“Old noise” may be a new name for FUD, as Tether defends itself from a report in The Wall Street Journal about US government investigations.
Cat in a dogs world (MEW) has taken the market by storm after becoming the second cat-themed memecoin to hit a $1 billion market capitalization. The token joined POPCAT’s rally and reached a new all-time high (ATH) on Thursday, leading the whole feline sector. Related Reading: Web3 Automation Provider Ava Protocol’s Demand Surges 900% Ahead Of Token Launch MEW Hits Major Milestones Cat in a dogs world registered a significant 18.4% surge in the last 24 hours, propelling to a new ATH twice this morning. The cryptocurrency recorded its fifth ATH in the past two weeks, increasing over 95.2% and taking the memecoin sector by storm. After its surge to $0.01127, the cryptocurrency hit the long-awaited $1 billion mark, becoming the second cat-themed token to achieve this feat. As a result, MEW flipped Base Network’s token Brett as the tenth largest memecoin by this metric. MEW initially joined the memecoin’s top ten list back in Q2, ranking 8th among the dog-themed pack. It significantly retraced as POPCAT’s popularity grew, registering a 60% correction after leading the cat-themed sector during Q1. Nonetheless, the cryptocurrency has been on an uptrend for the past month after hovering between the $0.004-$0.006 price range during most of Q3. MEW’s rally this week seems to be fueled by the token’s listing on the Korean crypto exchange Upbit. Market watcher Crypto General noted the memecoin’s recent performance, revealing its next target for MEW. The analyst highlighted that the cryptocurrency has been “in a consistent uptrend from its launch, showing great strength and potential.” Crypto General expects parabolic surges in the coming days, suggesting that the cryptocurrency will target the $0.045 range for its price discovery period. As of this writing, MEW traders at $0.0112, 1.1% below its ATH. Has The Cat Season Arrived? Many crypto analysts have previously suggested that a cat-themed memecoin season was coming. Solana’s feline leader, POPCAT, recorded a new ATH on Thursday after hitting the $1.67 mark. The memecoin has registered an 82% growth in the last thirty days, becoming the first cat-themed token to achieve the $1 Billion market cap milestone a month ago. Alongside MEW and POPCAT’s remarkable rally, other cat-inspired memecoins have seen a notable performance over the past week. BNB Chain-based token Simon’s Cat (CAT) recorded a massive surge in the past week, nearing its all-time high price on Wednesday. CAT’s price skyrocketed 80.4% in the last three days following its Future Listing on the crypto exchange Binance. Related Reading: SUI To Face Another Pullback Following 5.3% Dip, Analysts Forecast 30% Correction The price jumped from the $0.0000245 level to the $0.0000442 mark, trading just 5% below its $0.0000462 ATH registered over a month ago. Despite being down 5.1% from yesterday’s surge, CAT still registers a 53% weekly increase. Crypto Trader Bluntz stated that the “cat season is truly underway” as the whole sector soars over 8%, according to CoinGecko data. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin recent decline has led to a slight pushback in investor confidence and increased anticipation within the crypto community, with many now craving a rally back above $70,000 more than before. Amid this, a new analysis suggests that although the Bitcoin market could be on the brink of a major breakout, it hinges on a major indicator that concerns new investors. Related Reading: Bitcoin’s Network Fundamentals Turn Bullish—Here Are The Details New Investors Hold the Key According to a CryptoQuant analyst, Avocado Onchain, new market investors could drive the next significant upward price movement. The analyst shared these insights on the CryptoQuant QuickTake platform, highlighting key data trends that point to a potential price surge. Avocado Onchain’s analysis focuses on “Unspent Transaction Outputs (UTXOs),” specifically those under six months old. UTXOs represent the amount of cryptocurrency that remains unspent after a transaction, and they can provide valuable insights into market sentiment. According to the analyst, the decline in UTXOs under six months has stopped and is now leveling off. Currently, only 8.6% of Bitcoin investors are at a loss based on the present price of the cryptocurrency. In past market cycles, when the decline in UTXOs halted and showed an increase, Bitcoin’s price often surged, marking the beginning of a new bull run. Bitcoin Historical Patterns And Market Sentiment The CryptoQuanat analyst further highlighted that the data from previous Bitcoin market cycles reveals a pattern in which the percentage of investors holding losses converged toward zero before significant price increases occurred. Avocado points out that in those instances, as the number of investors in loss diminished, new investors entered the market in large numbers, driven by rising optimism. This influx of new participants tends to trigger a sharp price rise as new buyers increase demand for Bitcoin and fuel further upward momentum. For Bitcoin’s price to reach new heights, the analyst suggests that market sentiment must shift more favorably. This positive sentiment is typically fuelled by the entry of new investors who tend to buy in when market conditions are improving. Related Reading: Bitcoin Profitability Index Hits 202%: Is This Enough For A Top? Avocado also highlights that these new investors often show increased interest when Bitcoin nears or breaks through its previous all-time high, leading to an “explosive influx” of new buyers. If Bitcoin’s current market conditions align with historical patterns, the cryptocurrency could be on the verge of a significant breakout. The CryptoQuant analyst further notes that while Bitcoin’s price has recently been in a downtrend, this leveling off of UTXO data is a key sign that could indicate a reversal. The analyst noted: If history repeats itself, the current price of Bitcoin could be seen as being on the verge of an explosive breakout. Featured image created with DALL-E, Chart from TradingView
