-23 | Analyst Warns Bitcoin May Drop Below $10,000
2024-08-23
You can also read this news on COINTURK NEWS: Analyst Warns Bitcoin May Drop Below $10,000
Bitcoin
(
BTC
) fell back to the $60,200 level at the time of writing, and altcoins are trimming their gains. Fed’s interest rate
cuts are now certain, with members indicating a 25, 50, and then 25bp cut, totaling a 100bp annual reduction priced in by the market. Fed members are aware of this pricing and are making statements that confirm it.
CEEK Coin Price Prediction
BTC’s price drop could push altcoins back into despair. However, as long as $60,000 is maintained, the process could turn into a trap for those looking for short-selling opportunities. Bears, who have been turning every peak into a selling opportunity for weeks, should be caught off guard in this or the next upward attempt.
CEEK Coin
is at $0.0304 and recently set an ATL level. Continuations above $0.028 could keep it from seeking new lows. On the other hand, $0.045 will be the target point in a possible rise.
FLOKI Coin Commentary
Closures above $0.0000967 reflect an appetite for a rise.
FLOKI Coin
is trying to surpass $0.000146 for further increases, but long upper wicks indicate profit-taking. For now, closures above $0.000127 show the potential for an upward jump still exists. Movement here may increase depending on
BTC price
performance.
XRP Coin Price Target
Having lost $0.6 again, XRP
Coin could drop to $0.58 and $0.56. Closures below $0.56 could lead to a drop to $0.5. Although the lawsuit excitement has subsided for now, the potential for increased volatility based on news flow continues. If a general rally starts in altcoins, we should see large market cap altcoins like
XRP Coin
leading it.
AVAX Price Commentary
Good news came
in succession today. Franklin, a $1.6 trillion asset manager, is highly active in the crypto space. Now, it has expanded its blockchain-based fund to the Avalanche network. This is a unique opportunity for
AVAX
to advertise in the RWA space. In the medium term, the story of competing with Ethereum in the RWA space could be supported by other players coming to the Avalanche network.
Grayscale’s trust was the second big news for AVAX today. Now, AVAX should aim for $32 with closures above $25.94, hoping for BTC’s price to remain strong.
The post first appeared on COINTURK NEWS:
Analyst Warns Bitcoin May Drop Below $10,000
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2024-08-23 | Market Maker DWF Labs Dumped Almost All Of This Altcoin It Bought A Year Ago To Binance At A Loss
2024-08-23
When onchain data is examined, it is seen that DWF Labs, one of the most well-known and at the same time most controversial market maker companies in the cryptocurrency market, has carried out some interesting transactions.
In transactions made in recent hours, 10.5 million CRV worth $3.48 million was sent to Binance from the company's over-the-counter (OTC) Curve Finance (CRV) address, which has not been monitored for nearly a year.
Related News: Big Bitcoin Bull Scaramucci Shares Predictions on When Bitcoin Price Will Rebound
This move was interpreted as the company preparing to sell CRV tokens obtained via OTC. With the emergence of a major crisis on Curve Finance in August 2023, CRV founder Michael Egorov sold CRV to 33 institutions and investors via the OTC method at a price of $ 0.40. A total of 159.4 million tokens were sold, of which 12.5 million were purchased by DWF Labs.
If DWF Labs had sold its other tokens, it would have lost $717,000 from the trade. At the time of writing, it is trading at $0.327.
*This is not investment advice.
Continue Reading: Market Maker DWF Labs Dumped Almost All Of This Altcoin It Bought A Year Ago To Binance At A Loss |
2024-08-23 | Journalist Nicknamed “FED Spokesperson” Shares Predictions About FED Chairman Jerome Powell’s Speech Today
2024-08-23
As Fed Chairman Jerome Powell prepares to deliver his highly anticipated speech at the Jackson Hole symposium today, the Fed is reportedly considering two different paths for monetary policy in the coming months, according to views shared by journalist Nick Timiraos, who is often considered the “spokesperson for the Fed.”
The Fed could opt for gradual rate cuts, cutting rates by a quarter point at each of its upcoming meetings and adjusting the pace depending on how the economy performs early next year, he said. But if the economy declines more sharply, the Fed could consider larger, half-point cuts to bring rates closer to 3% by spring 2024.
A major challenge, Timiraos said, is that the Fed typically has a high threshold for implementing larger rate cuts. Such a decision would require either a significant decline in economic data, as in 2001, or significant stress in credit markets, as seen in 2007. In previous cases, such as 1995, 1998 and 2019, the Fed took a more cautious approach, implementing a series of small quarter-point cuts.
Related News: Big Bitcoin Bull Scaramucci Shares Predictions on When Bitcoin Price Will Rebound
That creates what Timiraos called a “Catch-22” situation for the Fed. To accelerate rate cuts, officials need convincing evidence that current policies are overly restrictive. But by the time such evidence emerges, it may be too late to avoid a recession.
Powell’s speech will be closely analyzed for clues about whether the Fed is considering a shift in approach, balancing the need to curb inflation with the risk of rising unemployment. As market participants await guidance, Powell’s comments could point to how the Fed plans to navigate “the mountainside descent” of higher interest rates while trying to maintain economic stability.
*This is not investment advice.
Continue Reading: Journalist Nicknamed “FED Spokesperson” Shares Predictions About FED Chairman Jerome Powell’s Speech Today |
2024-08-23 | Bitcoin Poised for Breakout as $62K Resistance Weakens, Short Squeeze Looms
2024-08-23
Bitcoin is currently experiencing a pivotal moment as bullish sentiment grows, with traders eyeing a significant resistance level at $62,000. Recent market analysis suggests that Bitcoin is “ripe for a short squeeze,” indicating potential volatility as traders position themselves for a breakout from the current price range.
Over the past 24 hours, Bitcoin’s price has fluctuated within a narrow corridor, recently trading around $60,505. This volatility was influenced by revisions in U.S. employment data and insights from the Federal Reserve’s latest meeting, which initially propelled Bitcoin’s value upward. However, this rally was short-lived, with the price retreating to $59,500 before rebounding to around $61,000.
Data from CoinGlass highlights that total liquidations in the crypto market reached approximately $124 million within the last day, underscoring the market’s current instability. The liquidity at the $62,000 mark has been increasing, making it a crucial target for traders looking for a support-resistance flip.
Trader Crypto Feras noted that Bitcoin has tested the $62,000 level five times in the last two weeks, suggesting that repeated testing could weaken this resistance. He indicated that if this level is successfully flipped, the next target could be between $64,800 and $65,000.
Analyst Vetle Lunde from K33 Research pointed out that the conditions are favorable for a short squeeze, as open interest in Bitcoin perpetual contracts has surged by 30,000 BTC since August 13, coinciding with persistently low funding rates. The average weekly funding rates have reached their lowest since March 2023, which could signal a shift in market dynamics.
Additionally, the short-term holder realized price, currently around $65,000, is being closely monitored. This metric represents the average purchase price for investors holding Bitcoin for less than 155 days. Historically, this level serves as a support in bullish markets, and if short-term holders begin to realize profits, it could attract new investors to Bitcoin.
In summary, Bitcoin’s market is at a critical juncture, with key resistance levels being tested and market metrics suggesting the potential for significant price movements in the near future. |
2024-08-23 | Ethereum Funds Bleed Cash, Marking Record Outflows in the US
2024-08-23
Ethereum exchange-traded funds
(ETFs) in United States have experienced their longest streak of outflows. From August 15 to August 21, the funds lost $92.2 million over five consecutive days. This marks the most significant outflow period since the ETFs were launched on July 23.
Ethereum ETFs Face $158.6 Million in Outflows
In particular, the Grayscale Ethereum Trust (ETHE) is a major player in these outflows, as it saw a withdrawal of $158.6 million in the five days in question. Grayscale’s fund had redemptions daily except for the 12th of August, which showed that investors remained concerned.
Other ETFs, such as BlackRock’s iShares Ethereum Trust ETF
(ETHA) and the Fidelity Ethereum Fund (FETH), also saw some inflows. Still, the amount was not enough to counter the outflows.
Despite the big outflows, Grayscale Ethereum Trust has not made any outflows since its inception. It had a positive cash flow of $231.9 million during the period, which is a way of adjusting to the general situation. However, the total effect of outflows is that all the Ethereum ETFs have a net negative value of $458.5 million.
Bitcoin ETFs Secure $17.5B Despite GBTC Outflows
That said, while Ethereum ETFs
limp along, Bitcoin ETFs in the US are remarkably stable. Starting their operations in January 2024, Bitcoin ETFs have attracted $17.5 billion worth of net investment inflow. This is despite the Grayscale Bitcoin Trust (GBTC) seeing outflows of $19.6 billion.
On August 20, the ETFs attracted $88 million in capital, the most in two weeks. IBIT, BlackRock’s iShares Bitcoin Trust, added $55.4 million in fresh investments, which took the total investments since January to $20.5 billion.
Ethereum ETFs Struggle as Bitcoin Maintains Stability
The performance of Ethereum and Bitcoin ETFs shows that investors’ attitudes and global trends are different. Although there has been a decline in inflows in the last few weeks, the interest of big names such as BlackRock and Fidelity
in Ethereum ETFs suggests a long-term focus.
However, short-term consequences arising from the volatility of the market and uncertainty of the regulatory environment have caused many withdrawals.
On the other hand, investors inflow into Bitcoin ETFs points to the original cryptocurrency as the preferred choice during volatile periods. As Ethereum ETFs continue struggling through these challenges, the market will be keen to see whether they can regain investor trust and return to the upward trend.
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2024-08-23 | Bitcoin is holding $60K — Here’s why it’s important
2024-08-23
Bitcoin (BTC
) gained 4% between Aug. 21 and Aug. 22, and despite losing some momentum, it has sustained the $60,000 support. Some analysts argue that a break above the $62,000 resistance is necessary to confirm a bullish trend. However, given the market’s confidence in the United States Federal Reserve (Fed) implementing expansionary measures, the odds still favor Bitcoin bulls.
Bitcoin’s fundamentals and spot ETF flows remain solid
Bitcoin analyst and investor Decode believes that BTC's price must break above the 200-day moving average, especially at the monthly close, to “resume the bull trend.”
Source:
decodejar
However, Decode adds that Bitcoin “seems to have lost momentum for now, [...] so, August - September looks most likely a continuation of the boring zone, but I am bullish on Q4 and ready to be surprised.”
In essence, investors remain bullish for the medium term but do not foresee an immediate catalyst to close the gap between Bitcoin and traditional markets.
Investors anticipate that the Federal Open Market Committee (FOMC) will cut interest rates
at the next meeting scheduled to conclude on Sept. 18. Some economists believe there is potential for a 0.50% rate cut, which would be considered aggressive and typically favorable for risk-on markets.
Such a cut would lower the compensation for fixed-income investments like US Treasuries and reduce the cost of capital for companies. Even a 0.25% rate cut would signal to the market that the most severe phase of monetary tightening is behind us.
Bitcoin (blue) vs. gold (orange) vs. S&P futures (red). Source: TradingView
Some traders might note that the S&P 500 is trading just 1% below its all-time high, and even gold, often considered the world’s most reliable store of value, reached its highest-ever mark on Aug. 20. In contrast, Bitcoin remains 16% below its June 2024 historical high of $71,943. This discrepancy partly stems from differing risk perceptions. Stocks offer a cushion through dividends and strong balance sheets, while gold is viewed as a hedge.
Meanwhile, Bitcoin continues to struggle to establish itself as an uncorrelated asset that serves multiple purposes. For example, global gold ETFs hold $246.2 billion in assets under management, according to gold.org, while spot Bitcoin instruments, including ETFs and ETNs, total $66.6 billion, according to CoinShares. Despite Bitcoin’s intrinsic properties of censorship resistance and a fixed monetary policy, it still has a long way to go to solidify its presence in traditional financial markets.
This disparity in risk perception explains why gold’s rise to $2,531 was not mirrored in Bitcoin's performance. While investors are certainly concerned about the US government’s fiscal debt and are seeking protection in scarce assets, most are not yet ready to fully embrace an independent digital currency. However, recent inflows into spot Bitcoin ETFs
suggest a promising path forward. These instruments captured $226 million in net inflows during the four trading days ending Aug. 21, indicating growing interest once initial barriers are overcome.
Related:
Crypto firms contributed 48% of all corporate political donations in 2024: Report
Bitcoin could benefit from a constructive regulatory approach
In addition to macroeconomic trends, the cryptocurrency industry is seeing a more favorable outlook as the US presidential elections in November approach. Candidates have strong incentives to publicly support the digital finance industry, regardless of their actual intentions. An Aug. 21 Bloomberg report indicated that the Democratic presidential nominee Kamala Harris has reportedly pledged to support
the continued growth of the crypto industry.
Ultimately, as long as US employment and inflation data remain neutral to positive, the likelihood of a less stringent monetary policy from the Fed increases. This could help reduce government spending on debt repayment, but it may also weaken the domestic currency as investors seek better fixed-income opportunities elsewhere. Consequently, Bitcoin's prospects for breaking above $62,000 before year-end remain solid.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. |
2024-08-23 | Big Bitcoin Bull Scaramucci Shares Predictions on When Bitcoin Price Will Rebound
2024-08-23
SkyBridge Capital founder and managing partner Anthony Scaramucci shared his thoughts on Bitcoin and the general cryptocurrency landscape during an interview on CNBC's Squawk Box.
Scaramucci expressed optimism about Bitcoin’s future, particularly in late 2024. He noted that the “oversupply” appears to be decreasing, which is a positive sign for Bitcoin’s price. Scaramucci also touched on the ongoing comparison between Bitcoin and gold, acknowledging that while gold has risen 30% in the past two years, Bitcoin has remained relatively stable. However, he argued that Bitcoin is still in its early stages as a technological innovation rather than just a store of value. He suggested that as adoption increases, with potentially over a billion wallets in use, Bitcoin could solidify its position as a store of value.
Scaramucci also highlighted the transformative potential of Bitcoin and other Layer 1 technologies to revolutionize payment systems and reduce transaction costs. Drawing analogies to past technological advances in telecommunications, Scaramucci believes Bitcoin will follow a similar path, increasing efficiency and becoming more integrated into the financial system.
Related News: Tomorrow is Critical: Standard Chartered Shares Latest Expectations Ahead of Powell's Speech Tomorrow
The impact of spot Bitcoin ETFs on the market was also discussed. Scaramucci believes that regulatory approval for these ETFs makes it safer for institutional investors to enter the crypto space. Firms like Morgan Stanley now allow financial advisors to solicit Bitcoin investments; this shift was fueled by the successful launch of spot Bitcoin ETFs like BlackRock’s, which raised $23 billion in assets, making it the most successful ETF launch in history.
While some expected Bitcoin to reach higher price levels by now, Scaramucci noted that regulatory challenges and market volatility have delayed its rise. However, he remains confident that Bitcoin will eventually reach the $100,000 mark.
Related News: Tomorrow is Critical: Standard Chartered Shares Latest Expectations Ahead of Powell's Speech Tomorrow
Scaramucci noted that about 65% of recent inflows have gone into spot Bitcoin ETFs, with the remaining 35% going directly into Bitcoin. The trend is being driven by the increasing ease of buying Bitcoin through ETFs and storing it in brokerage accounts. He also pointed to Wall Street’s potential as a “sales machine” that has yet to fully capitalize on the Bitcoin market.
On the regulatory front, Scaramucci addressed the evolving political stance on cryptocurrencies. While former President Donald Trump initially criticized Bitcoin, there has been a shift in his position reflecting broader changes in the political landscape. Referencing Senate Majority Leader Chuck Schumer’s recent comments about the possibility of passing crypto legislation by the end of 2024, Scaramucci suggested that bipartisan support for crypto regulation could grow as we move closer to 2025 and 2026.
