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
The crypto market has entered an undervalued region with market intelligence platform, Santiment, revealing three major altcoins to watch out for. Santiment’s analysis has indicated the potential for these three altcoins to outperform Bitcoin (BTC), Ethereum (ETH) and XRP in this market cycle. Cardano, Shiba Inu, and Dogecoin Are The Altcoins To Watch In an […]
As the cryptocurrency market experiences its typical ebb and flow, Solana (SOL) draws particular attention from analysts who anticipate significant movements in its price. Currently, Solana is trading just below $150, but recent analyses suggest a potential for a substantial increase. Related Reading: Solana’s Tough Climb: SOL Price Struggles to Find Solid Ground Solana Eyes Major Surge As Key Technical Patterns Emerges According to well-known crypto analyst Ali, Solana would surge higher by 53%, with Ali pointing to an ascending triangle pattern that could be a sign of a coming bull rally. This pattern is usually bullish, indicating that Solana could see significant gains if it can keep its momentum going and break above this upper resistance level. On Solana’s chart, Ali recommends watching $143 support and $178 resistance in the short term. Such levels are important in defining the short-term direction of the asset in the market. #Solana is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the $SOL trend. pic.twitter.com/SB9tJ6D02u — Ali (@ali_charts) June 12, 2024 The support could turn resistance and vice versa. If the price holds from the support or breaks past the resistance, this would trigger the anticipated bullish price action. Ali said such a breakout from those technical levels could spur more than 50% higher in Solana’s market value, aligning with how other assets have behaved with similar patterns seen previously. Currently trading just above $146, Solana has experienced a 7.6% drop, adding to a nearly 20% loss from the previous week. A prominent crypto analyst commented on this trend, suggesting that Solana will likely continue experiencing fluctuations between $185 and $120, indicating a prolonged consolidation phase. This stabilization is viewed as a natural correction following its recent significant rally. The analyst remains optimistic about the future, “expecting bigger things later.” $SOL: I think SOL is just going to keep chopping around personally between $185 and $120. It’s a big range overall but I think we just continue to see a prolonged period of consolidation. It’s healthy to see this after that huge run to be honest, expecting bigger things later pic.twitter.com/aGNtVnBgDP — Altcoin Sherpa (@AltcoinSherpa) June 12, 2024 Network Activity Fuels Optimism The optimism for Solana’s price increase is not solely based on technical analyses. NewsBTC has recently cited on-chain data from IntoTheBlock, which shows that daily active addresses on Solana increased by about 1.1 million on the 11th of June. This type of high level of network activity usually foreshadows price increases since it suggests an increased use case and actual adoption by users. The cultural impact on Solana’s market position is also noteworthy. So far, not only investors have eyed the network, but also celebs – Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate have all hit the platform, among others. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? This celebrity endorsement can help increase the curiosity and hype concerning SOL, which in turn will more likely increase the number of users and more likely investors who will adopt Solana. Featured image created with DALL-E, Chart from TradingView
Meme coins have received a high-risk score from Coin Metrics reports, underscoring the increased volatility and market manipulation within this market. The analysis conducted by Coin Metrics aims to spread awareness of the speculative nature of these digital assets, urging caution for investors considering jumping on the meme coin bandwagon. Report Flags Meme Coins As […]
Crypto analyst Lark Davis recently predicted that this bull run could be more massive than most people imagine. He outlined why this market cycle could stand out from previous ones. Why This Bull Run Will Be “Face Melting” Davis mentioned in an X (formerly Twitter) post that crypto market participants are about to witness a “face-melting bull run.” He alluded to the influence of institutional investors as the reason why this bull run will stand out. For one, he noted how the US Spot Bitcoin ETFs already record hundreds of millions of daily inflows. Related Reading: Inverted Hammer Appears On The XRP Price Chart, Crypto Analyst Picks First Target Of $0.75 Thanks to the impressive demand for these funds, Davis highlighted that fund issuers have purchased 56,150 BTC in the past 18 days of trading. He claims this amount of Bitcoin represents four months’ supply injected into the ecosystem by Bitcoin miners. These fund issuers aren’t only the institutions buying up the flagship crypto. Davis also noted that companies like MicroStrategy, Block, and Semler Scientific have continued to accumulate Bitcoin. The analyst also claimed that wealth managers and pension funds worldwide are “lining up” to invest in Bitcoin. Meanwhile, Davis also made reference to the Spot Ethereum ETFs and the massive impact they could have in this market cycle. These Spot Ethereum ETFs are expected to see massive inflows once they begin trading. JPMorgan predicts these funds could witness $1 billion to $3 billion in inflows, and crypto research firm K33 Research predicts these