Ava Protocol, the event-driven EigenLayer Active Validated Service (AVS), has seen notable growth since launching in July. The Web3 automation provider reported a significant increase in demand for its “super-transactions” solution ahead of its token launch. Related Reading: Analyst Says Fantom (FTM) Downtrend Is Over, Is $1 The Next Stop? Web3 Automation Provider Sees 900% Demand Increase Ava protocol reported a 900% surge in demand for its blockchain automation solution. The EigenLayer AVS offers Web3 infrastructure to support cross-chain automation, enabling composable autonomous transactions and allowing developers to deploy dApps rapidly. The protocol records $3 billion in restaked assets since launching on EigenLayer’s mainnet four months ago. Ava Protocol’s operator Total Value Locked (TVL) reportedly spiked to $1.7 billion worth of Ethereum (ETH) within two weeks of its launch. Additionally, the report reveals it has gained over 11,500 unique wallets and reached over 1,000 daily automated transactions running on the testnet. The Web3 automation provider’s solution “super-transactions” aims to offer “seamless, private, and composable automation” for any smart contract function, eliminating the need for developers to write code. Ava Protocol simplifies blockchain for developers and non-technical users. With the automation provider’s solution, users can access enhanced privacy, composability and significantly lower transaction costs. The Future Of The Blockchain Automation Landscape Chris Li, the founder of Ava Protocol, remarked on how super-transactions “are transforming the landscape of blockchain automation” by assisting creators to build more efficiently and simplifying the creation of Web3 applications: By offering no-code, composable automation, we empower developers and creators to build more efficiently, whether they’re working in DeFi, NFTs, or RWAs. Our platform brings simplicity to complex processes, making them accessible to non-technical users through intuitive tools like our drag-and-drop interface, or our AI-powered automation copilot. The Web3 infrastructure provider recently partnered with Soneium, Sony’s Ethereum Layer 2 (L2) blockchain, to bring automation to the network through Soneium Spark’s Incubation program. The collaboration seeks to “simplify blockchain” for Soneium developers and users with limited technical knowledge by executing transactions and smart contracts based on predefined conditions. The partnership is set to enable creators and developers in Sony’s blockchain to monetize their work with intent-base, no-code automation, allowing them to tokenize Real-World Assets (RWA) and unlock fractional ownership alongside new distribution methods. Related Reading: SUI To Face Another Pullback Following 5.3% Dip, Analysts Forecast 30% Correction Moreover, Ava Protocol has also partnered with other EigenLayer AVSs to offer its automation services, including fixed-rate lending dApp Term Finance, quantitative trading DEX Lhava, RWA ecosystem Zoth, and restaking rewards provider Hourglass. Ava Protocol expects to issue its token following its recent development and collaborations in the following months. The automation provider seeks to “cement itself” as a leading player in the sector by launching its cryptocurrency in the next two to three months. At the time of this writing, further details about the token’s launch have not been revealed. Featured Image from Unsplash.com, Chart from TradingView.com
Grant Colthu, the former CEO of Australian crypto exchange Mine Digital, appears to be in legal trouble. According to a press release, Colthu is now facing fraud charges for allegedly misappropriating a customer’s $1.47 million (2.2 million AUD). The release revealed that the customer had intended to use the funds to purchase Bitcoin, but the […]
Bitcoin has recently seen an uptick in retail investor activity following months of subdued participation, according to a report by CryptoQuant analyst caueconomy. The analyst highlighted this in a post on the CryptoQuant QuickTake platform, disclosing how this return in retail demand could be one of the signs of a bull market. Related Reading: Bitcoin Investors Watch Out: Miners Showing Unusual Exchange Inflow Activity Bitcoin Retail Activity Returns After 4-Month Decline The CryptoQuant analyst noted that on-chain transaction volumes of up to $10,000—a key indicator of retail investment—have increased by approximately 13% in the past 30 days. This marks a shift after four months, during which smaller investors were largely inactive. caueconomy wrote: Note that in the last 4 months we have seen a decrease in the activity of these small investors, while whales maintained a high amount of transactions and absorption of coins. The analyst further explained that the increase in small investor activity is typically more sensitive to market sentiment and news than fundamental factors. Additionally, it provides an early indicator of capital flows into the Bitcoin network. As mentioned by caueconomy, this rise in retail demand, which hasn’t been observed since March, could signal the beginning of a trend toward “lower risk aversion” among non-institutional market participants. Notably, this increase in small investor activity comes at a time when Bitcoin’s price has seen constant increase in the past week, with the cryptocurrency recently attempting to reclaim the $70,000 mark. An Outlook On BTC’s Price—72% Rally Next? While retail demand appears to be returning, Bitcoin faces a minor retracement after its recent attempt to break the $70,000 price mark earlier today. The crypto asset reached a high of $69,431 earlier today but has since fallen by 2.4% in the past 24 hours, bringing the current price down to $66,951. Despite this slight