The world of memecoins has entered a bizarre new chapter, fueled by the outlandish antics of celebrities and questionable financial ventures. The latest episode features rapper Lil Pump, whose recent social media activity has left the crypto community scratching their heads and wondering – is this a stroke of marketing genius or a recipe for […]
Bernstein analysts Gautam Chhugani and Mahika Sapra recently revised their price targets for Bitcoin in their latest market report, which also initiated coverage on MicroStrategy. These analysts also outlined factors that they believe could contribute to BTC’s exponential price surge. Bitcoin To Hit $200,000 And Then $1 Million Chhugani and Sapra predicted in the report that BTC will rise to a cycle high of $200,000 by 2025 and that the flagship crypto will reach $1 million by 2033. Bernstein had previously predicted that Bitcoin would reach $150,000 by 2025. However, these analysts have now revised their targets and alluded to the institutional demand for BTC as one of the reasons they believe the flagship crypto can reach such heights. Related Reading: Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024 The research firm predicts that the Spot Bitcoin ETFs will continue to record impressive demand and that the Bitcoin under management could reach $190 billion by 2025, a significant increase from the $60 billion in BTC that funds issuers already have under management. In other words, these analysts expect BTC’s price to succumb to the supply and demand dynamics, considering that the Bitcoin in circulation is bound to drastically reduce as these Spot Bitcoin ETFs continue to accumulate a significant amount of the crypto token for their respective ETFs. Moreover, two Bitcoin halvings are set to occur before 2033, further reducing miners’ supply and thereby supporting their base case of BTC hitting $1 million. MicroStrategy To Benefit From BTC’s Growth These Berstein analysts also initiated coverage on MicroStrategy with an outperform rating. They predict that the software company’s stock can rise to $2,890 thanks to its BTC exposure. A rise to $2,890 represents about a 95% increase for MicroStrategy’s stock, which is currently valued at around $1,500. The research firm noted that MicroStrategy has committed itself to “building the world’s largest Bitcoin company.” This has already paid off so far, with Chhugani and Sapra stating that the software company has transformed from a “small software company to the largest BTC holding company” since August 2020 (when it started accumulating BTC). MicroStrategy already owns 1.1% of Bitcoin’s total supply, with holdings worth around $14.5 billion. The company’s BTC holdings are expected to increase soon enough, as they recently announced plans to offer $500 million of Convertible Senior Notes. Some of the proceeds from the proposed sale will be used to buy additional BTC. Related Reading: Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On? Berstein highlighted how the company’s co-founder Michael Saylor has become synonymous with the Bitcoin brand and that the company’s position as the leading Bitcoin company has helped attract “at scale capital (both debt and equity) for an active Bitcoin acquisition strategy.” In dollar terms, Bernstein noted that MicroStrategy’s Bitcoin net asset value (NAV) per share “has grown nearly fourfold, surpassing the 2.4x growth in Bitcoin’s spot price.” “We believe MSTR’s long term convertible debt strategy allows it enough time to gain from Bitcoin upside, with limited liquidation risk to its Bitcoin on balance sheet.” Chhugani and Sapra added. Featured image created with Dall.E, chart from Tradingview.com
Digital asset security is paramount in crypto, and several cryptographic methods are available to ensure the safety of digital assets, each with unique benefits and applications. This article focuses on explaining Shamir’s Secret Sharing (SSS), Threshold Signature Schemes (TSS), Multi-Party Computation (MPC), Multi-Signature (Multisig), and Verifiable Secret Sharing (VSS) as they pertain to crypto wallets […]
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Trezor has launched the Trezor Safe 5, a new flagship device with upgraded security features and a haptic color touchscreen, and the Trezor Expert, a personalized onboarding service for new users. CryptoSlate was able to get hands-on with the new touchscreen device ahead of its launch at BTC Prague. The Trezor Safe 5 introduces enhanced […]
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Dogwifhat (WIF), the once-booming memecoin featuring a Shiba Inu sporting a stylish knitted beanie, finds itself in hot dog water. After a meteoric rise earlier this year, WIF has been on a downward spiral, trapped within a descending channel since late May. Analysts are carefully keeping tabs as the canine crypto approaches a critical support level, with its future hinging on a tug-of-war between bullish and bearish forces. Related Reading: Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears Descending The Price Ladder: A Sign Of Weakness? Technical analysis paints a worrying picture for WIF. The descending channel pattern, characterized by lower highs and lower lows, indicates sustained selling pressure. The price has plummeted a staggering 30% since the end of May, currently hovering around the crucial $2.44 mark. In the last week, WIF has lost 15% of its value, data from Coingecko shows. This level represents a make-or-break point for WIF. If the bulls – those optimistic investors hoping for a price increase – can’t defend this support line, the price could plunge further, potentially reaching a new low of $1.93. A Technical Tailspin Adding fuel to the bearish fire is the Aroon Down indicator, a technical tool