*This is not investment advice.
Continue Reading: Big Bitcoin Bull Scaramucci Shares Predictions on When Bitcoin Price Will Rebound |
2024-08-23 | Bitcoin Exchange Inflows Plummet in August Despite Sell-off Speculation
2024-08-23
Data from August 20, shows 31,000 BTC transferred to exchanges.
Experts have argued about the possible effects of the Mt. Gox distribution.
Bitcoin exchange inflows, defined as the total amount of Bitcoin
delivered to exchanges, have declined sharply since early August, notwithstanding transfers from the Mt. Gox bankruptcy estate and concerns of a US government sell-off.
Almost 94,000 Bitcoin were delivered to exchanges on August 4, followed by about 49,000 Bitcoin on August 5, and about 51,000 Bitcoin sent to exchange wallets on August 6, according to statistics from CryptoQuant
.
The other days of the month saw a decline in exchange inflows; the most current data, from August 20, shows 31,000 BTC transferred to exchanges, suggesting less selling pressure in the market.
Sell-off Speculation
Moreover, for the first transaction in over three weeks, the now-defunct Mt. Gox
exchange sent 12,000 BTC, worth almost $709 million, to wallets that remain unknown as of August 20. Arkham Intelligence
reports that 44,899 BTC, or over $2.7 billion, are still held in wallets linked to the Mt. Gox exchange.
For weeks, experts have argued about the possible effects of the Mt. Gox distribution. According to recent statistics, creditors of Mt. Gox are still hanging on to their Bitcoin. And have not sold off a large amount of it.
Furthermore, after the US government sent 10,000 Bitcoin to an anonymous wallet address on August 14, speculation about a possible sale by the government started circulating. This US government transaction was just as high-profile as the previous one involving Mt. Gox.
The move may not necessarily mean that the Bitcoin is going anywhere, however, as several experts have pointed out. It is not always the case that the US government intends to sell its Bitcoin holdings. The move may be related to custody.
Highlighted Crypto News Today:
Cardano Prepares For Chang Hard Fork: Can ADA Make a Comeback? |
2024-08-23 | Bitcoin Upgrade OP_CAT Isn’t All It’s Cracked Up To Be, Argues BitVM Creator
2024-08-23
Bitcoin’s developer community has spent several months singing the praises of OP_CAT – a proposed soft fork change that many believe is Bitcoin’s next evolution.
BitVM
creator Robin Linus has his reservations, however, publishing an article on Thursday debunking perceived misconceptions about the widely touted change.
Is OP_CAT the Future of Bitcoin?
The developer’s post – titled “Prevent the CATastrophe
” – argued that OP_CAT can introduce risks to Bitcoin that proponents tend to downplay. “My goal isn’t to argue for or against op_cat, but to debunk these misconceptions and steer the discussion toward a more fact-based, rational analysis,” he wrote.
One includes the introduction of new programs that could greatly alter the incentives of Bitcoin miners, and the security of the entire network.
“The design space for op_cat-based DeFi applications on Bitcoin is largely unexplored, and we cannot foresee all the innovations that might emerge and how they affect MEV (maximal extractable value),” said Linus.
OP_CAT is an old Bitcoin opcode that was initially created to combine – or “concatenate” – two pieces of data. It was removed by Satoshi Nakamoto in 2010 due to security concerns, but was reintroduced in 2023 through BIP 347
as a way to let it handle more complex data structures, like Merkle trees, and enhance its functionality substantially.
On the other hand, many value Bitcoin’s simple code and resistance to change as a beacon of its security and purity. As such, OP_CAT supporters often point to how the change only involves 10 lines of new code, and simply reintroduces old tech – thus minimizing its attack vectors.
“The fact that you might not immediately exploit these 10 lines does not mean that op_cat won’t interfere with the broader system and its incentive structures,” countered Linus. “Since it’s impossible to predict all the consequences of activating op_cat, we cannot confidently assert its safety.”
Covenants on Bitcoin?
One of OP_CATs most touted benefits is its ability to introduce covenants (conditional payments) to Bitcoin. Linus argued that OP_CAT-based covenants would be “inefficient in terms of block space and transaction fees,” and that other opcode proposals would be better suited to this purpose.
In a message to
CryptoPotato
, popular OP_CAT supporter Bob Bodily – co-founder and CEO of Bioniq – agreed with Linus on his particular criticism regarding covenants. “There are better covenants proposals (CTV) that got violently shut down in the past few years, whereas CAT has broader Bitcoin ecosystem support,” he added.
One of the most popular proposed covenants use cases would be to enable trustless Bitcoin bridges, letting Bitcoin moving to other blockchains and L2 networks in a truly decentralized way. Rather than depending upon this, Linus and several colleagues recently published the “BitVM2” whitepaper, which outlines a method for creating trust-minimized Bitcoin bridges without any changes to Bitcoin Core
.
According to Bodily, however, OP_CAT is a “lower level primitive” offering far more than just covenants – including functionality that would help Linus’s creation.
“Take the BitVM model (or BitVM2) and CAT makes it significantly better,” he wrote. “More efficient. Cheaper. More flexible. I don’t know why Robin is coming out openly against CAT like this because it would make everything he is doing better.”
The post Bitcoin Upgrade OP_CAT Isn’t All It’s Cracked Up To Be, Argues BitVM Creator
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. |
2024-08-23 | Magic Eden Adopts $ME Token for Cross-Chain Digital Trading
2024-08-23
ME Foundation has announced the launch of its new $ME token, designed to support cross-chain protocols for digital asset trading. The token will be adopted by Magic Eden, the leading Bitcoin decentralized application (dApp) and NFT platform, as its ecosystem token.
The move positions $ME as a key player in the evolving digital ownership landscape, with the potential to drive significant shifts in on-chain behavior.
Magic Eden, originally launched as a Solana NFT platform, has quickly established itself as a major force in the digital asset space.
Source: Twitter
The platform has surpassed $6 billion in total trading volume, dominating both the NFT market, with over 60% of all NFT revenue, and the Bitcoin market, handling more than 80% of Ordinals and Runes trade volume.
Runes, now the most popular Bitcoin fungible standard, accounts for over 60% of all Bitcoin transactions.
The integration of $ME into Magic Eden’s ecosystem is expected to enhance user engagement, particularly as the platform expands its mobile capabilities through the Magic Eden Wallet.
The wallet, which already enjoys over 250,000 monthly active users, offers features like native cross-chain swaps and digital asset management.
Users will benefit from $ME rewards, incentivizing them to engage with the platform and use the open-source protocols adopted by ME Foundation.
As the NFT and digital ownership ecosystem continues to grow, other third-party dApps are likely to follow Magic Eden’s lead and adopt $ME. The token will be exclusively claimable through the Magic Eden Wallet, though it will not be available in certain jurisdictions, including the United States.
According to ME Foundation Director Matt Szenics, $ME represents the future of consumer dApps across all major chains. He emphasized the token’s potential to resonate with crypto retail users and its importance in a mobile-first experience.
Szenics suggests that the era of single-chain maximalism is coming to an end, with $ME leading the charge toward a more integrated, cross-chain digital asset ecosystem.
ME Foundation expects the launch of $ME to drive major shifts in how users interact with digital assets, particularly in mobile-native environments. The token’s integration with Magic Eden’s expanding platform underscores its potential to become a central component of the digital ownership ecosystem.
Also Read: Simon’s Cat Official Token $CAT Now Live and Trading |
2024-08-23 | Bitcoin & Crypto Stocks To Rally On Donald Trump’s Market Backing, Expert Says
2024-08-23
Fundstrat’s Tom Lee says that the financial markets becoming more convinced of Donald Trump’s win in the United States election will lead to a growth in Bitcoin and related crypto stocks. Donald Trump has pledged support to Bitcoin moving away from the present phase. Industry stocks remain tied to the performance of Bitcoin, altcoins, and other blockchain developments.
Donald Trump’s Lead Could Rally Market
Tom Lee hinted that the market believes Donald Trump’s numbers are higher than the polls. In a recent CNBC interview, the financial expert noted that if the market becomes more convinced of a Trump win, it will spark an effect in Bitcoin and crypto stocks. The U.S. elections continue to shape the financial markets with candidates rolling out their economic policies.
“
The markets are believing Trump’s probabilities of winning are stronger than what the polls are showing, but I think that when the market becomes more convinced of that, you’ll see cyclical, small caps, and bitcoin do better because those are clear policy differences.”
The Fundstat’s co-founder added the past couple of days signals the market might be betting on a Trump win. Bitcoin is projected to perform better due to Trump’s support for the market leader and recent leanings to the industry. The crypto market has longed for regulatory clarity amid the bottleneck enforcement approach by the Securities and Exchange Commission (SEC) leading to a plethora of lawsuits against digital asset firms.
“The markets are believing Trump’s probabilities of winning are stronger than what they’re showing,” says @fundstrat
Tom Lee. “When the market becomes more convinced of that, you’ll see cyclicals, small caps, and bitcoin do better because those are clear policy differences.” pic.twitter.com/AwGDVE9eM1
— Squawk Box (@SquawkCNBC) August 22, 2024
Crypto Stocks See Lifeline
Crypto stocks ignited upward price movements after the approval of spot Bitcoin ETFs in the United States. As Bitcoin and crypto assets rallied to new highs in Q1, industry stocks notched similar gains. Market commentators say the next bullish phase could be linked to rate cuts and the U.S. elections.
At press time, stocks are in the red zone with
Coinbase stock price
trading at $199.22, a 3.4% decline today while
MicroStrategy (MSTR) price
stands at $135, falling 4.48%. Bitcoin mining stocks have also witnessed a decline in the same period. Amid the status quo, Bitcoin miners
plan new acquisitions
to bolster performance.
The post Bitcoin & Crypto Stocks To Rally On Donald Trump’s Market Backing, Expert Says
appeared first on CoinGape
. |
2024-08-23 | Justin Sun’s USDD Removed 12,000 BTC Without DAO Approval
2024-08-23
USDD
, the algorithmic stablecoin on Tron supposedly governed by the TRON DAO Reserve, has removed approximately 12,000 Bitcoin (BTC) from its collateral, despite the DAO not approving the change.
The coin was originally planned to be a Terra rip-off promoted by Justin Sun, however, ambitions to integrate it into the core of TRON were abandoned following the ignominious failure of Terra-Luna.
Previously, the USDD transparency page included approximately 12,000 BTC in 1KVpuCfhftkzJ67ZUegaMuaYey7qni7pPj; however, that address is no longer included.
Despite Sun and USDD’s frequent claims that it is governed by a decentralized autonomous organization (DAO), there are no governance votes that seem to correspond to this change.
There has actually only been one vote in the entire history of the DAO, back in May 2023, when a vote was held to allow USDD to use ‘burned’ TRX for the stablecoin. This suggests that neither Sun or USDD understand what ‘burned’ means.
USDD has had other issues surrounding its collateral, including storing a significant quantity at HTX, despite not consulting with the so-called DAO.
USDD has a total supply of approximately $744 million, making it larger than TrueUSD, Tether Gold, and the inspiration for the system, Terra Classic.
The ‘Peg Stability Module’ for the token, which enables users to easily swap it for other stablecoins, is nearly drained, holding $19 million USDT, 0 USDC, 0 TUSD, and 0 UDSJ.
Protos has reached out to USDD for comment on these issues but has not received a response at time of publication. |
2024-08-23 | Here’s what happened in crypto today
2024-08-23
Grayscale launched a new investment fund for Avalanche’s native token, AVAX, while spot Ether exchange-traded funds (ETFs) have recorded their longest period of outflows since launching. Meanwhile, scammers made off with $700,000 after hacking the official Instagram account of McDonald’s to shill a memecoin called Grimace.
Grayscale launches AVAX fund
Digital asset manager Grayscale Investments has launched a new investment fund for Avalanche’s AVAX (AVAX
) cryptocurrency.
According to the Aug. 22 announcement, the Grayscale Avalanche Trust
will provide investors with the opportunity to gain exposure to the “three-chain smart contract platform designed to simultaneously optimize for scalability, network security, and decentralization.”
The trust will also give investors exposure to Avalanche’s “advancement of RWA tokenization,” said Rayhaneh Sharif-Askary, Grayscale’s head of product and research.
Grayscale operates more than 20 investment funds. Source: Grayscale
Grayscale is the world’s largest digital asset manager, with more than $25 billion in assets under management. It recently launched a trust
to invest in MakerDAO’s MKR (MKR
) token. It also operates the Grayscale Bitcoin Trust and the Grayscale Ethereum Trust.
Spot Ether ETFs record longest outflow streak amid drying investments
United States-based spot Ether (ETH
) 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 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 to 21.
McDonald’s Instagram hackers net $700,000 shilling memecoin
Scammers who hacked the official McDonald’s Instagram
page on Aug. 21 made off with over $700,000 of SOL (SOL
) tokens after using the fast food giant’s social media page to promote and rug a memecoin called Grimace.
According to screenshots shared
on X, the McDonald’s Instagram page made a series of posts promoting a sham token based on the fast food chain’s purple mascot, Grimace, saying the memecoin was a “McDonald’s experiment on Solana.”
Screenshot of the McDonald’s Instagram promoting Grimace token. Source: X
The hackers used Solana memecoin deployer Pump.fun to snap up 75% of the total circulating supply of the Grimace token before splitting it between roughly 100 different wallets. The attackers netted roughly $700,000 worth of ill-gotten gains denominated in SOL, said
blockchain analytics firm Bubblemaps.
The value of the sham Grimace memecoin rallied from a market capitalization of a few thousand dollars to as high as $25 million within 30 minutes before plummeting as low as $650,000 after the hackers began dumping their tokens. |
2024-08-23 | Will Bitcoin Maintain Its Gains?
2024-08-23
You can also read this news on BH NEWS: Will Bitcoin Maintain Its Gains?
Bitcoin (BTC) recently pulled back to $60,000 after approaching the $62,000 mark. Despite this retreat, the price is holding steady around $60,500. Analysts suggest that if Bitcoin remains above the $60,000 level, we could see further increases in altcoins. Additionally, interest rate
cuts and the completion of Mt Gox refunds are factors supporting positive expectations for the last quarter of the year.
What is the Future for LUNA Coin?
LUNA Coin showed a potential rise when it attempted to reach $0.358, but Bitcoin’s pause halted this momentum. Should LUNA Coin exceed $0.413 and close above it, it could test the support at $0.551 within the parallel channel. However, the current market environment does not favor speculative increases. If negative sentiment grows, LUNA Coin might drop below $0.251.
When Will Solana See a Breakout?
Solana
(SOL) retraced to $143 after a recent attempt at $122. The price is currently supported at $136, with a key acceleration threshold at $148. Daily closes above this level could propel SOL Coin to the $162-$188 range. Conversely, a sharp BTC decline might push SOL back to the $122-$116 support range or even test $98. The fading interest in Solana’s ETF could impact its medium-term growth prospects.
Key Insights and Predictions
Here are some valuable takeaways for investors:
Bitcoin’s stability above $60,000 could indicate further altcoin gains.
LUNA Coin needs to surpass $0.413 for a bullish trend.
Solana’s support levels are crucial for monitoring potential dips.
CHZ Coin faces challenges, with a critical support level at $0.059.
CHZ Coin’s Struggle Continues
CHZ Coin has faced significant challenges this year, largely due to persistent BTC sales. These difficulties have eroded interest, evident from the violation of base support. Despite this, rising fan token interest towards the middle of sports leagues might provide a medium-term opportunity for CHZ. Short-term prospects remain bleak, with closes below $0.059 seen as negative. If CHZ can break past this, it might test the $0.07 level again.
