Standard Chartered reaffirmed its projection that Ethereum (ETH) will reach $8,000 by the end of the year, following heightened anticipation of ETF approvals. StanChart’s head of crypto research, Geoffrey Kendrick, said in a note shared with CryptoSlate that recent developments reflect heightened investor optimism and increased market activity. Kendrick’s statement comes after Bloomberg analyst Eric […]
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In a move that has the crypto community buzzing, the US Securities and Exchange Commission (SEC) has asked major exchanges to refine their applications for spot Ethereum ETFs. According to a Reuters report, sources familiar with the process say this request is interpreted as a positive signal that the regulator may be ready to greenlight […]
Institutional investors are doubling their bets on Bitcoin, with investment funds related to the flagship crypto recording massive inflows last week. This development signals a bullish sentiment among these investors which could trigger a Bitcoin rally to $80,000. Bitcoin Investment Funds Record $942 Million In Inflows According to CoinShares’ latest weekly report, Bitcoin investment products recorded a net inflow of $942 million. These inflows are said to have been “an immediate response to the lower-than-expected CPI report on Wednesday,” with 89% of the total flows coming in the latter three trading days of last week. Related Reading: Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why The Consumer Price Index (CPI) inflation data, which came in lower than expected, is believed to have restored investors’ confidence in the market. The data showed that inflation in the US may be slowing, raising the prospect of the Federal Reserve cutting interest rates. Lower interest rates are good for the crypto market since they will make investors more willing to invest in risk assets like Bitcoin. The US accounted for most of the inflows into BTC, with $1 billion flowing into US Spot Bitcoin ETFs last week. Grayscale’s Bitcoin Trust (GBTC), which has recorded over $16 billion in outflows since the ETF approval in January, also saw inflows (for the first time) of $18 million last week. This trend of significant inflows into these Spot Bitcoin ETFs likely continues this week. Farside investors revealed in an X (formerly Twitter) post that these funds recorded a net inflow of $237.2 million on May 20. Interestingly, none of these Spot Bitcoin ETFs saw outflows on the day, with GBTC recording an inflow of $9.3 million. It is also worth noting that while BTC saw inflows of $942 million, there were almost no flows into short Bitcoin, with CoinShares noting that this implies a positive outlook amongst investors. Altcoins like Solana, Chainlink, and Cardano also recorded considerable inflows, with $4.9 million, $3.7 million, and $1.9 million flowing into these crypto tokens, respectively. BTC’s Bull Run Might Be Back On With the Spot Bitcoin ETFs again seeing impressive demand and recording significant inflows, there is a feeling that Bitcoin’s bull run might be in full force. These investment funds were known to have contributed significantly to the flagship crypto’s hitting a new all-time high (ATH) of $73,750 in March. Related Reading: Cardano Whales Return To The Table, Increase Massive Holdings By 10%e Therefore, these funds could again spark another rally for Bitcoin, sending it to $80,000 and beyond. Besides the Spot Bitcoin ETFs, other factors contribute to a bullish continuation for BTC. One is the macroeconomic data, which shows that the economic situation in the US could be improving. Meanwhile, from a technical analysis perspective, the worst looks over for Bitcoin with crypto analyst Rekt Capital, revealing that the crypto token has left the post-halving danger zone. Featured image from Dall.E, chart from Tradingview.com
In a significant departure from their previous skeptical stance, US regulators are reportedly leaning toward approving the long-awaited spot Ethereum ETFs for the second-largest cryptocurrency by market capitalization. SEC Staff Signals Spot Ethereum ETFs Approval According to a report by Barron’s, the US Securities and Exchange Commission (SEC) staff communicated to exchanges on Monday that […]
Both Bitcoin (BTC) and Ethereum appear to currently be the center of attention in the crypto market so far, with Bitcoin recently hitting just above a 24-hour high of $71,650 mark, marking a 6.4% increase in the past 24 hours and nearly 20% over the past week. A prominent Crypto Analyst who has since been tracking Bitcoin’s movements has recently revealed insights into the asset’s latest trends, signaling a notable move ahead for BTC. Related Reading: Unstoppable Bitcoin? CryptoQuant’s CEO Foresees Bull Run Extending To 2025 Bitcoin’s Path Analyzed: What’s Coming? Crypto analyst Rekt Capital earlier today highlighted on the X platform that a weekly candle close above approximately $71,500 could potentially initiate a breakout from the current “Re-Accumulation Range.” However, the analysts disclosed that history suggests that Bitcoin may need to consolidate within this range for several more weeks to align more closely with historical Halving Cycles, which have previously influenced its price trajectory. #BTC A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more Extended consolidation here would get Bitcoin closer to… pic.twitter.com/Af0W4MMBTN — Rekt Capital (@rektcapital) May 21, 2024 This extended consolidation period, as highlighted by the analyst, could benefit Bitcoin’s long-term growth. Particularly, it could help the cryptocurrency “resynchronize” with previous cycles, potentially leading to a longer and more sustained bull run, as opposed to a shorter, more accelerated cycle that peaks sooner. Rekt Capital noted: After all, the current acceleration in the cycle is still around 190 days (which is an improvement from the 260-day acceleration set in mid-March when BTC made new All Time Highs) The analyst pointed out that while both