Bitcoin price came within 5.7% of its peak today as the week begins with positive sentiment.
Today, the Render Network finalized its RENDER crypto AI token migration and upgrade. Following the highly anticipated rebrand, the AI token saw a positive price action, surging over 15% on the last day. Investors and market watchers expressed optimism about the rebranded token and consider it could hit $10 soon. Related Reading: Ethereum Targets Recovery: Can It Mirror Bitcoin’s Performance? From RNDR To RENDER Last year, the Render Network Foundation changed from Ethereum (ETH), where it was initially launched, to Solana (SOL). The move followed a community vote that passed two major upgrades for the Network. According to the announcement, the Solana switch was “proposed for faster transactions, cheaper fees, and the project’s needs to achieve more ambitious goals with more on-chain data and transactions.” The community also voted to rebrand the token from RNDR to RENDER, which would conclude in 2024. This month, the foundation informed users that many crypto exchanges, including Binance, Kraken, OKX, Crypto.com, and KuCoin, would automatically swap the RNDR tokens for the rebranded token on a 1:1 ratio. On Monday, the RNDR delisting from crypto exchanges began ahead of the scheduled migration on July 26. Exchanges halted most operations with the token, negatively impacting its performance over the week. Moreover, Whales seemingly contributed to the impact of the token’s price. Online reports revealed that some major holders sold their RNDR following the news, dragging the price from above the $7 support level to below the $6.5 price range. The token continued to plunge in the following days, dropping below the $6 mark, a 17% drop in four days. Nonetheless, the highly anticipated migration and listing of the new RENDER token seems to have kickstarted a price recovery. AI Token Skyrockets 17% Following Binance Listing The newly rebranded crypto AI token surged over 17% today after being listed by crypto exchange Binance. On Friday, the exchange announced that RENDER had been added to Binance Simple Earn, Buy Crypto, and Binance Convert. Additionally, it revealed that the Binance Margin and Futures options would be available today for the AI token. Meanwhile, the Auto-Invest option will be added on Monday, July 29. On that date, Kraken, the crypto exchange, will also list the RENDER and delist the RNDR. Investors and market watchers expressed their optimism over the rebrand and Binance listing. An X user claimed that, as the project begins this new era, “the RENDER token with this fresh chart of around $6.5 lows has potential to reach unimaginable heights.” Crypto analyst Coinboss considers that the token could “do a flipperino” if it has a clean break out above the $7 resistance level. A successful retest of the target could potentially lead the token to reclaim the $11 mark, further fueling a surge above RNDR’s all-time high (ATH) of $13.53. Another pseudonym crypto analyst believes RENDER could reach $10 soon, stating, “Thanks for the fud. See you above $10.” Some users also consider that investors will regret not getting the “greatest buying opportunity.” Related Reading: Solana’s Celebrity Tokens Down 94%, MOTHER Community Defends The Memecoin In the last 24 hours, the crypto AI token has seen a remarkable 140% surge in market activity, with $83.1 million daily trading volume. As of this writing, RENDER is trading at $6.89, a 15.6% rise in the past day. Featured Image from Unsplash.com, Chart from TradingView.com
The crypto industry seems excited and expectant following the US Securities and Exchange Commission (SEC)’s final approval of spot Ethereum Exchange-Traded Funds (ETFs). As investors await the official launch of the investment product, many have discussed the implications of today’s debut. Related Reading: Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin […]
The release of India’s Union Budget for 2024-25 has left a significant portion of the country’s population pondering its implications, particularly the cryptocurrency community, which finds itself at a standstill. On July 23, the budget brought up by Finance Minister Nirmala Sitharaman left the digital currency industry unaddressed even after prior speculations and anticipation of […]
On July 23, Hong Kong will mark a significant milestone in the crypto financial product domain by introducing Asia’s first inverse Bitcoin exchange-traded fund (ETF), according to a local media outlet, South China Morning Post. According to the report, the CSOP Bitcoin Futures Daily (-1x) Inverse Product would be officially registered with 7376. The CSOP Asset Management manages […]
While Bitcoin maintains its price above the $60,000 range, some institutional investors are positioned for a positive price trajectory with call options betting on up to $100,000 come year-end. Despite recent pressures from substantial Bitcoin liquidations by the Mt. Gox distribution and sales by the German government, Bitcoin’s price remains notably resilient. These developments indicate a strong appetite for big-money cryptocurrency investments, especially from experienced investors looking to profit off potential end-of-year rallies. Related Reading: Bitcoin (BTC) Could Be On The Verge Of a 30% Gain, Here’s Why $100,000 Call Options Signals This QCP Capital’s analysis highlights this trend, pointing out the continued confidence among institutions despite the German government’s injection of nearly 50,000 BTC into the market and the distribution of over $6 billion worth of Bitcoin to Mt. Gox creditors. These events have significantly increased the available supply of Bitcoin but have surprisingly not dampened the bullish market sentiment. Instead, they have catalyzed a strategic interest in December call options at the $100,000 strike price, underscoring a strong institutional belief in Bitcoin’s upward potential. This update signals that amid the happenings in the crypto market; institutional traders are not just passively observing but actively positioning themselves for what they believe will be a significant uptick in Bitcoin’s value. The focus on December $100,000 call options is more than speculative; it reflects a calculated bet on Bitcoin’s performance amid forthcoming market catalysts like the US elections. QCP Capital noted: This signals an even stronger conviction of a year-end rally as the odds of a Trump victory increases. Bitcoin Stabilizes in Familiar Trading Range Furthermore, QCP Capital revealed that with the perpetual funding rates stabilizing and volatility tapering, Bitcoin appears to be settling into a predictable trading range. This environment provides a relatively stable backdrop for institutions to place substantial bets. According to QCP Capital, large trades are centered around the $67,000 strike options, suggesting market players anticipate moving towards these levels before the month is out. This indicates that while the year-end may be a focus, these institutional players also see intermediate milestones. Related Reading: Watch Out Bears: Bitcoin’s Rally To This Mark Could Trigger $19 Billion Short Squeeze QCP Capital particularly noted: “Perp funding is back to flat, vols are drifting lower and BTC is back in the familiar range of 61k to 71k where it traded within for the entire of Q2 this year. While spot could range here in the near term, especially with dealers very long the 26-Jul 67k Strike, the market is definitely betting big on a breakout heading into the US elections.” Meanwhile, at the time of writing, Bitcoin still maintains its price above the $64,000 mark. Over the past 24 hours, the asset has surged by 2.6% to trade for $65,331 at the time of writing. Featured image created with DALL-E, Chart from TradingView
Despite recent improvements, the crypto market remains down 14% from its peak, with new capital inflows slowing and a “Player vs. Player” market emerging.