dip, market sentiment among analysts remains optimistic about Bitcoin’s future potential. One notable analyst, Javon Marks, recently took to X to express his bullish outlook for Bitcoin. Marks highlighted a potential 72% price increase that could push Bitcoin to $116,000 or higher. Related Reading: Bitcoin Whales ‘Grew Substantially’ During Last Dip, Data Shows Large-Holder Accumulation According to his analysis, Bitcoin has been working around a key price level of $67,559. Despite the recent pullback, several bullish patterns—such as Hidden Bullish Divergences—suggest that Bitcoin may soon break above this level. If Bitcoin successfully crosses this threshold, it could increase price movement toward $116,652. Back to the basics for #Bitcoin (BTC) again and a >72% move to $116,000+ still looks likely ⚡️! In this setup, we see Bitcoin working on a key level at $67,559, after a monumental, more than 333% climb to reach + break above it before pulling back since March. Now, during this… https://t.co/iocZrLlRGx pic.twitter.com/XCrjd56w3W — JAVON⚡️MARKS (@JavonTM1) October 21, 2024 Featured image created with DALL-E, Chart from TradingView
The latest weekly digital asset fund flow report from CoinShares has revealed that last week, crypto asset investment products saw roughly $2.2 billion in net inflows globally, marking the largest inflow since July. This rise in inflows comes amid the gradual recovery of top crypto assets last week, with the majority now reclaiming major highs and registering nearly double-digit gains over the past 7 days. Related Reading: Can Bitcoin Price Reach A New All-Time High? This Golden Cross Suggests So Who Led the Charge? Bitcoin-based products were the standout beneficiaries of last week’s inflows. US spot Bitcoin exchange-traded funds (ETFs) added $2.1 billion, with BlackRock’s IBIT ETF alone generating over $1.1 billion. The cumulative inflows for these Bitcoin ETFs, which began trading in January, now stand at $21 billion. These funds have grown to manage a record $66 billion in assets under management, highlighting their significant role in the market. Notably, the renewed confidence in Bitcoin products mirrors earlier this year’s positive sentiment. Last week’s inflows were the largest since March, when US spot Bitcoin ETFs saw $2.6 billion as Bitcoin reached its all-time high above the $73,000 price mark. This strong demand suggests that investors remain bullish on Bitcoin’s long-term prospects, despite recent market fluctuations. While Bitcoin stole the spotlight, other cryptocurrencies also experienced inflows last week although way lesser than that of BTC. Ethereum-based products attracted $58 million in net inflows, while Solana, Litecoin, and XRP-based funds saw smaller inflows of $2.4 million, $1.7 million, and $700,000, respectively. However, multi-asset investment products did not fare well, experiencing net outflows of $5.3 million, ending a 17-week streak of consecutive inflows. What Prompted The Surge In Crypto Inflow? According to CoinShares, this surge in inflows is tied to growing optimism about the upcoming US elections, with a potential Republican victory driving investor sentiment. Many believe that a Republican administration would favor the digital asset market more favorably, leading to an increase in investor confidence and positive price momentum. James Butterfill, Head of Research at CoinShares, particularly noted: We believe this renewed optimism stems from growing expectations of a Republican victory in the upcoming US elections, as they are generally viewed as more supportive of digital assets. Notably, Butterfill, reiterated these views, adding that trading volume for these investment products surged by 30% last week. Total assets under management (AUM) for crypto funds are now nearing the $100 billion mark on a global scale, highlighting the substantial interest in digital assets. Related Reading: HODL Fever: Bitcoin Holders Refuse To Sell As Data Shows Record BTC Stash However, while US-based funds thrived, investment products in other countries such as Canada, Sweden, and Switzerland experienced net outflows, indicating a more polarized global market. Featured image created with DALL-E, Chart from TradingView
An Indian man received a 5-year sentence for a multi-million fraud involving a fake Coinbase website. The 2-year scheme took over $20 million in crypto from hundreds of victims, which was used to fund the fraudster’s lavish lifestyle. Related Reading: Nansen Integrates With Solana To Offer Advanced Token And Wallet Trading Tools Indian National To […]
Bitcoin (BTC) has been on an upward trend in recent weeks, showing positive price movements that appear quite appealing to investors. According to a recent CryptoQuant analysis, a key metric, “active address momentum,” paints a bullish picture for the cryptocurrency. Related Reading: Bitcoin’s Bull Rally Hinges On $57K Support Level—Here’s Why It Matters Active Address Momentum Signals Upward Market Structure Active addresses represent the number of unique addresses conducting transactions on the Bitcoin network, providing insights into network activity and investor engagement. By applying a 30-day moving average (30DMA) and a 365-day moving average (365DMA) to this indicator, the CryptoQuant analyst could assess the network’s growing momentum. The analyst emphasized that the 30DMA has sharply risen recently and is closing in on the 365DMA. If a “golden cross” occurs, where the 30DMA surpasses the 365DMA, it could signal a further bullish trend for Bitcoin, dent reveals. The CryptoQuant analyst added that Bitcoin has seen high transaction volumes since the second half of the year, supporting increased network activity. While the current upward momentum is encouraging, the analyst also warned of potential volatility due to a “rising wedge” formation in Bitcoin’s price chart—a pattern that could lead to significant price swings if the wedge continues to tighten. Bitcoin Rally To $90,000 In Sight? Bitcoin’s recent price performance has added to the optimism among investors. Over the past week, the cryptocurrency has surged by over 10%, and it has continued its upward trajectory, rising by an additional 1.98% in the past 24 hours to trade at $68,708 at the time of writing. This upward movement has helped Bitcoin break through a major resistance zone on its daily chart, sparking predictions of even higher prices. One notable prediction came from crypto analyst Javon Marks, who recently shared his outlook on X. Marks highlighted that Bitcoin has broken out of a “descending broadening wedge” pattern. Statistically, this pattern suggests that when the resisting line is broken, the price objective is reached in 81% of cases. Related Reading: Massive Bitcoin Move Imminent: 7 Key Reasons Behind The Bullish Outlook In Bitcoin’s case, Marks believes that this breakout could push the price of Bitcoin to a range between $90,000 and even more than $96,000. #Bitcoin (BTC) is now broken out of the displayed ‘descending broadening wedge’ pattern and statistics from this type of pattern states that in 81% of cases, the pattern’s price objective is reached when the resisting line is broken. Bitcoin’s Price Objective: $90,000-$96,000+ https://t.co/lPZZtJm7pi pic.twitter.com/hudApLSlDj — JAVON⚡️MARKS (@JavonTM1) October 17, 2024 Featured image created with DALL-E, Chart from TradingView
Ireland appears to be taking swift action to implement new crypto regulations in anticipation of the European Union’s upcoming Anti-Money Laundering (AML) and counter-terrorism financing (CTF) standards. Finance Minister Jack Chambers announced to the cabinet that urgent legislation will be drafted to update the country’s crypto regulations before the EU’s new laws take effect on […]
Recent reports have revealed that Ethereum has had a challenging run, underperforming compared to other major cryptocurrencies. However, despite this, some positive signs may be on the horizon. According to a CryptoQuant analyst, Percival, Ethereum’s open interest has increased significantly, indicating rising investor optimism for a potential rally. Related Reading: Ethereum Whales Are Quietly Accumulating—Is A Major Price Breakout Coming? Potential For Ethereum Rally And Longs Benefit According to the data shared by Percival, Ethereum’s open interest stands at $9.6 billion, marking a 28.57% increase from August, although it is still below the $13 billion recorded in June. The rise in open interest points to expectations of an upward price movement, with many traders positioning themselves for increased demand. Percival noted that several factors, including potential Federal Reserve interest rate cuts and a growing focus on the future of tokenization on the Ethereum blockchain, may fuel this uptick. This shift could drive more interest toward decentralized finance (DeFi) protocols, making Ethereum more attractive for investors looking for long-term gains. Percival also highlighted that Ethereum’s Relative Strength Index (RSI) is at 61, suggesting that the market is overheated. A “convergence” between open interest and RSI levels indicates that price corrections will likely be short-lived, providing opportunities for traders to position themselves for a market rebound. The analyst estimated that Ethereum may experience a correction of around 7% to 9% before rallying again, favoring long positions as traders await a potential rise in both price and demand. The analyst particularly wrote in a post on the CryptoQuant QuickTake platform: The convergence of the highest lows in the RSI suggests a potential for a less pronounced correction, estimated to be between 7% and 9%. This scenario favors long positions, with traders patiently waiting for a market rebound to confirm new highs and higher lows. ETH’s Path To A Bullish Breakout At the time of writing, Ethereum trades at $2,611, down slightly by 0.1% in the past 24 hours. This comes after a strong week where the cryptocurrency saw a 9.3% increase and a nearly 15% rise over the past month. According to another prominent crypto analyst, Ali, Ethereum could be on the verge of a significant rally. In a recent post on X, Ali revealed that Ethereum has recently touched the lower boundary of a channel, a level that has historically led to an average 130% price surge. Related Reading: Crypto Watch: Ethereum Poised for Upside Break! According to Ali, should this pattern continue to hold, Ethereum could potentially climb to $6,000 as long as it maintains its key support level of $2,300. Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for #Ethereum. If this pattern holds, a similar move could push $ETH to $6,000—provided the key $2,300 support level stays intact. pic.twitter.com/CFpLrQWEih — Ali (@ali_charts) October 14, 2024 So far, despite ETH’s market’s volatility, the asset has managed to maintain its price above the critical $2,300 support level, which lends credibility to the theory that a bullish breakout could be on the way. Featured image created with DALL-E, Chart from TradingView
Hong Kong authorities have dismantled a HK$360 million ($46.3 million) cryptocurrency-based romance fraud scheme in a significant crackdown on fraud operations. This scheme, which targeted individuals over a year, reportedly lured victims into investing in cryptocurrencies under the guise of online romantic relationships. Related Reading: Expert Analysis: Why Ethereum And Bitcoin ETFs Struggle To Gain Traction […]
TD Bank, one of the largest financial institutions in the US, has come under intense crypto scrutiny after being hit with the largest penalty ever imposed under the Bank Secrecy Act (BSA). The $3.09 billion fine stems from allegations of failing to report suspicious activities, including significant cryptocurrency-related transactions. The US Department of Justice (DOJ) […]
Today’s LTC price surge comes after Canary Capital filed for a spot Litecoin ETF and Bitcoin reached a multimonth high.