funds could witness up to $4 billion in inflows in the first five months of trading. Crypto analysts like Michael Van de Poppe have also expressed their bullishness on these Spot Ethereum ETFs, predicting that these funds could be the catalyst for a continuation of the bull run. Specifically, they predict that these Spot Ethereum ETFs could kickstart the altcoin season, with Ethereum and other altcoins experiencing major moves. Other Factors That Could Postively Impact This Run Following Davis’ post, crypto analyst Patric outlined other factors that could positively impact this bull run. First, the analyst mentioned interest rate cuts and noted that Canada and Europe’s Central Bank have already cut interest rates. He believes that the US will likely follow suit soon enough. Related Reading: Bitcoin On The Verge As Global Liquidity Nears New $100 Million ATH Secondly, Patric noted that the Fed’s treasury buyback program has started. This development, alongside the interest rate cuts, is expected to lead to quantitative easing (QE), which could boost investors’ confidence in investing in risk assets like Bitcoin and other cryptocurrencies. Lastly, the analyst noted that this is an election year, with the US Presidential election slated for November. Republican Presidential candidate Donald Trump also provided a much-needed boost to the market by affirming his pro-crypto stance. Based on this, Standard Chartered Bank predicts that Bitcoin could rise to $150,000 this year if Trump wins. Featured image created with Dall.E, chart from Tradingview.com
According to insights from industry leaders, Hong Kong is poised to make significant advancements in the cryptocurrency sector by potentially introducing staking options for spot Ethereum exchange-traded funds (ETFs) within the year. Ethereum Staking Innovations In Hong Kong: A New Era For Crypto ETFs? Animoca Brands’ Chairman Yat Siu recently hinted that Hong Kong could […]
Worldcoin, through its developer Tools for Humanity Corporation, has agreed to halt its operations in Spain until at least the end of 2024. This decision comes in response to an ongoing investigation by the Spanish Agency for Data Protection (AEPD) into the company’s data collection and processing practices. This pause reflects a broader scrutiny under […]
Seasoned trader Peter Brandt’s recent prediction has captured significant attention. Brandt, known for his crypto market insights, has forecasted a substantial rise in Bitcoin’s value compared to gold, suggesting an impending shift in investors’ asset preferences. Bitcoin vs. Gold: A Shift In Value Peter Brandt, particularly, projected an eye-opening scenario where Bitcoin could dramatically outpace gold. His analysis suggests that the ratio of gold ounces needed to purchase one Bitcoin could escalate to 100 within the next 12 to 18 months. Related Reading: Long-Term Bitcoin Holders Resist Selling Amid Recent Highs — What This Signals This represents roughly a 340% increase from current levels, with approximately 22 ounces of gold equating to one Bitcoin. Brandt supports his prediction with detailed chart analysis, demonstrating Bitcoin’s consistent performance advantage over gold since its inception. This bullish outlook on Bitcoin highlights its potential as a lucrative investment and underscores its evolving role as a ‘digital gold.’ As Bitcoin gains against gold, it solidifies its stature as a formidable asset in the investment world, offering potentially higher returns than traditional safe havens. Since its inception Bitcoin $BTC has gained against Gold. This chart shows the # oz. of $GC_F to buy one BTC. The ratio should chop for another 12 to 18 months — then advance to 100 oz of GC to buy a BTC What say you @PeterSchiff pic.twitter.com/3G2adZV0KM — Peter Brandt (@PeterLBrandt) May 30, 2024 BTC And Gold: Analyzing The Subtle Correlation Dynamics Peter Brandt’s prediction is set against a backdrop of increasing interest in the correlation between Bitcoin and gold. Analysts from Kaiko have recently delved into this relationship, noting fluctuations in their price movements. The correlation metric, a statistical measure used to gauge how closely the prices of two assets move about each other, has shown varied trends between these two assets over time. Related Reading: This Bitcoin Metric Is “One Of Crypto’s Top Leading Indicators”: Santiment A positive correlation means the assets move in tandem, while a negative correlation indicates opposite movements. Recent data suggests that the Bitcoin-gold correlation has experienced positive and negative phases, reflecting the complex dynamics between traditional and digital assets. Currently, the correlation is positive but weak, with a metric value of less than 0.2, indicating that it is not strong while there is some level of synchronicity. This nuanced understanding of Bitcoin’s relationship with gold is crucial for investors considering diversification. Assets with low correlation provide risk management and portfolio diversification benefits. Despite increasing of late, $BTC‘s 60-day correlation with Gold is still significantly lower than its 2022 highs pic.twitter.com/ZXrzkxrtWJ — Kaiko (@KaikoData) May 30, 2024 The evolving correlation between BTC and gold suggests that while they share certain safe-haven characteristics, they offer unique advantages and challenges as investment options. Featured image created with DALL-E, chart from TradingView