Bitcoin price has rallied above the $64,000 mark. Glassnode, a market intelligence platform, has analyzed this notable increase, which attributes the current price movement to a significant easing of sell-side pressure, particularly from the German government. Exhaustion of Sell-Side Pressure According to the on-chain data provided by Glassnode, the recent uptick in Bitcoin’s price is largely due to what they describe as the “complete exhaustion” of sell-side forces, particularly those stemming from the recent governmental actions. Over the past weeks, the German government has been a big seller, selling off tonnes of Bitcoin, leading to an earlier price decrease at below $54,000. Related Reading: Institutions Grab Over $5 Billion Bitcoin in a Week: Are They Predicting a Mega Rally? Nevertheless, despite these sales, the market has not moved lower than that mark, suggesting that this selling was anticipated and factored into prices by the markets. Glassnode’s report highlights that from July 7 to July 10, approximately 39,800 BTC flowed out of labeled wallets, marking a critical phase of market absorption. Also contributing to the price surge, as highlighted by Glassnode are inflows into Bitcoin exchange-traded funds (ETFs), which have garnered renewed investor attention in recent weeks. Over the last week, ETFs have reported over $1 billion in inflows, suggesting a renewed confidence in Bitcoin among institutional investors. Glassnode noted in the report: As prices sold off towards the $54k low, they dropped below the average inflow cost basis of ETF holders, which is currently at $58.2k. In response, the ETFs have seen their first significant tranche of positive interest since early June, with over $1B in total inflows last week alone. Furthermore, the decline in exchange flows – deposits and withdrawals – remains a significant sign of waning sell-side pressure. Lower exchange flows generally indicate reduced market liquidity and selling, which can provide price support or an upward momentum. Current exchange volumes have cooled off at about $1.5 billion daily, unlike the higher marks seen in March. Related Reading: Bitcoin Bullish Signal: NVT Golden Cross Suggests BTC Oversold Major Rally for Bitcoin On The Horizon? As Bitcoin maintains its position above $64,000, showing an 11.5% increase over the past week, the market appears increasingly bullish. Insights from prominent crypto analyst Rekt Capital indicates that overcoming $65,000 might see Bitcoin enter a new high price cluster zone – one that can push BTC towards as much as $71,500. #BTC The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region$BTC #Crypto #Bitcoin https://t.co/yxOhRsmVU9 pic.twitter.com/TZMP37ufjx — Rekt Capital (@rektcapital) July 16, 2024 Additionally, whale activity continues to demonstrate confidence in Bitcoin’s long-term value. Recent transactions highlighted by Lookonchain, such as a notable whale purchasing 245 BTC for nearly $16 million, underscore the strategic accumulation amidst this rally. Featured image created with DALL-E, Chart from TradingView
Bitcoin buyers need to ramp up pressure to squeeze the market back toward all-time highs, BTC price analysis concludes.
Following the highs of 2024’s first quarter (Q1), the crypto market faced a retrace during the second one (Q2). Despite this, Memecoins has remained the reigning champion of the market for the last three months. Related Reading: Big Filecoin Rally Ahead: Analyst Predicts 4,000% ‘Uphill Run’ Total Crypto Market Cap Falls 14% In Q2 On Tuesday, CoinGecko released its 2024 Q2 Crypto Industry Report. In the report, the crypto tracking website revealed that the total market capitalization declined last quarter. The total crypto market cap dropped 14.4%, $408.8 billion, in the last three months. The crypto market closed Q2 with a market cap of $2.43 trillion, unable to make new all-time highs (ATH). Comparatively, the total crypto market cap reached $2.9 trillion in March. During Q1, the market soared 64.5%, doubling Q3 2024’s growth. In absolute terms, the growth of this quarter (+$1.1 trillion) was almost double that of the previous quarter (+$0.61 trillion). This was largely driven by the approval of US spot Bitcoin ETFs in early January, sending BTC to a new all-time high in March. Additionally, CoinGecko highlighted that the crypto market cap was outperformed by the S&P 500, which registered a 3.9% increase. As a result, the correlation between the total crypto market cap and the S&P 500 plummeted from 0.84 in Q1 to 0.16 in Q2. In Q2, crypto volatility remained high, with an annualized volatility of 48.2% for the total crypto market cap. Meanwhile, Bitcoin (BTC) and the S&P 500 saw 48.2% and 12.7% volatility. Memecoins Continue Leading The Market Despite the market retrace, Memecoins remain the most popular narrative in Q2. According to CoinGecko’s categories web tracking, the sector dominated the chart with a 14.3% market share. Last quarter, Memecoins emerged as the most popular and profitable narrative. The sector delivered massive returns in the first quarter of 2024, with an average return of 1,313% across the top tokens. Tokens like Dogwifhat (WIF) and Book Of Meme (BOME) became market sensations, fueling the memecoin frenzy. These tokens had over 2,000% and 1,000% returns. This quarter, the market saw a Celebrity memecoin frenzy. Public figures like Iggy Azalea, Caitlyn Jenner, and Andrew Tate joined the industry amid controversial launches, hacks, and scam allegations. Moreover, the PolitiFi memecoins surged in popularity. Last week, these tokens outperformed most categories in the crypto market following Donald Trump’s failed assassination attempt. 4 out of the top 15 most popular narratives were memecoin-related, with Solana and Base memecoins registering an 8.44% and 4.61% share. Meanwhile, cat-themed tokens overpowered Q1’s reigning champions in the sector, Dog-inspired tokens. Related Reading: Whale Makes $8 Million With Trump-Inspired Memecoin As PolitiFi Tokens Soar This quarter, the feline-inspired tokens made it to the top 15. The category ran remarkably this cycle, with tokens like Cat in a Dogs World (MEW) and Popcat (POPCAT) surging over 200%. Similarly to Q1, Real World Assets (RWA) and Artificial intelligence (AI) were the second and third most popular sectors. RWA registered an 11.3% market share, while IA tokens saw a 10.9% share of market attention. Featured Image from Unsplash.com, Chart from TradingView.com
