Bubblemaps’ analysis claims a handful of wallets purchased 30% of the supply of the memecoin DADDY before Andrew Tate promoted it online.
Shiba Inu, the second largest meme coin, has been undergoing a sideways price movement in the past 30 days, with an emphasised decline in the past seven days. On-chain data indicates this decline might continue in the short term as selling pressure continues to increase. Some of the major holders of Shiba Inu have lately […]
Peer-to-peer payments company and stablecoin (USDC) issuer Circle has announced its integration with the Solana (SOL) blockchain, bringing several important new features to its Web3 services. According to Wednesday’s announcement, the strategic move will enable Circle to offer programmable wallets and gas stations and allow developers and businesses to build and launch on-chain applications. Advantages […]
Meme coins have received a high-risk score from Coin Metrics reports, underscoring the increased volatility and market manipulation within this market. The analysis conducted by Coin Metrics aims to spread awareness of the speculative nature of these digital assets, urging caution for investors considering jumping on the meme coin bandwagon. Report Flags Meme Coins As […]
Terraform Labs, the company at the center of a significant collapse in 2022, has agreed to pay a substantial settlement of $4.47 billion to resolve a civil lawsuit filed by the US Securities and Exchange Commission (SEC). This legal action was undertaken following the collapse, which resulted in the loss of $40 billion in investor […]
Zimbabwe is taking an exciting step into the future by launching a public consultation to get opinions on regulating cryptocurrency operations in the country, Bloomberg reports. This is a big change for a nation that has historically struggled with currency issues. Related Reading: Europol Drops Bitcoin Bomb: Mining Hotbed For Criminal Activity By asking for […]
XYO co-founder Markus Levin argues that DePINs can make AI more trustworthy, empower users and businesses alike, and usher in blockchain mass adoption.
Shiba Inu (SHIB) might be facing its own demise as analysts predict a continuation of its week-long price decline. The meme coin, known for its association with the adorable Shiba Inu dog breed, has lost nearly 14% of its value in the past seven days, raising concerns about its future. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? Bearish Signals Fill The Air Technical indicators often used to gauge market sentiment are flashing red for SHIB. The Relative Strength Index (RSI) and Money Flow Index (MFI) currently sit at 38 and 35, respectively. While these values suggest the asset might be oversold and ripe for a rebound, other indicators paint a bleaker picture. The Elder Ray Index, which measures the strength of buyers versus sellers, has been firmly in negative territory since June last week, indicating a clear dominance of bears in the market. The current technical outlook for SHIB is bearish. The lack of buying pressure combined with strong selling momentum suggests the price could drop further in the short term. Analysts expect to see SHIB retreating to the $0.000020 mark. Is The Howl Of The Crowd Fading? NewsBTC’s analysis also highlights a potential decline in investor interest for the self-proclaimed “Dogecoin Killer”. This waning enthusiasm could be a significant contributing factor to the price drop. The meme coin’s initial surge to prominence relied heavily on social media hype and community-driven movements. However, with the overall cryptocurrency market experiencing a correction, and meme coins facing increased scrutiny, the “Shiba Army” might be losing some of its steam. While the immediate future appears bleak for SHIB, a complete collapse isn’t entirely out of the question. Market sentiment could trigger a price rebound. If bulls regain control and investor confidence returns, SHIB could potentially climb back up to the $0.000024 mark. However, analysts warn that this scenario hinges heavily on unforeseen market forces and a renewed wave of community support. SHIB Price Forecast Meanwhile, with a projected value of $0.00007 by July 12, 2024, the present analysis of Shiba Inu (SHIB) points to a large potential price growth of 226%. But even with this bullish price forecast, the technical indications show that the market is still pessimistic. Related Reading: Cardano (ADA) Headed For Reversal? Analyst Eyes $0.50 As Turning Point The Fear & Greed Index, which pegs high levels of greed at 72, supports this feeling. Shiba Inu’s price volatility over the last 30 days has been moderate at 4.50%. Only 40% of the days have seen increases, suggesting that there hasn’t been much bullish momentum. Featured image from Reddit, chart from TradingView
Masternodes enable investors to earn a steady passive income by contributing a vast amount of computing power to a blockchain network.