that gauges the strength of a downtrend. WIF’s Aroon Down Line sits at a concerning 100%, signifying a robust downtrend with the most recent low occurring not too long ago. This suggests that selling pressure is overwhelming any potential buying activity among WIF holders. Will The Bulls Rise To The Occasion? A glimmer of hope remains for WIF devotees. If the bulls manage to hold the current support level, a price rebound towards the resistance line at $2.70 is a possibility. This would be a temporary reprieve, but it would offer a chance for the memecoin to regroup and potentially break free from the descending channel. However, breaching the support would be a devastating blow, potentially leading to a domino effect where investors lose confidence and flee the market, sending WIF into a tailspin. WIF Price Forecast Related Reading: NEAR Protocol: From Recent Dip To Google Search Darling – Is $16 Next? Meanwhile, the current technical analysis for Dogwifhat shows a bearish sentiment, despite a bullish price prediction of a 225% increase to $7.87 by July 15, 2024. The Fear & Greed Index indicates high greed at 74, suggesting potential overvaluation. Over the past 30 days, Dogwifhat has had 30% green days with 11.82% price volatility, reflecting significant price fluctuations. The high volatility and current greed sentiment indicate potential risks, despite the optimistic forecast. Therefore, it may not be the best time to buy Dogwifhat until market conditions stabilize or additional positive indicators emerge. Featured image from Reductress, chart from TradingView
The global Exchange-Traded Fund market is poised for a meteoric rise, with analysts predicting a staggering growth by 2035. This translates to a projected asset value of a whopping $35 trillion, dwarfing the current figure of $13 trillion. Eric Balchunas, Senior ETF Analyst for Binance, believes this surge is inevitable, driven by the inherent appeal […]
Patrick Hansen, a senior policy executive at Circle, the issuer of USD and Euro stablecoins, is positive that Euro-based stablecoins will continue rising in the coming days. Taking to X, Hansen noted that the number of transactions conducted using Euro stablecoins is 1.1%. Will Euro Stablecoin Usage Pick Up Steam From July? This figure, the […]
Bernstein has doubled down on its optimistic Bitcoin price projections, raising its long-term forecast to $1 million by 2033, driven by unprecedented demand and constrained supply. Bernstein analysts also revised their predictions for the current cycle and now project the flagship crypto to hit $200,000 by the end of 2025, up from its earlier estimate […]
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Crypto analyst TechDev has provided insights into the Bitcoin future trajectory. The analyst suggested that the flagship crypto has yet to reach its full potential in this market cycle and that more price surges lie ahead for the crypto token. Not Yet Time For A Bitcoin Blowoff Top TechDev remarked in an X (formerly Twitter) post that the Bitcoin blowoff tops only happen after the four-week Chaikin money flow (CMF) breaks a line he highlighted on the accompanying chart. His analysis suggests that Bitcoin is still bound to make a parabolic move to the upside before it experiences a significant decline. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? Blowoff tops are a chart pattern that shows the rapid increase in an asset’s price followed by a sharp drop in its price. TechDev’s chart showed that something similar happened in the previous bull cycles, with Bitcoin enjoying a parabolic uptrend for about a year before its price dropped sharply. Similarly, based on TechDev’s chart, Bitcoin is again set to enjoy a parabolic uptrend from now to sometime in 2025 before it reaches its market top and begins to decline significantly. In another X post, the analyst suggested that the time has almost for Bitcoin to enjoy its next leg up. As crypto analyst Rekt Capital claimed, this next move to the upside will take Bitcoin into the ‘parabolic uptrend’ phase of this market cycle. Interestingly, this breakout for Bitcoin could happen sooner than expected, with TechDev claiming that in 18 days, Bitcoin will have a chance at a breakout that it has only seen once in its entire history. From a chart he shared, TechDev hinted at Bitcoin rising to as high as $190,000 in this bull run. It is also worth mentioning that crypto analyst CrediBULL Crypto recently predicted that a Bitcoin breakout is imminent. He said Bitcoin would “absolutely giga send” in seven to ten days and rise to as high as $100,000 when this move happens. Bitcoin’s Breakout May Still Take A While Crypto analyst Rekt Capital recently stated that Bitcoin’s breakout from this Re-Accumulation range would occur in September 2024 if history repeats itself. The crypto analyst claimed that Bitcoin’s struggle to break out from this Re-Accumulation range is “beneficial for the overall cycle.” Related Reading: DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020 He noted that Bitcoin has never broken out this early in the post-halving period. Rekt Capital remarked that a Bitcoin breakout this early means that this cycle would be accelerated and that the bull market would be shorter than usual. As such, he believes that this lengthy consolidation is helping Bitcoin’s price resynchronize with historical halving cycles so that the market can experience a “normal and usual bull run.” At the time of writing, Bitcoin is trading at around $66,900, down almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Taiwan's crypto advocacy body, the Taiwan Virtual Asset Service Provider Association, has been formally established and the founding meeting held with 24 cryptocurrency-related entities.