The Trump-inspired tokens surged around 40% following Donald Trump’s assassination attempt. As a result, PolitiFi tokens closed the week, outperforming most categories in the industry. The remarkable performance earned some crypto whales millions in profits from the MAGA (TRUMP) memecoin. Related Reading: 1,000 Bitcoin On The Move: Satoshi-Era Whale Stirs The Crypto Waters Crypto Whale Profits From TRUMP Memecoin On Sunday, on-chain tracking platform Lookonchain reported that a crypto whale had made millions from a Trump-inspired memecoin. An address deposited all their TRUMP holdings to the crypto exchange BTSE. Per the report, the whale bought 1.08 million TRUMP between November 22 and December 4, 2023. The address acquired the tokens at an average price of $0.5, spending $540,000 for the memecoin. Seemingly, the whale made $8.85 million from the tokens, $8.3 million of which were profits. Per Lookonchain, the wallet was suspected to be owned by renowned crypto trader GCR. However, it was later confirmed the address in question wasn’t related to the crypto trader. Lookonchain also reported another address holding a significant amount of the Trump-inspired memecoin. The second address, also suspected to be linked to the crypto trader, has $6.5 million in unrealized profits from TRUMP. The whale wallet tagged “GCR: Address 1” spent over $700,000 to buy 936,279 TRUMP. The address bought the tokens at an average of $0.75 between December 8, 2023, and January 18, 2024. At the time of the report, the whale’s holdings were worth around $7.23 million. Nonetheless, it hasn’t been confirmed if this address is linked to the renowned crypto trader. PolitiFi And Trump-Inspired Tokens Soar Over the weekend, former US President Donald Trump survived an assassination attempt. The Republican Presidential Candidate got shot in the ear during a campaign rally in Butner, Pennsylvania. Following the news, PolitiFi tokens soared over 30%. DeFi creator and analyst Jake Pahor shared that the PolitiFi sector outperformed most categories over the weekend. Pahor cited DeFiLlama data, revealing that PolitiFi tokens rose 36.7% last week. The DeFi analyst also noted that “all categories outperformed Bitcoin over the past 7 days, possibly indicating a shift towards a risk-on environment.” Before the failed Trump assassination attempt, Trump-inspired memecoins saw a pump. The tokens surged after the former US President was announced as a keynote speaker at the Bitcoin 2024 Conference on July 27. TRUMP’s price went from $5.74 to $6.54 after the news. This performance represented a 15% and 39.5% surge in the daily and weekly timeframes. Since then, the biggest Trump-themed memecoin has seen a 35% rise, fueled by the most recent incident. Following the assassination attempt, the token went from the $6.3 price range to the $9.51 mark, increasing by over 50% in twelve hours. On Sunday, the memecoin hovered between the $7.3-$7.9 price range, starting the week trading at $7.47. Related Reading: Notcoin (NOT) Ignites Crypto Market, Analyst Predicts 25% Rally As of this writing, TRUMP exchanges hands at $8.15, a 3.8% increase in the last day. This performance also represents a 35.3% and 22.2% rise in the one-week and two-week timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
Following Bitcoin’s gradual rebound seen last week, the global crypto investment products also appear to have witnessed a notable influx of funds, with a substantial $1.44 billion pouring in over the same period. According to CoinShares, a leading crypto asset management firm, this surge has pushed the year-to-date total to top roughly $17.8 billion, highlighting a growing confidence among investors despite recent market downturns. Related Reading: Institutions Grab Over $5 Billion Bitcoin in a Week: Are They Predicting a Mega Rally? Surge In Crypto Fund Inflows According to the insight shared by CoinShares in its latest report, last week’s activity marked one of the largest net inflows recorded, significantly outpacing the $10.6 billion accumulated during the entire bull run of 2021. This significant increase can be largely attributed to investors taking advantage of recent dips in the prices of many different cryptocurrencies. Bitcoin-centric funds dominated this movement, bringing in about $1.35 billion of that total amount. This indicates investors’ robust appetite for the leading cryptocurrency, which continues to dominate the market despite periodic volatility. Conversely, products betting against Bitcoin (short-BTC Products) saw a reversal in fortune, registering net outflows of $8.6 million—the most significant outflow since April. The shift in holdings indicates a change of heart, which could be due to more favorable market conditions, or it may simply involve strategic portfolio changes for large holders. James Butterfill, head of research at CoinShares, particularly noted: We believe price weakness due to the German Government bitcoin sales and a turnaround in sentiment due to lower than expect CPI in the US prompted investor to add to positions. While the inflow rise was global, US-based funds were by far the largest receiver at $1.3 billion. However, there were also considerable inflows in other parts of the world. For instance, Switzerland saw $36 million, and Hong Kong and Canada collectively added more than $137 million, indicating a universal interest in cryptocurrency investment. Interestingly, Ethereum-based investment products also enjoyed a significant boost, with a $72 million increase in inflows. Butterfill disclosed that this spike is likely “in anticipation of the imminent approval of the spot-based exchange-traded fund (ETF) in the US.” Gradual Recovery: Bitcoin And Ethereum Market Performance So far, the inflows seen in the crypto market last week appear to be now reflected in Bitcoin and Ethereum’s price, with both assets now seeing noticeable rebounds following their recent correction, which made BTC fall as low as $53,000 levels and Ethereum dropping below $2,900. Related Reading: JPMorgan Says Crypto Liquidations Will End And Bitcoin Bull Market Will Begin, Here’s When Over the past 24 hours alone, Bitcoin has seen quite the surge, increasing by 6.1% in value to reclaim the $63,000 mark. At the time of writing, the asset currently trades at $63,764, still down roughly 13.9% from its March peak above $73,000. Ethereum also appears to be mirroring BTC’s price performance. The second largest crypto by market cap is also up 6.4% in the past 24 hours to stand at a current trading price of $3,396. Featured image created with DALL-E, Chart from TradingView
A recent report revealed that the South Korean government is considering delaying the crypto gains taxation for a third time. Seemingly, investors in the country are growing concerned due to a lack of system and “market confusion.” Related Reading: Crypto Market Jolted By MakerDAO’s $1 Billion Investment In Tokenized Treasuries Crypto Taxation Could Be Delayed […]