The Australian government has cracked down on online gambling by banning crypto and credit card use for online bets. The measure comes as an effort to reduce investors’ losses in the country. Related Reading: Solana-Based DePIN Project CEO Steps Down Ahead Of Token Launch Australian Gov’t Bans Use Of Crypto In Online Gambling On Monday, […]
Crypto analyst Altcoin Sherpa recently outlined five altcoins that could provide crypto investors and traders with significant gains. He noted that these coins were looking “pretty strong” at the moment despite a lot of other tokens looking like “crap.” Five Altcoins To Keep An Eye On In an X (formerly Twitter) post, Altcoin Sherpa mentioned Injective, Wormhole, JasmyCoin, Stacks, and Toncoin as the altcoins that are looking strong at the moment. He revealed that he has eyes on these coins and is looking to actively trade them at some point. In a series of other X posts, he explained why he believed some of these coins were strong. Related Reading: Crypto Analyst Predicts 800% Rally To $6,000 For BNB, Here’s The Timeline In one X post, he talked about Wormhole and claimed that it was one of the strongest coins. He advised traders to keep an eye on it if they are actively trading. He further revealed that he would be looking to buy Wormhole if it breaks out. He added that if Wormhole pulls back strongly, it will likely continue to trade within its current range as it is not ready for that “big move.” In another X post, Altcoin Sherpa touched on JasmyCoin and stated that the coin is “extremely strong,” seeing as it didn’t “budge” despite the pullbacks in the crypto market. He claimed that JasmyCoin could rise to as high as $0.067 before it experiences any significant pullback. He added that he wasn’t actively trading it, but it is one to watch. Altcoin also provided insights into Toncoin’s price action, which he claimed was “weird,” with the top end being a supply zone and its price pulling back. However, he remarked that he is still bullish on the coin because it is enjoying a lot of attention, mainly thanks to Notcoin. The analyst views the $6 price range as a level to bid for anyone who believes that Toncoin will still break past its previous highs. Altcoin Sherpa also seems bullish on Notcoin. He recently claimed that he has changed his mind about the token since its price action has calmed down and there is less volatility. He highlighted the consolidation pattern that has formed on Notcoin’s chart, which suggests that it is still primed for major moves to the upside. A Meme Coin To Watch Out For Altcoin Sherpa is also bullish on Dogecoin and suggests that it is a meme coin to watch out for. He noted that Dogecoin is still looking pretty good on the high-time frame charts despite many memes looking choppy in the short term. He added that he expects Dogecoin to still do “big numbers” later in the year. Related Reading: Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery For now, he revealed that he is still expecting more chops for the next stretch and that he won’t be rushing to buy any fresh positions for Dogecoin at its current price level. Altcoin Sherpa had previously predicted that Dogecoin would eventually rise to as high as $1 in this market cycle as it still has a lot of firepower. Featured image created with Dall.E, chart from Tradingview.com
The fusion of artificial intelligence (AI) and blockchain technology has captivated the crypto market, propelling the introduction of new tokens and their subsequent listings on prominent exchanges like Binance. Interestingly, Binance recently published an updated article exploring the synergy between blockchain and AI, underscoring the potential of combining these two technologies. Crypto analysts known as “Crypto Symbiote” confidently predict that this emerging trend and increased acceptance of AI will result in 10 AI-related tokens experiencing significant price surges, with the potential for gains ranging from 10x to an astonishing 100x. After analyzing approximately 500 similar projects, “Crypto Symbiote” handpicked the top 10 AI tokens poised for exponential growth. Related Reading: Bitcoin Price Crashes Below $67,000: Key Reasons AI-Related Tokens Poised For Major Growth Omni Network (OMNI): OMNI is an Ethereum-native protocol that facilitates rapid communication between Ethereum rollups. According to the analyst, unifying Ethereum as a single operating system provides a comprehensive learning, development, and operations environment. Given its use cases, this could increase its prospects for further price growth. OMNI is currently trading at $15, with a market cap of $163 million. Numerai (NMR): Numerai presents a data science competition where participants build machine learning models to predict the