In conclusion, the cryptocurrency market remains highly volatile with Bitcoin’s performance playing a critical role in the movement of altcoins. Investors should closely monitor key support and resistance levels for informed decision-making.
The post first appeared on BH NEWS:
Will Bitcoin Maintain Its Gains? |
2024-08-23 | BlockDAG Dev Release 101: Tackling JSON Issues, Deep Linking, Optimized Explorer & Devnet Ready to Roll
2024-08-23
“Crossing the digital divide with ease,” BlockDAG’s 101st developer release brings some handy updates. The team worked hard on the X1 Miner app, tackling everything from resolving pesky JSON file issues to introducing deep linking within the referral module. They’ve even made the password reset process smoother and more secure.
At the same time, they’ve optimised the
BlockDAG
Explorer for faster data access and clearer UTXO visibility. To top it off, the upcoming Devnet launch offers users an early chance to explore and test the network’s core features. These updates collectively showcase BlockDAG’s commitment to enhancing user experience and system performance, setting the stage for a more seamless and efficient blockchain experience.
X1 App Advancements
The recent 101 dev release highlights the improvements in the X1 app. The team has been facing challenges with JSON file accessibility on the BlockDAG website, but these issues have been resolved, enhancing site functionality and user experience.
Deep linking in the referral module simplifies rewards. Users sharing a referral link sends new users directly to the X1 app’s download page. The app automatically applies the referral code during sign-up, ensuring rewards are given to both the referrer and the referred. Existing users are taken straight to their referral status, while web users are directed to a landing page and prompted to download the app if needed.
Password Functionality Enhancement
Previously, BlockDAG found some hiccups in the “Forgot Password” process of the X1 Miner App. Users were having a tough time with a scattered password reset experience, accessible from various parts of the app. To tackle this, BlockDAG has designed a new screen that streamlines the entire process, making it consistent and user-friendly across the platform.
The design for this unified screen is all set, and the team is now busy developing it. They’re putting it through thorough tests to ensure everything works smoothly and securely. Once it passes these tests, external stakeholders will review it and give their approval. This update is about making password reset easy and boosting security, ensuring a better experience for everyone using the app.
Optimising BlockDAG Explorer for Faster Data Access
Shifting from the X1 Miner app, BlockDAG is now enhancing the BlockDAG Explorer to keep it fast and reliable. The team faced various issues, including delays fetching UTXO transaction data during peak times, which could slow down user page loads. They also noticed that some API endpoints, especially those providing block details, were slow under heavy traffic, potentially impacting user experience when it mattered most.
To tackle these problems, the QA team actively collaborates with developers to make several improvements. They’re optimising database queries and enhancing cache management to speed things up. Additionally, they’re upgrading the overall architecture to handle large volumes of data more efficiently.
Simplifying UTXO Data Visibility for Transactions
Another development in
Dev Release 101
focuses on improving the UTXO Dashboard in the BlockDAG Explorer. The team is tackling one of the toughest challenges: clearly showing data on this dashboard.
Unlike the simpler Ethereum model, where transactions usually involve just one input and one output, the UTXO model used by Bitcoin and BlockDAG can have multiple inputs and outputs in a single transaction. This happens because UTXO systems use existing outputs as inputs to create new ones, leading to more complex transactions.
For instance, if a user has several small unspent outputs (like “coins”) from previous transactions, these are combined as multiple inputs to send a larger amount. If the inputs add up to more than what’s being sent, a “change” output returns the difference to the sender, adding another layer to the transaction.
The UTXO model allows batch transactions, where multiple recipients can be included in a single transaction, saving on fees and improving efficiency. The team is working hard to make this complex data easy to understand on the dashboard so users can easily manage and track their transactions.
BlockDAG Devnet: Early Access and Testing
BlockDAG is about to launch its Devnet, allowing the community to explore its core features firsthand. Users will soon be able to test transactions, deploy smart contracts, and interact with the blockchain within a secure, controlled environment.
This Devnet represents an important step in advancing BlockDAG toward wider adoption. It creates a practical space for developers and enthusiasts to engage directly with the technology. This environment will allow participants to identify potential issues, experiment with various functionalities, and contribute to the network’s development before its full-scale release.
To Wrap Up!
As BlockDAG rolls out its 101st dev release, the platform takes another step forward with key updates that enhance functionality and user experience. With improvements to the X1 app, a faster BlockDAG Explorer, clearer UTXO data, and the upcoming Devnet launch, this release highlights BlockDAG’s commitment to continuous progress.
As the project enters presale batch 22 with a price of $0.0178, these updates collectively set the stage for a more efficient and streamlined blockchain experience, hinting at an optimistic future for the project.
Discover More About BlockDAG:
Website:
https://blockdag.network
Presale:
https://purchase.blockdag.network
Telegram:
https://t.me/blockDAGnetworkOfficial
Discord:
https://discord.gg/Q7BxghMVyu
|
2024-08-23 | Mt. Gox Dump vs Incoming Rate Cuts🚀Crypto Market Update
2024-08-23
Bitcoin and the broader cryptocurrency market are facing several key factors that could influence their trajectory in the coming months. One notable development is the movement of 12,000 Bitcoin worth approximately $700 million by Mt. Gox, the defunct cryptocurrency exchange. This transfer, along with similar moves by other entities, has sparked speculation about potential market impacts and the nearing completion of repayments to Mt. Gox creditors.
Meanwhile, economic indicators are presenting a mixed picture that could affect both traditional and crypto markets. Goldman Sachs has cautioned Bitcoin bears, suggesting they may be overly pessimistic given revised US jobs data. The Bureau of Labor Statistics has adjusted job growth figures, indicating weaker growth than previously reported. This, coupled with an uptick in the unemployment rate and a record number of Americans working multiple jobs, paints a complex economic landscape that investors are closely monitoring.
The strength of the US dollar is another critical factor. The Dollar Index (DXY) has fallen to its lowest level in 2024, which is generally considered bullish for cryptocurrencies. This weakening of the dollar comes amidst ongoing debates about inflation and the Federal Reserve's monetary policy. The recent Federal Open Market Committee (FOMC) minutes revealed that a majority of commissioners view a rate cut in September as likely appropriate, potentially signaling a shift in the economic environment.
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In the realm of digital assets, Ethereum's position remains strong despite concerns about its performance relative to Bitcoin. Coinbase has dismissed fears of Ethereum's demise, emphasizing the potential for application-based utility to drive demand. The growth of Layer 2 solutions on Ethereum, such as Polygon, is seen as a positive indicator for the ecosystem's continued development and scalability.
The upcoming US presidential election is also being closely watched for its potential impact on cryptocurrency markets. Historical patterns suggest that Bitcoin's price could see significant movement in the lead-up to and following the election. However, the current political landscape differs from previous cycles due to the increased prominence of cryptocurrency issues in policy discussions and campaign platforms.
As the market navigates these various factors, experts continue to emphasize the importance of diversification and staying informed about both macroeconomic trends and crypto-specific developments. With narratives and sentiment playing crucial roles alongside technical indicators, investors are advised to maintain a balanced and well-researched approach to their cryptocurrency strategies.
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2024-08-23 | MAJOR Bitcoin News: Bitcoin Price SURGE Expected At This Level
2024-08-23
In recent weeks,
Bitcoin
has been locked in a narrow trading range, leaving investors and traders anxious for a breakout. With it hovering below critical resistance levels, experts suggest that the market conditions are ripe for significant price movements. This article explores the current state of Bitcoin and Ethereum, highlighting key levels to watch and potential market trends.
Bitcoin Price Analysis: A Blend of Mixed Signals
1- BTC Price Testing Resistance at $62K
Bitcoin price
has been volatile, fluctuating within a tight range as it tests key resistance levels. On August 22, BTC reached $61,000, only to fall back to $59,500 shortly after, shaking out late long positions. Data from TradingView reveals that this price action was influenced by U.S. employment data and the Federal Reserve’s latest meeting minutes.
By TradingView - BTCUSD_2024-08-22 (1D)
The $62,000 level has emerged as a crucial resistance point, with increasing ask liquidity turning it into a key target for a potential support flip. Notably, Bitcoin has tested this resistance five times in the past two weeks, leading some traders to believe that a breakthrough is imminent. As one trader has noted, “
The more it is tested, the weaker it gets
”
Adding to the anticipation is the rising open interest in Bitcoin’s perpetual futures contracts, combined with consistently negative funding rates. A senior analyst at K33 Research, pointed out that these factors could fuel a “short squeeze,” potentially driving prices higher.
2- Bitcoin Megaphone Pattern Signals Potential for Volatility
Some renowned trading experts have identified a “megaphone” or “expanding triangle” pattern on Bitcoin’s weekly and daily charts. This pattern, characterized by wider price swings, often indicates that the market is preparing for a major move, either up or down. Despite this, they caution that no clear trend has emerged yet for Bitcoin, emphasizing that the market could still go either way.
By TradingView - BTCUSD_2024-08-22 (5D)
In addressing questions about Bitcoin’s long-term uptrend, many dismissed the significance of diagonal resistance lines and suggested that a
break above the $74,000 horizontal resistance
would be the most indicative of a sustained rally.
Ethereum Price Analysis: Caution Below $3,050
Ethereum
from his end, has mirrored Bitcoin’s
recent struggles.
By TradingView - BTCUSD_2024-08-22 (1M)
By TradingView - ETHUSD_2024-08-22 (1M)
After plunging to $2,197 earlier this month, ETH has been unable to regain the $3,000 mark, with its price hovering around $2,590 and falling back below. Analysts identify $3,050 as a critical resistance level for Ethereum, noting that the altcoin will not exhibit bullish strength until it breaks and closes above this threshold. Until then, Ethereum is likely to remain under bearish pressure, with further declines possible if the resistance holds.
As
Bitcoin and Ethereum
continue to test critical resistance levels, the market appears poised for a significant move. Traders and investors should closely monitor key levels—
$62,000 for Bitcoin and $3,050 for Ethereum
—as breakthroughs could signal the beginning of a new bullish trend. However, the potential for further downside remains, underscoring the importance of cautious and informed trading strategies. |
2024-08-23 | Trump Endorses Bitcoin! Is This the End of Traditional Banking?
2024-08-23
Donald Trump promotes “The Defiant Ones” crypto project as a counter to traditional banks on Truth Social platform.
Initially skeptical of cryptocurrencies, Trump now embraces Bitcoin, positioning it as a strategic U.S. reserve asset.
Donald Trump has recently amplified his engagement with the cryptocurrency sector, promoting a family crypto project named “The Defiant Ones.” He
positions
this venture as an alternative to traditional banking, advocating for what he describes as financial liberation from the control of large financial institutions.
Source: Truth Social
This marks a pivot from Trump’s previous stance on cryptocurrency, which he once dismissed as a “scam against the dollar” in 2021. His
recent communications
, however, show a notable shift, as he actively endorses Bitcoin and positions it as a strategic component of the United States’ financial reserves should he return to the presidency.
Trump’s promotion of “The Defiant Ones” occurred on his social platform, Truth Social, where he linked to the project’s Telegram channel and encouraged followers to take a stand against the financial elite.
His post swiftly garnered attention, significantly increasing the Telegram channel’s following, reflecting his substantial influence on public discourse and sentiment.
Moreover, this engagement with the crypto world coincides with
Trump’s campaign
, as he currently leads over Kamala Harris in prediction markets for the upcoming presidential election.
Over 3 million people have already voted in Elon Musk's recent poll on 𝕏, with Donald Trump leading by 76%, pic.twitter.com/lS9RpHpJIN
— DogeDesigner (@cb_doge) August 21, 2024
This maneuver not only highlights his strategic pivot towards embracing digital finance but also aims to resonate with a voter base that is increasingly skeptical of conventional financial institutions.
However, involvement in cryptocurrency is not without its challenges. The Defiant Ones team has issued warnings about potential scams and emphasized the importance of vigilance among its community members, signaling the complexities and risks associated with the rapidly evolving crypto market.
As Trump integrates cryptocurrency into his
political and financial rhetoric
, he underscores a growing trend of political figures engaging with digital currencies to appeal to the electorate’s evolving preferences, especially among those who favor innovation and autonomy in their financial dealings.
As of the latest update,
Bitcoin (BTC)
is trading at
$60,293 USD
, showing a
decrease of
1.42%
for the day. The price of Bitcoin has seen significant volatility, with a
10.76%
decline
over the past month. However, it has still gained 42.68% year-to-date and 131.47% over the past year.
The post Trump Endorses Bitcoin! Is This the End of Traditional Banking?
appeared first on ETHNews
. |
2024-08-23 | Bitcoin exchange inflow has fallen sharply in August — CryptoQuant
2024-08-23
Despite transfers from the Mt. Gox bankruptcy estate and worries of a United States government sell-off, Bitcoin exchange inflows — the total amount of BTC sent to exchanges — have dropped significantly since early August.
According to data from CryptoQuant, nearly 94,000 Bitcoin (BTC
) was transferred to exchanges on Aug. 4, followed by approximately 49,000 BTC sent to exchanges on Aug. 5, and roughly 51,000 BTC deposited to exchange wallets on Aug. 6.
Bitcoin exchange inflow. Source: CryptoQuant
Exchange inflows trended down for the rest of the month, with the most recent data for Aug. 20 showing 31,000 BTC sent to exchanges and indicating reduced selling pressure in the market.
Mt. Gox shifting funds contributing to selling pressure?
On Aug. 20, Mt. Gox moved 12,000 BTC
, valued at roughly $709 million, to unknown wallets, marking the first time the defunct exchange has shifted funds in more than three weeks. According to data from Arkham Intelligence, wallets associated with the Mt. Gox exchange still hold 44,899 BTC, valued at roughly $2.7 billion at the time of writing.
Current Mt. Gox holdings. Source: Arkham Intelligence
The potential impact of the Mt. Gox distribution has been hotly debated by analysts for weeks. Recent data indicates that Mt. Gox creditors are generally holding their Bitcoin
, and a mass sell-off from the creditors has not taken place.
Related:
Bitcoin ‘ripe for short squeeze’ as bulls pressure $62K BTC price wall
Bitpanda deputy CEO Lukas Enzersdorfer-Konrad explained to Cointelegraph that this could be explained by the demographics of the Mt. Gox creditors, who represent early adopters of the decentralized tech and waited 10 years for their reimbursement.
Rumors of US government sell-off
Rumors of a potential US government sell-off began to circulate after the government shifted 10,000 BTC
to an unmarked wallet address on Aug. 14. Like the recent Mt. Gox transfer, this US government transaction marked a high-profile transfer.
However, some analysts correctly pointed out that the transfer may not indicate
plans to offload the Bitcoin. Ryan Lee, chief analyst of Bitget Research, recently told Cointelegraph that the transfer of Bitcoin could be custody-related and does not necessarily mean that the US government plans to sell those holdings.
Magazine:
Bitcoin Halving will pump games, Shrapnel’s ‘simple’ secret revealed: Web3 Gamer |
2024-08-23 | Binance-Listed Giant Altcoin Announces Major Update
2024-08-23
NEAR Protocol has rolled out a major update to its mainnet known as “Nightshade 2.0.” The update is expected to improve scalability and efficiency.
This update introduces “stateless validation,” a concept widely discussed by Ethereum co-founder Vitalik Buterin that is expected to push NEAR forward in terms of usability and network performance.
Despite being ranked as the 25th largest blockchain by DeFiLlama, NEAR continues to be a project that has garnered a lot of attention in crypto tech circles, thanks in large part to its founder, Illia Polosukhin, a former Google engineer who played a key role in the development of artificial intelligence systems.