American multinational finance company, JP Morgan has maintained a bullish stance on the Bitcoin price outlook despite recent bearish trends. The bank has announced the timeline for the conclusion of the ongoing BTC liquidations, predicting a subsequent rebound in the market. JP Morgan Predicts Bitcoin Market Rebound In August In a research report on Wednesday, JP Morgan suggested that BTC liquidations should abate this July, foreseeing the start of a strong bull market as bearish trends caused by sell-offs subside. While the bank believes that a market recovery is imminent, it is also skeptical about the sustainability of high Bitcoin inflows in its year-to-date flow into crypto assets. Related Reading: Dogecoin Sees 868% Spike In Whale Buys, Bulls Ready For Breakout Rally For one, JP Morgan has revised and grossly reduced its former year-to-date crypto net flow from $12 billion to $8 billion. So far this year, Spot Bitcoin ETFs have been the major driver for substantial inflows into the crypto market. JP Morgan’s skepticism also stems from Bitcoin’s high price relative to its production cost and the price of gold. A crypto analyst from the bank, Nikolaos Panigirtzoglou has suggested that the bank’s reduction in the estimated year-to-date net flow was also due to the recent decline in Bitcoin reserves across exchanges. The decline in Bitcoin reserves over the past month is believed to be a result of the ongoing selling pressures and widespread BTC liquidations executed by Mt Gox creditors and the German government. As mentioned earlier, JP Morgan has predicted that this BTC sell-off will officially end in July, giving rise to a substantial bullish rally for Bitcoin in August. Following the bank’s predictions, many crypto analysts and community members have suggested that the recent upsurge in Bitcoin’s price is the continuation of a strong bull market. A crypto analyst identified as ‘CryptoYoddha’ on X (formerly Twitter) has revealed that the German government was preparing to sell their remaining BTC just before the bull run. Despite the aggressive selling by the German government and the subsequent market turmoil, the analyst noted that Bitcoin still appears bullish. About The Ongoing BTC Liquidations Earlier in June, Mt Gox announced that it would be making repayments to creditors in July. While the defunct Bitcoin exchange’s decision to start its repayment process comes as good news to creditors, there is also an underlying unease concerning potential Bitcoin sell-offs. Related Reading: Ethereum Bulls Gear Up For Recovery – Can Spot ETFs Push Price To New Highs? With creditors steadily receiving part of Mt Gox’s 142,000 BTC payment worth about $9 billion, the market fears are somewhat justified as a widespread Bitcoin dump would have a major impact on the price of the cryptocurrency. In addition to Mt Gox’s substantial Bitcoin redistribution plans, the German government has also been seen selling almost 100% of its Bitcoin holdings seized from criminals. These substantial crypto liquidations have put a major damper on the price of Bitcoin, triggering serious price declines that have significantly delayed the highly anticipated Bitcoin bull run. A crypto analyst identified as ‘Rekt Capital’ has indicated that the Bitcoin bull market based on standard halving cycles has already advanced by 40.1%. Featured image created with Dall.E, chart from Tradingview.com
TrumpCoin (DJT) surged on Wednesday following the news of Donald Trump’s participation in the Bitcoin 2024 Conference. The announcement propelled the token’s price by over 55% while other Trump-inspired memecoins increased by nearly 20%. Related Reading: Drake Loses Bitcoin Bet Following Canada’s Copa America Exit, ARG Fan Token Soars 40% Trump Joins The Bitcoin Conference On July 10, Former US president and Republican candidate Donald J. Trump was officially announced as a keynote speaker at the Bitcoin 2024 Conference. The Bitcoin Conference will occur in Nashville, Tennessee, between the 25th and 27th of July. Crypto-friendly Independent Presidential Candidate Robert F. Kennedy Jr. will also participate in the upcoming event. Moreover, former pro-crypto Republican candidate Vivek Ramaswamy will join the largest Bitcoin conference in the world as a keynote speaker. The CEO of Bitcoin Magazine, the organizer of The Bitcoin Conference, expressed his enthusiasm for Trump’s participation. “July 27th we change the course of history,” David Bailey stated in an X post. The news of Trump’s involvement in the event was well-received by many industry figures. However, other industry members and investors questioned Trump’s intentions. CryptoQuant’s CEO Ki Young Ju wondered whether the former US president’s efforts were genuine: Is this a strategy to gain votes, or is it a genuine effort to make the United States a Bitcoin nation? Does anyone know? Despite the skepticism, the crypto community seems optimistic about the news, as Trump-inspired tokens soared last night. TrumpCoin And Trump-Inspired Memecoins Soar TrumpCoin’s price quickly reacted to the news, skyrocketing 55%. The token hit the $0.013 resistance level for the first time since June 27, according to DexScreener data. DJT saw a controversial launch nearly a month ago after online reports claimed TrumpCoin was the “official” Trump token. As a result, many investors sold most of their Trump-inspired memecoins, making them crash around 30%. At the time, Martin Shrekli, also known as “Pharma Bro,” claimed that the token was officially related to Trump’s camp. Shrekli stated that Barron Trump, son of the former US president, was closely involved with TrumpCoin. However, it was later revealed that Shrekli was behind the token. Crypto sleuth ZachXBT exposed the scheme on X, uncovering the truth before Shrekli admitted his involvement in an X Space. Since then, DJT’s price has gone on a descending trajectory. The token has seen a 33% decrease in the last two weeks. However, it registers a 10% increase from its price 24 hours ago, currently trading at $0.0086. Related Reading: Football Takeover? Solana-Based Token Skyrockets 350% Following Messi and Ronaldinho’s Promotion Other Trump-inspired memecoins also surged after the news. MAGA (TRUMP) rose from the $5.74 to the $6.54 price range in the following hours. The price action represented a 15% and 39.5% surge in the daily and weekly timeframes. Similarly, MAGA Hat (MAGA) registered a 20% price increase, going from trading at $0.00015 to $0.00018. MAGA’s performance saw a 50% increase from its price a week ago. Featured Image from Unsplash.com, Chart from TradingView.com