stock market using obfuscated financial data. Stakeholders can earn or lose based on the performance of their models. With a current price of $24, NMR commands a market cap of $168 million. SSV Network (SSV): SSV is a decentralized Ethereum staking network using Secret Shared Validator (SSV) technology. This approach splits validator keys into multiple KeyShares, allowing for fault-tolerant and non-custodial staking across multiple nodes. With a price of $36, SSV is one of the most popular AI tokens, and it has a market cap of $278 million. From Crypto Web3 Domains To AI Monetization Space ID Protocol (ID): SPACE ID serves as a universal name service network, providing a comprehensive platform for discovering, registering, trading, and managing web3 domains. Its offerings include a multi-chain name service, software development kit (SDK), and application programming interface (API) for developers. ID is currently valued at $0.6, with a market cap of $279 million. Golem Project (GLM): Golem is a decentralized platform that facilitates the sharing and access of computational resources. Users can share their unused computing power or utilize additional resources, with the GLM token facilitating transactions between providers and requestors. Priced at $0.44, GLM boasts a market cap of $445 million. AltLayer (ALT): AltLayer is a decentralized protocol designed to enhance rollups’ security, decentralization, and interoperability. With a current price of $0.29, ALT’s market cap stands at $449 million. NFPrompt (NFP): NFPrompt introduces a Web3 tool that enables users to monetize AI-generated content. Leveraging blockchain technology provides verifiable ownership of AI art, empowering users to express their creativity and profit from it. Priced at $0.43, NFP holds a market cap of $110 million. Related Reading: Ethereum Buying Pressure Reaches Critical Level Amid Massive Whale Buying Ultimately, the crypto analyst firmly believes that these selected AI tokens possess tremendous growth potential due to their underlying technology, potential for widespread adoption, and current undervaluation. However, investors must conduct thorough research and exercise caution when making investment decisions. Featured image from DALL-E, chart from TradingView.com
Stablecoin issuer Tether and its investment arm, Tether Investments, have revealed their intention to allocate more than $1 billion to various investment opportunities over the next 12 months. According to a Bloomberg report, Paolo Ardoino, Chief Executive Officer behind the USDT stablecoin, shared insights into the company’s next investment strategies and areas of focus in […]
Billionaire investor Bill Miller IV, Chairman and CIO of Miller Value Partners, reiterated his unwavering belief in Bitcoin in a June 11 blog post titled “Why I’m Still Betting on Bitcoin.” Despite Bitcoin’s significant gains against fiat currencies, Miller argued that the flagship crypto remains vastly “undervalued” and predicts a major shift in global capital […]
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In a recent report, the European Union Agency for Law Enforcement Cooperation (Europol) has expressed grave concerns about the potential misuse of crypto mining and layer-2 blockchain solutions by criminal elements. The agency warns that these technologies could pose significant challenges for law enforcement investigations, potentially hindering their ability to trace illicit funds and recover […]
DeFi Technologies, a publicly listed Canadian fintech firm, is set to stake over $100 million worth of BTC on Core Chain. According to the company’s June 11 announcement, 1,498 BTC will be staked on the network. The company also revealed that it has set up a Core Chain validator node, which allows it to operate […]
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Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has created a perplexing scenario for investors recently. Despite a noticeable decline in its price, on-chain data reveals that large investors, often referred to as “whales,” are accumulating ETH. This could signal a potential buying opportunity, though technical indicators suggest a weakening uptrend, leaving Ethereum’s near-term future uncertain. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? Ethereum Whales See Opportunity In Price Dip In recent analysis by NewsBTC, it was revealed that wallets holding over 10,000 ETH have been steadily acquiring more tokens since the end of May. This period of accumulation, based on Glassnode data, coincides with a drop in Ethereum’s price from around $3,074 to its current price of $3,670. The significant increase in holdings by these large investors suggests that they see the current price decline as an attractive entry point, anticipating a future price rise. Adding to the bullish sentiment, CryptoQuant’s Netflow data for Ethereum has shown a dominance of negative flows in recent weeks. This means more ETH is leaving exchanges than entering them, a traditional indicator that investors are holding onto their ETH rather than selling it. This behavior can reduce the available supply on the market, potentially pushing prices up in the long run. Related Reading: $2 Billion Crypto Funds Flow Into Market On Rate Cut Buzz Technical Indicators Raise Red Flags Despite the optimistic signs from whale accumulation and exchange outflows, technical indicators paint a less rosy picture. Ethereum has been trading in a narrow range around $3,600 for the past three days, showing a slight decline of approximately 0.8% today. While the Relative Strength Index (RSI) remains above 50, indicating a slight uptrend, it is currently on a downward trajectory. If this trend continues and the RSI falls below the neutral line, it could suggest a potential price dip. The number of #Ethereum addresses holding 10,000+ $ETH has increased by 3% in the last three weeks, signaling an important spike in buying pressure! pic.twitter.com/7qq5HgGP37 — Ali (@ali_charts) June 9, 2024 The RSI’s downward movement indicates weakening momentum, which, if not reversed, might lead to further declines in Ethereum’s price. This bearish technical outlook contrasts sharply with the positive on-chain data, creating a complex situation for investors trying to predict the market’s next move. Market Awaits A Significant Catalyst The near-term future of Ethereum appears to hinge on the emergence of a significant catalyst. Broader market sentiment could play a crucial role, with a positive shift potentially reigniting the uptrend. Additionally, upcoming news or developments specific to the Ethereum network could also serve as a catalyst for price movement. Successful upgrades or increased adoption of decentralized applications (dApps) built on the Ethereum blockchain could trigger renewed investor interest and drive prices higher. Featured image from Harbor Breeze Cruises, chart from TradingView
Retail investors in the cryptocurrency space are exhibiting signs of turning into long-term believers, with a recent exodus of Bitcoin (BTC) and Ethereum (ETH) from centralized exchanges. Latest data shows user balances for both leading cryptocurrencies have sunk to four-year lows, with analysts interpreting the move as a bullish signal for the future. As investors […]
As the financial markets brace for the upcoming Federal Open Market Committee (FOMC) meeting on Wednesday, June 12th, the Bitcoin and crypto community is poised to assess the implications of any Federal Reserve announcements on digital assets such as Bitcoin. With the consensus forecast suggesting that the Federal Reserve will hold the federal funds rate steady at 5.25%-5.50%, the primary interest of investors has turned to the nuances of the Fed’s forward guidance and economic projections. Crypto analyst Tomo (@Market_Look) shared his insights on X, framing the upcoming FOMC meeting as a non-event for those expecting drastic moves. He stated, “Interest rates are likely to remain unchanged (5.25%-5.50%). There will likely not be any major changes to the statement or economic outlook, and the dot chart is expected to shift in a hawkish direction.” Tomo also highlighted the anticipated adjustments in the rate projections for the coming years, noting, “In 2024, the rate will shift from 3 cuts to 2 cuts. The hawkish surprise will be 1 cut.” He explained that the market has already priced in these expected adjustments, suggesting minimal surprise and limited market volatility in response. Related Reading: Hedge Funds Heavily Betting For Bitcoin To Fall: Will This Strategy Fail? “As of March, the distribution of dots for 2024 is 9 people in favor of keeping interest rates unchanged or cutting them twice, and 10 people in favor of cutting interest rates three or more times… a shift from three to two is already factored in.” Banking giant ING’s team of economists, including James Knightley and Padhraic Garvey, CFA, share a similar conservative outlook on the Federal Reserve’s potential moves. They anticipate that the Fed will underscore its cautious stance due to persistent inflation and strong employment figures, potentially delaying rate cuts further into the future. The ING team elaborated on their expectations, “The US Fed accepts that monetary policy is restrictive, but lingering inflation and strong jobs numbers mean it will indicate it’s prepared to wait longer before seriously considering interest rate cuts.” They anticipate that the dot plot, which will reveal individual FOMC members’ rate predictions, will show a