As Bitcoin flirts with its previous all-time highs, the celebrated ‘diamond hands’—a term in crypto parlance denoting long-term holders (LTHs)—are demonstrating notable restraint, selling their holdings at a rate notably lower than in previous bull markets. According to a recent analysis by on-chain analytics firm Glassnode, despite the near $70,000 valuation, the selling pressure from these seasoned investors remains subdued. Related Reading: Crystal Ball Or Crazy Talk? Analyst Predicts Bitcoin To Hit $156,000 By May 2025 Bitcoin Diamond Hands Loyalty Amid Highs The phenomenon of ‘diamond hands’ holding firm as Bitcoin reaches significant price levels is not new but remains a cornerstone of market stability. These LTHs, defined by Glassnode as wallets holding Bitcoin for over 155 days, display investment maturity that underpins the market’s resilience. Even with Bitcoin’s price hovering around $67,722—down 3.5% over the past week but still up slightly by 0.6% in the last 24 hours—these investors are not rushing to cash out. Additionally, Glassnode’s report highlights that long-term holders are yet to reach the point of selling that typically precedes a market downturn. The market value to realized value (MVRV) ratio, a reliable metric to gauge the profitability of long-held Bitcoins, indicates that many LTHs are sitting on substantial unrealized profits. Historically, LTHs begin to sell once this ratio hits particular highs, which has not yet occurred despite the recent peak. Interestingly, during the surge to $73,800 in March—the latest all-time high—long-term holders were not the primary sellers. Glassnode pointed out that only a modest 519k BTC was sold by LTHs during this period, considerably less than in previous bull runs, where monthly sales approached nearly one million BTC. Of this, 519k BTC sold, “20% originated from Grayscale ETF holders,” as reported by Glassnode. This restrained selling behavior is significant, suggesting a strategic approach to holding and a belief in further price appreciation. The Future Holds Optimism Moving forward, Glassnode anticipates that LTHs will continue to play a pivotal role in the market dynamics. Their recent behavior indicates a shift towards re-accumulation following significant distribution around the $73k all-time high. Such patterns underscore a sophisticated strategy: Bitcoin’s most steadfast supporters may be gearing up for another run, anticipating higher peaks beyond current levels. Related Reading: Crypto Expert Says Market Has Begun A Macro Bullish Expansion – What This Means For Bitcoin And Altcoin Prices Amid these developments, crypto analyst Cryptorphic has forecasted Bitcoin reaching as high as $156,000 by May 2025, adding to the sentiment around Bitcoin, which remains interestingly bullish. #Bitcoin could hit $156,000 by May 27 2025! These green boxes represent the price action after #BTC halvings. We’ve never seen a red year after a halving. Bitcoin halvings are significant events, here are the percentages of Bitcoin’s price increase one year after each halving… pic.twitter.com/QEmNN8OuP2 — Cryptorphic (@Cryptorphic1) May 27, 2024 Featured image created with DALL·E, Chart from TradingView
As Bitcoin navigates through a period of consolidation, the asset’s price movements are being monitored for optimal entry points. Michaël van de Poppe, a renowned crypto analyst, has recently shared valuable insights into Bitcoin’s current market status and potential for future movement. According to van de Poppe, Bitcoin aims to stabilize within a particular price level, hinting at a possibly extended consolidation phase that could offer a clearer picture for strategic market entries. Related Reading: Bollinger Bands Inventor Foresees Bitcoin Pullback: Key Levels To Watch Strategic Buying Opportunities For Bitcoin Van de Poppe suggests specific price marks that could represent advantageous buying opportunities for Bitcoin. He points out that if Bitcoin’s price were to drop below $66,000, it could reach lower range levels, presenting a prime buying opportunity. #Bitcoin aims to consolidate in these levels. Where to buy? Losing $66K and I think we’ll test range low and be buying there again. That’s the level where you’d want to get your purchases ready. pic.twitter.com/RoYYzJJnt8 — Michaël van de Poppe (@CryptoMichNL) May 27, 2024 Furthermore, in another post published on May 24, the analyst revealed that Bitcoin could slide towards $61,000, which could mark another significant entry point for investors. Monitoring these price levels could be key to capitalizing on potential market lows. In addition to pinpointing optimal buying zones, Van de Poppe advocates adopting a Dollar-Cost Averaging (DCA) strategy during this period. #Bitcoin is consolidating, and it’s within the range. Probably that consolidation will be taking place for a longer period and I suspect we might see $61-63K even. Rotation from Bitcoin to Ethereum causing a longer sideways period. It’s fine. Simply DCA. pic.twitter.com/7hb77dNEKx — Michaël van de Poppe (@CryptoMichNL) May 24, 2024 This method involves making regular purchases of Bitcoin at fixed intervals, regardless of the fluctuating prices, thereby averaging the investment cost over time. This strategy is particularly beneficial in mitigating the risks associated with BTC prices’ high volatility. It allows traders to build positions without the pressure of timing the market perfectly. Comparative Analysis And Future Outlook While van de Poppe focuses on immediate strategies for navigating the current Bitcoin climate, other analysts, like PlanB, look at broader market indicators to forecast future movements. PlanB, known for its Bitcoin Stock-to-Flow model, observes that the Market Value to Realized