scenarios are bullish, the preference between a shorter or a typically longer bull run remains a matter of market speculation. Currently, the discussion revolves around whether Bitcoin can continue to defy historical trends with a break above the $71,500 range. Parabolic Rise Ahead For Bitcoin Meanwhile, another analyst, TechDev, recently provided insights into Bitcoin’s potential future trajectory, drawing parallels between the current market actions and those of the 2017 bull run. Back then, Bitcoin saw a significant rise, recording a 1,200% increase on its way to the previous high of $20,000. TechDev’s analysis suggests that Bitcoin could be setting up for another parabolic rise, potentially reaching as high as $100,000, especially given its longer consolidation period in the current market cycle compared to 2017. Supporting this viewpoint, RektCapital hinted that even a price of $72,000 would seem modest in the coming months if Bitcoin continues on its projected path. #BTC Even $72000 will be a low price for Bitcoin, months from now$BTC #Crypto #Bitcoin — Rekt Capital (@rektcapital) May 20, 2024 Notably, the surge in Bitcoin’s price recorded so far is influenced by a mix of optimism and anticipation surrounding the potential approval of Ethereum spot ETFs and increasing inflows into spot Bitcoin ETFs. Related Reading: Bitcoin Whales Quiet Down – Here’s Why And What It Means For The Market Data from Farside indicates that spot Bitcoin ETFs experienced their most substantial inflow week in two months, with the US fund category collectively achieving $948 million in positive net flows from May 13 to May 17. Notably, about 89% of these inflows occurred in the last three trading days of the week, following a lower-than-expected Consumer Price Index (CPI) report. Featured image from Unsplash, Chart from TradingView
A crypto analyst has predicted a massive bull rally for doggy-themed cryptocurrency, Shiba Inu (SHIB). The analyst points to a new technical pattern emerging for SHIB, indicating the potential for a surge to new highs. SHIB Sets Sights For Next Upside Target A crypto and Bitcoin analyst identified as ‘Clifton Fx’ on X (formerly Twitter) […]
In a new YouTube analysis released to his 502,000 followers, crypto strategist Miles Deutscher shared his insights on the evolving landscape of crypto investments. Deutscher’s discourse delved deep into the inefficacies of traditional venture capital (VC) investment models in the crypto space and proposed an alternative strategy focusing on certain altcoins which he believes are poised for significant growth. Deutscher criticized the conventional VC-backed token launches, stating, “VCs get in at super low valuations […] Then, when these tokens launch, they’re incentivized to launch them as high as possible in fully diluted valuation terms.” This practice, he argued, results in launch prices that are too steep, blocking effective price discovery mechanisms essential for healthy market participation by retail investors.The subsequent overvaluation typically leads to rapid price declines as initial investors quickly sell off their holdings to realize gains. Highlighting a shift in market dynamics, Deutscher pointed out that meme coins have gained popularity as a form of retaliation against the VC-dominated ecosystem. “People do feel like the game has been rigged and they want to gain an edge,” he explained. According to him, the success of meme coins can be attributed to their generally fairer launch processes compared to traditional VC-funded tokens. To 8 Altcoins To Buy Now Throughout his video, Deutscher listed eight altcoins that align with this new investment “meta,” emphasizing tokens that are “fully diluted and have equally good narratives.” Each coin is selected based on its tokenomics, Fully Diluted Valuation” (FDV), market position, and potential for growth without significant sell pressure from initial large holders: Related Reading: BitMEX Founder Predicts The Dawn Of ‘Crypto Valhalla’: When Will It Start? Solana (SOL): Deutscher views Solana as a leader due to its technological prowess and significant community backing. It has shown resilience and innovation, making it one of his largest holdings due to consistent outperformance. “Solana has climbed to be one of my biggest holdings due to its outperformance. It’s a leader in the market for a reason, and congrats to everyone that’s gotten on board the Solana train with me.” Ton (TON): TON’s attractive FDV ratio suggests a stable market entry with less speculative risk compared to other high-valuation launches. Deutscher highlights its potential for growth without overwhelming sell pressure. He stated: “TON, being another layer one, is not just another blockchain. Okay, it’s relatively highly valued, but it’s mostly diluted in the market, which is good. Its FDV ratio is actually 68, so it’s a stable investment.” NEAR Protocol (NEAR): NEAR is emphasized as a strong AI proxy due to its technological foundation and leadership. Its high level of dilution (91% FDV) means most tokens are in circulation, reducing sell pressure. “NEAR comes in at a whopping 91% fully diluted, which means there isn’t much sell pressure. I do think NEAR is one of the top L1s, especially acting as a very strong AI proxy because the founder has his roots in AI,” Deutscher remarked. Injective Protocol (INJ): With a 94% market cap to FDV ratio, INJ is seen as having robust market health and less price suppression from unlocks. Deutscher believes it is poised for resurgence based on its strong fundamentals and recent market behaviors. “Injective has a 94% market cap to FDV ratio, which is really impressive and is one that outperformed earlier in the year but has just started to stagnate a bit. I think at some point, this is definitely going to rear its head again as a narrative,” he stated. Related Reading: Cardano Founder Predicts Crypto As Election Game-Changer: Impact On Price Arweave (AR): Deutscher praises Arweave as one of the top infrastructure plays, not just for