The cryptocurrency market witnessed a significant influx of investments last week, as notable factors played a key role in shifting investor sentiment. According to the latest report from CoinShares, digital asset investment products saw $407 million in net inflows globally, marking a sharp recovery after a previous week of outflows. This surge in inflows has […]
Bitcoin has recently begun to see a major recovery in its price, reclaiming the $66,000 mark earlier today. This sudden positivity in price performance has prompted debates on whether retail investors and newcomers have returned to the market. Although there has so far been speculation about increased retail participation, a detailed analysis reveals a more nuanced picture. Related Reading: Bitcoin Price Braces For Volatility Ahead Of Chinese Stimulus Speculations, Options Expiry A Closer Look At Retail Participation According to a CryptoQuant analyst, BinhDang, in a recent post on the CryptoQuant QuickTake platform, the trends among smaller retail groups show growth and stagnation in different areas, reflecting a complicated dynamic in the current market cycle. In the post titled “1 Year Change – From Plankton to Fish Addresses,” BinhDang broke down Bitcoin wallet activity into several categories of retail investors, including plankton (addresses holding more than 0 but less than or equal to 0.1 BTC), shrimp (holding more than 0.1 but less than 1 BTC), and fish (holding between 10 and 100 BTC). These smaller groups were analyzed because they better represent retail investors than larger wallet categories like whales or humpbacks, which tend to be dominated by institutional players or exchanges. One of the key observations made by BinhDang is that the growth in retail addresses is uneven, particularly among the smallest investors. The plankton addresses, representing individuals holding tiny amounts of Bitcoin, have shown almost negligible growth from 2023 to the present day. This starkly contrasts previous cycles, where significant price increases were accompanied by a sharp rise in the number of retail investors holding small amounts of Bitcoin. The analyst explained that this slower growth could reflect broader economic conditions, including the global decline in monetary flows over the past few years, which may have discouraged new entrants from investing in Bitcoin. Potential For Future FOMO In Bitcoin’s Bull Cycle The uneven growth in retail addresses points to a cautious return of retail investors to the Bitcoin market. However, there are still positive signs that the current cycle has room to expand. BinhDang highlighted the trend of retail investors, particularly those in the “fish” category (holding between 10 and 100 BTC), who have continued accumulating Bitcoin, suggesting that while smaller investors may be hesitant, more seasoned participants are preparing for the next phase of the bull cycle. The data indicates that while retail participation is not as strong as in previous cycles, there remains the potential for a final wave of FOMO (Fear of Missing Out) that could drive Bitcoin to new heights. The analyst particularly wrote in the post: So, the data suggests that future FOMO waves are still possible in this cycle. […] Based on these observations, I conclude there is still a basis to look forward to a final wave in this cycle. Featured image created with DALL-E, Chart from TradingView
South Korea’s top financial regulator, the Financial Services Commission (FSC), is reportedly initiating a review process to reconsider its stance on the ban on spot cryptocurrency exchange-traded funds (ETFs). This comes after forming a new cryptocurrency advisory committee within the regulator, signaling a potential shift from its earlier, more stringent stance on digital asset exposure […]
Online reports revealed that the Chinese Government has started to move thousands of Ether (ETH) seized from a $4 billion crypto Ponzi scheme. As a result, Ethereum investors have recently shared their concerns about the possibility of a massive sell-off. Related Reading: Economists Propose Ethereum Founder As Nobel Economics Prize Candidate Investor Fear Upcoming ETH […]
After briefly rising above $63,000 in recent days, renewing investor’s hope on “uptober,” Bitcoin has once again dampened this excitement by decreasing to as low as the $60,000 region today. This unappealing performance has led to a CryptoQuant analyst, Aytekin, raising and sharing insight on an important question: “Is it reasonable to expect a final shakeout before the next big move?” Related Reading: Is The Worst Over For Bitcoin? Analyst Suggests Local Bottom May Be Here Bitcoin Next Move: Major Correction Looming? In a recent post on the CryptoQuant QuickTake platform, the analyst explained that Bitcoin is currently in a high open interest zone, having exceeded the critical $18 billion level. Historically, when open interest levels reached this point, major corrections followed. The analyst mentioned that the current market sentiment appears divided, noting: The market seems indecisive in many aspects, with some believing that the next big upside move is on the horizon, while others think BTC’s downward trend remains strong. A common belief is that BTC may need a final shakeout before surging to a new all-time high (ATH). Aytekin added that funding rates, though slightly above the 200-day simple moving average (SMA), suggest that long traders are still dominant. However, significant price corrections in the past often occurred when funding rates turned negative, which hasn’t happened yet. Aytekin concluded that, while a final shakeout might occur, the depth of the correction may not be as severe given the relatively moderate funding rates. BTC Price Outlook As Bitcoin has struggled to break through key resistance levels, its recent price action reflects ongoing market indecision. Over the past few weeks, Bitcoin maintained stability above the $60,000 mark, but failed to make a major move to reclaim $70,000. In the past 24 hours, Bitcoin has slipped by 2.9%, currently trading at $60,485. This decline follows the asset’s brief surge to $63,774 earlier in the week, which sparked optimism for a possible move toward the $65,000 and then $70,000 mark. Prominent crypto analyst Ali recently commented on Bitcoin’s price action, noting that Bitcoin is still trading within a “descending parallel channel.” According to Ali, the asset was rejected at the upper boundary of this channel, signalling the potential for further downside. “We might see a drop to the middle boundary at $58,000 or even the lower boundary at $52,000,” Ali noted in a post on X. Related Reading: Bitcoin’s Path To $80,000 “Melt-Up” In Q4 2024 – Details Inside He emphasized that a bullish breakout is unlikely unless Bitcoin clears the $66,000 level, a price point that has acted as a significant resistance point in recent weeks. #Bitcoin remains stuck in a descending parallel channel. After the recent rejection at the upper boundary, we might see a drop to the middle boundary at $58,000 or even the lower boundary at $52,000. A bullish breakout won’t happen until $BTC clears $66,000! pic.twitter.com/yFvS6jxmKB — Ali (@ali_charts) October 9, 2024 Featured image created with DALL-E, Chart from TradingView