Value (MVRV) score and Bitcoin’s Relative Strength Index (RSI) show signs of a potential surge. Bitcoin is gaining momentum pic.twitter.com/tbQu7o0hDB — PlanB (@100trillionUSD) May 26, 2024 Historical data suggests that rising MVRV scores, alongside increasing RSI, often precede market tops and heightened buying activity. Moreover, PlanB’s recent analysis indicates that the periods with low MVRV scores, which typically correspond with bearish market phases, might be cycling out, hinting at upcoming bullish momentum. Related Reading: Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode This could mean that, despite the recent high of $71,000, Bitcoin might not only revisit these levels but could potentially exceed them, challenging its all-time high of $73,000 set in March. Featured image created with DALL·E, Chart from TradingView
Bitcoin continues to dominate discussions, with its recent price movements drawing particular attention. As the asset struggles to reclaim its March all-time high of over $73,000, with recent attempts peaking above $71,000 earlier this week, the price has since receded to approximately $68,231 at the time of writing. This retracement marks a 7.3% drop from its March peak, signifying a volatile period for the cryptocurrency, influenced by various underlying market factors. Related Reading: Bitcoin’s Network Strengthens: Mining Difficulty And Hash Rate Spike Amid ETH ETF Buzz Long-Term Holders Lessen Selling, What This Spell For BTC Glassnode, a renowned market intelligence platform, highlights a significant development in Bitcoin’s market behavior. According to a recent analysis of the platform, there has been a notable decline in the distribution pressure from Bitcoin’s long-term holders (LTHs). Glassnode’s “Long-Term Holder Binary Spending Indicator” tracks the sell-off activity of long-standing Bitcoin holders, and its recent data points to a marked reduction in this group’s selling pressure. Historically, when long-term holders reduce their selling, it alleviates downward pressure on the price, potentially giving rise to more bullish market conditions. Further insights into Bitcoin’s price behavior come from prominent crypto analyst RektCapital, who noted on social media platform X that Bitcoin typically faces resistance at the range high post-Halving and suggests a prolonged re-accumulation phase. As the crypto asset trades just below $69,000, RektCapital discloses that Bitcoin might only break out from its current re-accumulation range around 160 days post-Halving, projecting a significant breakout as late as September 2024. This analysis is crucial as it sets expectations for investors looking for signs of Bitcoin’s next big move. #BTC Historically, Bitcoin has always rejected from the Range High on the first attempt at a breakout after the Halving Moreover, history suggests this Re-Accumulation should last much longer Bitcoin tends to breakout from these Re-Accumulation Ranges only up to 160 days after… https://t.co/Jw7FcQui2Q pic.twitter.com/beLdOPqZOi — Rekt Capital (@rektcapital) May 24, 2024 Meanwhile, recent price action from Bitcoin has led to substantial losses for some traders, with Coinglass data showing about $41.68 million in liquidations for Bitcoin long traders and $14.34 million for short traders over the past 24 hours. Overall, the crypto market has seen total liquidations amounting to $292.07 million during the same period, affecting 78,874 traders. Upcoming Challenges For The Bitcoin Market According to Greeks.Live, the imminent expiry of a significant volume of Bitcoin and Ethereum options adds another layer of complexity to the market’s immediate future. 21,000 BTC in options are set to expire soon, with a Put Call Ratio of 0.88 and a Maxpain point at $67,000, representing a notional value of $1.4 billion. Similarly, 350,000 ETH options are nearing expiration, and their dynamics could influence the broader market due to their $1.3 billion notional value and a Put Call Ratio of 0.58. May 24 Options Data 21,000 BTC options are about to expire with a Put Call Ratio of 0.88, Maxpain point of $67,000 and notional value of $1.4 billion. 350,000 ETH options are about to expire with a Put Call Ratio of 0.58, Maxpain point of $3,200 and notional value of $1.3… pic.twitter.com/rftA9kBm4q — Greeks.live (@GreeksLive) May 24, 2024 In this context, a put option gives the holder the right to sell an asset at a predetermined price within a specific timeframe, which is often used as protection against a decline in the asset’s price. Related Reading: Bitcoin On The Verge? Analyst Breaks Down What A $71,500 Weekly Candle Close Means For BTC Conversely, a call option offers the right to buy under similar conditions and is typically utilized in anticipation of a price increase. The Put Call Ratio is a tool that helps gauge market sentiment, with a higher ratio indicating a bearish outlook and a lower ratio suggesting bullish conditions. Featured image created with DALL·E, Chart from TradingView
