SWIB's significant $99M investment in the iShares Bitcoin ETF marks a notable move by the state board into crypto assets.
The post Wisconsin state holds $99 million in BlackRock’s Bitcoin ETF shares appeared first on Crypto Briefing.
The post Tether and RAK DAO Join Forces to Boost Bitcoin and Stablecoin Education in UAE appeared first on Coinpedia Fintech News
Amid controversies and scams, Tether is all set to expand its wings. Tether Partners with RAK DAO to Promote Bitcoin and Stablecoin Education in Ras Al Khaimah. In 2024, the Middle East saw a significant rise in cryptocurrency adoption, with the average daily number of traders reaching 500,000, marking a 166% increase from the previous …
Coinbase said it resumed operations after a system-wide outage that impacted its website, mobile, and API for over three hours. However, several customers of the crypto trading platform on social media claimed this was false as they could still not withdraw their funds. One X user, Nigel Dias, revealed that he attempted to send his crypto […]
The post Coinbase users report withdrawal issues despite official ‘resolved’ status appeared first on CryptoSlate.
User activity has plunged after a hyped run-up to the start of the Runes protocol , which was expected by some to mirror Solana’s meme coin ecosystem.
BTC price moves become increasingly erratic in the hours leading up to a slew of U.S. macroeconomic data prints after Bitcoin bulls fail to flip $63,000.
After five weeks of fleeing the digital asset market, investors are cautiously dipping their toes back in, with Bitcoin (BTC) emerging as the clear favorite. A recent report by CoinShares reveals a net inflow of $130 million into crypto investment products, marking a potential turning point after a period of sustained outflows. Related Reading: Hyperinflation […]
Bitcoin price managed to stay above the $60,000 support. BTC recovered and is now facing hurdles near the $63,500 resistance zone. Bitcoin seems to be trading in a range between $60,000 and $63,500. The price is trading above $61,800 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance at $61,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rally if it clears $63,500 or might revisit the range support at $60,000. Bitcoin Price Trims Gains Bitcoin price extended its decline below the $60,800 support zone. However, the bulls were active above the $60,000 support zone. A low was formed at $60,220 and the price started a recovery wave. There was a move above the $61,000 and $61,200 levels. Besides, there was a break above a major bearish trend line with resistance at $61,400 on the hourly chart of the BTC/USD pair. The pair rallied and revisited the main hurdle at $63,500. A high was formed at $63,400 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the $60,220 swing low to the $63,400 high. Bitcoin is still trading above $62,000 and the 100 hourly Simple moving average. Immediate resistance is near the $62,800 level. The first major resistance could be $63,000. The next key resistance could be $63,500. A clear move above the $63,200 resistance might send the price higher. Source: BTCUSD on TradingView.com The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. Another Decline In BTC? If Bitcoin fails to climb above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,200 level. The first major support is $61,800 or the 50% Fib retracement level of the upward move from the $60,220 swing low to the $63,400 high. If there is a close below $61,800, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,250 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $61,800, followed by $61,200. Major Resistance Levels – $63,200, $63,500, and $65,000.