data storage but also for its potential integration with AI. The fact that it’s fully diluted means minimal sell pressure moving forward. “Arweave positions itself as one of the top infrastructure plays. It’s still not a crazy FDV at 3.1, considering it has a 100% circulating market cap, which means all of the unlocks have taken place.” AIOZ Network (AIOZ): AIOZ fits into the AI and decentralized content narrative with its unique offering in decentralized streaming and storage solutions. The fully diluted status of AIOZ tokens makes them particularly appealing.”AIOZ is another coin that is fully diluted in the market. It’s a coin in the deep tech/AI sector. I like what they’re building and it also includes decentralized storage, but also it’s decentralized AI compute network,” Deutscher explained. WIF: Dogwifhat’s fair launch process and full dilution are major pluses, helping it to achieve strong price performance without the usual VC-induced sell pressure, according to Deutscher. PEPE: Deutscher has personally seen substantial returns from Pepe, noting its recent “healthy cool off” as an opportune time for accumulation. The coin’s community-driven approach and meme status offer unique market resilience. “Pepe is another leading meme coin in my opinion. Very healthy cool off and one that I’m welcoming as someone that would like to get more exposure,” he revealed. High Potential Cryptos With Low Float, High FDV Deutscher also discussed the potential of investing in low float, high FDV tokens under specific conditions. Using Ondo Finance (ONDO) as a case study, he detailed how a deep understanding of tokenomics could reveal hidden opportunities. “ONDO’s vesting schedule is public, showing that most insiders are locked till 2025, minimizing sell pressure and allowing for price appreciation,” he noted. Concluding his analysis, Deutscher urged his viewers to adopt a nuanced investment strategy that leverages both market trends and in-depth token analysis. He emphasized the importance of buying during periods of “extreme fear” and selling during “extreme greed” to maximize returns. At press time, SOL traded at $183.33. Featured image created with DALL·E, chart from TradingView.com
The Biden administration may be preparing for a strategic pivot on crypto regulations, potentially aligning closer with the digital asset community ahead of the upcoming November election. This speculation follows recent developments indicating a possible approval of a spot Ether ETF, a significant change in stance by the Securities and Exchange Commission (SEC). On Thursday, […]
The value of Ripple’s XRP token has fluctuated dramatically in recent months. Talks about the coin are thriving and have reached their highest point since early April, despite an 8% price decline over the last 60 days. This raises the question of whether the recent internet talk will help XRP see a price spike or if it is just meaningless chatter that will eventually fade. Related Reading: Solana Blasts Past Resistance: Buckle Up For $330 Breakout – Analyst Social Media Frenzy The social media landscape surrounding XRP is abuzz. Santiment data reveals a surge in XRP’s social dominance, meaning conversations about XRP are outpacing chatter on other cryptocurrencies. This digital watercooler effect has historically correlated with price increases. In December 2023 and March 2024, similar spikes in social media buzz preceded XRP’s jumps to $0.66 and $0.71 respectively. Enthusiasts are hoping this trend holds true, potentially pushing the price back to the $0.70 mark. However, some analysts are throwing cold water on this social media frenzy. While the chatter is undeniable, the sentiment behind it seems less than enthusiastic. Santiment’s Weighted Sentiment metric paints a picture of a lukewarm market, with a reading of minus 0.78 indicating a slightly negative overall view. This negativity could dampen any potential price rise fueled by social media hype. Technical Outlook: Golden Cross Or Grim Reaper’s Embrace? Technical analysis, the art of deciphering price charts for clues, paints a mixed picture for XRP. On the bullish side, a recent “golden cross” has emerged, where the 20-day exponential moving average (EMA) crosses above the 50-day EMA. This is traditionally seen as a bullish signal, suggesting a potential price increase. If XRP can conquer the resistance level at $0.56, a surge towards the coveted $0.70 price point might be in the cards. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is currently negative, suggesting a lack of clear dominance by the bulls. This technical tug-of-war could see XRP retreat to the $0.50 support level before any potential rebound. Related Reading: Solana Leaves Competition In The Dust: Blazing Speed To Fuel Price Surge? The Verdict: Buckle Up For A Bumpy Ride The future of XRP seems to be hanging in the balance. Social media buzz suggests a potential price surge, but negative sentiment and murky technical indicators cast shadows of doubt. Investors should buckle up for a potentially bumpy ride. While a price increase to $0.70 is not out of the realm of possibility, a drop to $0.50 or even lower cannot be entirely discounted. Featured image from Unsplash, chart from TradingView
Bitcoin (BTC) surged past the $70,000 mark on May 21, marking a significant milestone driven by a flood of investment into spot Bitcoin exchange-traded funds (ETFs) and a broader market rally. Bitcoin’s price climbed to $70,325, a 6% increase over 24 hours, before settling at $68,700 as of press time, based on CryptoSlate data. Ethereum […]
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Grayscale Investments, the world’s largest crypto asset manager, announced the appointment of Peter Mintzberg as its new Chief Executive Officer, effective August 15, 2024. Mintzberg will succeed Michael Sonnenshein, who stepped down from the position after a decade with the firm to pursue other interests. During his tenure as CEO, Sonnenshein guided Grayscale from $60 […]