Bitcoin mining difficulty has adjusted upwards by nearly 2%, reaching over 84.4 trillion, as the network’s average hash rate surged past 600 EH/s. This increase comes amid growing optimism in the crypto market, particularly due to speculation about the potential approval of spot Ethereum ETFs in the United States. Notably, Bitcoin mining difficulty measures how difficult it is to find a hash below a given target. The Bitcoin network has a global block difficulty that adjusts every 2,016 blocks (roughly every two weeks) to ensure that the time between blocks mined remains around 10 minutes, despite the number of miners and their growing computing power. Related Reading: Bitcoin’s Significant Adjustment: Mining Difficulty Hits 18-Month Low – What’s Next For Miners? This difficulty adjustment helps maintain the network’s regular block time, ensuring stability and security. Significant Shifts In Bitcoin Mining The adjustment of BTC mining difficulty seen earlier this month marked a significant shift, as the metric saw a drop of nearly 6%, the largest decrease since the bear market in December 2022. This rebound in hash rate from the 580-590 EH/s range to over 600 EH/s aligns with a broader crypto market rally fueled by expectations of regulatory advancements in Ethereum products. The concept of mining difficulty is crucial for understanding how Bitcoin self-regulates the production of new blocks. The difficulty increases as more miners join the network, making it harder to mine new blocks. Conversely, the difficulty drops if the number of miners decreases, making mining easier. This mechanism ensures that the introduction of new BTC into the market remains steady and predictable, irrespective of fluctuations in the number of miners. This recent increase in mining difficulty coincides with a slight recovery in Bitcoin’s hash price, which had fallen to an all-time low at the end of April. The hash price, a metric developed by Luxor, a Bitcoin mining services firm, measures the expected earnings per unit of hash rate daily. It has rebounded from less than $50 per PH/s per day to around $54.6 per PH/s per day, providing a minor relief to miners after the recent market downturns. Bitcoin’s Price Movements And Future Expectations While Bitcoin’s price has experienced a minor dip of 2% in the last 24 hours, it maintains a weekly uptrend of 3.9%, trading at $68,132. This movement is closely watched as investors and traders await the US Securities and Exchange Commission’s decision on spot Ethereum ETFs, which could significantly influence the entire crypto market. In response to these developments, a prominent analyst known as BitQuant shared insights via social media platform X, predicting substantial growth for Bitcoin. According to BitQuant, Bitcoin is expected to reach $95,000, with a significant rise to $80,000 anticipated in May. Related Reading: Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows However, BitQuant also forecast a sharp decline from this local peak in June, maintaining that the overall timeline for this top has not changed. Several updates for those here to build generational wealth and not involved in day trading: 1. Yes, #Bitcoin is going to $95K. 2. Yes, $95K will extend to June, but the sharp decline from this local top will also occur in June, so the overall timeline for this local top hasn’t… pic.twitter.com/VFvMweBVbs — BitQuant (@BitQua) May 22, 2024 Featured image created with DALL·E, Chart from TradingView
The crypto industry has seen a positive shift with the recent market recovery. After a Q1 full of bullish sentiment, Q2 saw many sectors of the crypto space brewing a pessimistic feeling toward altcoins. Related Reading: Why Is The Ethereum Price Up 20% Today? Experts and market watchers have reassured investors that the price corrections were part of the cycle, predicting that the bullish rally would resume after the cool-off. Now, analysts consider that altcoins are about to embark on a “massive leg higher” for the alt season. Ethereum’s Surge Refuels Sentiment The crypto market is up by 8.3%, with a market capitalization of $2.55 trillion. This market surge has seen Bitcoin, the flagship cryptocurrency, soar past $70,000 in the last day. Similarly, the “king of altcoins” remarkably performed these past 24 hours. Ethereum (ETH)’s price has risen 22% since yesterday, surpassing levels not seen since mid-March. However, ETH is yet to test its all-time high (ATH) of $4,878, set nearly two years ago. As a result, the second-largest cryptocurrency has been criticized this cycle for being “a major disappointment.” In a turn of events, rumors of an approval of ETH spot Exchange-Traded Funds (ETFs) have refueled investors’ bullish tank, “erasing 65 days of down only” with a single daily candle. As ETH rallies, analysts believe it’s only a matter of time before the whole altcoins sector surges to kick off the altcoin season. Crypto analyst Rekt Capital highlighted the ‘Crypto Money Flow Cycle’, stating that, now that BTC and ETH have rallied, “it’s time for Altcoins to rally.” Is The Altcoins Season Here? During the slowdowns, market watchers have analyzed altcoins’ run this cycle. Altcoin Sherpa has stated that many tokens didn’t “run that hard” during round 1 of the bull run, resulting in his forecast of a 1-4 months “cool-off” period before resuming the uptrend. Despite the similarities with previous bull runs, the singularities of this cycle, like the approval of Spot Bitcoin ETFs and the Memecoin pre-sale frenzy, have made investors question whether they would see the alt season this time. Nonetheless, several analysts, who urged investors not to panic before, suggest the community prepares for the “maniac phase” ahead. Crypto Yoddha shared his chart for the 2024 altcoin cycle, stating that the dip was “just a higher low in an uptrend.” Per the chart, the altcoins market is now looking to retest the $1.27 trillion resistance level seen in March before testing last cycle’s $1.7 trillion ATH. To crypto Yoddha, “we’re looking at the bullish continuation” that will lead to a new market ATH during round 2. Similarly, Top analyst Michaël van de Poppe, who recently sold all his BTC for Altcoins, stated that the Altcoin market capitalization has finished its correction: The next step: reaching all-time high, which is ~60-70% from here. I think #Ethereum is likely reaching that in the next 2-4 months. Related Reading: Bulls In Control: Ethereum Longs See Biggest Candle Ever After ETF News Lastly, Crypto Jelle considers that “Altcoins are about to embark on a massive leg higher” after an 18-month accumulation period. The analyst compared the market’s recent breakout to a ball being held underwater, claiming that “it’s time for history to repeat.” Featured Image from Unsplash.com, Chart from TradingView.com