Amid the recent downturn in the global crypto market, a recent Crypto Banter Dylan’s Trading Show session has caught the eye with some bold claims regarding what comes next for Solana and Ethereum and some negative sentiment on XRP and ADA. Over the past years, crypto analysts in the industry have been discovering and analyzing patterns in the market because this could help them predict future directions. So far, a decrease in Bitcoin‘s dominance is considered good for altcoins. According to the Crypto Banter Show analyst, this change could potentially signal more diversified investing in altcoins and a market bullishness towards lesser-known chains. Related Reading: Crypto Analyst Says Bitcoin Could Reach $100,000, But What About Altcoins? Focus on Growth: Altcoins to Watch Despite the caution against investing in what is labeled ‘dead coins’ like XRP and ADA, Dylan’s Trading Show analyst expressed a more optimistic outlook for coins such as Solana and Ethereum. The analyst noted that if Bitcoin loses dominance, a series of massive moves upward could be in store for these altcoins. In particular, he forecasts that Solana could find support levels around $137 to $139 should the market continue its current momentum without breaking key technical barriers. As for Ethereum, the analyst discloses that ETH is approaching a critical juncture at the 200-day Moving Average (MA). If Ethereum breaks through and holds this level, it will trigger a domino effect to the upside, positively impacting small-cap altcoins. Should You Stay Away From XRP and ADA? While the analyst has mentioned XRP and ADA as “dead coins”— which means they might not have much potential for growth in the near term, it is worth noting that these assets are still seeing their share of optimism and bullishness from their respective community. Earlier today, an analyst revealed the potential for XRP to experience a massive rally due to the emergence of “one of the tightest monthly Bollinger Band squeezes in its history.” According to the analyst, the last time this indicator was seen, “XRP shot up 60,000%.” On the other hand, ADA is on the cusp of a new development with the upcoming Chang Hard Fork. IntoTheBlock states, “before its previous hard fork in 2021, ADA surged 130%, from $1.35 to $3.10 in just a month.” This signals a possible price surge for ADA, reminiscent of past gains following significant updates or forks within the blockchain. Related Reading: XRP Set To Skyrocket 60,000% On Tightest Bollinger Bands Ever: Analyst Overall, the updates above from the assets suggest potential upcoming volatility and price increases for both XRP and ADA, contradicting the analyst’s view that they are “dead coins.” Featured image created with DALL-E, Chart from TradingView
As inflation rips through Argentina’s economy, the nation appears to be turning its gaze toward cryptocurrencies as a financial haven. Particularly, with inflation soaring to as high as 276% per year, according to a report, Argentina is now witnessing a massive turn in the monetary strategy as citizens chase after stability, even if it comes […]
So far, Bitcoin has seen significant volatility in the last trading session, hinting at frail investor sentiment. Earlier today, the asset soared to as high as $57,300. However, the asset now appears to have run out of steam after reaching this mark as it trades at $55,966, down by 1.6%. This surge in volatility is a sign that the market has become more fearful as traders watch several key technical levels. However, the latest data suggests a shift in trader patterns as more defensive strategies are sought. Analysts from the ETC Group report have noted a substantial increase in the open interest in Bitcoin options, pointing towards a strategic preference for downside protection. This is illustrated by the spike in implied volatility for short-dated options, indicative of more near-term price action. Related Reading: Bitcoin Starts July On A Bearish Note, Will CPI Data Change The Narrative This Week? Insights from the Options Market: A Glimpse into Trader Sentiments The Bitcoin options trading market has given a glimpse of the current market mood. Recent data from Deribit show a put-call ratio—a metric that compares the trading volume of put options versus call options—higher than 1, indicating that the market is still bearish based on what traders are doing. This ratio indicates a higher volume of trades betting on or hedging against a further price drop. The fact that we are seeing such alignment in the market indicates a sizable segment of the market is bracing for the possibility of Bitcoin continuing its descent. ETC Group analysts agree with such a view, noting the peculiar term structure of volatility: higher implied volatilities in short-dated options versus longer-dated ones—a traditional characteristic of excessive bearishness on the market. The analysts particularly noted: Both the spike in put-call volume ratios as well as 1-month 25-delta option skew signalled a significant increase in demand for downside protection. BTC option implied volatilities have also increased slightly during the latest leg down. Implied volatilities of 1-month ATM Bitcoin options are currently at around 50.5% p.a. The term structure of volatility is also inverted now with short-dated options trading at significantly higher implied volatilities than longer-dated options. This tends to be a sign of overextended bearishness in the options market. Navigating Through Market Uncertainty These dynamics are being felt heavily in the market, with many prominent voices commenting on potential pathways for Bitcoin. Long-time trader Peter Brandt hints he expects Bitcoin to form a double top setup, a bearish flag implying price drawdowns as deep as even $44K. Brandt, however, also accepts that the construction might not meet all requirements of a technical pattern and allows for different price consequences. A more positive view comes from Timothy Peterson. He said that as Bitcoin can end July above $50,000, it has a “strong chance” of either hanging onto or even increasing in value into October. Related Reading: Is Bitcoin Undervalued Now? Industry Expert Decodes The Market State According to Peterson, the chances are 60% that Bitcoin could trade quarter in the coming months and a 25% chance that Bitcoin will cross its all-time highs within the next three months. Featured image created with DALL-E, Chart from TradingView