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A crucial Bitcoin metric has just turned bullish, sparking optimism from a crypto analyst regarding an impending rally for Bitcoin. This unique technical pattern suggests that the world’s largest cryptocurrency could see its price ascending further, potentially kick-starting a highly welcomed bull run this cycle. Bitcoin Technical Pattern Flips Bullish Bitcoin’s price has often followed distinct historical patterns, with the majority of these indicators preceding significant rallies or bearish trends. One of the most compelling signs that Bitcoin may be turning bullish again is seen as the Stablecoin Supply Ratio (SSR) Oscillator breaks below the lower Bollinger Bands, a technical indicator used to measure a market’s volatility and momentum. Related Reading: Crypto Analysts Reveal Sub-$1 Altcoins Set To Outperform In The Bull Run According to a crypto analyst identified as ‘Dominando Cripto’ on X (formerly Twitter), the SSR is a unique technical tool designed to evaluate the market sentiment by comparing the supply of stablecoins to Bitcoin. This tool is used by analysts and traders to identify buying and selling opportunities for Bitcoin. Additionally, it quantifies how the 200-day Simple Moving Average (SMA) of the SSR moves within the Bollinger Bands. Dominando Cripto has provided an in-depth explanation of how the SSR oscillator is calculated and how to interpret its signals for identifying bullish trends. “The oscillator is calculated by taking the difference between the current Stablecoin Supply Ratio value and its 200-day Simple Moving Average (SMA), then dividing it by the standard deviation of the SSR over the same period,” the analyst stated. Sharing a price chart depicting movements of the SSR oscillator, the crypto analyst suggests that when the oscillator moves above the upper Bollinger Bands, it suggests that the SSR is significantly higher than normal levels. This indicates that stablecoins are dominating the market, signaling bearish sentiment and a potential downturn for Bitcoin. Conversely, when the oscillator falls below the lower Bollinger Band, it indicates that the SSR is low, highlighting the reduced dominance of stablecoins and signaling bullish sentiment that could potentially trigger an incoming rally in Bitcoin. In the above price chart, Dominando Crypto pinpointed several instances when the SSR oscillator displayed bearish and bullish sentiment, identifying these periods as heated zones and cold zones, respectively. Recent market movements indicate that the SSR oscillator is in the cold zone, indicating a potential bullish outlook for Bitcoin. More Bullish Signs For BTC On May 18, Blockchain analytics platform, Santiment, revealed a new market trend where small traders are consistently liquidating their BTC holdings, even as the cryptocurrency has shown positive performance lately. Related Reading: This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why The analytics platform noted that historically, when small wallets dump coins into larger wallets, it is considered an encouraging sign for Bitcoin, indicating a potential bullish turnaround for the pioneer cryptocurrency. At the time of writing, Bitcoin’s price is trading at $66,955, according to CoinMarketCap. The cryptocurrency has been on a major bullish momentum recently, witnessing an 8.94% increase in the last seven days and a 4.25% surge over the past month. Featured image created using Dall.E, chart from Tradingview.com
This week in the crypto market is marked by critical events and strategic developments that promise to influence trends and investor sentiment significantly. Here is an in-depth analysis of the most anticipated cryptocurrencies and their upcoming milestones. #1 US Spot Ethereum ETF Deadline Looms The United States Securities and Exchange Commission (SEC) faces pivotal deadlines […]
The price of XRP, the native token of Ripple, seems to be teetering on the edge of a short-term decline, according to an analysis of on-chain data by NewsBTC. While bulls might want to hold their horses, the report paints a picture of a market potentially succumbing to selling pressure in the immediate future. Related Reading: Solana Blasts Past Resistance: Buckle Up For $330 Breakout – Analyst Whales Shedding Weight: A Bearish Signal? The report raises a red flag with the movement of XRP in large wallets. Investors holding between 100,000 and 1 million XRP have been noticeably reducing their holdings. This suggests a potential increase in sell pressure, as these “whales” unload their tokens onto the market. The combined holdings of this group now represent a smaller percentage of the total circulating supply, which could lead to a temporary glut of XRP and a corresponding price drop. The behavior of these large XRP holders could indicate a shift in market sentiment, prompting concerns about the future stability of XRP prices. As these whales liquidate their positions, the market could face increased volatility, with prices reacting sharply to the influx of sell orders. Additionally, the reduction in whale holdings might signal a lack of confidence in XRP’s short-term prospects, potentially discouraging smaller investors from maintaining or increasing their positions. The price of XRP managed to shift from $0.48 to $0.52 in a few days last week. The token has been wiping out some of those gains, though. The token’s price may drop below $0.50 because to the decrease in balances. The effect was already in action because the token’s value was $0.51 at the time of publication. OI And Active Addresses: Not Shining A Bullish Light Further dampening the enthusiasm for XRP is the Open Interest (OI) metric. OI refers to the total value of all open positions in XRP futures contracts. A decrease in OI, as observed recently, signifies a decline in market activity and potentially more sellers closing their positions. This trend aligns with the dwindling number of active addresses on the XRP network. Active addresses represent the unique number of wallets involved in XRP transfers within a specific timeframe. A recent drop in active addresses suggests a decrease in overall market participation, which can often precede a price slump. Related Reading: ADA Price Surge Could Push Ratio Of Holders In Loss Below 55% Volatility: A Double-Edged Sword A silver lining some might see is the recent spike in XRP’s one-day volatility. Volatility can be a double-edged sword, however. While it can indicate heightened market activity and potentially lead to price surges, the current situation seems to be leaning towards the opposite. The rise in volatility, coupled with the selling pressure and declining participation, might simply reinforce a downtrend rather than spark a price increase. Featured image from CoinCodex, chart from TradingView