A group of more than two dozen residents from Granbury, Texas, has filed a lawsuit against Marathon Digital Holdings, a major crypto miner firm, citing the excessive noise and vibrations from its local Bitcoin mining facility. According to the residents, the crypto mining site, located near their homes, has caused significant disruptions to their daily […]
Global fintech Revolut revealed it prevented millions in potential losses in the last three months, using its crypto-specific measures and transaction monitoring to tackle criminal activity as malicious actors continue to target the industry. Related Reading: How Bitcoin Is Propelling A Small Texas Town Into A New Economic Era: The Rockdale Story Revolut Prevents $13 […]
As Bitcoin is currently still struggling to reclaim major highs, a recent analysis of its fundamentals has highlighted a possible buying opportunity for Bitcoin based on insights from the Non-Realized Profit metric. A CryptoQuant analyst known as Darkfost highlighted this metric’s importance in a recent post on the CryptoQuant QuickTake platform, mentioning what its trend means for investors. According to the analyst, the Non-Realized Profit metric offers a window into the unrealized gains or losses held by Bitcoin investors, which can influence future market movements. Related Reading: Bitcoin Investors Not Sold On Uptober As Sentiment Remains Neutral Understanding The Current Zone In Non-Realized Profits The Non-Realized Profit metric is often used to calculate the difference between the current price of Bitcoin and the price at which each coin was last moved, without accounting for coins that have been sold. High values in this metric suggest that investors hold significant unrealized profits, which could lead to increased selling pressure as they may choose to realize these gains. Conversely, negative values indicate that many investors hold positions at a loss, potentially signaling a market bottom and a favourable entry point for new investors. According to the CryptoQuant analyst, the Non-Realized Profit metric is mostly in the negative zone. This situation implies that many Bitcoin holders are either at break-even points or experiencing unrealized losses. Historically, such conditions have been associated with market bottoms, where the asset is considered undervalued. This scenario could present a strategic “opportunity” for investors looking to enter the market or increase their holdings. According to Darkfost, what sets the current market apart is that the unrealized profits have reached unprecedented highs compared to previous cycles, even while in the negative zone. This anomaly suggests that the ongoing market cycle may differ from past Bitcoin patterns. The analyst cautions that while this could lead to unique investment opportunities, it also introduces potential risks due to the deviation from established trends. Bitcoin Continuous Struggle Below $70,000 After briefly touching the $64,000 price level yesterday, Bitcoin has faced correction once again, falling back below this price mark—currently, the asset trades for $62,340, down by 1.8% in the past 24 hours. This decline in performance from Bitcoin appears to have also dragged the global crypto market cap along with it, with the overall market cap valuation of crypto currently down by 3.3% in the past day to $2.26 trillion. The plunge has had a severe impact on traders, most especially the ones on long positions. According to data from Coinglass, in the past 24 hours, 59,005 traders were liquidated, with the total liquidations sitting at $176.57 million. Related Reading: Bitcoin Price Forecast: This Week’s Trends And Historical Patterns For Q4 Out of the total liquidations, long positions account for $130 million, while short positions account for only $45.91 million. Featured image created with DALL-E, Chart from TradingView
A CryptoQuant analyst known as “caueconomy” recently published a post indicating that Bitcoin (BTC) may have reached a local bottom. The analyst points to a significant liquidation event as a key sign that a short-term recovery could be on the horizon. Although caueconomy acknowledged that Bitcoin has been going through a period marked by bearish price sentiment and technical indicators suggesting potential further decline, the analyst also highlighted that emerging signs may indicate a stabilization in the asset’s price. Related Reading: Bitcoin Miner Selloff Is Calming Down: Green Sign For Rally To Continue? How Is BTC Long Liquidations Suggesting Local Bottom? The post by caueconomy on the CryptoQuant QuickTake platform titled “Liquidation of long positions may have established a local bottom” sheds light on how long-position liquidations in the futures market could influence Bitcoin’s price. Caueconomy elaborates that in the face of notable price declines, long contracts bought on future exchanges tend to experience sharp reductions due to mass liquidations. This process, in turn, diminishes the selling pressure that often exacerbates price drops, potentially setting the stage for a recovery in the asset’s price in the short term. On October 1st, over 4,000 BTC long positions were liquidated, marking the second-largest liquidation event of 2024 based on data compiled by CryptoQuant. The analyst mentioned that such significant liquidation events often indicate potential market reversals or local bottoms, as the selling pressure from these positions is removed from the market. However, caueconomy points out that it is crucial to keep a close eye on the buying strength to gauge whether it can offset the decline and facilitate recovery. The analyst advises that although the current range may be sustained in the short term, the potential for upward movement is contingent on renewed buying interest and market activity. The analyst concluded in the post: At this point, the price is likely to sustain the current range in the short term, but it will be necessary to watch the buying strength to be able to recover the decline. Is there Any Sign Of Buying Interest In Bitcoin Currently? So far, Bitcoin appears to be seeing a gradual rebound in price registering a 3.5% increase in the past day to reclaim the $62,000 mark. At the time of writing, the asset currently trades for $62,238. This increase in BTC has been reflected in the overall crypto market, with the global crypto market cap now up by 2% in the past day to a current valuation of 2.26 trillion. Meanwhile, a renowned crypto analyst known as Ali on X recently reported a form of Bitcoin buying interest ongoing on an exchange. Related Reading: Is Bitcoin On The Brink Of A Reversal? Here’s What This Key Indicator Suggests In a post uploaded earlier today on X, Ali pointed out that there has been a surge in the Taker Buy/Sell Ratio on OKX, the fourth-largest cryptocurrency exchange by 24-hour trading volume. There was a spike in the #Bitcoin Taker Buy/Sell Ratio on @okx! This indicates a surge in aggressive buying — a sign of upward momentum ahead! pic.twitter.com/QgZ9qkhSls — Ali (@ali_charts) October 4, 2024 This spike in the ratio indicates an increase in aggressive buying activity within the market, a potential sign of renewed upward momentum. Such behavior often reflects increased confidence from buyers, hinting at the possibility of a price recovery or a new upward trend. Featured image created with DALL-E, Chart from TradingView
Institutional inflows, while stabilizing, haven’t overcome whale sell-offs and massive token unlocks driving down Bitcoin prices.