reduction in the number of projected rate cuts for 2024 from three to possibly one or two. According to Nick Timiraos of the Wall Street Journal, JPMorgan and Citigroup have withdrawn their predictions for a rate cut in July following the recent jobs report last Friday. Currently, the majority of sell-side economists and other experts monitoring the Federal Reserve anticipate one or two rate reductions in either September or December of this year. JPM and Citi scrapped their calls for a July rate cut after last Friday’s jobs report. Most sell-side economists and other professional Fed watchers now anticipate one or two rate cuts this year in either September or December pic.twitter.com/x9tUD06Pmi — Nick Timiraos (@NickTimiraos) June 10, 2024 Impact On Bitcoin And Crypto Bitcoin and the broader crypto market have been quite sensitive to macro economic data recently. The anticipation of a dovish turn—particularly any hints of rate cuts—could weaken the dollar and bolster Bitcoin and other digital assets as alternative investments. Related Reading: Buy Or Sell Bitcoin Now? Analyst Reveals Ultimate Bias Guide Conversely, a reaffirmation of the current rate or a less dovish stance than expected could strengthen the dollar and apply downward pressure on crypto markets. However, the nuanced perspectives of FOMC members, as reflected in the dot plot and the accompanying economic projections, could provide clues about the medium-term trajectory of US monetary policy, which in turn could affect investor sentiment in the crypto markets. A hawkish tilt, suggesting fewer or delayed rate cuts, might strengthen the US dollar and put downward pressure on Bitcoin and other cryptocurrencies. Conversely, any dovish signals or indications of a softer stance on rate increases in the near future could buoy the crypto market. During the FOMC press conference, Chair Jerome Powell’s remarks will be crucial for setting the tone and expectations. Market participants will closely analyze his comments for any shifts in tone regarding inflation, economic growth, and future monetary policy adjustments. The interpretation of these remarks could lead to significant price movements in the Bitcoin and crypto markets. Moreover, the US Consumer Price Index (CPI) data for May 2024 just hours before the FOMC meeting will be critical. These data points will provide essential context for the Fed’s decisions, influencing their assessment of whether the current policy stance remains appropriate. At press time, BTC traded at $67,707, down -3.5% since yesterday’s high at $71,200. Featured image from Shutterstock, chart from TradingView.com
Uniswap Labs made a significant move into the blockchain gaming industry with its recent acquisition of ‘Crypto: The Game’ (CTG), an on-chain survival game. Notably, the second season of CTG witnessed unprecedented success, with all 800 available spots selling out within a mere 13 minutes. Recognizing the game’s popularity among both the core crypto community […]
Crypto analyst Chad Steingraber has made an ultra-bullish price prediction for the XRP price, stating that the crypto token’s price could rise to three figures. The analyst also outlined when this price target will be attained. XRP Will Hit $250 In This Market Cycle Steingraber mentioned in an X (formerly Twitter) post that XRP will reach $250 by 2025, which he believes will represent the market top for the crypto token in this bull run. He made this prediction while stating that Bitcoin and Ethereum will hit $250,000 and $25,000 in 2025, which will also be their market top. Related Reading: Crypto Analyst Gives Reasons Why A Face-Melting Bull Run Is On The Horizon Steingraber has previously provided several reasons why he is so bullish on XRP and believes the crypto token could attain such heights. He once alluded to a potential XRP ETF as one factor that could trigger significant price surges for XRP. He explained that an XRP ETF would give the crypto token an added utility as fund issuers for the XRP ETFs will direct their assets into an institutional liquidity hub. He believes an XRP ETF will drive more demand for the crypto token, ultimately driving up its price when a supply shock occurs. Steingraber also believes that the Securities and Exchange Commission’s (SEC) lawsuit against Ripple is one of the factors suppressing XRP’s price up until now. He had earlier claimed that XRP’s price wasn’t going up because new money wasn’t flowing into its ecosystem and affirmed that the crypto token would likely see an influx of new money once the SEC’s case against Ripple is over. Steingraber isn’t the only one who believes that XRP’s price could skyrocket and climb to three figures once the lawsuit ends. Crypto analyst JackTheRippler also predicted that