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
Ethereum (ETH), the second-largest crypto by market capitalization, has recently shown signs that suggest a potential rebound is on the horizon. Analysts have been closely monitoring various technical indicators, and one such analyst, Ali, has highlighted a key signal that points to an impending price surge. Related Reading: Ethereum Price Anticipates Upside Break To Shift Sentiment Towards Bullish TD Sequential Signals Buy As Ethereum Eyes Recovery According to Ali’s social media platform X analysis, the TD Sequential indicator on Ethereum’s daily chart has issued a strong buy signal, hinting at a possible upward movement lasting one to four candlesticks. The TD Sequential presents a buy signal on the #Ethereum daily chart! It anticipates that $ETH could see a rebound of one to four candlesticks. pic.twitter.com/Vg7FTl9X2a — Ali (@ali_charts) May 15, 2024 This positive outlook is supported by Ethereum’s recent performance, which increased the asset by 2.3% over the last 24 hours. However, Ethereum remains below the critical $3,000 mark. Despite the optimistic technical signals, external factors such as regulatory challenges could influence Ethereum’s trajectory. Specifically, the potential decline of the spot Ethereum ETF application with the US Securities and Exchange Commission (SEC) is a concern, as analysts like Eric Balchunas of Bloomberg suggest that the SEC’s view of ETH as a security could significantly lower the chances of ETF approval. TLDR: the SEC asked commenters re the Eth spot ETFs whether these filers have properly filed their ETF listing proposals as commodities. This shows the SEC is perhaps considering to Eth is a security in their denial. Our odds of approval remain the same: slim to none. Nice job of… https://t.co/g9HGPzGyOp — Eric Balchunas (@EricBalchunas) May 14, 2024 Market Sentiments And Options Trading Trends While the regulatory landscape presents challenges, market sentiment around Ethereum remains largely bullish. The options market, in particular, shows a clear preference for calls over puts, indicating that traders are betting on Ethereum’s price increase. Data from Deribit, a leading crypto options exchange, reveals that the most popular strike price among these bullish bets is an ambitious $6,500. This concentration of call options, especially those above the $3,600 mark, suggests that a significant portion of the market expects Ethereum to reach higher levels by the end of June. In contrast, According to a recent NBTC analysis, Ethereum’s failure to breach the $2,925 resistance level could trigger another price decline. Initial support is located near the $2,880 level, followed by major support at the $2,860 zone. Related Reading: Bitcoin, Ethereum, And Solana: Galaxy Digital CEO Predicts Next Market Movements Should Ethereum break below $2,810, it could potentially fall towards the $2,740 mark, and further losses might push the price down to $2,650 in the near term. Featured image from Unsplash, Chart from TradingView
Raoul Pal, a well-known figure in the financial sector, provided a striking forecast for the future of cryptocurrencies. His analysis suggests a potential rise in the market’s total capitalization to $100 trillion, spurred by global liquidity trends and technological adoption. The Mechanics Behind The Prediction Pal’s insights are rooted in his observation of the global […]
To combat illicit financial activities, Tether, the entity behind the world’s largest stablecoin by market capitalization, has frozen approximately 5.2 million USDT. The crypto tracking and compliance platform MistTrack detailed this action, which targeted 12 Ethereum addresses identified as part of phishing operations. Related Reading: Stablecoin Exchange Inflows See Severe Drop: Why This Is Bad […]
With the US presidential elections fast-approaching, industries such as cryptocurrency have been drawn into the discussion as to what it could mean for their future. Cardano founder Charles Hoskinson has also shared his insights on the elections, particularly on the candidates, about what a victory for each candidate would mean for the crypto industry and […]