Related News: Bitcoin Transaction Fees Jumped from $0.26 to $132: The Reason Is Now Clear
The Nightshade 2.0 update is part of NEAR’s ongoing efforts to use sharding, a technique that divides the blockchain into smaller pieces (sharding) to increase scalability. This design allows the network to process more transactions at lower costs, similar to Ethereum’s own plans, which include the recent implementation of proto-danksharding as a precursor to full sharding.
According to a press release from the NEAR Foundation, this update allows NEAR validators to operate without maintaining the state of a shard locally. Instead, they can pull the necessary information, known as “state witnesses,” from the network to verify transactions. This not only improves the performance of individual shards, but also expands the network’s capacity to support additional shards.
Nightshade has been a major part of NEAR's roadmap for several years, with the first version introduced in 2022.
*This is not investment advice.
Continue Reading: Binance-Listed Giant Altcoin Announces Major Update |
2024-08-23 | Bitcoin Transaction Fees Jumped from $0.26 to $132: The Reason Is Now Clear
2024-08-23
Bitcoin transaction fees have soared to unprecedented levels following the launch of Babylon Labs’ new staking feature.
Babylon introduced its native Bitcoin staking feature, which allows users to lock their BTC through a self-custody process, causing a stir that sent fees skyrocketing.
The announcement was made at 14:38, marking the start of the first phase of Babylon’s staking mainnet. In just 90 minutes, the median cost of a Bitcoin transaction skyrocketed from $0.26 to $132, according to blockchain data from mempool.space. The increase began at block 857905 and peaked at block 857911.
Babylon’s system allows users to stake Bitcoin directly on any proof-of-stake (PoS) network, offering the potential to earn yield while maintaining control of their assets. The process does not require third-party addresses, bridging, or oracles. However, the current staking phase is still in its early stages and no rewards have yet been distributed. The initial “lock-only phase” is designed to collect and secure Bitcoin deposits that will later be used to support a PoS chain.
Related News: BREAKING: Alarming Development In This Altcoin - A Significant Portion Of Collateral Removed Without Permission
The appeal of being an early staker led to a rapid influx of deposits into the Babylon protocol. Within a few hours, the platform reached its maximum staking capacity of 1,000 BTC, worth $60.7 million. This was achieved through contributions from 12,710 stakers and 20,610 individual delegations.
The rush to secure spots in the staking pool has triggered a fee bidding war as users want their transactions to be processed quickly by Bitcoin miners. Higher fees are paid to prioritize transactions, leading to a dramatic increase in costs.
*This is not investment advice.
Continue Reading: Bitcoin Transaction Fees Jumped from $0.26 to $132: The Reason Is Now Clear |
2024-08-23 | Compliance Can Ensure Adoption of Reasonable Crypto Regulations in the US
2024-08-23
You can also read this news on COINTURK NEWS: Compliance Can Ensure Adoption of Reasonable Crypto Regulations in the US
In the US
, compliance could be key to ensuring the adoption of reasonable crypto regulations. As cryptocurrency adoption gains momentum, US regulators seem to be tightening standards on crypto reporting requirements, trading rules, and more. However, regulators might be targeting strict restrictions on crypto assets due to their lack of knowledge about cryptocurrencies.
Statements from a Famous Figure on Crypto
Blake Benthall, founder of the compliance initiative
Fathom(x)
, stated that companies
specializing in crypto compliance could and should influence US regulations. Benthall, who previously founded the illegal online marketplace Silk Road 2.0, was arrested in San Francisco in 2014.
However, instead of facing a life sentence, the US Federal Bureau of Investigation (FBI) allowed Benthall to work with them to help solve illegal crypto cases. Regarding this, Benthall stated:
“During my time assisting the FBI
, I learned that on-chain data could often be misleading due to the ease of creating wallet addresses and the difficulty in identifying transaction participants.”
Benthall noted that crypto compliance firms know how to accurately interpret complex on-chain data. Considering this, he believes that experts in this field can work with regulators to ensure that the rules are effective and realistic:
“These firms can educate regulators to prevent overly strict rules that do not enhance security or protect privacy.”
Details on the Matter
Vincent D’Agostino, the former FBI agent who arrested Benthall in 2014 and later worked with him, stated that there is still regulatory confusion regarding cryptocurrency. He believes this is partly due to crypto companies not taking action on the matter:
“Companies in this sector need to force regulators to better understand the space before passing arbitrary regulations that could ultimately stifle a rapidly growing industry.”
D’Agostino added that while working at the FBI, he noticed many well-intentioned but highly misinformed individuals across all government organizations. He mentioned that many of his colleagues were interested in Bitcoin
but were quick to label emerging technologies
as either good or bad.
Compliance could ensure the adoption of reasonable crypto regulations in the US.
Blake Benthall believes crypto compliance firms can influence US regulations.
Vincent D’Agostino highlights regulatory confusion and the need for better understanding.
The post first appeared on COINTURK NEWS:
Compliance Can Ensure Adoption of Reasonable Crypto Regulations in the US
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. |
2024-08-23 | BRICS News: As the BRICS Payment System Attracts Over 50 Nations, Could Bitcoin Be the Next Addition?
2024-08-23
About 50 nations are reported to have expressed interest in the BRICS alliance pending the upcoming summit in October.
According to Russia’s Valentina Matviyenko, the BRICS payment system could be one of the main topics of discussion at the summit.
The de-dollarization agenda is still on
, as BRICS ideology resonates with over 50 nations that have expressed interest in joining the alliance before the 2024 summit. As we highlighted in our previous publication, this is a massive improvement over the 36 applications received from interested nations in March 2024
.
According to the
report
, all interested parties are developing countries spread across four main regions – Asia, Africa, South America, and Eastern Europe. Per our investigation, this growing ambition is linked with the unwavering desire to strengthen their local currencies that are becoming “worthless” against the US dollar.
Before this development, the Speaker of Russia’s Federation Council, Valentina Matviyenko, rightly predicted that the BRICS payment could be the “missing piece of the puzzle” that would expand the membership base.
This is no longer just an idea, it is moving forward in practice. I hope that the system that has been created by BRICS will become a trend, an example that not only BRICS nations, but many other countries as well will join later.
The inclusion of these new members reportedly aligns with the long-term goal of BRICS to create a balanced global economic order to offset the provision of Western-dominated financial institutions like the International Monetary Fund (IMF) and the World Bank.
More on the Much Anticipated Payment System by BRICS
According to Matviyenko, Russia is currently embarking on efforts to harmonize central banks in financial institutions of all member states as its upcoming platform demands significant input from all. To her, the project is a “bombshell in the best sense” while hinting that the BRICS digital payment system could be the topic of discussion at the upcoming summit in October.
In a report by a major state-owned news agency in Russia, TASS, Matviyenko highlighted a growing trend of conducting international transactions in national currencies other than traditional systems like SWIFT. She also expressed optimism, hoping the summit would approve the payment platform or finalize its implementation details.
Similarly, Kremlin aide Yury Ushakov recently agreed on record that the BRICS payment system is an important initiative toward its major goal.
We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.
While no official report has mentioned Bitcoin (BTC)
as a proposed currency for the BRICS payment system, many enthusiasts are optimistic that this could be the case in the future. To them, Bitcoin offers anonymity and security, which could be an important addition to the BRICS de-dollarization strategy. Also, the digital asset offers a decentralized environment as well as fast and cheaper transactions while presenting itself as a highly liquid asset. As we recently
reported
, XRP is another option that could be considered for future payments by the BRICS.
|
2024-08-23 | 3 reasons why Bitcoin price could hit $68K in September
2024-08-23
Bitcoin (BTC
) price has rebounded by over 22% from its Aug. 5 low of around $49,557, and analysts believe that onchain and technical indicators point to the recovery continuing.
Bitcoin supply on exchanges plunges
Bitcoin’s potential rally over the next few weeks is evidenced by onchain data tracking BTC supply on exchanges
(the blue wave in the chart below).
As of Aug. 23, centralized crypto exchanges held about 2.68 million BTC, an 11% drop from $3.011 million BTC on Jan. 1. This is occurring alongside a 43% year-to-date rise in Bitcoin’s value.
Bitcoin reserve on exchanges. Source: CryptoQuant
A depleting supply on exchanges
hints at traders’ preference for holding BTC tokens over selling them for other assets or fiat. So, if demand doesn’t diminish, Bitcoin’s potential to continue its 2024 bull run increases.
Perhaps continued demand for BTC will come from institutional investors as they pour capital into spot Bitcoin exchange-traded funds (ETFs). According to data from Farside Investors, US-based spot Bitcoin ETFs
have recorded positive flows in nine out of the last 13 trading days, suggesting continued institutional interest
in these investment products.
Spot Bitcoin ETF flows table. Source: Farside Investors
However, onchain data tracker CryptoQuant reported decreasing inflows
into spot Bitcoin ETFs, saying that they are just a fraction of their March tally, with last week’s daily average coming in at 1,300 BTC.
CryptoQuant analysts noted that Bitcoin
needed strong institutional demand through the spot Bitcoin ETFs to hit new all-time highs.
“A recovery in spot ETF purchases is essential to drive overall Bitcoin demand upward, potentially leading to a corresponding price rally.”
Bitcoin whales are accumulating
Strong demand for Bitcoin persists among its large addresses, according to data tracked by Santiment.
Notably, Bitcoin whale addresses
holding between 100 and 1,000 BTC have accumulated approximately 94,700 more coins over the last six weeks.
“As price uncertainty has shaken many traders out of crypto, key stakeholders [Bitcoin whales] are loading up.”
Total BTC held by 100-1K wallets. Source: Santiment
That coincides with a 13% rally in Bitcoin’s market valuation since the July 5 low of $53,550, suggesting that whales accumulated the token on the dips. Simply put, Bitcoin’s large holders believe its value could rise further over the next month.
Related:
Bitcoin open interest jumps $1.3B following Fed's 'dovish' minutes
Bitcoin price breaks out of a pennant
Bitcoin’s price has been consolidating inside what appears to be a bull pennant after bottoming out at $49,557 on Aug. 5.
A bull pennant is a bullish continuation pattern that appears when an asset consolidates in a triangle-like price range following a strong move higher. It typically ends up breaking out of the range to the upside, eyeing a profit target at a length equal to the triangle’s width.
It appears Bitcoin price
is eyeing a similar breakout scenario over the next few weeks. It is now trading above around the pennant’s upper trendline near $60,300. If bulls hold above the said resistance level, its upward breakout target would be around $68,000, up 12.4% from current price levels.
BTC/USD daily chart. Source:
TradingVie
w
Bitcoin’s rise above $61,800 on Aug. 22 saw the price flip the 200-day exponential moving average (EMA) at $59,446 back into support. This has added to the robust support Bitcoin enjoys on the downside, as evidenced by data from IntoTheBlock.
Its in/out of the money around price (IOMAP) model shows that the 200-day EMA lies within the $58,653 to $60,465 price range, where approximately 919,470 BTC were previously bought by about 1.77 million addresses.
Bitcoin IOMAP chart. Source: IntoTheBlock
Increased buying from this demand zone could potentially move Bitcoin’s price higher over the next few weeks, supporting the positive outlook for BTC.
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. |
2024-08-23 | Can Cardano (ADA) Reach $0.50 Before the End of August? (ChatGPT Analyzes)
2024-08-23
TL;DR
Cardano’s ADA has risen by 33% since the August 5 crash, with potential for further growth depending on broader market trends and other factors.
An upcoming Cardano hard fork focused on decentralization and community-driven governance could also boost ADA’s price.
Is There a Chance?
Cardano’s ADA has experienced a substantial resurgence lately, with its price rising by around 10% on a two-week scale.
Currently,
it trades at around $0.36 (per CoinGecko’s data), representing a 33% rise from the local bottom registered during the crypto market crash on August 5.
We decided to ask ChatGPT whether ADA’s uptrend can continue
in the near future
and whether its price can hit the psychological level of $0.50 before the end of the month.
The AI-powered chatbot estimated that numerous factors may fuel such a price rally, with the broader crypto market performance being a major one.
“The overall performance of the cryptocurrency sector, including Bitcoin’s movements, heavily influences ADA’s price. If the market sees a bullish trend, ADA might follow,” ChatGPT predicted.
The digital asset sector experienced an evident uptick since the aforementioned collapse at the start of the month, with its global market cap rising well above $2.2 trillion. In comparison, that figure plunged below $2 trillion three weeks ago, while Bitcoin (BTC) briefly fell under $50,000.
Other elements that ChatGPT depicted as bullish for ADA’s potential uptrend in the following days include positive regulatory news, investor sentiment, and macroeconomic conditions.
The Most Important Factor?
Cardano’s Chang Hard Fork,
scheduled
to go live on the mainnet on August 27, might also contribute to a bull run for ADA.
The upgrade is part of the Voltaire era,
which focuses
on complete decentralization. The Chang Hard Fork
is linked
to a transition towards community-driven governance within the ecosystem, enhanced security, and improved transparency.
The upcoming development
seems to have
already
started making waves across the crypto space.
Earlier this week, the market intelligence platform Santiment estimated
that ADA’s Weighted Sentiment (a metric that
takes social volume into account
) reached its peak level for 2024.
This
comes
despite the
fact that
the token’s price is
down over 50% on a five-month scale.
What’s more, only 21% of the ADA holders are currently
sitting
on some paper profits, while nearly 75% are underwater.
The post Can Cardano (ADA) Reach $0.50 Before the End of August? (ChatGPT Analyzes)
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. |
2024-08-23 | What to expect from Jerome Powell’s speech tomorrow
2024-08-23
Everyone’s watching Jerome Powell tomorrow. The Federal Reserve’s annual symposium at Jackson Hole is where the big shots gather. Central bankers from around the world fly into Wyoming, making it the most economically-powerful stage on the planet.
We’re all hoping Powell’s words will give a clear direction on where inflation and interest rates are headed. Same time last year, Powell warned that taming inflation might hurt households and businesses. The S&P 500 tanked 3.4% that day.
This year, everyone’s expecting him to hint at an interest rate cut. With inflation cooling off, some are hopeful, but the big question remains—will Powell ease up, or will he keep things tight to avoid unemployment skyrocketing?
Powell won’t pre-commit
Powell is playing it safe. He’s told us time and time again that he is not going to lock himself into any promises at Jackson Hole.
According to the man in charge of America’s economy, his decision on a rate cut will depend on the data coming in, and there’s plenty of that coming before the next Fed meeting in mid-September.
So, don’t have any big expectations.
By Jai Hamid
That being said, market moves at Jackson Hole are rare but can be massive when they happen. Just look at the past. Back in 2019, the S&P 500 dropped 2.6% after Powell’s speech, though that was more about US-China trade tensions than his words.
Then there’s Ben Bernanke, Powell’s predecessor, who got markets buzzing in 2009 and 2010. In 2009, Bernanke wrongly predicted a quick rebound from the global financial crisis.
The S&P 500 still went up 1.8% that day. In 2010, he hinted at more bond buying, and the market responded positively with a 1.6% rise.
But it’s not all about stocks. In 2020, Powell changed the Fed’s interest rates strategy, saying they wouldn’t be hiked just because of a strong labor market.
That was a big deal—a major pivot from how the Fed usually does things. The market’s reaction? A mere 0.2% rise in the S&P 500. But the effects are still felt today.
What about Bitcoin?
Now, let’s talk about how this might play out for Bitcoin. The crypto industry is itching to see how Powell’s speech will affect the markets. If he hints at a rate cut, it could be game on for Bitcoin.
Lower interest rates usually mean more liquidity in the market, and investors start chasing higher returns in riskier assets. That’s when Bitcoin shines.
We’ve seen it before—when the Fed cuts rates, Bitcoin often gets a boost as investors pump money into the crypto market.
But there’s more to it than just following stocks. Bitcoin has earned a reputation as a hedge against inflation. If Powell’s speech stirs up fears of inflation, investors might flock to Bitcoin as a way to protect their money from losing value.