The burgeoning world of cryptocurrency continues to grapple with issues of transparency, with a recent donation raising eyebrows across the digital currency landscape. Notcoin, a brand new play-to-earn game built on the Telegram messaging platform, sent a hefty $6.8 million worth of its own tokens (NOT) to Telegram founder Pavel Durov. While framed as a […]
Layer 2 (L2) scaling solution Optimism reported a series of strong network metrics in the first quarter (Q1) 2024, with its native OP token surging 9% on the back of this bullish momentum. Optimism Sees Higher Activity And Rising Transaction Fees According to a recent Messari report, Optimism’s circulating market cap increased 11% quarter-over-quarter (QoQ) to $3.7 billion, while its fully diluted market cap rose 1% to $15.7 billion. Despite the broader crypto market rally, with Bitcoin (BTC) and Ethereum (ETH) gaining 69% and 53% QoQ, respectively, OP’s market cap ranking slipped from 26th to 39th among all blockchain networks. However, within the Ethereum ecosystem, OP remains one of the top four rollups by market capitalization. Driving this growth was a significant uptick in Optimism network activity. Daily active addresses reached 89,000 in Q1 2024, a 23% QoQ increase, while daily transactions surged 39% to 470,000 over the same period. These metrics approached, but did not quite reach, their all-time highs in Q3 2023. Related Reading: Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000 The network’s revenue also saw a substantial 78% QoQ increase to $16 million, driven by higher activity and a 48% rise in the average transaction fee to $0.42. However, this average fee dropped significantly in the latter half of March due to the implementation of Ethereum Improvement Proposal (EIP) 4844, which reduced L1 submission costs by 99%. Total Value Locked Jumps 18% In Q1 Despite the fee reduction, Optimism’s on-chain profit for Q1 2024 increased 14% QoQ to $2 million. The network’s Total Value Locked (TVL) also grew by 18% to $1.2 billion, though its TVL ranking among all networks fell to 11th place. Within Optimism’s TVL, the DeFi sector dominated, accounting for 86% of active addresses. According to Messari, non-fungible token (NFT) applications and gaming followed with 6.9% and 6.7%, respectively. TVL’s leading protocols included Synthetix ($307 million, +4% QoQ), Aave ($270 million, +52% QoQ), and Velodrome ($171 million, +10% QoQ). Optimism’s stablecoin market capitalization also grew significantly, reaching $809 million (+32% QoQ) by the end of Q1 2024. Circle’s USDC stablecoin and Tether’s USDT made up most of this, with USDT seeing a 64% QoQ surge to $512 million, or 63% of the total stablecoin market cap on Optimism. OP Rebounds Alongside Crypto Market Resurgence Despite Optimism’s strong performance across key metrics in Q1 2024, the network’s native token, OP, did not see a corresponding price increase at the end of Q1. Instead, OP followed the broader market downtrend, hitting an annual low of $1.80 just one month after hitting an all-time high of $4.84 in March. However, OP has followed suit as the overall cryptocurrency market has seen a resurgence of bullish momentum in the past few days. In the past 24 hours, the token has recorded a 9% price increase and a 3% uptick in the past week, currently trading at $2.56. Furthermore, CoinGecko data shows a 19% increase in OP’s trading volume over the past 48 hours, reaching $290 million. Related Reading: Bitcoin To $100,000: Infamous Head And Shoulders Pattern Appears To Signal The Start Of Another Rally While this renewed bullish sentiment is encouraging, OP still trades 46% below its all-time high and faces significant resistance levels soon before a potential retest of this milestone. The first key resistance is at $2.65, followed by $2.90, which must be overcome before the token can push towards the $3.00 level. Conversely, the $2.34 support level has proven crucial and must be monitored closely in case of any bearish resurgence. Featured image from Shutterstock, chart from TradingView.com
In a significant move towards enhancing digital currency use, Hong Kong residents can now set up personal digital yuan or e-CNY wallets, as announced by the Hong Kong Monetary Authority (HKMA). This development, part of a collaboration with the People’s Bank of China (PBoC), marks a milestone in “facilitating” cross-border transactions between Hong Kong and […]
Crypto analyst Crypto Kaleo has laid out a bullish narrative for Dogecoin (DOGE). Based on his analysis, the foremost meme coin may make a parabolic run to the upside soon enough. The analyst also alluded to history to reaffirm that this rally will definitely happen. “It’s Almost Time” For A Good Dogecoin Pump Crypto Kaleo […]