As the clock ticks closer to the end of today, May 3, the cryptocurrency market braces itself for potential upheavals, with roughly $2.4 billion worth of Bitcoin and Ethereum options set to expire. This significant event could catalyze notable shifts in market dynamics, steering the trajectory of Bitcoin and Ethereum prices in the near term. Notably, Options contracts in the crypto sphere allow traders to hedge against price volatility or speculate on future price movements without directly holding the assets. Typically structured as either calls or puts, these contracts enable buying (call) or selling (put) at predetermined prices within a specified timeframe. Related Reading: Bitcoin’s Make-Or-Break Moment: Trading Guru Predicts Rally Amid Market Uncertainty As the expiry date approaches, movements within these contracts tend to introduce heightened volatility into the market, given the adjustments traders make to hedge their positions or capitalize on anticipated price movements. Market Mechanics And Sentiment Indicators The mechanics of options trading offer insights into market sentiment, primarily through analyzing the put/call ratio. This ratio gauges the market’s bullish or bearish stance, depending on whether the volume of call options (betting on price rises) outweighs put options (betting on price drops) or vice versa. Presently, the put-to-call ratio for Bitcoin stands at a relatively low 0.5, suggesting a bullish sentiment as more traders bet on rising prices with the maximum pain point—a price level causing maximum trader losses—at about $61,000 and a notional value of $1.4 billion. In contrast, Ethereum’s options market is also teeming with activity, marked by the upcoming expiry of contracts valued at around $1 billion. With a put-to-call ratio of 0.37, the sentiment leans even more bullish than Bitcoin, indicating stronger trader confidence in Ethereum’s price performance. Ethereum’s designated maximum pain point sits at $3,000, aligning with key psychological and technical support levels. May 3 Options Data 23,000 BTC options are about to expire with a Put Call Ratio of 0.49, a Maxpain point of $61,000 and a notional value of $1.4 billion. 330,000 ETH options are due to expire with a Put Call Ratio of 0.36, Maxpain point of $3,000 and notional value of $1… pic.twitter.com/mEA4PV98C3 — Greeks.live (@GreeksLive) May 3, 2024 Implications And Bitcoin Insights Historically, the expiration of such a voluminous cache of options has precipitated abrupt price fluctuations in the spot markets for Bitcoin and Ethereum. This is attributed to the large-scale repositioning by institutional and retail investors in anticipation of or in response to the expiry outcomes. Related Reading: Bitcoin Hits ‘Danger Zone’: Peter Schiff Warns Of ‘Do or Die’ Scenario These strategic movements are particularly pivotal when both cryptocurrencies recover from recent pullbacks. GreeksLive noted: The current point of sustained sideways trading is unlikely, no rebound is bound to be a downward relay, the giant whale on the lack of confidence in the market, Block trading is worth strengthening attention. Meanwhile, Bitcoin appears to be recovering from the recent downturn with a 5.4% increase in the past day, momentarily piercing the $60,000 mark, signaling a potential resumption of its upward march. Similarly, Ethereum has shown resilience, climbing above the $3,000 threshold with a modest 3% gain. These upticks coincide with broader market analyses like that of Marco Johanning, a well-known crypto analyst and founder of The Summit Club, suggesting that foundational bullish sentiments remain intact despite recent corrections. Featured image from Unsplash, Chart from TradingView
German state-owned development bank Kreditanstalt für Wiederaufbau (KfW) is gearing up to issue its first blockchain-based digital bond, marking a significant milestone in adopting crypto technology within the financial sector. According to a recent report by Bloomberg, KfW has already successfully issued a digital bond as a central register security in compliance with the German […]
The US Congress could catalyze a more significant shift than introducing spot Bitcoin ETFs. Bitwise Chief Investment Officer Matt Hougan’s view underscores a pivotal moment for the crypto industry. Hougan suggests that 2024 could see “groundbreaking” legal frameworks that pave the way for mainstream stablecoin adoption, which might profoundly impact the crypto ecosystem. Related Reading: Coin […]
The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, has revised his earlier ambitious prediction on the crypto industry’s future market capitalization, acknowledging that he had underestimated the market’s potential surge. Ripple CEO Underpredicts Crypto Market Cap Appearing in a recent interview with Fox Business, Garlinghouse shed light on the growth potential of the cryptocurrency market as well as its performance since the beginning of the year. The Ripple CEO was questioned about his previous optimistic forecast for the crypto industry’s market capitalization, in which he projected that the market cap would double to approximately $5 trillion by the end of the year. According to CoinMarketCap, the current global cryptocurrency market capitalization stands at roughly around $2.25 trillion. Related Reading: Here’s What Would Happen If The Bitcoin Price Fell Below $58,000 In response to the inquiry, Garlinghouse expressed his belief that his previous predictions were not overly ambitious, emphasizing the market’s potential for further growth. He admitted to underpredicting the industry’s potential market capitalization by the end of 2024, citing factors such as the current supply and demand dynamics driving additional increases. Garlinghouse noted that the current market conditions are characterized by increased demand and reduced supply, with these dynamics playing a significant role in the performance of cryptocurrencies. He disclosed that the Spot Bitcoin ETF market and the overall sentiment regarding Bitcoin’s value have significantly boosted demand for the cryptocurrency. Meanwhile, Bitcoin’s supply is diminishing due to the increasing number of large-scale investors purchasing the cryptocurrency rapidly. Additionally, the impending Bitcoin halving event is expected to further decrease the cryptocurrency’s supply. Assessing the current state of