The idea is simple: if traditional currencies lose value due to inflation, Bitcoin, being decentralized and finite, could hold or even increase its value. This narrative has been gaining traction, especially with the global economic uncertainties we’ve seen lately.
Let’s not forget Bitcoin’s volatility though. While rate cuts can send Bitcoin prices soaring, they can also lead to sharp drops. Speculation runs high in the crypto market, and any hint from Powell could trigger rapid price movements.
It’s a double-edged sword—big gains and big losses can happen in the blink of an eye. |
2024-08-23 | What is Celestia (TIA) Coin?
2024-08-23
You can also read this news on COINTURK NEWS: What is Celestia (TIA) Coin?
Blockchain technology
has come a long way since the emergence of Bitcoin (BTC). As the industry evolves, new players continue to bring innovative solutions to tackle the challenges that have emerged over the years. One such groundbreaking project is Celestia (TIA), a modular Blockchain platform that promises to reshape the Blockchain sector. In this article, we will explore what Celestia is, how it works, the features that set it apart, why it stands out in the world of cryptocurrencies and decentralized applications, and how to buy TIA coin from Binance
.
What is Celestia?
Celestia is a revolutionary modular Blockchain platform designed to bring a new level of efficiency, scalability, and flexibility to the Blockchain ecosystem.
Unlike traditional monolithic Blockchains that try to address every aspect of a decentralized network, Celestia adopts modularity as its core design principle. This means that instead of being a Blockchain that tries to do everything, Celestia specializes in specific functions, optimizing performance and paving the way for mass adoption of Blockchain technology.
How Does Celestia Work?
One of the critical aspects of any Blockchain is data availability. Ensuring that the ledger is transparent and verifiable by everyone is crucial. However, as Blockchain block sizes increase, downloading all the data for verification becomes impractical for regular users. Celestia addresses this challenge by utilizing the latest technology known as data availability sampling. This innovation allows users to verify very large data blocks efficiently, ensuring the integrity and security of the Blockchain.
Moreover, Celestia serves not only as a standalone Blockchain but also as a Layer 1 solution for rollups. Rollups are a relatively new type of Blockchain that offloads some of the transaction data and processing tasks to Layer 1, in this case, Celestia. The rollups on Celestia are unique because they provide the convenience of Layer 2 solutions while enjoying the sovereignty typically associated with Layer 1 Blockchains. These “sovereign rollups” offer enhanced security and efficiency for decentralized applications.
Building on Celestia is designed to be quick and straightforward. Developers can set up their Blockchain within minutes, making it as easy as deploying a smart contract. The platform supports various virtual machines (VMs), giving developers access to unique application features and use cases. Additionally, Celestia offers dynamic yield features that allow applications to scale seamlessly as they attract more users.
Unique Aspects of Celestia
Celestia’s approach to Blockchain development is the opposite of the traditional maximalist mindset. Instead of competing in isolated ecosystems, Celestia fosters a collaborative environment with interconnected chains. Every new user added to the modular Blockchain ecosystem brings value to the entire network, promoting cooperation over fierce competition.
Furthermore, the Celestia community recognizes the importance of social consensus as the foundation of Blockchain technology. Blockchain is ultimately a tool that enables communities to organize themselves sovereignly. Celestia’s vision focuses on empowering these sovereign communities by offering modular Blockchains tailored to their specific needs.
TIA Insights
Celestia and its platform service coin, TIA, represent a significant shift in how Blockchain technology is perceived. By embracing modularity, data availability, and interoperability, this platform aims to address some of the most pressing challenges in the Blockchain industry.
With its unique approach to rollups and commitment to empowering sovereign communities, Celestia is poised to play a crucial role in the future of decentralized applications and Blockchain adoption. As the Blockchain sector continues to evolve, Celestia is undoubtedly a project worth watching closely, as it has the potential to shape the future of Blockchain technology.
How to Buy TIA Coin?
TIA coin can be bought and sold quickly and securely through Binance
, the world’s largest cryptocurrency exchange by trading volume. To purchase TIA coin, you must first open an account on Binance (if you don’t already have one) and then deposit fiat currency into your account. After depositing a fiat currency such as US Dollar, or Euro into the user account opened on the crypto exchange, the purchase can be made through the trading pairs offered for TIA coin.
The post first appeared on COINTURK NEWS:
What is Celestia (TIA) Coin?
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2024-08-23 | Bitcoin Faces Key Resistance
2024-08-23
You can also read this news on BH NEWS: Bitcoin Faces Key Resistance
Bitcoin
is currently trading approximately 20% below its all-time high achieved in March. Analysts have observed that recent market movements are presenting alarming signals. Nicholas Merten has pointed out that Bitcoin is demonstrating weakness since it has been unable to surpass a crucial resistance level, which does not suggest the onset of a new bull market
. The cryptocurrency’s fall below its 200-day moving average is seen as a warning that the downward trend might intensify.
Why Is Bitcoin Struggling?
Bitcoin’s recent performance has sparked concerns among many investors. Having reached $73,000 in March, it is now trading 20% below that peak. Analyst Nicholas Merten explains that Bitcoin’s downward trajectory portrays a grim outlook. The primary issue Bitcoin faces is its inability to break through the resistance level around the 21-day moving average, specifically the $62,000 mark, which it has tested multiple times in recent weeks but failed to surpass.
What Does the 200-Day Average Indicate?
Another alarming signal is Bitcoin’s decline below the 200-day moving average, falling under $58,000. Merten asserts that this drop is a serious warning for investors to monitor the situation carefully. He believes that for Bitcoin to commence a new bull market, it needs to exceed its previous high levels. A weekly close above $69,000 could signify the start of an upward trend, but the current scenario suggests Bitcoin is struggling to reach this level, keeping the market in uncertainty.
Actionable Insights for Investors
For investors looking to navigate this volatile period, here are some key points to consider:
Watch for Bitcoin’s ability to surpass the $62,000 resistance level.
Monitor the 200-day moving average as a critical indicator of market direction.
A weekly close above $69,000 could signal the beginning of a new bull market.
Stay alert to market signals that may suggest further declines.
The uncertain nature of Bitcoin and the cryptocurrency market signifies a risky time for investors. The future
performance of Bitcoin will largely depend on whether it can break through the current resistance levels. If successful, a new bull market may emerge; otherwise, the market could see additional drops.
The post first appeared on BH NEWS:
Bitcoin Faces Key Resistance |
2024-08-23 | Analyst Discusses Bitcoin’s Struggles with Resistance Levels
2024-08-23
You can also read this news on COINTURK NEWS: Analyst Discusses Bitcoin’s Struggles with Resistance Levels
Bitcoin
is trading about 20% below its all-time high reached in March. Analysts indicate market movements are giving dangerous signals. Nicholas Merten stated that Bitcoin’s failure to surpass a significant resistance level shows weakness and does not indicate a new bull market
. Bitcoin’s drop below the 200-day moving average is considered a sign that the downtrend could deepen.
Bitcoin’s Performance Raises Questions
Cryptocurrency
markets can experience new fluctuations at any moment. Bitcoin’s recent performance has raised questions among many investors. Bitcoin, which reached $73,000 in March, is currently trading 20% below this level. Analyst Nicholas Merten points out that Bitcoin’s downward trend paints a pessimistic picture.
According to Merten, the biggest challenge Bitcoin currently faces is failing to surpass the resistance level around the 21-day moving average. The resistance level at $62,000 is seen as the biggest obstacle to an upward movement in Bitcoin’s price. In recent weeks, Bitcoin has tested this level multiple times but has pulled back each time.
Worrisome Development in BTC
Another worrisome development is Bitcoin’s drop below the 200-day moving average. Falling below $58,000 is considered a strong signal that the downtrend has begun.
Merten
states that dropping below this level is a serious warning, and investors should watch this situation closely.
Merten believes that for Bitcoin to enter a new bull market, it must surpass previous high levels. A weekly close above $69,000 could be interpreted as the beginning of a new upward wave. However, the current situation shows that Bitcoin is struggling to surpass this level, indicating that the
market
is at an uncertain point.
Uncertainty in Bitcoin and cryptocurrencies means a risky period for investors. Bitcoin’s future
performance largely depends on whether it can break this resistance level. If Bitcoin manages to rise above this level, the doors to a new bull market could open. However, if it fails, the market may experience further declines.
The post first appeared on COINTURK NEWS:
Analyst Discusses Bitcoin’s Struggles with Resistance Levels
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. |
2024-08-23 | Analysts Discuss Bitcoin’s Recent Performance and Market Signals
2024-08-23
You can also read this news on COINTURK NEWS: Analysts Discuss Bitcoin’s Recent Performance and Market Signals
Bitcoin
is trading about 20% below its all-time high reached in March. Analysts indicate that market movements are giving dangerous signals. Nicholas Merten stated that Bitcoin shows weakness due to its failure to surpass a significant resistance level, which does not indicate a new bull market
. Bitcoin’s drop below the 200-day moving average is considered a sign that the downtrend could deepen further.
Bitcoin’s Performance Raises Questions
The cryptocurrency
world can experience new fluctuations at any moment. Bitcoin’s recent performance has raised questions in the minds of many investors. Bitcoin, which saw the $73,000 level in March, is now trading 20% below this level. Analyst Nicholas Merten indicates that Bitcoin’s downward trend paints a pessimistic picture.
According to Merten, the biggest challenge Bitcoin currently faces is its inability to surpass the resistance level formed around the 21-day moving average. The resistance level at $62,000 is seen as the biggest obstacle to an upward movement in Bitcoin’s price. In recent weeks, Bitcoin has tested this level multiple times but has retreated each time.
Worrying Development in BTC
Another worrying development is Bitcoin’s drop below the 200-day moving average. Falling below $58,000 is considered a strong signal that the downtrend has begun.
Merten
states that dropping below this level is a serious warning and that investors should watch this situation closely.
Merten believes that for Bitcoin to enter a new bull market, it must surpass previous high levels. A weekly close above the $69,000 level could be interpreted as the start of a new upward wave. However, the current situation shows that Bitcoin is struggling to surpass this level and that the market is at an uncertain point.
Uncertainty in Bitcoin and cryptocurrencies means a risky period for investors. Bitcoin’s future
performance largely depends on whether it can break this resistance level. If Bitcoin manages to rise above this level, the doors to a new bull market could open. However, in the opposite scenario, the market could experience further declines.
The post first appeared on COINTURK NEWS:
Analysts Discuss Bitcoin’s Recent Performance and Market Signals
The post Analysts Discuss Bitcoin’s Recent Performance and Market Signals
appeared first on COINTURK NEWS
. |
2024-08-23 | Bitfarms stock earns analyst praise after ‘transformational’ deal
2024-08-23
H.C. Wainwright analyst Mike Colonesse described Bitfarms’ agreement to acquire Stronghold Digital Mining as “a transformational acquisition.”
The analyst commented on the Bitcoin (BTC
) miner’s potential to benefit from the Stronghold acquisition in a note shared with crypto.news on Aug. 22. It comes a day after Bitfarms’ announcement
on Aug. 21.
Colonesse views the $125 million all-stock deal
for Stronghold as a significant opportunity for Bitfarms to expand its operations substantially over the next 16 months. When finalized in the first quarter of 2025, Stronghold’s power capacity will enable Bitfarms to approach 1 gigawatt of power by the end of the year.
“After the integration and expansion of Stronghold’s assets, Bitfarms will be poised to more than triple total capacity to 955 MW by YE2025, up from 310 MW operating at the end of 2Q24,” the analyst wrote.
Furthermore, the deal is expected to increase Bitfarms’ U.S. footprint to approximately 47% of its total portfolio, up from the current 6%. The expansion of Stronghold’s sites in Pennsylvania could also contribute an additional 23 EH/s to the anticipated growth of 35 EH/s by the end of 2025, a target Bitfarms had set before announcing the Stronghold acquisition.
Read more: Bitfarms announces leadership changes amid takeover attempt
Reiterate buy with $4 price target
Given the above outlook, H.C. Wainwright believes the Bitfarms stock is undervalued
. The key catalysts for 2025 include a significant upgrade to the mining firm’s fleet and potential organic growth.
The analyst has reiterated a buy rating for BITF, with a $4 price target. The Bitfarm stock currently trades around $2.28, which implies a 75.4% upside potential. BITF rose 22%
after Bitfarm’s Q2, 2024 results.
Factors that may impact the achievement of this price target include volatility in Bitcoin’s price, operational delays, network hash rate changes, and the potential for shareholder dilution.
You might also like: Bitcoin miner Riot Platforms acquires rival Block Mining for $92.5m |
2024-08-23 | How can you earn passive income from home? Learn All About GDMining
2024-08-23
With the advent of cryptocurrencies, people now have several options to earn passive income and cloud mining is one of them. As the value of Bitcoin has surged exponentially in the past decade, the mining sector has become a highly consolidated and expensive venture where only few players thrive.
To ensure a level playing field, the concept of cloud mining has emerged where users can pool in funds and get a stake in the mining activities thereby earning steady passive income. In that regard,
GDMining
, a cloud mining service provider, has announced the expansion of its cloud mining services with additional contract options and faster payouts.
Established in 2021 in the United Kingdom, GDMining offers an accessible entry point into the world of cryptocurrency mining, emphasizing both profitability and ease of use.
With its advanced technology and sustainable energy sources, GDMining aims to support its mining operations while balancing operational efficiency with environmental responsibility. The strategic focus has allowed the company to grow rapidly, offering robust, reliable mining infrastructures to a diverse global clientele.
Users can visit the GDMining website and start mining by signing up with their email address on the GDMining platform. Upon registration, users receive a $50 bonus to explore the platform. GDMining offers various cloud mining contracts tailored to different preferences and budgets. Each contract provides specific daily returns, with the initial investment amount returned upon contract expiration. Contracts include:
How to Get Started with GDMining：
①Sign Up:
Visit the GDMining website and sign up using a valid email address. New users receive a $50 bonus immediately upon successful registration.
②Choose a Contract: Browse the available cloud mining contracts and select the one that suits your investment level and goals. Contracts vary in price, duration, and daily rewards, providing options for all types of investors.
③Start Earning: Once a contract is purchased, daily profits are automatically deposited into the user’s account. Withdrawals are processed promptly with no fees, and users can choose their preferred cryptocurrency for withdrawals.
These contracts aim to provide stable profits, with daily earnings deposited directly into the user’s account once they select and purchase a contract. As specified on the platform, it processes all the withdrawal requests within five minutes, with the option for users to select their preferred withdrawal cryptocurrency.
GDMining emphasizes its commitment to providing steady and secure returns for its users. In addition to providing stable profits, quick payouts, and a team with extensive experience, the platform also aims to make itself accessible to all individuals, regardless of their technical capabilities.
GDMining’s infrastructure includes six state-of-the-art mining facilities located in strategic locations worldwide, including Russia, Iceland, and Kazakhstan. This global presence allows GDMining to maintain efficient and reliable operations, serving users from over 200 countries and regions.
Affiliate Program
GDMining also offers an affiliate program that enables users to earn a commission by inviting new users to the platform. By sharing an affiliate link, users can earn a lifetime commission of up to 3% on the purchases made by the referred users. This program provides an additional opportunity for users to generate income without any upfront investment.
As mentioned on GDMining’s website, the platform boasts significant achievements, including over 500k+ active members and support for its users in more than 200+ countries. GDMining has also facilitated over $10 million in total deposits and $13 million in total withdrawals.
GDMining’s future roadmap includes plans to further enhance its technological infrastructure, expand its global reach, and continue improving user experience through the integration of advanced features and sustainable practices.