In his keynote at BTC Prague, MicroStrategy CEO Michael Saylor articulated a vision of Bitcoin as the world’s first perfect money, a profound innovation with the potential to reshape economic and political systems globally. Drawing parallels to historic scientific revolutions, Saylor positioned Bitcoin as a disruptive economic force, ushering in a new era of financial […]
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As the cryptocurrency market experiences its typical ebb and flow, Solana (SOL) draws particular attention from analysts who anticipate significant movements in its price. Currently, Solana is trading just below $150, but recent analyses suggest a potential for a substantial increase. Related Reading: Solana’s Tough Climb: SOL Price Struggles to Find Solid Ground Solana Eyes Major Surge As Key Technical Patterns Emerges According to well-known crypto analyst Ali, Solana would surge higher by 53%, with Ali pointing to an ascending triangle pattern that could be a sign of a coming bull rally. This pattern is usually bullish, indicating that Solana could see significant gains if it can keep its momentum going and break above this upper resistance level. On Solana’s chart, Ali recommends watching $143 support and $178 resistance in the short term. Such levels are important in defining the short-term direction of the asset in the market. #Solana is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the $SOL trend. pic.twitter.com/SB9tJ6D02u — Ali (@ali_charts) June 12, 2024 The support could turn resistance and vice versa. If the price holds from the support or breaks past the resistance, this would trigger the anticipated bullish price action. Ali said such a breakout from those technical levels could spur more than 50% higher in Solana’s market value, aligning with how other assets have behaved with similar patterns seen previously. Currently trading just above $146, Solana has experienced a 7.6% drop, adding to a nearly 20% loss from the previous week. A prominent crypto analyst commented on this trend, suggesting that Solana will likely continue experiencing fluctuations between $185 and $120, indicating a prolonged consolidation phase. This stabilization is viewed as a natural correction following its recent significant rally. The analyst remains optimistic about the future, “expecting bigger things later.” $SOL: I think SOL is just going to keep chopping around personally between $185 and $120. It’s a big range overall but I think we just continue to see a prolonged period of consolidation. It’s healthy to see this after that huge run to be honest, expecting bigger things later pic.twitter.com/aGNtVnBgDP — Altcoin Sherpa (@AltcoinSherpa) June 12, 2024 Network Activity Fuels Optimism The optimism for Solana’s price increase is not solely based on technical analyses. NewsBTC has recently cited on-chain data from IntoTheBlock, which shows that daily active addresses on Solana increased by about 1.1 million on the 11th of June. This type of high level of network activity usually foreshadows price increases since it suggests an increased use case and actual adoption by users. The cultural impact on Solana’s market position is also noteworthy. So far, not only investors have eyed the network, but also celebs – Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate have all hit the platform, among others. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? This celebrity endorsement can help increase the curiosity and hype concerning SOL, which in turn will more likely increase the number of users and more likely investors who will adopt Solana. Featured image created with DALL-E, Chart from TradingView
In a significant regulatory shift, the US Securities and Exchange Commission (SEC) partially approved the long-awaited Ethereum ETF filings submitted by prominent asset managers three weeks ago, including BlackRock and Grayscale. SEC Chairman Gary Gensler has indicated that full approval for these Ethereum ETFs could come by the end of the summer, providing much-needed clarity […]
Venture capital firm Paradigm has reportedly raised $850 million for its third fund, supporting early-stage cryptocurrency initiatives led by Coinbase co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang. Increased Venture Capital Interest In The Industry Paradigm’s previous investments include prominent projects like decentralized exchange (DEX) Uniswap and Optimism, a scaling solution for the Ethereum blockchain. According to Bloomberg, with the capital raised in the latest funding round, Paradigm aims to contribute to early-stage crypto work and plans to prioritize such projects in the future. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? The latest fundraising comes after Paradigm’s notable achievement in 2021 when it secured a $2.5 billion fund, the largest-ever crypto investment vehicle at that time. The current surge in interest and confidence within the venture capital community towards the crypto industry has led to increased funds focused on cryptocurrency strategies. Paradigm’s fundraising success reflects the growing market appetite for crypto investments. Recent developments, such as the introduction of Bitcoin ETF and the impending approval of ETFs centered around Ethereum, have fueled the industry’s expansion. Hivemind Capital Joins Paradigm In Venture Funding Race Paradigm is not the only venture firm seeking to raise funds within the crypto space. Hivemind Capital, for instance, is actively raising a specialized $50 million non-fungible token (NFT) fund. Hack VC, which previously announced a $150 million fund, is also exploring opportunities to raise over $100 million for another investment vehicle. These initiatives highlight the increasing interest and confidence in the potential of the crypto industry from venture capitalists. While Paradigm faced criticism, including temporarily removing cryptocurrency references from its website, the firm rectified the situation and reaffirmed its commitment to the industry. Fred Ehrsam transitioned from managing partner to general partner at the firm in October, further solidifying Paradigm’s dedication to fostering crypto innovation. Despite setbacks, Paradigm continues to support crypto projects actively. Recently, the firm led an investment round in Merkle Manufactory, a company responsible for developing software infrastructure for the Farcaster social media network. The funding round valued Merkle Manufactory at approximately $1 billion, underscoring Paradigm’s ongoing belief in the potential and value of the crypto industry. Related Reading: Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations Overall, Paradigm’s successful fundraising efforts for its third fund demonstrate investors’ continued interest and confidence in supporting early-stage cryptocurrency projects. In recent months, the crypto industry has experienced a consistent outflow of funds, resulting in a decline in the total market capitalization from its yearly peak of $2.7 trillion to the current level of $2.3 trillion. The dominant cryptocurrency in the market has been the primary driver of the recent price drops. It is currently valued at $66,700 and has experienced a 3% decrease within the past 24 hours. Similarly, Ethereum has also declined, with its price dropping by 4% to approximately $3,475. Featured image from DALL-E, chart from TradingView.com
Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls continuing to hold up the support above $67,000. Bullish sentiment also continues to prevail, with the market still being fairly greedy amid expectations that the pioneer cryptocurrency is gearing up for a significant price jump from here. Bitcoin Can Still Make A 35% Jump Crypto analyst CryptoCon has revealed that Bitcoin still has a ways to go before the cycle top is in. In the analysis posted on X (formerly Twitter), the crypto analyst revealed that the digital asset is yet to reach Level 3 of the Magic Bands, so the top is not in yet. Related Reading: Historical Trends Suggest Shiba Inu Price Will Rally 1,000% To $0.00024, Analyst Reveals When The analyst points to previous bull cycles where the Magic Bands had been fully completed before the top was finally in. For the whole band to be completed, there are four levels in total. However, the current cycle is still only in the 2.5 level, which means there is still a ways to go. The next major level from here is the Level 3 Magic Band, which usually comes with a surge in price. Following the completion of the Level 2 that saw the price reach a new all-time high above $72,300, the cryptocurrency is now testing the resistance at the Level 2.5, where a break is needed. If the Bitcoin price is able to break this resistance, the crypto analyst sees a 35% surge to $91,500 sometime in 2024. “Taking some time to reach it at Level 3 of the Magic bands, but it’s the next step,” the crypto analyst stated. $91,539 target left untouched and unchanged for #Bitcoin. Taking some time to reach it at Level 3 of the Magic bands but it’s the next step. All in due time… pic.twitter.com/Pwimj05ZQb — CryptoCon (@CryptoCon_) June 12, 2024 When Will The BTC Price Top? Using CryptoCon’s Magic Bands analysis, it is possible that the Bitcoin cycle top is still far away. As the crypto analyst shows, even after hitting the Level 3 magic band, there is still Level 4 left to go, which is what usually marks the cycle top. Related Reading: Crypto Analyst Predicts Cardano Price Will Rally 370% To $2, Here’s The Timeline This means after hitting $91,500 at the top of Level 3, there could be consolidation before the Level 4 Magic Band is completed. When this happens, the crypto analyst expects the BTC price to actually touch above $123,000 before the cycle top is in. If CryptoCon’s analyst is anything to go buy, then Bitcoin still has another 100% move from from its current price before the bull market is over. The cycle top is expected to hit sometime around 2026, according to the analyst. Presently, the BTC price is still being held up by bulls who have continued to endure an onslaught from sellers. Despite falling 4.3% in the last week, it is still trading at $67,900 at the time of this writing.