Aptos (APT) soared over 10% in the last 24 hours following Aptos Labs’ acquisition of HashPallete. The token is leading the market after becoming the largest gainer among the top 100 cryptocurrencies by market capitalization. Related Reading: Bonk ‘In Prime Position For Turbo Green Week’ As Price Recovers Key Level Aptos To Expand Its Presence In Asia On Thursday, Aptos Labs, the developer of the Aptos network, announced it had agreed to acquire the Japanese Blockchain developer HashPallete, the company behind Japan’s Palette Chain and a subsidiary of HashPort Inc. The agreement aims to become a “game changer for Japan and the Aptos ecosystem” as the integration with the Japanese blockchain is set to strengthen its presence in the Asian market: Japan has long been a hub of technological innovation, and it’s no different when it comes to blockchain. The country’s unique blend of advanced tech and widespread blockchain adoption makes it a model for Web3 initiatives globally. Today, we’re making one of our boldest strategic moves into this market with our agreement to acquire HashPalette Inc. As part of the acquisition, HashPort Inc. will migrate the Pallete Chain and its subsidiary’s applications to the Aptos Network. The Japanese chain will also have access to the Aptos ecosystem’s security, scalability, and developer tools. The migration is expected to be completed by early 2025, in time for the EXPO2025 DIGITAL WALLET. Moreover, Aptos Labs partnered with HashPort to support local developers, NFT creators, and enterprises by “continuing to build blockchain solutions (…) using Aptos Network’s infrastructure.” APT Leads The Crypto Market Following the announcement, APT’s price saw a daily 11% surge, jumping to the $8.66 resistance level before retracing to the $8.51 mark. This performance crowned the token as the leading crypto amid the market retrace. APT is among the few cryptocurrencies recording green numbers in most timeframes among the top 100 tokens by market cap. The altcoin registers a 7.5% and a 41% increase in the weekly and monthly timeframes. Additionally, its daily market volume soared 41.7%, reaching a $769.6 million trading volume in the last 24 hours. The token’s performance was highlighted by several crypto analysts, who considered that APT has the “most interesting chart” at the moment. According to Yuriy from BikoTrading, the cryptocurrency looks strong as the rising trading volume and the price performance “signs for continued growth.” The trader noted that APT’s price held above the key resistance zone amid the market retrace, which sent the token above Q3’s range highs. Similarly, crypto trader Osbrah stated that APT has been “secretly climbing its way to the most interesting alts charts.” He pointed out that, after October 1’s market sweep, the token had a “clean bullish retest” above the $8 mark. To the trader, the next big resistance is at the $9 mark, which could send APT’s price to the $7.95 support zone if it fails to reclaim it. Meanwhile, another market watcher suggested that the altcoin’s performance could be close to a breakout. Related Reading: Analysts Unfazed By Bitcoin (BTC) Drop, But Should We Fear October 5? Per the post, SUI and APT moved in a “catch-up trade” path for the past year, moving closely together until SUI decoupled in early 2024. This led to a 44-day lagging period for APT before it followed SUI’s movements. After that, APT rose 98% to its yearly high of $18.8 in mid-March. Now, APT has seen a 32-day lagging period after SUI decoupled again in September, showing “incredible amounts of strength.” Based on this, the analyst suggests that the cryptocurrency could follow SUI’s trajectory and kickstart a massive rally in the next two weeks if history repeats. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin has been experiencing some interesting developments in its market indicators, and a recent analysis points to the NVT (Network Value to Transactions) Golden Cross signaling a potential short-term local top. According to a CryptoQuant analyst known as Darkfost, the NVT Golden Cross—a key metric used to determine market valuation relative to transaction volume—has reached a major level. Related Reading: Is This Bitcoin’s Last Big Drop? Expert Points To Key Indicator Local Top Spotted, What Next? The CryptoQuant analyst revealed that Bitcoin’s NVT Golden Cross has recently reached the 2.9 level, suggesting that the market cap, or price, of Bitcoin, may be outpacing its transaction volume. Particularly, Darkfost explained that a value above 2.2 indicates the possibility of reversing the mean, suggesting that the current valuation could be overextended. On the other hand, a value below -1.6 would indicate that the market is potentially undervalued. For context, the NVT Golden Cross compares the market cap of Bitcoin to the volume of transactions on its network, providing a measure of whether Bitcoin is being traded at a fair value. The signals become stronger when the metric moves deeper into its upper or lower zones. At a current value of 2.9, the indication is that Bitcoin may face short-term price resistance, possibly pointing to a local top at around $65,800, Darkforst revealed. The analyst adds that such levels can gauge potential long and short positions, especially when viewed alongside global chart trends and broader market behaviour. Bitcoin On The Verge Of Major Correction? While the NVT Golden Cross presents a perspective of potential market overvaluation, another CryptoQuant analyst, CryptoOnchain, offers additional insights by analyzing Bitcoin’s movement between exchanges. The recent data shows a significant outflow of Bitcoin from centralized exchanges. This trend of Bitcoin being withdrawn from exchanges is seen across all three key moving averages: 30-day, 50-day, and 100-day. The analyst revealed that such an outflow hasn’t been observed at this scale since November 2022. Notably, a decrease in Bitcoin held on exchanges can be interpreted in multiple ways. Firstly, it often suggests that investors move their assets to more secure storage, such as cold wallets, to hold rather than trade. Related Reading: Is Bitcoin On The Brink Of A Reversal? Here’s What This Key Indicator Suggests This behavior can signal confidence in the asset, as holders may expect its value to increase over time. With fewer BTC available on exchanges for immediate sale, the potential for downward price pressure may decrease, which could set the stage for a bullish momentum in the longer term. However, it can also indicate that traders prepare to exit their positions, anticipating a correction if they foresee market instability or overvaluation. Featured image created with DALL-E, Chart from TradingView