Conclusion：
Cloud mining
is a great way to increase your passive income. Earn passive income the day after purchasing a contract. Passive income is the goal of every investor and trader, and GDMining is the best option to achieve this goal. |
2024-08-23 | Is BlockDAG the Next Crypto Giant? 1,680% Growth Rivals Solana and Bitcoin Cash, Drawing New Buyers
2024-08-23
Bitcoin Cash (BCH) has been riding a rollercoaster, leaving many wondering if it'll hit its old highs again. Solana (SOL) is also grabbing headlines not just for its price resistance but for a booming community that’s busy creating meme coins on its platform.
Enter BlockDAG
, potentially the next big thing in crypto, backed by its cutting-edge Directed Acyclic Graph (DAG) technology. With a presale that raked in $67.3 million and a 1,680% surge in price, BlockDAG is quickly gaining a reputation as the "Solana killer" among experts and buyers alike, hinting it might outshine even the toughest rivals.
Solana (SOL) Faces Market Headwinds: Key Insights for Traders
Solana is currently navigating through tough market waters, with its price action showing significant resistance at $186. Following an encouraging rally, SOL dipped below the 20-day Exponential Moving Average (EMA), indicating a possible change in market mood. This downturn has pushed SOL into a zone of lesser liquidity, suggesting more ups and downs could be on the horizon.
Traders are keeping a keen eye on how SOL manages the $154 support level, which could set its near-term path. Meanwhile, Solana’s platform remains a hot spot for those looking to create meme coins, adding an interesting twist to its market appeal.
Bitcoin Cash (BCH) Eyes a Comeback: What to Watch
Bitcoin Cash is sparking conversations as it shows glimmers of climbing to new highs. Despite a recent 4.65% fall, there's an underlying bullish signal that might mean a jump in the weeks ahead.
The buzz around BCH revolves around its potential to revisit its peak price of $4,350 from December 2017. With the crypto market possibly on the brink of a bull run, all eyes are on Bitcoin Cash for signs of a robust recovery.
BlockDAG: A Real Challenger to Solana?
BlockDAG stands out with its use of Directed Acyclic Graph (DAG) technology, which breaks away from traditional blockchain setups like that of Bitcoin Cash. Instead of a single chain, BlockDAG processes multiple blocks simultaneously, which boosts transaction speeds and overall system efficiency. This setup not only accelerates transactions but also tightens security, reducing risks of tampering and ensuring a smoother, safer transaction process.
So far, BlockDAG’s market journey has been impressive, with its presale pulling in $67.3 million and selling over 12.7 billion BDAG coins in 22 batches. With prices skyrocketing by 1,680% from $0.001 to $0.0178, it’s no surprise BlockDAG is earning its stripes as the "Solana killer."
Unlike Solana and Bitcoin Cash, which have seen their moments of glory, BlockDAG is just starting out, already showing promise for future growth. While Solana is praised for its meme coin capabilities, BlockDAG’s superior transaction features and initial sales success suggest it could offer more value in the long run.
Final Thoughts on Choosing the Right Crypto to Buy
Navigating the crypto landscape is more than just following the crowd. While Solana has proven resilient with its meme coin angle and Bitcoin Cash holds potential for resurgence, BlockDAG emerges as a standout with its substantial growth prospects.
Its successful $67.3 million presale, massive price increase, and technological innovations position BlockDAG not merely as another option but as a frontrunner in the crypto race. With its strong start and cutting-edge technology, BlockDAG is shaping up to be a more appealing choice than established players like Solana and Bitcoin Cash.
Join BlockDAG Presale Now:
Website: https://blockdag.network
Presale: https://purchase.blockdag.network
Telegram: https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
Disclaimer
: Any information written in this press release does not constitute investment advice. Optimisus does not, and will not endorse any information about any company or individual on this page. Readers are encouraged to do their own research and base any actions on their own findings, not on any content written in this press release. Optimisus is and will not be responsible for any damage or loss caused diBlockda |
2024-08-22 | El Salvador’s National Bitcoin Office Announces New Bitcoin Certification
2024-08-22
El Salvador’s National Bitcoin Office (ONBTC) has initiated a comprehensive training program to educate and certify 80,000 government employees on Bitcoin. The Bitcoin-friendly nation aims to equip public servants with essential knowledge on the strategic management and public policies surrounding Bitcoin.
This extensive 160-hour virtual and asynchronous training, known as Certification in Public Administration 1, is structured into seven modules. Each module covers various concepts, laws, skills, and management techniques related to the use of Bitcoin as legal tender.
Stacy Herbert, director of ONBTC, anticipates that educating civil servants will have a “compounding effect” on El Salvador’s Bitcoin-driven economy. She plans to introduce more educational initiatives, emphasizing the importance of these long-term commitments to the country’s success. “These education projects are very low time preference commitments to the long-term success of El Salvador and its Bitcoin (and tech) policy,” Herbert stated.
The Bitcoin certification program is conducted by the Higher School of Innovation in Public Administration (ESIAP), an institution inaugurated by President Nayib Bukele in August 2021. According to ONBTC, also known as “The Bitcoin Office,” the curriculum is specifically designed “to strengthen the standard of excellence in governance and public administration in El Salvador.”
El Salvador’s success with Bitcoin adoption has attracted the attention of other nations, particularly those grappling with hyperinflation. In May, Argentina began collaborating with El Salvador to learn from its experience with Bitcoin adoption and other cryptocurrency activities.
Argentina’s securities regulator, the National Securities Commission (CNV), met with El Salvador’s National Commission of Digital Assets (CNAD) to discuss strategies for crypto adoption and regulation in both countries. |
2024-08-22 | BlackRock ETF Sees Record Bitcoin and Ethereum Inflows
2024-08-22
BlackRock’s iShares Exchange-Traded Funds (ETFs) have experienced unprecedented Bitcoin (BTC) and Ethereum (ETH) inflows. According to recent
reports by Lookonchain
, these inflows mark the largest the asset management giant has ever seen in its cryptocurrency products, signaling growing institutional confidence in digital assets.
BlackRock BTC and ETH ETFs Surpassed Other Crypto ETFs
The report showed that BlackRock’s iShares’ Bitcoin ETF accumulated 351,454 BTC ($21 billion) on August 21, with about 933 BTC (approximately $56 million) in inflows. Meanwhile, other spot Bitcoin ETFs did not experience inflows that day. However, Bitwise, Invesco Galaxy, and Grayscale experienced outflows of 109 BTC, 214 BTC, and 9 BTC, respectively.
Within a week, BlackRock Bitcoin ETFs inflow amounted to 2,891 BTC, worth approximately $176,155,857. Fidelity Investment became second with 1,071 BTC. Unfortunately, Grayscale, Invesco Galaxy, and Bitwise lost about 3,361 BTC, 337 BTC, and 332 BTC within one week.
Notably, BlackRock’s spot, Ethereum ETF, is not left out. It experienced inflows of about 10,300 ETH ( worth over $26.88 million) within 24 hours. Also, BlackRock’s spot ETH ETFs have a total of 332,723 ETH, equivalent to $867.74 million in fiat. The ETHA has also accumulated 20,603 ETH within a week.
Similarly, as
reported by TheCoinRise
, BlackRock ETFs have surpassed Grayscale in on-chain holdings. The report showed that BlackRock holds $21,217,107,987 in ETFs, while Grayscale holds about $21,202,480,698, $14,627,289 less than BlackRock.
BlackRock CEO on IBIT’s Performance
BlackRock’s CEO
Larry Fink is riding high on IBIT’s success,
hailing it as the fastest-growing exchange-traded fund in history. In a recent interview with Fox Business, Larry expressed his astonishment at IBIT’s rapid ascent, highlighting its unprecedented $13.5 billion in flows within 11 weeks of trading.
Larry’s enthusiasm for IBIT is palpable. He marveled at its impressive performance, which has surpassed his expectations. BlackRock’s offering has garnered over $260 million in inflows per trading day, signaling a robust investor appetite for exposure to Bitcoin. While
industry leaders like BlackRock continue to thrive
, smaller payers must navigate a challenging landscape to carve out their niche.
Crypto ETFs Performance
Since their launch in January this year,
spot Bitcoin ETFs have attracted huge interest,
accumulating a net inflow of over $17.71 billion. Conversely, spot Ether ETFs have experienced a rocky start, with a net outflow of over $439 million since their
launch in July.
Despite these initial challenges, the greater acceptance of crypto ETFs reflects a growing recognition of digital currencies within mainstream finance.
Recall that investment giant BlackRock projects that cryptocurrency-backed ETFs will
become integral components of “model portfolios”
by late 2024. Usually provided by sophisticated brokerage companies, model portfolios use a diversified investing strategy to balance risk and return by a clear, open approach. Acting as pre-designed investment templates, they streamline the procedures for advisers and investors.
As such, BlackRock sees major growth in model portfolio management. The digital asset firm
predicts
an increase from $4.2 trillion to $10 trillion within five years.
The post BlackRock ETF Sees Record Bitcoin and Ethereum Inflows
appeared first on TheCoinrise.com
. |
2024-08-22 | Babylon Bitcoin staking drives BTC fees above $130
2024-08-22
A Bitcoin fee bidding war erupted on Aug. 22 as Babylon debuted phase one of its native BTC staking offering.
Early on Thursday, Aug. 22, the average Bitcoin (BTC
) transaction fee was under $1. Closer to noon, users had to pay around $132-$137 to transfer
BTC after Babylon’s Bitcoin staking program went live.
Babylon’s BTC staking allows users to earn yield by depositing crypto directly on proof-of-stake (PoS) networks. The idea aims to expand BTC utility beyond the “digital gold” narrative, which typically incentivizes holding the asset rather than using it in more active financial strategies.
Phase one of Babylon’s staking system was a “locking-only phase,” where users quickly filled the maximum allocation within hours.
In BTC’s case, as a proof-of-work (PoW) blockchain, miners validate transactions in exchange for fees. Higher fees can encourage miners to prioritize certain transactions.
The rush to participate in Babylon’s staking platform triggered an on-chain scramble among users, driving competition for miner priority and propelling BTC fees near $140, as confirmed by CryptoQuant analyst J.A. Maartun.
Over 1,000 BTC, worth nearly $61 million, was prepared for phase two after the race to stake assets. More than 12,700 stakers and 20,610 solo delegates queued up to earn rewards by securing PoS chains with BTC.
Live chart 👇https://t.co/6uifYvuvvP
— Maartunn (@JA_Maartun) August 22, 2024
You might also like: Bitwise CIO: Bitcoin ETFs breaking records, gaining unprecedented institutional traction
Rising Bitcoin adoption and utility
Staking in decentralized finance (DeFi) is common among PoS chains, allowing crypto holders to generate passive income from their assets. While this practice is native to PoS networks, developers have been exploring ways to extend it to Bitcoin’s ecosystem.
The move effectively broadens BTC’s role in DeFi, at a time when institutional interest in crypto is growing. Wall Street giants like BlackRock and Fidelity were approved to launch spot BTC ETFs in January, and funds from traditional finance and crypto-native wealth managers have since accumulated over $50 billion in assets.
U.S. presidential candidates have mentioned
creating a national BTC reserve and institutional ownership continued
on the uptrend at press time.
Read more: Bitcoin ETFs attract $39.4m in inflows as Ether ETFs struggle with fifth consecutive day of outflows |
2024-08-22 | BREAKING: Alarming Development In This Altcoin – A Significant Portion Of Collateral Removed Without Permission
2024-08-22
According to the yet unconfirmed development, 12,000 BTC of the Bitcoin collateral set for USDD, a stablecoin linked to Justin Sun, was removed by Justin Sun without DAO approval, and USDD is now completely collateralized by Tron (TRX).
Initially launched as a competitor to Terra’s doomed LUNA stablecoin, USDD was heavily promoted by Tron founder Justin Sun. However, plans to fully integrate USDD into the core of the Tron ecosystem were scaled back after Terra-Luna’s disastrous collapse in 2022.
Previously, the USDD transparency page listed around 12,000 BTC held at the address 1KVpuCfhftkzJ67ZUegaMuaYey7qni7pPj, but that address has now been removed. Despite Sun and USDD’s frequent claims that the stablecoin is governed by a decentralized autonomous organization (DAO), no governance vote was recorded to correspond with this significant change.
In fact, the TRON DAO Reserve has only held one vote since its inception, in May 2023, when the community voted to allow USDD to use “burned” TRX for collateral, a decision that raised questions about the team’s understanding of token burns.
*This is not investment advice.
Continue Reading: BREAKING: Alarming Development In This Altcoin – A Significant Portion Of Collateral Removed Without Permission |
2024-08-22 | Crucial Clash at $61K: The Make-or-Break Moment for Bitcoin
2024-08-22
“Bitcoin’s price dropped by 10% after Elon Musk’s tweet”
Key Points
Bitcoin’s value plummeted by 10% following a tweet from Elon Musk.
Musk’s tweet hinted at a possible break-up with the cryptocurrency.
Following a cryptic tweet by Tesla CEO Elon Musk, Bitcoin
‘s value experienced a significant 10% decrease. The tweet, which featured a broken heart emoji and a Bitcoin tag, was interpreted by many as a sign that Musk might be distancing himself from the cryptocurrency.
Musk’s Influence on Bitcoin
Musk’s social media activities have had a significant impact on Bitcoin’s price in the past. Earlier this year, Bitcoin’s value soared when Tesla announced a $1.5 billion investment in the digital currency. However, Musk’s later decision to stop accepting Bitcoin as payment for Tesla vehicles, citing environmental concerns, led to a major price drop.
The Cryptocurrency Market’s Response
The cryptocurrency market reacted swiftly to Musk’s latest tweet. Bitcoin’s price fell from around $39,000 to $36,000 in a short period. Other cryptocurrencies like Ethereum
also experienced a dip in value. It is important to note that Musk’s tweets are personal opinions and do not necessarily reflect the views of Tesla or its stakeholders.
While some believe that Musk’s tweets are merely personal expressions, others argue that they have the potential to manipulate the cryptocurrency market. Despite the controversy, it is undeniable that Elon Musk’s social media presence has a significant influence on the cryptocurrency market. |
2024-08-22 | Shiba Inu Executive Makes Stunning Bitcoin Market Prediction
2024-08-22
Cover image via U.Today
Shiba Inu team member Lucie shared
an interesting take on the Bitcoin price trajectory, posing a question as to whether the next bull run might be just months away.
A "bull market" refers to one in which prices are rising or are expected to rise. This type of scenario benefits cryptocurrencies, like Shiba Inu
, because Bitcoin's upward movement tends to drive other cryptocurrencies' prices higher.
CALM DOWN 😵💫😏🔥Is the Next Bull Run Just Months Away?🔥 Bitcoin’s past tells an interesting story: major bull runs often follow its halving events, but it’s not instant—there’s usually a waiting period. Historically, we’ve seen that surge happen around 4-6 months after the… pic.twitter.com/tD8B2uZMnY
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 22, 2024
Lucie highlights that Bitcoin's history tells an intriguing story about how major bull runs frequently follow halving events, but it is not instant — there is usually a waiting period. Historically, such a surge happens around 4-6 months after the halving, Lucie noted.
Lucie went on to cite Bitcoin's various halving cycles, such as the 2012 halving where the bull run took off about a year later. In 2016, major gains kicked in around six months after the Bitcoin halving event while, in 2020, things started heating up around 5-6 months post-halving.
Bitcoin market predictions
Bitcoin
's most recent halving event occurred in April of this year. Halving cuts the supply of new Bitcoin, creating scarcity that often triggers price jumps. Lucie predicts that if history repeats itself based on post-halving performances, a Bitcoin price rally might be imminent in the coming months.
It should be borne in mind that historical performance does not guarantee future results, as the market might influenced by other factors such as adoption, macro trends and sentiment.