the crypto market, Garlinghouse stated that since the last six months, Bitcoin has been up by more than 250%, with further increases anticipated. He also asserted that this overperformance was largely driven by the approval and launch of Spot Bitcoin ETFs as well as the upcoming Bitcoin halving. Regulations Are Vital For Market Development Garlinghouse has disclosed that establishing proper regulatory frameworks for the cryptocurrency market would yield positive outcomes for the market in the future. He explained that one of the primary factors hindering the growth of this evolving market was the United State’s prevailing anti-crypto stance, suggesting that the country’s enforcement actions on the developing industry were “problematic.” Related Reading: Goldman Sachs On Bitcoin Halving: ‘It doesn’t Matter If It’s A Buy The Rumor, Sell The News Event’ The Ripple CEO highlighted several countries, including Dubai, Singapore and the United Kingdom, which have been proactively embracing cryptocurrencies and implementing proper regulatory systems to foster further growth in the market. Garlinghouse has asserted that the US has significantly lagged in recognizing the transformative and innovative impact of the cryptocurrency market, attributing this setback to the United States Securities and Exchange Commission (SEC) and its current Chair, Gary Gensler. Total market cap at $2.2 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com
Co-founder and Chief Executive Officer (CEO) of Real Vision, Raoul Pal has expressed optimism about the future of cryptocurrencies in the financial sector. The renowned financial expert has predicted that the crypto industry would experience massive adoption rates, surpassing even that of the internet. Expert Discusses Global Crypto Adoption Appearing on a recent podcast with […]
Explore the dynamic shifts of crypto winters alongside Ethereum’s pivotal landmarks. Delve into a narrative of resilience, innovation and transformation within the realm of blockchain technology.
2024 has proven to be a lucrative year for the average investor, according to recent data unveiled by CoinLedger. The platform’s data reveals a notable surge in the average crypto portfolio, with gains totaling $2,804 thus far. This notable increase starkly contrasts with the modest average realized gains of less than $1,000 observed throughout 2023. […]
Data shows the total open interest in the crypto sector has recently been at an all-time high, indicating that volatility may be coming for the coins. Crypto Open Interest Has Been At Extreme Levels Recently As CryptoQuant Netherlands community manager Maartunn pointed out in a post on X, the total crypto open interest has recently […]
There are a couple of events to watch out for this week, as they could prove pivotal in determining the future trajectory of the crypto market. These events could provide some certainty to the market or cause investors to wait on the sidelines for more favorable market conditions. Events That Could Affect The Market This Week Some Federal Reserve officials are scheduled to speak at different events this week. One of them is Governor Lisa Cook, who will give a lecture on March 25. Fed Chair Jerome Powell will also participate in a discussion at the Monetary Policy Conference on March 29. Related Reading: Bitcoin ETFs Bleed For One Week Straight – Can Price Recover To $73,000? Their speeches are significant as they could provide valuable insights into the current state of the economy and what to expect from the Federal Reserve regarding interest rates in its fight against inflation. Macroeconomic factors like interest rates usually impact the crypto market and partly determine the sentiments among crypto traders. The crypto market is usually bullish whenever the Federal Reserve adopts a dovish stance on whether or not to hike interest rates. Therefore, these officials sounding positive in their speeches could help boost investors’ confidence in the crypto market since they would be less worried about things on the macro side. Meanwhile, several economic data will be released this week, including the Consumer Confidence and Consumer Sentiment data and the Personal Consumption Expenditures (PCE) index. These releases offer insights into the economy’s strength and guide the Fed in deciding on future interest rate decisions. Crypto Needs A Big Win This Week Stakeholders and investors in the industry will no doubt hope that the events lined up for this week will provide a momentum boost for the crypto market. Last week was one to forget as things cooled after weeks of seeing the flagship crypto, Bitcoin, and altcoins make significant runs. This downward trend is believed to have been due to some external factors. Related Reading: Bernstein Analysts Says Bitcoin Will Reach A New ATH By Year End, Here’s The Target One of them is the net outflows that the Spot Bitcoin ETFs recorded throughout last week, with many investors taking profits from the various funds. These Bitcoin ETFs had previously seen an impressive amount of inflows into them, which positively affected Bitcoin’s price. As such, a trend of outflows was also expected to influence Bitcoin’s price, although negatively. These Spot Bitcoin ETFs will again be in the spotlight this week, with the crypto community waiting to see if the sentiments among the ETF investors will change. A sustained trend of profit-taking this week could spark another decline in the crypto market. Total market cap chart at $2.47 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from CNBC, chart from Tradingview.com