An analyst has explained how Bitcoin could be positioned for new all-time highs (ATHs) if it can break through this on-chain resistance level. Bitcoin On-Chain Data Could Suggest This Level Holds Major Resistance In a new post on X, analyst Ali discussed Bitcoin’s current on-chain resistance. In on-chain analysis, the strength of support and resistance levels is based on the total amount of cryptocurrency last acquired at each level. Below is a chart for Glassnode’s UTXO Realized Price Distribution (URPD) metric, which shows the supply distribution across the various price levels based on where the investors bought their coins. From the graph, it’s visible that in terms of the levels currently ahead of the spot price, the $66,250 mark stands out as it hosts the cost basis of over 2% of all Bitcoin UTXOs. Generally, the cost basis is a special level for any investor, and they are naturally more likely to react when it is retested, as it can lead to a flip in their profit-loss situation. The spot price retesting a level won’t produce much reaction if only a few investors share their cost basis around the level. Still, if many holders bought there, the cryptocurrency could see visible effects upon a retest. Investors who are losing money may look forward to such a retest to exit out at their break-even point, as they may fear that the asset will fall back down again in the future, so getting away with their initial capital would seem like the ideal decision. As such, a retest of a level dense with UTXOs from below can lead to a selling reaction in the market, making these levels points of strong resistance for Bitcoin. Since the $66,250 level appears to be where the most coins were purchased out of the levels ahead, this level could be the toughest one to break for the cryptocurrency. On the brighter side, though, the levels after this point are relatively thin. “Once BTC breaks past this level, it will be positioned for new all-time highs!” explains the analyst. The market intelligence platform IntoTheBlock has also discussed about on-chain cost basis distribution in an X post today. As revealed by the firm, around 10% of all addresses acquired their coins between the current spot price and the all-time high the asset set back in March. This would naturally mean that 10% of the total addresses, equivalent to 5.16 million, are in the red on the Bitcoin network. BTC Price Bitcoin has continued to move in its recent range, with its price currently trading around the $62,800 level. Featured image from Erling Løken Andersen on Unsplash.com, Glassnode.com, IntoTheBlock.com, chart from TradingView.com
Bitcoin is moving sideways, posting drab price action, forcing participation to taper. But amid this consolidation and even fear of more losses, one analyst has shared data suggesting that long-term holders are accumulating at spot rates. Are We Back To 2021? Bitcoin Long-Term Holders Accumulating In a post on X, the analyst noted that this re-accumulating pace is picking up momentum, mirroring a welcomed trend that preceded the impressive 2021 bull run. Therefore, if long-term holders, or HODLers, accumulate, the probability of BTC rallying in the sessions ahead is elevated. Thus far, BTC has been trending above $60,000, up 10% from the May 2024 lows. For clarity, the data shared by the analyst uses Unspent Transaction Outputs (UTXOs) to classify long-term and short-term holders. Analyzing the age of UTXOs makes it easier to gauge the behavior of different investor groups. Related Reading: Analyst Predicts Injective (INJ) Breakout: $50 Price Range On The Horizon Usually, UTXOs older than 155 days have “diamond hands” or long-term holders. Meanwhile, those who hold BTC for less than 155 days are short-term holders or often classified as “weak” hands. They are usually traders or speculators interested in riding on price volatility, like in the first half of Q1 2024. When long-term holders stopped distributing BTC in 2021, prices rose sharply. By November 2021, the coin had peaked at around $70,000, lifting prices by nearly 1,500% from 2020 lows. It is unclear if BTC is ready for another 15X surge from spot rates, a move that would propel it to over $700,000. BTC Has Strong Support At $60,000, Analyst Urges Patience While the on-chain data paints a bullish picture, some analysts advocate caution. Taking to X, one analyst notes that Bitcoin has strong support at around the psychological $60,000 mark. The coin could stabilize if bulls soak in selling pressure and reject attempts for lower lows. However, if prices dump below $60,000, triggered by a news event, BTC may fall to as low as the $52,000 to $55,000 zone. Despite the potential for short-term volatility, the analyst encourages investors to maintain a long-term perspective. Accumulating Bitcoin at these levels and exercising patience could be a winning strategy, the analyst says. Related Reading: DOGE Price Prediction – Can Dogecoin Bulls Overcome This Hurdle? This preview would be especially true now that on-chain data shows that long-term holders are accumulating. Before then, traders should watch price action. The coin is moving sideways, finding rejection at $66,000. Even though prices are lower, the last day’s series of higher highs is encouraging and might spark demand. Feature image from DALLE, chart from TradingView
Last week, the US spot Bitcoin ETF market experienced a notable shift in investor sentiment. Positive inflows were reported, breaking a streak of outflows that had persisted for almost a month. The week concluded with a significant $116 million positive inflows, indicative of growing interest in the newly approved index funds. Notably, a new player […]
Previous outflows hovered around the $6 million mark, signaling a significant uptick in negative flows on Monday.