XRP would rise above $100 once the case ends. The analyst even gave a more bullish prediction than Steingraber’s, stating that XRP hitting $10,000 was achievable after the lawsuit. Crypto analyst CryptoBull also predicted that XRP could reach three figures, rallying 28,900% to $154. XRP Price To $7.5 In The Meantime Crypto analyst Egrag Crypto has suggested that XRP rising to $7.5 is the price target to watch before the crypto token reaches the heights analysts like Steingraber predict. In an X post, he stated that “$7.5 is target number 1.” Egrag went on to outline how this move to $7.5 will likely take place. Related Reading: Litecoin Sees Massive 75% Surge In Major Metric – Can This Trigger A Rally To $200? He stated he is highly convinced that XRP will break the white triangle (on the chart he shared) and hit the measured move at $1.5. From there, he expects XRP to make its move to $7.5. However, he warned that the Fib 1.618 zone where $7.5 is situated is “critical” and that a lot of profit-taking will happen there, suggesting that XRP could significantly decline once it reaches such heights. Egrag added that the next targets for XRP will be “mid-double digits near Fib 2.414 & 2.618” if XRP archives a weekly close above Fib 1.618. Featured image created with Dall.E, chart from Tradingview.com
Following the recent price spike that brought Ethereum (ETH) close to the $4,000 mark, the second-largest cryptocurrency has experienced inflows and renewed market enthusiasm. This comes in response to the US Securities and Exchange Commission’s (SEC) approval of Ethereum ETF applications by major asset managers. Best Week For Ethereum Since March According to a report by CoinShares, digital asset investment products have witnessed a total of $2 billion inflows, contributing to a five-week consecutive run of inflows amounting to $4.3 billion. Additionally, trading volumes in exchange-traded products (ETPs) have risen to $12.8 billion for the week, a 55% increase from the previous week. Notably, inflows have been observed across various providers, indicating a turnaround in sentiment. Incumbent providers have also experienced a slowdown in outflows, reinforcing the positive market sentiment. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? As seen in the image above, Bitcoin (BTC) continues to dominate the market, with inflows totaling $1.97 billion for the week. On the other hand, short Bitcoin products saw outflows of $5.3 million for the third consecutive week. Similarly, Ethereum has also seen a notable surge in inflows, recording its best week since March with a total of $69 million, which for CoinShares is likely a reaction to the unexpected SEC decision to allow spot-based ETFs on Ethereum. Differing Perspectives On ETH’s Price Despite the positive developments, Ethereum’s price has struggled to maintain bullish momentum, failing to retest its yearly high of $4,100 reached in March. On Friday, the price dropped as low as $3,577. However, Ethereum addresses holding more than 10,000 ETH have increased by 3% in the past three weeks, indicating a significant spike in buying pressure. Related Reading: Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery Market analysts have provided differing perspectives on Ethereum’s future price action. “Trader Tank” predicts that ETH may drop to $3,500 while acknowledging the potential for a bullish reversal upon reclaiming the $3,700 level. On the other hand, crypto analyst Lark Davis highlights that Ethereum’s supply on exchanges is at an eight-year low, suggesting that the upcoming ETFs could cause a “massive supply shock” and potentially lead to a substantial increase in ETH’s price. Ultimately, as Ethereum’s price remains uncertain, market participants eagerly await the next movements in the cryptocurrency. As investors and analysts closely monitor the market dynamics, the question of whether a breakout above $4,000 or a retest of lower support levels at $3,500 awaits an answer. The second-largest cryptocurrency on the market is currently trading at $3,690, down 6.5% in the past two weeks. Featured image from DALL-E, chart from TradingView.com
Mainstream adoption of digital assets has been steadily increasing, driven by significant regulatory advancements and rising institutional interest, according to Canaccord Genuity research. According to Canaccord’s research report, the mainstream adoption of digital assets is anticipated to continue driving growth in the sector, with Galaxy Digital well-positioned to capitalize on these evolving trends. Slow and […]
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Crypto is becoming an increasingly important part of Robinhood’s business, accounting for 20% of total revenue in the first quarter, the report said.