Polkadot (DOT) has come under the spotlight with crypto analysts laying out bullish narratives for the crypto asset. One of them is crypto expert Michaël van de Poppe, who believes Polkadot could rise to as high as $25 in this bull run. Polkadot Could Reach $25 On Next Leg Up Michaël van de Poppe mentioned in an X (formerly Twitter) post that Polkadot’s next rally will see it climb between $20 and $25. He explained that the crypto token has seen a substantial correction in the past months, but it showed enough strength by coming back to pre-rally levels. The analyst further claimed that Polkadot has bottomed, “especially since JAM Whitepaper came out.” Related Reading: PEPE Whales Go On Massive 720B Shopping Spree Amid Campaign For New ATHs, Is It Time To Get In? As such, he believes that Polkadot is more than primed for this rally, which could propel it to such heights. The crypto analyst has been a big believer in Polkadot’s potential. He previously included Polkadot in a list of crypto tokens that he believes are undervalued. He claimed that DOT’s valuation was still at a cycle low, which had opened up a “huge opportunity” to invest in it. Van de Poppe is very much invested in Polkadot because of its technology. In a previous X post, he highlighted how the JAM (Join-Accumualte Machine) Paper, which ushered in Polkadot 2.0, would revolutionize DOT’s ecosystem. He also claimed that Polkadot is the “second largest blockchain in terms of developers and growth.” Therefore, he expects DOT’s price to complement the team’s efforts soon enough. Meanwhile, Van de Poppe expects Polkadot to reach as high as $20 in the third quarter of this year. For now, he believes that the $8 and $17 range are crucial resistance levels that the crypto token must break out of to enjoy such a parabolic rally. A More Bullish Prediction For DOT Crypto analyst Crypto Thanos offered a more bullish prediction for Polkadot, stating that the crypto token climbing above $50 is “easily achievable” in this bull run. He believes this price is attainable because he expects institutions to get interested in large caps like Polkadot. He also noted Polkadot’s collaboration with Tie, which aims to increase institutional exposure and access. It is worth noting that Polkadot’s all-time high (ATH) is currently $55, which makes Thanos’ prediction for the crypto token feasible. Crypto tokens are known to usually surpass their ATH in every bull run. Related Reading: Why Is This Crypto Pundit Warning XRP Investors To Be At Alert For The Next 3-12 Months Crypto analyst Captain Faibik provided insights into what to expect from Polkadot in the short term. He predicts the crypto token will record a 35% “bullish rally” soon enough. He said a “major trendline breakout/retest has already been confirmed” for DOT on the four-hour timeframe chart. At the time of writing, Polkadot is trading at around $7.11, up over 2% in the last 24 hours, according to data from CoinMarketCap. Chart from Tradingview.com
Chainlink (LINK) has enjoyed a sharp surge of more than 21% over the past 24 hours. Here’s what data suggests could be behind this rally. Chainlink Has Surprised Crypto Market With Breakout In The Past Day While most cryptocurrency sectors have seen flat or small green returns over the last 24 hours, Chainlink has shown a decoupling as it has observed some sharp bullish momentum in this window. Related Reading: Bitcoin Still Has “A Lot Of Room To Run Before Reversal,” Says Top Analyst Here is a chart that displays how LINK’s recent performance has looked like: With this sudden burst, Chainlink has touched the $16.7 mark for the first time since the crash during the first half of April. While the asset has now retraced a major part of this plunge, it still hasn’t made a full recovery. Should LINK’s bullish momentum continue, though, it may not be too long before the cryptocurrency can reclaim the $17.8 level it was trading at just before the crash. As for where Chainlink stands in the wider market, the table below shows that, based on market cap, it’s currently the 15th largest coin. LINK isn’t too far off from Polkadot (DOT) now, so it’s possible that if the price rise continues, the coin will dethrone DOT and take over the 14th spot on the list. Now, what could be the reason for Chainlink’s sudden decoupling from the rest of the market? Data from the on-chain analytics firm Santiment may perhaps provide some hints. The Total Number Of LINK Whales Is At A 6-Month High Now As pointed out by Santiment in a post on X, Chainlink investors holding 100,000 tokens or more of the asset in their balance have recently seen their address count increase. This cutoff is equivalent to around $1.67 million at the current LINK exchange rate. Investors with holdings this large are popularly referred to as whales. Whales can be influential entities in the market because they can move a large amount of volume in a short span of time. As such, their behavior may be worth monitoring. From the graph, it’s visible that Chainlink’s total number of whale addresses has hit 564 after the latest rise, which is the highest the metric has been since October of last year. This increase in the number of whales on the network may be partially behind the surge that LINK has just seen. In the same chart, the analytics firm has also attached the data for another indicator: social dominance. This metric tells us about the share of cryptocurrency-related social media discussions that LINK occupies right now. Related Reading: XRP & Cardano Whales Load Up Bags: Preparation For Altcoin Rally? This indicator has shot up alongside this rally, implying the interest around the coin has spiked. Historically, such a rise in attention has been a bearish sign for the asset, so it remains to be seen if these high values will be maintained. “If social dominance calms and FOMO doesn’t take over, bullish conditions are ahead,” notes Santiment. Featured image from iStock.com, CoinMarketCap.com, Santiment.net, chart from TradingView.com
Former US President Donald Trump has found himself at the epicenter of a cryptocurrency-fueled windfall. Data from market intelligence firm Arkham Intelligence reveals that Trump’s cryptocurrency portfolio has surged by a staggering 4,000% – a gain largely driven by the meteoric rise of the “Save America” meme coin, affectionately dubbed “TRUMP.” Related Reading: NFT Market […]
The current macro backdrop has been positive for crypto market cap growth and trading volumes, the report said.