Early-stage investment firm Metaplanet announced on Monday that it’s adopting Bitcoin (BTC) as its sole “strategic treasury reserve asset.” This audacious decision signals a growing confidence in the controversial cryptocurrency as a legitimate store of value and hedge against traditional economic woes. Related Reading: CEO Drops Bombshell: Trump Campaign Eyes Crypto-Friendly Policies Yen Under Pressure, Bitcoin On The Rise Metaplanet’s decision comes amidst a backdrop of sustained economic pressures in Japan. A weakening yen, coupled with high government debt levels and persistently low-interest rates, seems to have pushed the firm to seek alternative havens for its reserves. Bitcoin, with its finite supply and decentralized nature, appears to be their answer. ‘Bitcoin-First, Bitcoin-Only’ Approach In a clear statement of intent, Metaplanet outlined its new “Bitcoin-first, Bitcoin-only approach” to treasury management. The company plans to strategically convert its existing yen liabilities and future share issuances into BTC, effectively accumulating more of the digital asset over time. This strategy echoes the recent moves of US-based MicroStrategy, which has become a major institutional holder of Bitcoin. A screenshot of Metaplanet's press release. Believing In The ‘Absolutely Scarce’ Asset Metaplanet’s press release paints a glowing picture of the top crypto asset’s potential. They view it as “fundamentally superior” to traditional currencies and other investment options, highlighting its scarcity and lack of a central issuer. They are impressed by Bitcoin’s proof-of-work (PoW) consensus mechanism, emphasizing how it creates a progressively higher cost of production for the remaining coins yet to be mined. This, they argue, stands in stark contrast to traditional commodities whose supply can be readily increased. Bitcoin is now trading at $62.896. Chart: TradingView Following The Footsteps Of A Corporate Bitcoin Believer There are clear parallels between Metaplanet’s strategy and that of MicroStrategy. The US firm has aggressively amassed Bitcoin, currently holding over 1% of the entire circulating supply. Metaplanet, though smaller, has reportedly acquired over 117 BTC since April, signaling their commitment to replicating this strategy. While Metaplanet’s decision reflects a growing institutional interest in Bitcoin, it also carries significant risks. Bitcoin’s price remains highly volatile, with the potential for substantial losses if the market takes a downturn. Additionally, the regulatory landscape surrounding cryptocurrencies is still evolving, and future regulations could negatively impact Bitcoin’s viability as a reserve asset. Related Reading: Analyst Predicts Injective (INJ) Breakout: $50 Price Range On The Horizon A Digital Canary In The Coal Mine? Metaplanet’s bold move serves as a fascinating case study. Their all-in bet on Bitcoin raises questions about the future of traditional reserve assets and the potential for wider adoption of cryptocurrencies by institutional investors. Impact On Bitcoin Price The company’s investment, while significant for a single firm, represents a relatively small portion of the total Bitcoin market capitalization. However, the news itself could generate positive sentiment and short-term price increases, especially if it entices other institutional investors to follow suit. Conversely, if Metaplanet’s strategy backfires and they are forced to sell their Bitcoin holdings at a loss, it could trigger a broader sell-off and price decline. Ultimately, the long-term impact will depend on how this bold move by Metaplanet plays out, alongside broader market forces and evolving regulations. Featured image from Pexels, chart from TradingView
In his latest technical analysis, veteran crypto analyst Christopher Inks offers a detailed look at the current Bitcoin market structure through a comprehensive chart analysis. The chart, recently shared on X, shows Bitcoin’s price movements alongside several key technical indicators and levels that could signal a potential reversal from its bearish trend. The analyst illustrates Bitcoin’s price action with daily candlesticks over the past few months, pinpointing significant support (S1, S2) and resistance (R1, R2) levels. As of press time, Bitcoin traded at around the $63,000 mark, encapsulated by two descending trend lines which represent a bearish market structure. The Bottom Signal For Bitcoin “We still want to see a breakout above the noted level to signal a break in the bearish market structure that began at the ATH,” Inks stated. This level is of paramount importance because it serves as a junction of multiple technical elements: the daily pivot point, the upper descending green resistance line, and the two-month range equilibrium. Related Reading: Bitcoin On-Chain Activity Nearing Historic Lows – What This Means For BTC Price According to Inks, “an impulsive breakout and close above the daily pivot/descending green resistance/2-month range EQ confluence area will signal that the low is likely in.” This suggests that overcoming this barrier could herald the end of the bearish market structure that commenced from the all-time high. If this resistance breaks, the next major resistance is located at $65,541. Afterwards, $68,000 could be on the cards. “Breaking above this level breaks the bearish market structure from March 13th,” according to Inks. Then, R1 at $69,000 and R2 at around $78,000 could be the next targets. On the downside, the most crucial support is at $56,522. It represents the lower boundary that Bitcoin needs to maintain to prevent a new low, which would exacerbate the bearish sentiment. Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 Inks articulates the importance of this support, noting, “If we can print a higher low now, which would require a breakout above the $65.541 level without printing a new low below $56,522, then that would really add support for the idea that the bottom is in and a new ATH is incoming.” This statement underlines the necessity for Bitcoin to hold above this support to avoid further declines and stabilize within its current range. If BTC breaks below the pivotal support, the price could be headed below $56,000 (S1) and $50,90 (S2). Notably, the analysis is supported by a variety of technical indicators. The Relative Strength Index (RSI), hovering around the neutral 50 mark, suggests a balancing act between bullish and bearish forces. The RSI’s position indicates that the market is neither overbought nor oversold, leaving room for potential upward movement if bullish signals strengthen. The Moving Average Convergence Divergence (MACD) currently shows that the MACD line is below the signal line, a traditional bearish sign. However, the proximity of these lines also hints at a possible upcoming bullish crossover, should the momentum shift. The Stochastic RSI also indicates potential for movement in either direction but is particularly useful for identifying when Bitcoin might be entering overbought or oversold territories, which are critical for predicting short-term price reversals. Inks also commented on the market’s dynamics, stating, “The positives of the range are that supply has continued to decrease throughout the bearish market structure.” This observation suggests that diminishing supply, paired with maintaining key support levels, could help stabilize and potentially increase Bitcoin’s price. At press time, BTC traded at $62,902. Featured image created with DALL·E, chart from TradingView.com
New Hampshire State Representative Keith Ammon discussed the potential benefits of the state diversifying its financial reserves into Bitcoin exchange-traded funds (ETFs) in a May 12 social media post. The SEC approved trading spot Bitcoin ETFs on US exchanges in January. Since then, the products have generated huge interest, with major financial institutions like JPMorgan […]
The post New Hampshire representative proposes Bitcoin ETF investment to address state financial liabilities appeared first on CryptoSlate.
Bitcoin investor behavior shows short-term holders selling while whales hold, amidst the network surpassing one billion transactions.
The post Bitcoin whales hold steady amid short-term holder sell-off: Bitfinex appeared first on Crypto Briefing.
Bitcoin layer-2 solutions are rising in 2024, including state channels, sidechains, and rollups, as Bitcoin's market dominance grows.
The post Bitcoin layer-2 landscape “set to boom” as BTC keeps outperforming: Bybit appeared first on Crypto Briefing.
Since announcing its Bitcoin strategy in April, Metaplanet has accumulated around 117.7 BTC valued at $7.2 million.
The post Crypto Market Analysis: When Will Bitcoin and Altcoins Rally? appeared first on Coinpedia Fintech News
Even after a short rise, BTC is still trying to break $64,000 in the downtrend. Analysts warn that failing to retake this level might plummet below $52,000. However, the market has mixed views regarding Bitcoin’s prolonged consolidation phase. Here’s one analyst who sees a long-term prospect in Bitcoin. Insightful analysis from the well-known YouTube channel …
Keith Ammon, New Hampshire State Representative for New Boston, Mont Vernon, Lyndeborough and Vice Chair of Commerce and Consumer Affairs, opened a discussion on the potential of diversifying the state’s financial reserves into Bitcoin ETFs. His comments, posted on X (formerly Twitter), highlight a dramatic what-if scenario that underscores the explosive growth of BTC over […]
Tokyo stock exchange-listed Metaplanet declared Bitcoin as its strategic reserve asset due to the current economic uncertainty pervading the Japanese economy, according to a May 13 statement. The firm said: “Metaplanet has adopted Bitcoin as its strategic treasury reserve asset. This move is a direct response to sustained economic pressures in Japan, notably high government […]
The post Tokyo-listed Metaplanet outlines Bitcoin plan amid rising economic pressure in Japan appeared first on CryptoSlate.