Cryptocurrency investors are in a tizzy after dormant funds from the December Orbit Chain heist were spotted tumbling through Tornado Cash, a notorious blockchain anonymizer. The hack, which pilfered a staggering $48 million (now ballooned to $121 million due to market fluctuations), had gone quiet for months, leading many to believe the ill-gotten gains were […]
Popular Bitcoin supporter Samson Mow has revealed what might be the next trigger for the price of Bitcoin as the cryptocurrency continues to trade just below its all-time high. The Bitcoin Maximalist and recently identified a ‘Godzilla candle’ potentially forming on Bitcoin’s price charts, which undoubtedly would send the cryptocurrency surging to new highs. His […]
Crypto analyst Lark Davis recently predicted that this bull run could be more massive than most people imagine. He outlined why this market cycle could stand out from previous ones. Why This Bull Run Will Be “Face Melting” Davis mentioned in an X (formerly Twitter) post that crypto market participants are about to witness a “face-melting bull run.” He alluded to the influence of institutional investors as the reason why this bull run will stand out. For one, he noted how the US Spot Bitcoin ETFs already record hundreds of millions of daily inflows. Related Reading: Inverted Hammer Appears On The XRP Price Chart, Crypto Analyst Picks First Target Of $0.75 Thanks to the impressive demand for these funds, Davis highlighted that fund issuers have purchased 56,150 BTC in the past 18 days of trading. He claims this amount of Bitcoin represents four months’ supply injected into the ecosystem by Bitcoin miners. These fund issuers aren’t only the institutions buying up the flagship crypto. Davis also noted that companies like MicroStrategy, Block, and Semler Scientific have continued to accumulate Bitcoin. The analyst also claimed that wealth managers and pension funds worldwide are “lining up” to invest in Bitcoin. Meanwhile, Davis also made reference to the Spot Ethereum ETFs and the massive impact they could have in this market cycle. These Spot Ethereum ETFs are expected to see massive inflows once they begin trading. JPMorgan predicts these funds could witness $1 billion to $3 billion in inflows, and crypto research firm K33 Research predicts these funds could witness up to $4 billion in inflows in the first five months of trading. Crypto analysts like Michael Van de Poppe have also expressed their bullishness on these Spot Ethereum ETFs, predicting that these funds could be the catalyst for a continuation of the bull run. Specifically, they predict that these Spot Ethereum ETFs could kickstart the altcoin season, with Ethereum and other altcoins experiencing major moves. Other Factors That Could Postively Impact This Run Following Davis’ post, crypto analyst Patric outlined other factors that could positively impact this bull run. First, the analyst mentioned interest rate cuts and noted that Canada and Europe’s Central Bank have already cut interest rates. He believes that the US will likely follow suit soon enough. Related Reading: Bitcoin On The Verge As Global Liquidity Nears New $100 Million ATH Secondly, Patric noted that the Fed’s treasury buyback program has started. This development, alongside the interest rate cuts, is expected to lead to quantitative easing (QE), which could boost investors’ confidence in investing in risk assets like Bitcoin and other cryptocurrencies. Lastly, the analyst noted that this is an election year, with the US Presidential election slated for November. Republican Presidential candidate Donald Trump also provided a much-needed boost to the market by affirming his pro-crypto stance. Based on this, Standard Chartered Bank predicts that Bitcoin could rise to $150,000 this year if Trump wins. Featured image created with Dall.E, chart from Tradingview.com