After a turbulent week for the crypto market, the drop in prices has left an opportunity for investors to enter new or double down on their various positions. Fortunately, the blockchain intelligence firm Santiment has identified some of the large-cap cryptocurrencies to consider. These Cryptocurrencies Are In The Opportunity Zone: Santiment Santiment revealed via a post on the X platform has provided an interesting outlook on the crypto market, stating that some digital assets are showing “buy the dip” opportunities. This is based on their Market Value to Realized Value (MVRV) ratios, which measure the average profit/loss of all coins in circulation according to the current price. An MVRV ratio value greater than 1 indicates that the investors of a coin are holding a net amount of profits at the time. On the other hand, when the value of the metric is less than 1, it means that most investors of the particular crypto are carrying losses. Meanwhile, an MVRV ratio of 1 means that the unrealized profit on a blockchain is equal to the unrealized profit. Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins Typically, corrections are believed to be more likely when profits are high, as investors are more inclined to sell as their gains grow. On the flip side, crypto holders are likely to refrain from dumping assets when they are in the red, leading to the formation of price bottoms. This forms the rationale behind Santiment’s Opportunity and Danger Zone investment analysis. In its recent post on X, Santiment mentioned that all notable large-cap crypto assets (except Toncoin) are in the buying opportunity in the short term. As shown in the chart below, the 30-day Market Value to Realized Value ratio of these assets is deep in the negative, implying there is less risk attached to investing in them at the moment. According to Santiment’s data, Dogecoin (DOGE) — with an MVRV ratio of –19.7% — has the best “buy the dip” potential. It is followed by Uniswap’s governance token UNI, with a Market Value to Realized Value ratio of –16.3%. To round up the top three is Litecoin (LTC), which bears an MVRV ratio of –15%. Bitcoin, the largest cryptocurrency by market cap, is amongst the mentioned assets within the opportunity zone. Having undergone a steep correction in the past week, the MVRV indicator is signaling that the premier cryptocurrency might have bottomed out and could be preparing for a move to the upside. Crypto Market On A Downturn The crypto market suffered a massive decline over the past week, with the total market capitalization falling by nearly 8%. This market downturn seems even deeper on bigger timeframes. For instance, in the last 30 days, the digital market has shed more than 21.5% of its value. Related Reading: Shiba Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad For Price? Featured image from Shutterstock, chart from TradingView
Bitcoin has recently exhibited resilience that has surprised many market spectators. Following a dismal drop to a 24-hour low of $53,898, Bitcoin clawed its way back above the $56,000 mark, up 1.6% in the past hour. This rebound has been catalyzed by the latest US NFP report revealing a surge in the unemployment rate, which has sparked a surge in buying activity, momentarily easing the bearish pressure. However, this recovery may not signal a sustained upward trend, as experts hint at potential further declines. Related Reading: Bitcoin Price Crashes Below $54,000: Top-5 Reasons Analyst Bitcoin Predictions: A Potential Drop To $47k A prominent crypto analyst, Ali, has expressed concerns about Bitcoin’s current market positioning. Despite the recent price recovery, he suggests that Bitcoin could significantly drop to around $47,000. This prediction stems from his analysis of Bitcoin’s support levels, which he believes are insufficient to sustain a long-term bullish momentum. According to Ali, for Bitcoin to resume its bull run, it would need to “close and hold above $61,000″—a scenario that seems increasingly speculative given the current market condition. #Bitcoin currently lacks significant support. The main key demand wall is around $47,000, and for the bull run to resume, $BTC must close and hold above $61,000. pic.twitter.com/9cD2otd4ZK — Ali (@ali_charts) July 5, 2024 Amid these turbulent market conditions, other financial experts remain cautiously optimistic. Samson Mow, a notable figure in the cryptocurrency space, argues that the current price levels of Bitcoin are the result of artificial market manipulation. He particularly labels the drastic price movements as “artificial price suppression,” influenced by significant Bitcoin transfers by government entities during periods of low market liquidity. Mow’s assertion suggests that external market forces are at play, potentially skewing the natural price discovery process of Bitcoin. Surge In Volatility Ahead Meanwhile, Greek Live highlighted emerging volatility in the cryptocurrency market earlier today, focusing on the imminent expiration of many Bitcoin and Ethereum options. The report detailed that 18,000 BTC options and 164,000 Ethereum options are set to expire soon, representing notional values of $1 billion and $470 million, respectively. This situation is particularly notable due to the skewed Put Call Ratios and defined Maxpain points, suggesting potential price pivots at $61,500 for Bitcoin and $3,350 for Ethereum. The onset of July brought significant market downturns, hitting new monthly lows across major cryptocurrencies. The end of the quarterly cycle triggered enhanced market volatility, providing a strategic window for institutional players to establish positions. Related Reading: Bitcoin Nears Bottom? QCP Analysts Spot Signs of Capitulation as Prices Tumble Below $59K Furthermore, amidst a bearish market sentiment, there’s a noticeable increase in the implied volatility of put options for Bitcoin and Ethereum, indicating growing caution among traders. July 5 Options Data 18,000 BTC options are about to expire with a Put Call Ratio of 0.65, a Maxpain point of $61,500 and a notional value of $1 billion. 164,000 ETH options are due to expire with a Put Call Ratio of 0.36, a Maxpain point of $3,350 and a notional value of $470… pic.twitter.com/uAxOO5gDQ8 — Greeks.live (@GreeksLive) July 5, 2024 Greeks Live further reported that with the upcoming news on Ethereum ETFs and the attractive pricing of end-of-month call options, there’s a strategic opening for investors looking to capitalize on these market conditions. Featured image created with DALL-E, Chart from TradingView
Jamie Coutts, the chief crypto analyst at crypto firm Real Vision, recently ranked layer-1 networks using their network growth. Interestingly, the networks that topped the list aren’t the usual names that crypto community members might be accustomed to. SUI And Mantle Network Top The List According to the list that Coutts shared on his X […]
According to a recent report, South Korea has taken a significant stride towards “enhancing the security and “integrity” of its cryptocurrency market. On July 4, the nation’s financial watchdog, the Financial Supervisory Service (FSS), officially announced the launch of a 24-hour monitoring system aimed at detecting and addressing dubious activities within the crypto sector in […]