The DeFi protocol's native token plunged by 28% in a single day due to liquidations stemming from a hack attempt.
Bitcoin miner Bitfarms is set to expand its operations in the US by leasing a site in Sharon, Pennsylvania, and deploying miners that can output 600 PH/s of hashrate. In a June 13 statement, the firm said the site’s initial capacity will be 12 megawatts, with plans to expand to 120 MW by 2025. Bitfarms […]
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The White House is expected to nominate Commissioner Christy Goldsmith Romero as the next Federal Deposit Insurance Corporation Chair media outlets have reported.
Certain on-chain indicators paint a bullish picture for Solana (SOL), suggesting this may be an excellent time to purchase the crypto token. This aligns with Solana’s price movement on the chart, with technical analysts predicting that an upward trend might be on the horizon. Solana Enjoying Greater Adoption Data from the market Intelligence platform IntoTheBlock shows that the number of daily addresses on the Solana network has been growing at an impressive rate. On June 11, over 1 million new addresses transacted on the Solana network. This development is significant as SOL could enjoy future price surges as more new users continue to trade on the network. Related Reading: Famous Analyst Dave The Wave Says Bitcoin Still Has Wiggle Room, Sets $300,000 Target The massive growth enjoyed by the Solana network has also translated to greater trading volume on the network, which is also bullish for the crypto token. Data from DappRadar shows that there has been a 62% increase in transaction volume on the Solana chain in the last 24 hours, with over 8.83 million transactions processed during this period. Interstingly, Solana stands tall in this metric, as no other chain has processed this many transactions during this period. Solana has also processed more transactions than every other chain in the last seven days, with over 59.55 million transactions processed within this timeframe. The growing interest in SOL has been partly thanks to the meme coin ecosystem on the network. Solana has become the go-to platform for traders looking to make massive profits from meme coins, which have so far been the best-performing crypto assets in this bull run. Solana’s reputation as the home for meme coins has even attracted celebrities like Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate to the network. Bearing this in mind, it only seems like a matter of time before Solana’s price reacts positively to its network growth and ever-increasing network activity. Time To Buy SOL? Crypto analyst Altcoin Sherpa suggested that now might be a good time to buy Solana ahead of the meteoric price rally, which it could enjoy soon enough. The analyst said he expects “bigger things” for SOL later this year. For now, he expects Solana to keep chopping between $185 and $120 and just continue to witness a “prolonged period of consolidation.” Related Reading: Bitcoin Price Prediction: Major Analysts Say BTC Is Headed For 6-Digit ATH This period of consolidation is usually a good time for investors to accumulate the crypto token, considering that coins typically enjoy a parabolic uptrend after consolidating for a while. Meanwhile, Altcoin Sherpa claimed that this period of consolidation is healthy for Solana, given the huge run it has already had, rising to a yearly high of $209 on March 18. As to how Solana can rise, Altcoin Sherpa previously predicted that the crypto token will rise above $500 this year.
Australia's regulators have provided rare updates on their plans for the digital assets sector, including plans to introduce a draft framework for stablecoins and hinted that more enforcement is on its way against unlicensed entities during an event in Sydney on Wednesday.