The post Metaplanet Ditches Yen for Bitcoin Amid Japan’s Financial Crisis appeared first on Coinpedia Fintech News
In Tokyo, Metaplanet, a Web3 infrastructure provider listed within the Tokyo Stock Exchange, started hoarding Bitcoins. This initiative agrees with the trend of all organizations resorting to Bitcoin to keep their businesses afloat in turbulent times, with the increasing number of issues related to Japan’s huge debt load and frequent fluctuations in yen values. Metaplanet’s …
The post Bitcoin Whales Move $61M in BTC After Decade of Dormancy appeared first on Coinpedia Fintech News
Two dormant Bitcoin wallets, containing a total of 1,000 BTC acquired over a decade ago when BTC was $134 each, have recently become active. A wallet called “16vRq…qjzEa” moved 500 bitcoins on May 12, followed by “DUJuH…NgfC5″ with another 500BTC, now worth $61 million in total. These wallets received their BTC in 2013 and have …
Bitcoin price looks stuck in the near term, but TON, RNDR, PEPE and AR could surprise traders by making a strong upside move.
Crypto analyst Rekt Capital has dropped a peculiar analysis on when Bitcoin might resume its upward trajectory. According to a post on social media platform X by the popular analyst, Bitcoin could finally exit the “danger zone” in the next two days. Related Reading: Sam Bankman-Fried Maintains Innocence While Subsisting On Rice And Beans In […]
Despite generating hundreds of thousands of dollars in daily fees, Runes has only surpassed $1 million in total fees twice in the last twelve days, signaling a notable decline.
Bitcoin has almost completed its prime BTC price drawdown phase after April’s halving, the latest analysis confirms.
Bitcoin might have posted the deepest correction since the FTX crash in November 2022, dipping over 20% from its all-time high of around $74,000. However, Glassnode analysts, while sharing their preview on X, remain cautiously optimistic. Bitcoin Drops 20% From March High, But Glassnode Is Bullish Glassnode notes that the Bitcoin “macro uptrend still appears to be one of the more resilient in history” and that though corrections have been made, they are relatively shallow. With this position, the blockchain analytics platform confirms that the coin has improved with liquidity rising, reducing volatility. Related Reading: Crypto Expert Forecasts The ‘Age of Ethereum’: What This Means Following the correction from March 2023 highs, Bitcoin has struggled to maintain the uptrend. So far, BTC has support at around $60,000, but a key reaction level to watch is $56,500 on the lower side. On the flip side, if prices recover, breaking above $66,000, BTC might rally, even breaching $72,000 and later $74,000. However, for bulls to find support and prices to rally, triggers would be from fundamental factors. Though price action structure might offer support, price catalysts are, as history shows, related to market events. As Glassnode observes, the robust macro trend, bullish for Bitcoin, has tapered volatility, helping maintain the uptrend. The increasingly shallow corrections, as the blockchain analytics platform notes, point to a more mature market backed by more institutions. Whales Accumulating As Institutions Eye BTC Confidence remains high. On-chain data reveals that one whale has taken advantage of the relatively low prices and the correction to stack coins. In the last week, the whale bought over 100 BTC, pushing the amount of coins bought this month to over 7,257 BTC. This aggressive accumulation suggests that the whale, even at the current multi-year high, Bitcoin could be undervalued. There could be more Bitcoin tailwinds incoming. For instance, this week, former United States president Donald Trump started accepting crypto donations in the ongoing campaign. This shift of stance has been bullish since Trump dismissed Bitcoin earlier. While this happens, European regulators appear open to approving Bitcoin as an investable asset within Undertakings for Collective Investment in Transferable Securities (UCITS) funds. If this goes through, it could unlock more billions into Bitcoin from European institutions. This move is massive, considering that banking giants like Morgan Stanley and BNP Paribas are already exploring ways for their clients to invest in BTC. Related Reading: Bitcoin Short Term NUPL Value Turns Negative, What This Means For Price From a macro level, the rising M2 money supply in the United States amid concerns from the United States Federal Reserve that inflation is high might further buoy Bitcoin demand. BTC, like gold, is considered a safe haven, a hedge against inflation since its supply is designed to be deflationary. Feature image from DALLE, chart from TradingView
Bitcoin price drops more than 2% in an hour, leading to $127 million in long liquidations.
Bitcoin’s failure to rise above the 20-day EMA increases the risk of a downward breakdown for BTC and many altcoins.
Bitfinex analysts anticipate a bullish second half for Bitcoin as the Dollar Index's decline signals potential growth for the cryptocurrency.
The post Bitfinex analysts predict Bitcoin surge as Dollar Index dips appeared first on Crypto Briefing.