The crypto market is in a state of panic with a market-wide crash that has shaken Bitcoin and altcoins. With the Bitcoin price continuing to fall from support after support, tens of thousands of traders have lost their positions, leading to hundreds of millions of dollars in losses in just the last day alone. Crypto Market Liquidations Cross $290 Million In the last 24 hours, the Bitcoin price has been crashing, eventually falling below $57,000 before recovering again. However, the damage has already been done, with long traders suffering the brunt of the losses over the last day. Related Reading: 200 Million XRP Tokens On The Move, Where Are They Headed? According to data from Coinglass, there has been $292.8 million worth of crypto liquidations in the last day. In total, 105,458 traders have been liquidated, with 88.61% of them being long traders. The majority of these liquidations have happened in the last 12 hours after Bitcoin fell from $61,000 to $57,000 with $204.97 million in liquidations. Bitcoin alone has seen $91.7 million in liquidations, with second-largest cryptocurrency, Ethereum, following being with $69.86 million worth of liquidations. The single largest liquidation event took place on the Huobi crypto exchange across the BTC-USD pair, where a single liquidation call saw $10.49 million lost. Binance, the largest crypto exchange in the world, recorded $122.67 million in liquidations, OKX exchange saw $89.83 million in liquidations, and Huobi exchange saw $42.07 million in liquidations. Coming in fourth and fifth place is Bybit and CoinEx at $23.04 million and $9.42 million, respectively. Bitcoin Recovery Could Change Trajectory Of Liquidations As mentioned above, the crypto market liquidations have been mostly dominated by long trades given that the Bitcoin price has continued to crash. However, with the price showing a tendency to bounce back up, rising above $57,900 at the time of this writing, shorts are beginning to feel the heat. Related Reading: Shiba Inu Starts July On A High Note: Burn Rate Surges 16,854%, Trading Volume Rises 170% Coinglass data shows that long liquidations have fallen from 88.61% in the last 24 hours to 56.48% in the last hour. If the price continues to rise, then short traders, spurred on by the bearish wave, could suffer more crashes from here. Despite positive sentiment being eroded, the Bitcoin daily trading volume has seen a notable 50% jump, bringing it to $37.59 billion. So far, bulls seem to be developing support, which makes it the point to hold if the recovery is to continue from here. Bitcoin is currently trading at $57,909, with a 3.87% decline in the last day. It’s down 5.23% on the weekly chart and 15.95% on the monthly chart. Featured image created with Dall.E, chart from Tradingview.com
In a notable shift, June witnessed a significant reduction in cryptocurrency losses due to hacks, down by 54.2% from the previous month, according to the latest data from PeckShield. This downturn in cyber theft indicates an evolving space in the crypto security domain, even as the industry grapples with ongoing challenges. Related Reading: Crypto Catastrophe: […]
Despite a recent uplift in Bitcoin market price, which saw the crypto momentarily breach the $62,000 mark, the widespread consensus among crypto analysts suggests that this increase is temporary and that the bearish pressure is far from over. Particularly, prominent crypto analyst Willy Woo voiced earlier that the minor surge was primarily a “technical” response to oversold conditions and did not indicate underlying market strengths. Related Reading: Bitcoin To Hit New Heights? Analyst Predicts 10x Growth In Few Years — Here’s How Bitcoin Bears Are Still In Control Diving into Woo’s analysis shared on Elon Musk’s X platform, Woo remarked that although Bitcoin recently rebounded from a significant dip below $60,000, fundamental market indicators remain weak, signifying that the recent price action is not a reliable indicator of sustained recovery. According to Woo, the bounce back is driven by technical factors such as the TD9 reversal and a hidden bullish divergence rather than genuine market recovery. “The markets would correct for overselling,” Woo explained, highlighting that current trading activities do not reflect a shift in the basic supply and demand dynamics essential for a genuine bullish market turnaround. He further emphasized that spot buying needs to be substantially increased for a true bullish sentiment to take hold, which remains lackluster. Nice to see some of the speculation getting purged the last few days. Still a bit heavy, still too much speculation. Bears still in control, but #Bitcoin got so oversold in the liquidations that it’s really hard to go lower without an uptick. pic.twitter.com/EJeqmaLe0Z — Willy Woo (@woonomic) June 26, 2024 Woo further points out that speculative pressures are still rampant, with an excess of synthetic coins in circulation yet to be replaced by genuine market purchases. This imbalance underscores a market dominated by speculation rather than investment, with long-term sustainability in question. The analyst suggests the market might experience a few more weeks of stagnation or minimal gains, reminding of the anticipated bounce from hash rate. Woo noted: And we are still waiting on hash rate to bounce which is a leading sign that miners have stopped selling to fund hardware upgrades. So be prepared for very boring price action for many more weeks. It’s not moon boy time. It’s time for speculators to liquidate themselves, or until they get bored and close positions. Then we can move on. Best path here is to stack spot and let degens die. BTC’s Volatile Journey And Potential 40% Drop The leading cryptocurrency by market cap has endured a tumultuous few months, marked by a significant downturn. After reaching a new high above $73,000 in March, Bitcoin has since retreated by nearly 20%, recently rebounding to just over $61,000 after briefly dipping to a 24-hour low of $60,606. This volatility aligns with analyst comments suggesting that bearish trends may continue to dominate. An analyst recently noted on X that Bitcoin holders might face further declines. Related Reading: Bitcoin’s Correction Is Not Done: $54K Could Be On The Horizon, Says Top Analyst The analyst pointed to the selling patterns of long-term holders (LTHs) during previous cycles, predicting a potential 40% drop from all-time highs. Meanwhile, on-chain data indicates that Bitcoin is hovering near a threshold that typically marks the transition into the ‘euphoria’ phase of market cycles. Featured image created with DALL-E, Chart from TradingView
Cointelegraph approached professionals across Web3 to get their thoughts on the emergence of celebrity-backed meme tokens in crypto.