The winds of change are blowing in the Bitcoin market, bringing a fresh wave of short-term traders while veteran holders remain steadfast in their convictions. A recent report by Bitfinex Alpha reveals a fascinating dichotomy in investor behavior, with new players chasing quick profits and seasoned hodlers (hold on for dear life) accumulating for the long haul. Related Reading: Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale? Short-Term Surge Fueled By ETF Frenzy Spot Bitcoin ETFs, financial instruments that mirror Bitcoin’s price, have emerged as a game-changer. These easily accessible options are attracting a new breed of investor, one with a keen eye for short-term gains. This influx is evident in the significant rise of short-term holders (those holding Bitcoin for less than 155 days). Their holdings have skyrocketed by nearly 55% since January, indicating a surge in speculative activity. It looks like we still have overhang from last cycle. Short term holders realized price is steadily rising as new players enter the market and Buy #Bitcoin. Hedge funds, Pension Funds, Banks etc. But the price isn’t taking off because older coins are being distributed. We… pic.twitter.com/VxaXozgANT — Thomas | heyapollo.com (@thomas_fahrer) June 12, 2024 However, this newfound enthusiasm comes with a caveat. Short-term investors, by their very nature, tend to be more reactive to price fluctuations. A sudden market correction could trigger a sell-off, causing price volatility. The report highlights this vulnerability, emphasizing the need for caution amidst the current “greed” sentiment in the market (as measured by the Fear & Greed Index). Long-Term Holders: Diamonds In The Rough While the short-term scene buzzes with activity, long-term holders continue to display unwavering faith in Bitcoin’s potential. These digital veterans, who weathered previous market cycles, have shown a remarkable buying spree after initially offloading some holdings at Bitcoin’s all-time high in March. The report further underscores this bullish sentiment by pointing out the minimal amount of Bitcoin held by long-term investors that was purchased above the current price point. This signifies a “hodling” mentality, where investors are confident that the current price represents a good entry point for future gains. Additionally, Bitcoin whales (large investors holding significant amounts) are mirroring their pre-2020 bull run behavior by aggressively accumulating Bitcoin, indicating a potential repeat of the previous market upswing. Navigating The Crosscurrents The current Bitcoin market presents a unique situation. On one hand, the influx of short-term investors injects fresh energy and liquidity. However, their presence also introduces the risk of increased volatility. On the other hand, long-term holders continue to be the bedrock of the market, providing stability and confidence. Related Reading: Shiba Inu Loses 14% In Last 7 Days – Will The Misery Worsen? Bitcoin Price Forecast The Bitfinex Alpha report coincides with a technical analysis-based prediction, forecasting a potential rise in Bitcoin’s price by 29.51%, reaching $87,897 by July 13, 2024. However, the report also acknowledges the mixed sentiment in the market, with a Fear & Greed Index hovering at “Greed” territory. This indicates a need for caution, as investor optimism can sometimes precede price corrections. Featured image from VOI, chart from TradingView
Ethereum (ETH) bulls got a taste of fire on June 11th as the altcoin’s derivatives market witnessed a dramatic surge in long liquidations. According to data from Coinglass, this event marked the highest level of long liquidations since May 23rd, signifying a significant correction for traders who bet on rising prices. Related Reading: Shiba Inu Loses 14% In Last 7 Days – Will The Misery Worsen? Crimson Chart: Long Positions Liquidated Overconfident investors piled into long positions, essentially placing a wager that Ethereum’s price would climb. However, the market had other plans. An unexpected price drop sent shivers down the spines of these bulls, triggering a wave of liquidations. As the price dipped below a certain threshold set by the exchange (known as the margin requirement), these positions were forcefully closed to prevent further losses for the unfortunate traders. The result? A collective sigh of relief for some exchanges, but a hefty bill for liquidated bulls, totaling over $60 million on that fateful day. Positive Funding Rate Offers A Glimmer Of Hope While the market correction sent shockwaves through the Ethereum derivatives landscape, a silver lining emerged in the form of a positive Funding Rate. This metric essentially reflects the fees paid by traders holding short positions (betting on a price decline) to those holding long positions. In simpler terms, a positive Funding Rate indicates a stronger demand for long positions, suggesting that even amidst the carnage, some investors remain optimistic about Ethereum’s long-term prospects. This positivity is further bolstered by the fact that ETH’s Funding Rate hasn’t dipped into negative territory since May 3rd. A Temporary Hiccup? The jury’s still out on whether this event represents a fleeting blip or a more concerning trend. While the positive Funding Rate offers a glimmer of hope, the significant drop in derivatives activity paints a different picture. The past 24 hours have seen a worrying decline in both options trading volume (down 50%) and Open Interest (total outstanding contracts, down 2%). This suggests a potential flight from the market, with fewer participants actively trading options contracts or holding open positions. Ether Price Forecast Meanwhile, the current Ethereum price prediction by CoinCodex suggests a 2.46% rise to $3,636 by July 13, 2024. Despite this positive outlook, the market sentiment remains bearish. The Fear & Greed Index stands at 70 (Greed), indicating strong investor interest. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? Over the last 30 days, Ethereum has shown significant volatility, with positive gains on 53% of the days and an overall price fluctuation of 8.63%. While the short-term forecast is optimistic, the mixed signals highlight the need for cautious investment given the current market unpredictability. Featured image from SignatureCare Emergency Center, chart from TradingView
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