Friday delivered a double whammy to the Bitcoin market, exposing the cryptocurrency’s sensitivity to the ever-shifting sands of global economics. The price of the digital asset tumbled below $70,000 after a perplexing US jobs report collided with a surprise interest rate cut by the European Central Bank (ECB). The leading crypto asset was caught in […]
During a San Francisco fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, former President Donald Trump positioned himself as the champion of crypto and criticized the Democratic party’s regulatory efforts in the sector. Donald Trump Raises $12 Million In Race For White House According to Reuters, the event was held at Sacks’ […]
Chainlink (LINK), the oracle network powering decentralized applications (dApps), has been making waves in the crypto market. After a successful surge, the digital asset is now setting its sights on even higher ground, with analysts predicting a bullish run and price targets as high as $33. At the time of writing, LINK was trading at $16.27, down 6.4% and 11.0% in the daily and weekly timeframes, data from Coingecko shows. Related Reading: Crypto On Watch: Will ECB Rate Cut Fuel Bitcoin Rally? Support Levels And Re-accumulation Signal Bullish Trend LINK’s recent price action has analysts excited. The token decisively broke through a key resistance level on the daily timeframe, a bullish indicator suggesting buyers are in control. Even more promising, the price then revisited this level, not as resistance, but as a new support zone. This “flip” from resistance to support strengthens the uptrend’s validity. Adding fuel to the fire, LINK’s price has grown a healthy 25% in the last month. This significant gain reflects growing investor confidence in Chainlink’s potential. The overall sentiment surrounding the project seems to be shifting towards optimism. $LINK Ready for a Retest!#LINK broke the resistance on the Daily timeframe and is probably going to retest it as support. This would be considered bullish if the support holds. Perfect and Healthy Price Action for #Chainlink pic.twitter.com/EaxDBpVK2T — Crypto Yapper (@CryptoYapper) June 6, 2024 Analyst Sees LINK Soaring Market sentinels are taking notice of LINK’s bullish momentum. Crypto Yapper, a popular analyst in the crypto space, believes a retest of the new support level is imminent. If the price holds firm at this point, it would be a strong confirmation of the ongoing uptrend. Yapper emphasizes the importance of this potential support in establishing a positive long-term outlook for LINK. LINK Price Prediction Meanwhile, based on the latest forecast, the price of LINK is projected to rise by 30%, reaching $21.71 by July 7, 2024. However, despite this optimistic price target, several technical indicators suggest caution. The current market sentiment for Chainlink is bearish, indicating short-term pessimism among investors. Related Reading: VanEck Predicts Explosive Ethereum Growth: Could ETH Reach $2.2 Trillion? Additionally, the Fear & Greed Index, which measures market emotions, stands at 77, reflecting “Extreme Greed.” Such a high level often signals that investors are overly confident, potentially preceding a market correction. Over the past 30 days, Chainlink has shown a 50% rate of green days and a 10.73% volatility rate, indicating a balance between gains and losses but also a moderate level of price fluctuations. The Road Ahead For LINK With all eyes on Chainlink, the next few weeks will be crucial in determining the validity of the bullish predictions. If LINK can overcome the technical hurdles and reach its price targets, it could be a sign of a resurgent market for the entire cryptocurrency industry. Featured image from calheartmedical.com, chart from TradingView