Recent insights from a survey conducted by Nomura Holdings and Laser Digital Holdings shed light on the evolving attitudes of Japanese institutional investors towards cryptocurrency. The survey, which included responses from 547 investment managers across various sectors such as family offices and public interest corporations, suggested a big embrace of cryptocurrency from these respective fields. […]
Recent trends in the Bitcoin market have shown a significant flushing out of leverage, a process commented on by prominent crypto analyst Willy Woo. While this corrective phase has seen Bitcoin’s price fall to as low as $58,000 yesterday, it has partially rebounded, currently trading around the $61,500 mark. However, the journey could be smoother, as ongoing liquidations and market adjustments pose challenges. Related Reading: Is The Bitcoin Bottom In? Here’s What 7 Experts Say Analyzing The Depth Of Current Market Correction Woo’s insights highlight that Bitcoin’s market correction hasn’t been done despite the recent recovery. Particularly, the market continues to grapple with the impact of post-halving miner capitulations and the high costs associated with mining hardware upgrades. These factors contribute to the ongoing pressure on weaker miners, forcing them out of the market and potentially leading to further price drops. According to Woo, while Bitcoin has slightly recovered, the overall market sentiment remains cautious. Technical indicators suggest that although Bitcoin could rebound from recent lows, there is still potential for a further drop. Short term technicals point to a reversal playing out here. 2 hours away from a TD9 reversal on daily candles. If this plays out, then we go into a hidden bullish divergence to correct for the overselling of the market. pic.twitter.com/TPWRhmeGYn — Willy Woo (@woonomic) June 24, 2024 Woo predicts that Bitcoin could see a descent to $54,000 if current support levels fail. This key threshold may trigger another round of liquidations and potentially usher in a bearish phase for short-term holders. The importance of this price level lies in its role as a demarcation line between bearish and bullish market regimes. Falling below it, especially given the current macroeconomic setup, could significantly affect Bitcoin’s price trajectory. Bitcoin Bearish Market Ongoing, But Don’t Despair Adding to the conversation, Billy Markus, co-creator of Dogecoin, shares a somewhat philosophical take on handling the current crypto market’s bearish phase. He advises investors to view their crypto investments with detachment, likening it to “throwing money into a fire.” Such a mindset, he argues, could help weather the emotional rollercoaster of market ups and downs. Related Reading: SkyBridge Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins Meanwhile, renowned investor Robert Kiyosaki, author of “Rich Dad Poor Dad,” expressed his strategy in light of the recent downturn. Kiyosaki, a vocal supporter of Bitcoin, views the current price dip as a buying opportunity, advocating a long-term investment approach akin to Warren Buffett’s philosophy of “buy and hold on forever.” Bitcoin is crashing. Most people should sell. I am waiting to buy more. All markets go up and down. Many people make a lot of money “trading” markets which means buying low and hopefully selling low. The problem with “trading” any asset is taxes, specifically “short term”… — Robert Kiyosaki (@theRealKiyosaki) June 24, 2024 Featured image created with DALL-E, Chart from TradingView
The biggest winners in the recent bullish surge are new memecoins that have emerged over the past few months.
Amidst a backdrop of declining Bitcoin prices and economic uncertainty, renowned crypto analyst Willy Woo has offered a forecast that suggests a complex road ahead for BTC, with potential gains on the horizon after some ‘inevitable’ turbulence. Bitcoin Rally Hangs On Miner Capitulation, How? Bitcoin’s current market behavior is largely influenced by its miners, whose actions can significantly impact its price. According to Willy Woo, the key to understanding when Bitcoin might start its recovery lies in observing miner capitulation and the subsequent recovery of the hash rate. Related Reading: Bitcoin And Solana Brace For Quiet Q3: What Crypto Traders Should Know Miner capitulation occurs when less efficient miners, unable to sustain profitability, are forced to sell their holdings and exit the market. This phase is critical as it typically decreases selling pressure, allowing for market consolidation and setting the stage for potential price increases. Woo points out that this cycle is not a quick one. Historical data from previous Halving events, which reduce the reward for mining Bitcoin, show that recovery can take time. I’ll break it down in simple terms. When does #Bitcoin recover? It’s when weak miners die and hash rate recovers. This one is for the record books as it’s taking a lot of time for miner capitulation post-halving. Probably can thank ordinal inscriptions boosting profits. pic.twitter.com/19MB0b8mHO — Willy Woo (@woonomic) June 20, 2024 The current cycle appears prolonged, with miners taking longer than usual to capitulate due to the profitability provided by new market mechanisms like ordinal inscriptions. This extended adjustment period might be difficult for investors, but it is a necessary step toward achieving a healthier market. Key Indicators to Watch: Hash Ribbons and Market Signals Willy Woo emphasizes the importance of monitoring Bitcoin’s hash ribbons. This indicator provides insights into the economic viability of Bitcoin mining. Related Reading: Bitcoin Miners’ Reserves Deplete Amidst High OTC Selling, What This Means A reduction in hash ribbons suggests that the cost of mining is becoming more aligned with the market price of Bitcoin, signaling that the worst of the sell-off may be over and a recovery could be forthcoming. In addition to hash ribbons, Woo advises investors to keep an eye on broader market signals. Here’s a view of just how much paper bets on #Bitcoin there is right now. The solid yellow chart is a z-score oscillator looking at how significant it is locally. We need a solid amount of liquidations still before we get the all clear for further bullish activity. https://t.co/tswxQwxlc1 pic.twitter.com/TwGG5tf50z — Willy Woo (@woonomic) June 19, 2024 For instance, the current speculative environment in Bitcoin, marked by a high volume of theoretical trading, requires a series of liquidations to achieve market balance. This clean-up phase, although painful, is essential for setting a solid foundation for the next bull run. The analyst noted: I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out. On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. Look for compressions in this ribbon. Buy and hodl in these regions. Featured image from DALL-E, Chart from TradingView