As reported, CryptoQuant Head of Research Julio Moreno weighed in on Bitcoin's price performance in halving years. Moreno noted that bears have performed in 2024, so far, similarity to 2016 and 2020, while predicting a likely price increase for Bitcoin in Q4, 2024.
The same view was echoed by CryptoQuant CEO Ki Young Ju, noting that in the last Bitcoin halving cycle, the bull rally began in Q4. Ju presents this possibility for Q4, 2024, adding that "whales won't let Q4 be boring with a flat YoY performance."
At the time of writing, BTC was up 1.79% in the last 24 hours to $60,679; the Shiba Inu price was up 5% in the same time frame to $0.00001433. |
2024-08-22 | DXY Crash: Why Isn't Crypto Skyrocketing? Shiba Inu (SHIB) Finally Reaches Major Resistance, Is Bitcoin (BTC) Forming Double Top Pattern?
2024-08-22
Cover image via U.Today
Historically, U.S cryptocurrency market performance and the Dollar Index (DXY) have a pronounced negative correlation. Rallying in Bitcoin
and other cryptocurrencies was frequently the result of a decline in the DXY. This relationship made sense because declining dollar values usually cause investors to turn to alternative assets like cryptocurrency.
U.S. Dollar Index Chart by TradingView
It appears that the current state of the market is breaking this pattern, though. Given that the DXY has dropped significantly and has recently reached all-time lows, it is reasonable to anticipate that Bitcoin and the larger cryptocurrency market will rise sharply in response.
The dynamic nature of the cryptocurrency market itself may be one cause of this broken link. The market grows increasingly complex as it ages, impacted by more variables than just the DXY. Today's cryptocurrency prices are greatly influenced by regulatory changes, market sentiment and macroeconomic uncertainty.
The cautious attitude that has been prevalent on the market lately may also be a contributing factor. The market's recent volatile regulatory actions and persistent worries about the stability of the global economy may make investors wary of investing in riskier assets like cryptocurrencies. The usual excitement that a declining DXY would have generated may be tempered by this cautious approach.
Shiba Inu finally hits resistance
Shiba Inu
hit the 26-day Exponential Moving Average (EMA), a key resistance level that traders are keeping a close eye on. This is the first significant obstacle that SHIB needs to clear in order to maintain its upward trajectory and perhaps pave the way for future gains.
SHIB's successful break above the $0.000014 price level, which served as a crucial support and gave the current rally the required impetus, has led to the approach of this resistance level. The breach of the crucial $0.000014 level has encouraged traders and SHIB holders to be optimistic, as it may indicate that the cryptocurrency is ready to move higher.
Still, the 26 EMA is a significant obstacle. This moving average has demonstrated its ability to accurately predict trend continuations or reversals in the past. A more persistent uptrend may begin if SHIB is able to break above this resistance. On the other hand, if this level is not reached, there could be a retreat or consolidation, which would expose SHIB to further downside pressure.
With recent increases in trading volume and renewed interest from the larger crypto community, market sentiment surrounding Shiba Inu has been cautiously optimistic. The price might rise even more as a result of the successful 26 EMA breach drawing in more buyers. The current resistance level, however, may also act as a point of rejection that could cause the rally to halt momentarily. As such, traders should exercise caution.
Is Bitcoin topping out?
Bitcoin
might be about to form a local double top pattern, which is a technical pattern that usually indicates a bearish market reversal. This pattern is frequently interpreted by traders as a warning sign, suggesting that the recent bullish rally may be coming to an end and that a price retracement at current levels may ensue.
When the price of an asset reaches a certain level, it pulls back then rises to the same level before declining again; this pattern is known as a double top. Two roughly equal peaks, or tops, are produced as a result, indicating that the market has failed to overcome a significant resistance level. This pattern is starting to show up in the case of Bitcoin at the $62,000 mark, which has proven to be resistance on several occasions. As a sign that there may not be enough buying momentum to drive the price higher, the possible formation of this double top pattern worries proponents of Bitcoin
.
Investors ought to exercise caution and keep a close eye on the price action because a break below the double top's neckline — the point where the two peaks meet — could lead to additional selling pressure. The market is responding as expected, even though it is still too soon to declare with certainty that a double top has formed. |
2024-08-22 | Grayscale expands portfolio with new Avalanche trust
2024-08-22
Grayscale Investments has launched a new trust focusing on Avalanche (AVAX). This trust offers accredited investors a shot at getting involved with Avalanche.
The trust is now open
for daily subscriptions to accredited investors, meaning those with the right credentials can start investing in Avalanche through Grayscale.
The crypto asset manager hasn’t had an easy time lately, especially with its flagship Bitcoin and Ethereum trusts. The crypto market has been a rollercoaster in 2024, with Bitcoin up over 61% by July, hitting more than $67,700.
Ethereum has also seen gains, rising nearly 42% over the same period. Despite these upticks, Grayscale’s trusts have been under pressure, particularly with the introduction of spot ETFs.
July saw the approval of several spot Ethereum ETFs, following the earlier launch of spot Bitcoin ETFs. These new investment vehicles have attracted a lot of attention, leading to significant outflows from Grayscale’s Ethereum Trust.
The company lost around $1.2 billion in net outflows from its Ethereum Trust shortly after the spot ETFs hit the market.
Grayscale’s Bitcoin Trust (GBTC) has also felt the squeeze. The emergence of spot Bitcoin ETFs, which come with lower fees, has made GBTC less attractive to investors.
Because of that, there’s been a steady outflow of funds, forcing Grayscale to sell off some of its Bitcoin holdings to meet redemption requests. This liquidation has put additional pressure on Bitcoin’s price, which even dipped below $50,000 earlier this month.
While there have been short-lived recoveries, such as a brief 2.4% increase in GBTC’s share price after its first inflow since January, the overall sentiment has been cautious. |
2024-08-22 | Fundstrat's Tom Lee: Bitcoin Is Replacing Gold
2024-08-22
Cover image via U.Today
During a recent appearance
on CNBC's Squawk Box, Fundstrat's Tom Lee stated that Bitcoin, the leading cryptocurrency, is gradually replacing gold.
"I think Bitcoin is digital gold. I think it's replacing gold over time," he said.
The fact that gold is rising shows that there is still a lot of fear in the market, according to Lee. He added that the yellow metal could be potentially viewed as a measure of bearish sentiment.
As for Bitcoin, Lee believes that the cryptocurrency has two functions. While obviously being a risk-on asset, Bitcoin can also provide protection against systematic risk.
According to the Bitcoin permabull, there could be a day when the dollar could end up debasing. In such a case, investors would want to own a lot of Bitcoin or gold.
Following the infamous global market crash that took place earlier this year, markets showed a lot of resilience, according to Lee. "I mean, the fact that we snapped back so sharply is showing you how strong this market is," the prominent analyst added.
Lee is convinced that the probability of the so-called "soft landing" is going up. He expects a "benign" cutting cycle that should be good for markets. At the time, the Fundstrat co-founder opined that the Fed should get off data dependence since the aforementioned soft landing could be at risk.
The analyst has also added that the Fed is "behind the curve" when it comes to rate cuts. He is convinced that cutting "more aggressively" would make sense at this point.
The Fed's widely anticipated September rate cut could be the main bullish catalyst for Bitcoin.
As reported by U.Today, Lee has repeatedly forecasted
that the price of the leading cryptocurrency could surge to as much as $150,000 this year. |
2024-08-22 | Just-In: Binance Labs Invests In 4 Major Crypto Startups, BNB Price Shoots 7%
2024-08-22
Binance Labs, the venture capital and innovation incubation arm of Binance, has announced its investment in four major crypto startups. These involve the winners in the latest round of the Most Valuable Builder (MVB) Accelerator Program. The Binance Coin (BNB) price continued surging after the latest announcement.
For context, the MVB program, now in its seventh season, is a joint initiative spearheaded by BNB Chain, Binance Labs, and CMC Labs. It aims at boosting innovation and support early-stage Web3 projects within the BNB Chain ecosystem.
Latest Investment By Binance Labs
This season, the MVB program attracted over 700 applications from around the globe, with only 13 projects making the final cut, underscoring the program’s competitive nature. Of these 13, four standout projects have secured funding from Binance Labs.
According to the latest BNB Chain announcement
, the four startups are Aggregata, Opinion Labs, SideKick, and Vooi. Each of these projects is pushing the boundaries of blockchain technology in unique ways. Hence, here’s a short summary on each project:
1. Aggregata:
This platform aims to integrate AI data, models, and computing resources into a single, unified ecosystem. Binance Labs-backed Aggregata’s approach simplifies access to AI tools for developers and businesses. Moreover, it promotes broader adoption of AI technologies in the blockchain space.
2. Opinion Labs:
It specializes in the creation of opinion and prediction markets. Furthermore, Opinion Labs is setting new standards for how public sentiment and market predictions are captured and utilized. Additionally, their platform enables real-time, continuous updates to prediction markets. This offers users a more responsive and accurate tool for gauging market trends.
3. SideKick:
The third startup backed by Binance Labs serves as a consolidation hub for social interactions and gaming. SideKick is designed to enhance user engagement by integrating multiple platforms into a seamless experience. This approach not only streamlines social and gaming activities but also encourages a more connected and interactive community within the crypto space.
4. Vooi:
A decentralized exchange (DEX) aggregator, Vooi stands out for its cross-chain capabilities. It supports both EVM and non-EVM chains. Vooi also allowing users to trade across different blockchain networks. Moreover, it aims to break down barriers between ecosystems, thus, enhancing liquidity and trading efficiency.
About Binance Labs & MVB Program
The MVB Accelerator Program offers more than just financial support from the incubation arm. It provides participants with a comprehensive development experience. This includes access to a tailored curriculum, personalized mentorship from industry experts, and networking opportunities with successful entrepreneurs.
Additionally, participants benefit from the BNB Chain Launch-as-a-Service package. The package provides crucial infrastructure, security, and marketing support, valued at up to $300,000. Recently, Binance Labs also invested in Corn
, a Bitcoin yield generating network.
In August 2024, the incubation arm funded 10 crypto projects as of yet. Meanwhile, the BNB price soared nearly 7% to $589.02 at press time on Thursday, August 22. Whilst, the market cap for BNB stood at $84.68 billion.
The post Just-In: Binance Labs Invests In 4 Major Crypto Startups, BNB Price Shoots 7%
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. |
2024-08-22 | Bitcoin Open Interest Surges $1.26B as Fed Rate Cut Speculation Grows
2024-08-22
The open interest in Bitcoin futures reached $31.92 billion on August 22.
The OI is the sum of all unsettled derivative contracts, including futures and options.
Some have taken the release of the US Federal Reserve’s
meeting minutes from July as more confirmation of a rate decrease in September. However in the hours after the release, Bitcoin futures traders added over a billion dollars to Bitcoin Open Interest (OI). With a gain of $1.26 billion in the last 24 hours, the open interest in Bitcoin futures reached $31.92 billion on August 22.
The open interest (OI) is the sum of all unsettled derivative contracts, including futures and options. Traders’ optimism about the future of Bitcoin’s price, up or down, is reflected in an increasing OI. The data, however, demonstrates that the cohort is not unanimous. Especially, on the matter of whether the price of Bitcoin
(BTC) will go up or down.
High Volatility Anticipated
During the 24-hour period, the data from CoinGlass
shows that long traders had a little lead with 50.63 percent of the total future holdings. While shorts had 49.37 percent. The price of Bitcoin has stayed relatively stable around the $60,000 mark since August 9th, according to statistics from CMC
.
According to a study by 10x Research’s director of research, Markus Thielen, the Federal Reserve’s minutes “makes a rate cut in September almost a certainty”. Thielen said that a rate reduction in September was supported by a “vast majority” of FOMC members. And that some members were even thinking about cutting in July.
When interest rates fall, investors often shift their money from bonds and term deposits. Which are considered secure investments, to Bitcoin and other assets that are seen as riskier. The dovish stance is anticipated to be further reinforced in Powell’s Friday address. Which might lead to an increase in risk assets such as Bitcoin and equities due to the supportive monetary policy environment.
Highlighted Crypto News Today:
Crypto Giants Contributed $119M Towards US Elections |
2024-08-22 | BTC Price Analysis: Why $66K Level Is Important To BTC
2024-08-22
Bitcoin (BTC) price tapped fresh liquidity from its weekly support but gave it up on two accounts as it closed in on the $62,000 level. The largest cryptocurrency highlights a 1.5% increase on the day on top of a 3.5% surge in seven days. Altcoin majors moved selectively, with Ethereum (ETH) upholding a bullish outlook along with Cardano (ADA), Avalanche (AVAX), and Chainlink (LINK).
BTC Price Market Movers: Short-Term Holders’ Costs and Consistent BTC ETF Inflows
Bitcoin price has failed on multiple attempts to
crack resistance at $62,000
, and the most crucial range is between $64,000 and $66,000. According to
CryptoQuant
blockchain data and insights, short-term holders are investors holding BTC in their wallets for not more than 155 days.
The chart below shows that investors who have HODLed BTC for one to three months currently have an average cost basis of $64,206, while those who have held BTC for three to six months have an average cost of $65,898. With that in mind, the range from $64,000 to $66,000 is a solid resistance in the
BTC price
recovery path.
On the bright side, as short-term holders close their losses and ascend into profit, Bitcoin will likely become attractive to new investors, shaping the next bull run above $70,000.
Bitcoin realized price – UTXO Age Bands
Bitcoin ETFs
have, in the last few days, experienced net inflows, with the latest $39.42 million recorded on August 21, as per SoSoValue
data. In the last five business days, net inflows have been consistent and totaled $236.58 million. This implies that investors are regaining confidence, and willing to bet on Bitcoin price rallying above $70,000 and even to new ATH.
Bitcoin ETF inflow chart | SoSoValue
Bitcoin Price Analysis: Nurturing Triangle Breakout
The ongoing recovery started after Bitcoin price collected liquidity from $58,000 support earlier this week. This action coincided with reinforcing a buy signal from the Moving Average Convergence Divergence (MACD).
Although BTC had corrected to exchange at $60,560 at the time of writing, chances were still higher for an ascending triangle breakout. This pattern formed as bulls tried to recover from the flash crash to below $50,000, but an immense supply of $61,500 and $62,000 hindered the uptrend from reaching higher.
The prevailing market conditions generally favor a bullish outcome
, which means, with a stronger push, Bitcoin may finally break free to attack the earlier-mentioned range between $64,000 and $66,000. Traders should look for a break above the X-axis for a 13% breakout to $69,700. A stop loss will be placed below the resistance level for risk management.
BTC price chart | Tradingview
A previous
BTC price prediction
shows that Bitcoin is not out of the woods yet, and a swing low to $58,000 support is still on the cards. If the MACD confirms a sell signal, more traders will consider switching to short BTC. An increase in selling volume could see BTC implode below the trend line and support at $58,000, aiming for $56,000.
The post BTC Price Analysis: Why $66K Level Is Important To BTC
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2024-08-22 | Anthony Scaramucci Doubles Down on $100k Bitcoin Price
2024-08-22
SkyBridge Capital’s Anthony Scaramucci has reiterated a bullish Bitcoin (BTC) stance amid market conditions. The former White House Communications Director previously hinted at a price growth of the market leader to $100,000 by year-end. This year, Bitcoin and other cryptocurrencies significantly grew in Q1 before wider corrections.
Anthony Scaramucci Is Still Bullish
In a recent CNBC interview, Anthony Scaramucci noted that Bitcoin price was decimated in 2022 due to industry and macro factors and significantly rebounded this year. The turnaround spiked following the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) adding that it’s the most successful ETF launch in history.