Dogecoin (DOGE), the meme-based cryptocurrency, has recently seen a sharp decline in price following a short rally to $0.12 last week. Amid this plunge in price performance, prominent crypto analyst Ali has identified key levels where its price needs to be reclaimed real soon, or there will be negative consequences. Related Reading: Dogecoin To The Moon? Trading Guru Sees A Bullish Breakout on the Horizon—Here’s Why Dogecoin: Reclaim $0.11 Or What? In a recent post on Elon Musk’s social media platform X, Ali highlighted the importance of the $0.11 price mark for Dogecoin, noting that approximately 60,210 addresses had purchased around 36.40 billion DOGE tokens at this level. He explained that these addresses represent significant support, and if the price remains below $0.11, holders might become increasingly inclined to sell their assets to mitigate potential losses. This selling pressure could accelerate DOGE’s downward trend. 60,210 addresses bought 36.40 billion $DOGE at $0.11! #Dogecoin must reclaim this level soon to sustain a bullish outlook. Otherwise, a failure to do so could lead to a sell-off as investors may seek to minimize losses. pic.twitter.com/BABwVfPGem — Ali (@ali_charts) October 3, 2024 DOGE’s Ongoing Decline: Beginning Of Another Bearish Trend? So far, Dogecoin has been on a downward trajectory, losing a significant portion of its gains from its recent rally. Over the past week, DOGE has dropped by 10.8%. The decline has continued into the past 24 hours, with the asset shedding 4.2% of its value, currently trading at around $0.1019. This price drop has directly impacted DOGE’s market capitalization, falling from over $17 billion last Thursday to around $14.9 billion today. Alongside this, the 24-hour trading volume for DOGE has also seen a noticeable decrease, from $1.4 billion last Thursday to just above $1 billion. While many in the crypto community are panicking concerning this bloodbath, analysts have continued to share their outlook and remain optimistic. Related Reading: Dogecoin On-Chain Spike Triggers 180% Price Rally Prediction—What’s Next? For instance, Trader Tardigrade, a popular crypto analyst, in a recent post on X, suggested that the recent dip in Dogecoin’s price may be a “retest” of its descending trendline following a recent breakout. According to Tardigrade, Dogecoin’s relative strength index (RSI), which measures the magnitude of recent price changes, shows a lower low while DOGE maintains a higher low position. According to technical analysis, this divergence could indicate a possible trend reversal in favor of a bullish move. Tardigrade concluded the post with advice noting: “Understand the TA [technical analysis], and you won’t be shaken out.” Featured image created with DALL-E, Chart from TradingView
A crypto investigation recently deep-dived into one of the industry’s largest problems, revealing its extent might be larger than suspected. The report exposed how North Korean hackers have targeted and infiltrated the sector, presenting many legal and cybersecurity risks for companies and investors. Related Reading: Sony’s Ethereum L2 Joins Ava Protocol To Support Creators, Here’s […]
Bonk continues its bullish rally as ‘Uptober’ begins, sparking a bullish sentiment among investors after the recent fear of a major pullback. The memecoin sensation kickstarted its Q4 journey positively, reclaiming crucial levels, with investors and crypto analysts forecasting a green weekly close. Related Reading: SUI Sees 15% Weekly Surge Ahead Of Token Unlock, Can It Hit New ATH In October? BONK Closes Q3 With 13% Surge Bonk has seen a remarkable performance throughout the past two weeks, jumping 60% since September 15. The memecoin broke above the multi-month downtrend line after successfully reclaiming the $0.000022 resistance level last Friday, registering a 38% surge in the past week. Additionally, the dog-themed sensation closed the month 48% above its opening price, revisiting levels before August’s Black Monday. The token also saw a 13% increase from its Q3 opening, trading around $0.000025 as October started. This bullish price action propelled BONK’s price above $0.000026 momentarily before retracing back the $0.000024 support level, which some considered an extremely bullish signal for the token’s future price action. According to crypto trader Astekz, BONK’s monthly reclaim meant that “any consolidation” above the breakout level is “giga bullish.” Moreover, the token had a 13% increase in daily market activity in the past day, registering a daily trading volume of $795.3 million. Is A ‘Turbo Green Week’ In The Making? Crypto analyst Bluntz noted that, alongside all the strong memecoins, BONK had a “swift” recovery from the weekly dip following a “perfect abc pullback.” This performance put the memecoin “in prime position for a turbo green week,” which he further predicted after its Monday performance. To Bluntz, BONK is close to a breakout after spending three days of sideway moves. Additionally, the token reclaimed the 200-day Moving Average (DMA), which had been sitting above it for the past day. The trader considered that the token’s next parabolic run could be “sustained” and target the $0.000035 resistance level soon. Other market watchers echoed this sentiment, highlighting BONK’s strength throughout the recent dips. Another analyst noted that the memecoin has moved within a large symmetrical triangle since its March all-time high (ATH). The trader detailed that the token’s price is moving closer to the pattern’s resistance since forming a triple bottom at $0.000016. A breakout from the multi-month pattern could send the token’s price to a potential 70% rally toward the previous ATH of $0.000045. Additionally, some investors believe that the cryptocurrency could be positively affected by the market’s general performance this “Uptober.” Related Reading: WIF Bulls In Control As RSI Signals Strong Upside Potential Last October, the cryptocurrency started a massive rally that shredded two zeros from the token’s price, closing Q3 2023 at $0.00014, a 6,900% surge. However, the BONK registered a price decline in the last few hours following Bitcoin’s dip to $62,000. As of this writing, the memecoin is trading at $0.00023, a 2.9% drop in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Is the crypto market primed to rebound? Santiment believes several words uttered on social media could hold the answer.