After a period of correction, Filecoin (FIL) is teasing a potential price surge, buoyed by bullish technical indicators and analyst predictions. As of Friday afternoon, FIL is hovering around $5.80, but whispers of a $15 target in the coming weeks are swirling in the cryptosphere. Related Reading: Solana On The Brink? Price Stalemate At Crucial $140 Support Recent Price Surge Ignites Investor Interest FIL has been on a tear lately, defying the overall slump in the cryptocurrency market. Over the past 24 hours, the token saw an increase of over 7%, accompanied by a healthy trading volume exceeding $420 million. This surge in price and activity has grabbed the attention of market watchers, with many speculating on the possibility of a sustained upward trend. Analyst Eyes $15: Falling Wedge Breakout Hints At Price Reversal Adding fuel to the fire is crypto analyst World Of Charts, who has expressed a decidedly bullish sentiment on FIL’s future. According to their analysis, the recent price correction appears to be nearing its end. $Fil Healthy Correction Has Almost Over Seems Like #Fil Will Recover From Here Falling Wedge Breakout Has Already Confirmed Expecting Move Towards 15$ In Coming Weeks#Crypto #Filcoin pic.twitter.com/O61j9B02ha — World Of Charts (@WorldOfCharts1) May 15, 2024 They point to a confirmed falling wedge breakout pattern, which historically indicates a potential trend reversal. This technical indicator suggests FIL could be poised for a significant rebound, with World Of Charts setting a target price of $15 in the coming weeks. FIL’s Resilience Bodes Well For Future Further bolstering the bullish case is FIL’s defiance of the broader downward trend in the crypto market. While many digital assets have been experiencing significant price drops, FIL has managed to hold its ground. This resilience suggests strong underlying support and potential for future growth. Filecoin: Technical Indicators Flash Green Technical analysis also paints a positive picture for FIL. The RSI (Relative Strength Index), a momentum indicator, is currently exhibiting a slow but steady upward trajectory. This suggests that FIL is not overbought and has room for further price appreciation. Additionally, FIL has historically displayed a pattern of high trading volume at price peaks and low volume during price dips. This ongoing trend signifies strength in the token’s price action. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation Breach Of Support Could Dampen Optimism However, the bullish outlook is not without its caveats. A breach below the crucial $5.50 support level could trigger negative sentiment and potentially lead to a price decline. This highlights the inherent volatility of the cryptocurrency market, where unforeseen events can quickly alter price movements. Furthermore, market sentiment is highly sensitive to external factors such as regulatory news, macroeconomic trends, and technological developments within the crypto space. Any adverse developments, such as stringent regulatory crackdowns or security breaches, could exacerbate selling pressure and undermine investor confidence. Featured image from Wallpapers.com, chart from TradingView
In a recent development, Sam Trabucco, a key figure in Sam Bankman-Fried’s inner circle, has resurfaced after his absence from the public eye following the collapse of crypto exchange FTX in late 2022. According to Bloomberg, Trabucco has come forward to support Ryan Salame, another former FTX executive who awaits sentencing for his involvement in […]
The DEFINITY Foundation, the company behind developing the Internet Computer protocol, has recently unveiled an updated roadmap to facilitate increased artificial intelligence (AI) blockchain adoption. As the native token of the network, ICP continues to lead among AI tokens and holds the 22nd position in the top 100 cryptocurrencies. However, recent price drops have prompted the Foundation to focus on key areas of development to revitalize the token’s price action and further advance the protocol’s capabilities. Internet Computer Roadmap The highlighted aspects of the roadmap outline two critical steps called “milestones” in the Internet Compute platform domain: Tokamak and Stellarator. Tokamak focuses on reducing latency by maximizing the block rate of each subnet and introducing a new synchronous ingress submission endpoint. Related Reading: Shiba Inu Price Makes Decisive Move: Is Now The Ideal Time To Buy? Stellarator, on the other hand, will reportedly increase the storage layer, enabling subnet blockchains to host over 1TB of canister smart contract storage while improving the efficiency of the consensus layer. The DEFINITY Foundation aims to integrate AI capabilities as smart contracts on the Internet Computer protocol to address the resource-intensive nature of AI training and inference. The Cyclotron milestone outlined in the roadmap will increase on-chain inference for larger AI models through performance improvements in the WebAssembly runtime and inference engine. The Gyrotron milestone, on the other hand, explores the integration of AI-specialized subnets with GPU support, enabling compute—and memory-intensive computations on-chain. ICP’s Interoperability With Bitcoin, Ethereum, And Solana ICP’s Chain Fusion technology will allow direct interoperability with major blockchains, including Bitcoin, Ethereum, and other Ethereum Virtual Machines (EVMs). Nonetheless, the roadmap introduces several milestones to expand interoperability. Tritium milestone enables ICP to interact with Ethereum and EVM smart contracts, facilitating cross-chain communication. Deuterium milestone extends Chain Fusion support to emerging Bitcoin protocols. Interestingly, the Helium milestone aims to increase Chain Fusion for the Solana network, enabling decentralized applications (dApps) leveraging the capabilities of both networks. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation Next, the Solenoid milestone decentralizes the operation of the ICP boundary nodes, “empowering” the network’s participants. The Levitron milestone provides visibility into the Internet Computer’s edge infrastructure, allowing developers to gain insights into dApp usage patterns and generate user statistics. Lastly, ICP will incorporate two governance systems: the NNS (Internet Computer’s DAO) and the SNS framework governing individual dApps. Tokenomics incentivizes voting participation and aligns DAO decisions with long-term interests. These governance mechanisms will allegedly ensure decentralized decision-making and community involvement. As of the current press time, the price of ICP has experienced a significant increase of 120% year-to-date. However, it is currently trading at $12.05, 98% lower than its previous all-time high (ATH) of $700 achieved in September 2023. Once implemented, the impact of the roadmap on the cryptocurrency’s price and its potential to regain bullish momentum and drive adoption for various use cases remain to be seen. Featured image from Shutterstock, chart from TradingView.com
Aiden Pleterski, known in the crypto community as the “Crypto King,” and his associate Colin Murphy have been formally charged with serious financial offenses. These charges emerged from an extensive joint investigation, Project Swan, conducted by the Durham Regional Police Service (DRPS) and the Ontario Securities Commission (OSC). The investigation focused on allegations of fraud […]
Dogecoin seems to have flipped into a bullish momentum, at least in the short term, prompting analysts to predict bullish outlooks in the short term. Particularly, DOGE is up by 7% in the past 24 hours and is still on a 14% increase in the past 3 days. Current price action shows the cryptocurrency is […]
A crypto analyst identified as ‘Egrag Crypto’ has recently taken to X (formerly Twitter) to issue a warning to XRP investors regarding a potential bear market that could trigger a massive correction for the price of XRP. XRP Holders Prepare For More Declines In 2025 According to Egrag Crypto, XRP is expected to enter a steep bear market stage in 2025. The analyst based his predictions on a technical analysis tool he called the “Gaussian Channel,” revealing three distinct technical phases for XRP, including a Green A, Green B and Green C phase. Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish He noted that the bearish phase in Green A had already been completed. However, the Green B phase is expected to end by June 2025, and Green C is anticipated to conclude by January 2025. The analyst further emphasized that the aforementioned dates do not represent cycle tops but indicate the beginning of a “deep bear market phase.” He also revealed that the Gaussian Channel was a technical analysis tool used to visualize price movements of cryptocurrencies around a mean average price. The purpose of the tool is to help identify volatility, risks, and certain support and resistance levels. Additionally, analyzing the historical trends and durations of the green phases provided by the Gaussian Channel provides valuable insights that can be used to interpret future price movements. Presently, the price of XRP has remained relatively unchanged for the past few months, primarily consolidating around the $0.5 mark without witnessing any significant momentum. This lackluster performance can be attributed to the ongoing legal challenges the cryptocurrency has faced with the United States Securities and Exchange Commission (SEC) over the past four years. While Egrag crypto anticipates more bearish sentiment for XRP in the coming year, the crypto analyst also suggests that the next 3 to 12 months could present critical trading opportunities as the market evolves. He cautions XRP holders to remain vigilant and prepared for potential market volatility, which could lead to a “life-changing window.” Analyst Highlights XRP’s Resilience In a previous X post, Egrag Crypto maintained an optimistic outlook for the price of XRP. He emphasized the cryptocurrency’s strength and resilience, noting that XRP was indicating strong bullish signals in its price fundamentals. Related Reading: Bitcoin Analyst Reveals Why $57,938 Is The Level To Watch This Week He revealed that if XRP can maintain a critical position within the “Launching Channel,” a trading pattern identified by partial wicking candles and ascending consolidation, the cryptocurrency could see its value potentially surging to $6.4. Related Reading: Bitcoin Long-Term Holders Buy The Blood, Snatch Up 70,000 BTC At the time of writing, the price of XRP is trading at $0.51, reflecting an increase of 3.51%, over the past 24 hours, according to CoinMarketCap. Egrag Crypto has advised the broader XRP community to remain “calm and steady,” as the next three to six months could present significant opportunities for investors. Chart from Tradingview.com
The US Treasury Department intends to place a significant emphasis on addressing the risks posed by cryptocurrencies and other emerging technologies in the coming months via comprehensive regulation. The Treasury has made digital assets a key area of focus in its 2024 National Strategy for Combating Terrorist and Other Illicit Financing report. The strategy outlined […]
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According to the Financial Times, the Chicago Mercantile Exchange (CME) Group, the world’s largest futures exchange, is reportedly in discussions to introduce spot Bitcoin (BTC) trading. The move aims to tap into the growing demand among Wall Street money managers seeking exposure to the crypto sector. The move marks a significant step for major Wall […]