Should you think of $BTC
as a store of value? Skybridge Capital’s Anthony Scaramucci talks about the digital asset and why he thinks it can still get to $100k. pic.twitter.com/QzX4XxcETj
— Squawk Box (@SquawkCNBC) August 22, 2024
He noted that Bitcoin will eventually get to $100,000 the previous timing will be delayed due to regulatory uncertainty, low sentiments due to crypto scams, etc.
“
If you had said to me last year when Bitcoin was in the 30s that we’ll be in the 60s post halving, I think most people in the industry will be very happy… I got this wrong but I think it’s relative to timing as opposed to actual results. I do think Bitcoin gets to $100,000 it’s just taking longer with more regulatory hurdles and uncertainty, some fraud exposed as you both know, and over leverage in the system.”
Bitcoin ETFs remain instrumental to the upward growth of the asset Anthony Scaramucci pointing to increased traditional investors. The SEC’s approval gave the market added legitimacy after previous uncertainties. As a result, top institutions and firms have increased their asset exposure.
Bitcoin Is A Store of Value
Anthony Scaramucci also noted that BTC remains a store of value amid the surge in the price of gold. The price of the precious metal is up 30% in two years with gold enthusiasts criticizing Bitcoin’s growth after its previous all-time high in 2021. According to the SkyBridge Capital founder, Bitcoin is a future store of value as the asset’s adoption increases with more wallets and global use cases.
The growing price in the past months supports this narrative. At press time,
BTC price
stands at $60,796, a 1.55% increase in the last 24 hours.
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2024-08-22 | Bitcoin Struck in a Zone, What Will Happen Next?
2024-08-22
The post Bitcoin Struck in a Zone, What Will Happen Next?
appeared first on Coinpedia Fintech News
The last few weeks have been a rollercoaster ride for Bitcoin Investors and traders. It has been very hard to say if BTC will rise or plummet. In this whole confusion state, investors lost millions in trades. However, bitcoin whales have been accumulating. It has been a full month since Bitcoin last touched the $70k mark. Let’s understand what has been happening in the market.
Fear of MT. Gox sell off
One of the biggest fears of the market has been the sell off by Mt. Gox creditors. Though Mt. Gox has transferred most of the funds to the collaborating crypto exchanges, not all creditors have received them yet. The market has a fear that these creditors once received the funds, will sell off, triggering a negative motion in the market. This fear has been holding the Bitcoin under $60,000 for a month.
Governments triggering Fear
First the German government dumped their 50,000 bitcoin in the market and it was a constant knife over the neck of the market. Now, it looks like the US government is planning to fall in their footsteps.Any action related to crypto on one end and government of a solid nation on the other can heavily impact the market conditions. The movement of Bitcoin from US government wallet to Coinbase triggers the same fear as by Germany.
Market Indications
For almost the last 12 days, the price of Bitcoin has been consolidating between the price range of $56,000 and $60,000. There have been mixed reactions from the market leaders. There are some who are predicting a fall while others are showing dreams for a bull run resume.
The same confusion can be seen on the charts. Looking at the weekly chart a ray of hope appears. It looks like the market is trying to create a cup and handle pattern, if succeeded, the market will take a rally. However, MACD indicates a rise in bear movement which may cause the market to consolidate more. Failure of the chart pattern may lead to a plummet in price.
If we move to the hourly chart, the consolidation area becomes more clear and the MACD indicator can be seen supporting a bearish sentiment. The market greed and fear index has been under 30 for quite some days which was recorded at 50 today. This rise in greed reflects an increase in the positive market sentiment.
What to expect
Looking at all the above conditions, it is very difficult to predict the next market movement. However if we look at the whale’s accumulation data, the idea becomes clear. When retail investors are scared and draw back from the market, the whales take this opportunity to accumulate more Bitcoin at discounted prices. Until and unless, the price breaks out of the consolidated zone
, it is very risky to take any kinds of trades. This time can be used to fill bags and stay aware of the trades. This is not financial advice but merely a simple explanation of the market conditions. |
2024-08-22 | Grayscale launches investment fund for AVAX token
2024-08-22
Asset manager Grayscale Investments launched a new investment fund for Avalanche’s native token, AVAX, according to an Aug. 22 announcement.
The Grayscale Avalanche Trust “offers investors the opportunity to gain exposure to Avalanche (AVAX), a three-chain smart contract platform designed to simultaneously optimize for scalability, network security, and decentralization,” Grayscale said.
Avalanche is a layer-1 blockchain network with a focus on facilitating real-world asset (RWA) tokenization, which involves converting tangible assets, such as real estate, commodities or fine art, into digital on-chain tokens. On Aug. 22, Franklin Templeton expanded its blockchain-integrated money market fund to Avalanche
(AVAX
).
Related:
Franklin Templeton expands blockchain fund to Avalanche network
Grayscale’s Avalanche Trust allows investors to participate in Avalanche’s “advancement of RWA tokenization,” including “[t]hrough its key strategic partnerships and unique, multi-chain structure,” Rayhaneh Sharif-Askary, Grayscale’s head of product and research, said in a statement.
Grayscale has a suite of more than 20 investment products. Source: Grayscale
The fund — which is not exchange-traded and is only available to qualified investors — adds to Grayscale’s suite of more than 20 crypto investment products. On Aug. 13., Grayscale launched a trust to invest
in MakerDAO’s MKR (MKR
) token. On Aug. 7, Grayscale launched two other trusts to invest in Bittensor’s and Sui’s native protocol tokens.
Grayscale is the world’s largest crypto fund manager, with upward of $25 billion in assets under management. It is best known for its Bitcoin (BTC
) and Ether (ETH
) exchange-traded funds (ETFs), including Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
Grayscale also operates private single-asset funds for other protocol tokens, such as Basic Attention Token (BAT
) and Chainlink (LINK
).
During an Aug. 12 webinar
, Dave LaValle, Grayscale’s global head of ETFs, predicted that the market for cryptocurrency ETFs will expand to encompass new types of digital assets and diversified crypto indexes.
“We’re going to see a number of more single-asset products, and then also certainly some index-based and diversified products,” LaValle said.
Magazine:
11 critical moments in Ethereum’s history that made it the No. 2 blockchain |
2024-08-22 | The Proposed US Bitcoin Reserve Bill Might Be a Disaster in the Making
2024-08-22
At the Nashville Bitcoin 2024 conference, Senator Cynthia Lummis (R-Wyo.) unveiled a “
revolutionary proposal
” for the U.S. government to start investing in Bitcoin. Her idea is to add Bitcoin to the nation’s strategic reserve assets as a tool to fight inflation and stabilize the dollar’s value.
Following her announcement, Senator Lummis formally introduced the
“
Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024
” or simply the “BITCOIN Act of 2024” on the legislative floors on July 31. The bill’s primary objective is to tackle the national debt, which has soared past
$35 trillion
as of August 2024. Lummis believes establishing a Bitcoin reserve could help slash the U.S. national debt by half by 2045.
This is quite a bold prediction, considering that
the country’s debt profile currently sits at $35 trillion and is projected to rise by 141.4% by that time
. However, despite being so optimistic and beneficial for one party involved, the idea doesn’t have a bright prognosis for the other party: the broader crypto market.
Decoding the “Bitcoin Act”
The “BITCOIN Act of 2024” aims to integrate Bitcoin into the U.S. financial system by establishing a reserve fund dedicated to the cryptocurrency. The plan includes a Bitcoin Purchase Program, which intends to acquire 1,000,000 Bitcoins over five years by purchasing 200,000 Bitcoins annually.
Bitcoin Strategic Reserve bill. Source:
Lummis.senate.gov
Funding for the program will come from various sources, such as revaluing U.S. gold reserves to boost the Treasury’s General Account, utilizing remittances, and using additional profits from the Federal Reserve. The purchased Bitcoins will be stored in a Strategic Bitcoin Reserve for at least 20 years to safeguard their value and insulate them from market fluctuations.
To cover the costs of setting up and maintaining the reserve, the bill suggests using surplus funds from the Federal Reserve and reassessing the value of gold certificates.
The bill emphasizes security and mandates the Secretaries of Defense, Homeland Security, and the Treasury to ensure the physical and digital protection of the assets. Transparency is ensured through quarterly Proof of Reserve checks and independent audits to verify the holdings. Additionally, the bill includes provisions for managing digital assets resulting from Bitcoin forks and airdrops.
The bill isn’t just for the federal government; it also allows state governments to store their Bitcoin holdings in separate accounts within the Strategic Bitcoin Reserve.
Why Making Bitcoin a Strategic U.S. Asset Could Be a Disaster
Bitcoin and the Dollar. Source:
(Forbes via Getty Images)
Bitcoin’s
core appeal lies
in its decentralized and independent nature. If the U.S. were to designate Bitcoin as a strategic asset, it could lead to increased government control, potentially undermining its original purpose. The U.S. government, driven by the power of the dollar and a large federal debt, might be tempted to print more money to buy Bitcoin. However, this move could weaken Bitcoin’s role as a safeguard against inflation.
The idea of using Bitcoin to help pay down the massive debt is intriguing but comes with challenges. Centralizing Bitcoin for such a purpose assumes its price and liquidity will remain stable, an assumption far from guaranteed.
Managing reserve assets like Bitcoin brings significant political and economic challenges. While the U.S. developing a strategic Bitcoin reserve might seem like a way to promote digital asset adoption and improve areas like energy management and fiscal policy, it could also be a disaster if not carefully handled. Mismanagement could easily compromise Bitcoin’s fundamental qualities, turning a promising idea into a risky gamble.
What are Experts Saying?
Pierre Rochard, VP of Research at Riot Platforms, is backing Senator Cynthia Lummis’ Bitcoin bill. He
points out that
Bitcoin’s decentralized nature and ability to resist outside interference make it a strong and growing asset. Rochard believes these qualities make Bitcoin increasingly promising for the future.
Jim Bianco, president of Bianco Research, warned that putting Bitcoin under government control could be problematic. In a
recent YouTube interview
, He argued that this could let the Federal Reserve influence Bitcoin’s price, which goes against its core principle of decentralization.
“Governments might set Bitcoin’s price, decide when to buy or sell, and control who owns it,”
Bianco said.
Moe Vela, an experienced American attorney and political advisor, calls it a “
disaster in the making
,” arguing that using taxpayer money for Bitcoin—something he sees as “backed by air and whimsy”—is highly irresponsible. The attorney, who has worked under both the Clinton and Obama administrations, expressed worries about Bitcoin’s lack of structure and anonymity, which he thinks could lead to risks, such as associating with undesirable figures like Kim Jong Un or Vladimir Putin.
Vela also questions the economic sense of adding Bitcoin to reserve assets, believing the downsides far outweigh any benefits. He suggests that the government should focus on cryptocurrencies with real backing and strong regulation, like those overseen by the SEC, to ensure safety and compliance.
Disclaimer:
This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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The post The Proposed US Bitcoin Reserve Bill Might Be a Disaster in the Making
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. |
2024-08-22 | Understanding the Link Between Miner Activity and Bitcoin Price
2024-08-22
Bitcoin miners’ OTC balances have surged 70% since June, hitting a 2-year high of 368,000 BTC.
This trend suggests miners may be preparing to offload large quantities of Bitcoin.
Historically, spikes in miner OTC activity have been linked to significant Bitcoin price movements.
Bitcoin miners are flooding over-the-counter (OTC) desks with their holdings. Balances have surged 70% since June, hitting a 2-year high
of 368,000 BTC in August. This raises questions about potential market shifts.
Notably, institutional investors and large holders often use OTC desks to execute trades without causing significant market impact. But over the past few months, they have seen a sharp influx of Bitcoin from miners. This trend suggests that miners may be positioning themselves to offload large quantities of Bitcoin, possibly in anticipation of market turbulence or to capitalize on favorable pricing conditions.
Historically, spikes in OTC balances from miners have been closely monitored by market participants, as they can signal impending price volatility. The current surge aligns with previous instances where miners’ increased OTC activity coincided with notable Bitcoin …
The post Understanding the Link Between Miner Activity and Bitcoin Price
appeared first on Coin Edition
. |
2024-08-22 | Bitcoin’s Parabolic Rally in Q4: Historical Stats Predict
2024-08-22
More and more analysts are interested in the behavior of Bitcoin’s price in Q4 2024 and are showing specific interest in its parabolic movement. Bitcoin Parabolic Rally anticipation is based on patterns exhibited in the BTC’s historical price data, in which the halving events have triggered significant value increases.
The halving has been an authoritative determinant in past bull runs, as it essentially lowers the issue rate of Bitcoins, and when demand swells up, a reduction in the supply of new coins follows. Researchers pay special attention to the so-called 2024 halving, which is viewed as the following indicator of a drastic increase in the price of BTC.
These predictions are not only on the effect of the halving event but also on the subsequent market movements observed in the previous cycles. In the previous halving events, after the halving activity, there is a stagnation, and then there is a steep surge in the BTC price due to the change in the supply side and due to retail investors, and institutional money getting into the game.
This becomes a recurring behavior that points to say that Bitcoin is probably at the precipice of a new round of upside, with Q4 2024 likely signaling the start of a new Bitcoin Parabolic Rally. Of course, what has been discussed above sheds light on past tendencies, and, as usual, it is especially important to remember that the cryptocurrency market is extremely unstable and unpredictable.
This recurring behavior points to the fact that Bitcoin
is at the precipice of a new round of upside, with Q4 2024 likely signaling the start of a new bullish run.
Of course, what has been discussed above sheds light on past tendencies, and, as usual, it is essential to remember that the cryptocurrency market is volatile and unpredictable.
Historical Patterns and Bitcoin’s Halving Effect
Bitcoin’s price chart shows a pattern of sharp price increases following halving events, where the cryptocurrency’s issuance rate is reduced.
Notable examples include 2013, 2017, and 2021, where prices surged significantly after each halving. Experts believe this recurring cycle, now in its third iteration, may lay the foundation for another significant upswing in late 2024.
Experience has pointed out that Bitcoin’s
price often stagnates or stabilizes after halving before soaring because there is far less supply and more demand. This is supported by prior-cycle evidence showing that BTC’s price surged within 12 to 18 months after each halving.
Current Market Sentiment and Potential Catalysts
Thus, the market seems to be hopeful but still carrying a certain level of risk in 2024, with many traders and investors keeping an eye on macroeconomic factors, regulations, and technological progressions in the Crypto Industry.
Other factors that could help cause the price to increase could be the approval of Bitcoin ETFs or up-and-coming institutional support.
Hence, the market appears optimistic but still carries a certain level of risk in 2024, with many traders and investors eyeing macroeconomic factors, regulations, and technological progressions in the Crypto Industry. Other factors that could help cause the price to increase could be the approval of Bitcoin ETFs or up-and-coming institutional support.
Furthermore, as Bitcoin
repositions towards acceptance as a store of value and a deflationary asset, institutional demand is likely to rise immensely, as was the case in the previous bull cycle. These factors could possibly come together to form what would be defined as a ‘parabolic move’ in a rally.
Graphical Insights and Projections for Bitcoin Parabolic Rally
For metric correlation of insights, analysts work with the stock-to-flow stock model in which bitcoin supply is compared with the current stock. It has been found to predict the price of Bitcoin and may be used in the future. Also, the indicators that help to see the possibility of a rally include the Relative Strength Index (RSI) and Moving average convergence divergence (MACD) indicators.
It is always essential to use graphical representations that show the price of Bitcoin, the price-to-stock-to-flow ratio, and other fundamental requisites to get a clear outlook on the future of the subject at hand. With the help of these tools and historical data, Bitcoin may form a new record high by the end of 2024 in terms of market conditions.
Although, it is still hard to forecast precise shifts within the given market; still, available statistical information and various coefficients may hint at a likely imminent parabolic rise in value of Bitcoin by the end of Q4 2024. In any case, investors should be wary of, and should take into account both the strengths and weaknesses of such a highly unpredictable asset. |
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