Markets that consistently trade below the 200-day SMA are said to be in a downtrend.
The post Will Worldcoin’s WLD Token Price Hit $5 This Month? appeared first on Coinpedia Fintech News
The cryptocurrency market experienced renewed supply pressure this week as the leading digital asset, Bitcoin, plunged below $60000. This breakdown signalled the continuation of a correction trend for most of the major altcoins. Defying the bearish influence, the Worldcoin managed to stabilize above 2.13% and showed a 4% to challenge overhead resistances. Let’s find out …
EIP-7732 aims to make things easier for Ethereum validators by splitting their tasks and creating a committee to check if transactions are revealed on time.
The post Crypto Market Crash: Will Bitcoin Price Drop Below $50K? appeared first on Coinpedia Fintech News
After maintaining a price above $60,000 for a significant period, Bitcoin recently fell below $58,000, marking a drop of over 3.8% in the past 24 hours. This decline has caught the attention of many analysts and investors. Here’s a breakdown of the current situation and what might lie ahead for Bitcoin. Current Bitcoin Price Dynamics …
Quick Take On July 3, Farside data revealed a total outflow in Bitcoin (BTC) exchange-traded funds (ETFs) of $20.5 million, marking the second consecutive trading day of net withdrawals. The only outflow came from Grayscale’s GBTC, which saw a substantial $27.0 million exit, bringing its total outflows to a staggering $18.6 billion. In contrast, Fidelity’s FBTC […]
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Solana is in red for now, but the coin is one of the top performers. In the last year of trading, SOL, the native currency of the Solana ecosystem, rose by over 15X, quickly moving up the crypto ranking to fifth, flipping XRP, Cardano, and even top meme coins like Dogecoin. GSOL Trading At A […]
The post Anonymous Investor Made Profit Of $1.24 Million In Michi Token, Amidst Price Drop appeared first on Coinpedia Fintech News
Michi, a meme-based token on the Solana blockchain, has garnered significant attention in the crypto world, experiencing a 25% price drop from its peak of $0.1971 to $0.1482 in the last 24 hours. Lookonchain, a prominent blockchain analytics platform, pointed out that the recent plunge in Michi’s price was due to an anonymous investor dumped …
The decline in notional open interest masks bullish undercurrents.
Bitcoin drops through $58,000 as analysis highlights ongoing BTC seller interest throughout 2024.
Bitcoin’s price has fallen below the critical support level of $60,000, reaching a low of $57,914. Since Tuesday, Bitcoin has experienced a further 7% decline, reinforcing the ongoing downward trend. Currently, market sentiment is shifting markedly towards the bearish side. Is A May 2021-Style Bitcoin Crash Looming? Andrew Kang, co-founder of Mechanism Capital, has raised significant concerns regarding the pattern emerging in the Bitcoin market, reminiscent of the conditions that led to the dramatic crash of May 2021. In a detailed analysis shared via X (formerly Twitter), Kang highlighted the overlooked criticality of the current market dynamics. Kang stated, “Most market participants are not appreciating the significance of a potential loss of a 4-month range on Bitcoin. The closest parallel we can draw is to that of the range of May 2021 where we also came off a parabolic rally of BTC and alts.” Related Reading: Longest Miner Capitulation Since 2022 Signals Potential Bitcoin Rally Ahead He noted the similarities in market conditions, particularly in terms of leveraged positions, which currently exceed $50 billion. “This figure does not include the Chicago Mercantile Exchange (CME), which is higher, but compounded by the fact that in this scenario we have ranged even longer (18 weeks vs. 13), and we have not had extreme washouts yet while we had a few in the middle of the 2020-2021 bull market,” Kang elaborated. Kang also adjusted his projections for Bitcoin’s bottom, suggesting a steeper fall than earlier anticipated: “It’s likely that my initial estimates of low $50ks were too conservative and we see a more extreme reset to $40ks.” He warned that such a pullback could significantly damage the market, necessitating a few months of consolidation and a downtrend before any reversal to an upward trend might be conceivable. In a dialogue with Alex Krüger, a well-known macro and crypto analyst, the discussion explored the intricacies of open interest (OI) in the derivatives market, a crucial aspect of understanding market sentiment and directional biases. Krüger pointed out, “Much of that OI is not directional though,” suggesting a more complex market behavior than straightforward long and short positions. Related Reading: British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When Responding, Kang clarified the composition of OI, saying, “Each unit of OI is one long + one short. Even if there are basis trade shorts on the short leg, there’s a directional long on the other end. So yes… less directional shorts.” The conversation further delved into whether derivatives traders are delta neutral, which affects market stability. Krüger queried about market maker positions, and Kang responded, “I can assure you that there are not many market makers in the OI that are delta neutral long perps and short spot paying funding/borrow on both ends for a negative carry trade.” What Happened In May 2021? This ongoing discussion among experts reflects a deepening concern over the potential for a repeat of the May 2021 crash. During that period, Bitcoin’s price plummeted dramatically following a peak of around $64,000 in mid-April 2021. By the end of June, it had lost about 56% of its value. This crash was precipitated by a mix of factors, including regulatory crackdowns in China, environmental concerns voiced by influential figures like Tesla CEO Elon Musk, and a resulting cascade of panic selling among both retail and institutional investors. In retrospect, the May 2021 downturn was characterized by a rapid shift in investor sentiment, driven by external shocks and exacerbated by the high levels of leverage in the market. Today, similar conditions could be forming according to Kang, with high leverage and extended periods without significant price corrections, suggesting that the market may be on the brink of another severe downturn. At press time, BTC traded at $58,736. Featured image created with DALL·E, chart from TradingView.com
The post This Altcoin is at the Foothill of a Major Explosion: May Soar 80% If Surges Above This Crucial Resistance appeared first on Coinpedia Fintech News
In times when bearish clouds are hovering over the crypto markets, Worldcoin (WLD) is displaying significant strength. The price has bottomed and seems to be preparing for a huge bullish move, which may uplift the token above the bearish influence. Meanwhile, the bearish possibility may persist while the dominance continues to be in their favour. …
The post Will BTC Price Crash Under $56K, $100K A Pipe Dream? appeared first on Coinpedia Fintech News
With the release of Mt. Gox Bitcoins, the broader crypto market has experienced a massive surge in supply pressure. As market analysts expect the supply to continue in the coming days, the crash could continue in the BTC and the altcoins price alike. Crashing under the crucial support zone of $60,000, the BTC price trend …
The post Bitcoin Price Prediction: Bloodbath Confirmed, Next Stop $56,000 appeared first on Coinpedia Fintech News
Bitcoin price is currently trading slightly above the crucial $58k levels, leaving everybody surprised with its abrupt dip below the $60k mark. Analyst Josh of Crypto World said that at this moment, there’s a reversal signal appearing on the Bitcoin chart. Bitcoin’s price is currently retesting a critical support level after encountering resistance, he said. …
Jason Lowery, the author of “SoftWar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin,” revealed at the start of June that members of Donald Trump’s campaign administration have contacted him regarding his expertise on Bitcoin. “I can confirm that I have been reached out to by folks from Trump’s campaign […]
The post Trump could be considering Bitcoin as a reserve asset to join the ‘SoftWar’ road to $1 million appeared first on CryptoSlate.
Selling pressure from Bitcoin Cash (BCH) and lack of liquidity is the story to watch once Mt. Gox begins redemptions, writes Presto Research.
Since launching in September 2023, Opera Mini’s MiniPay app has amassed 3 million users.
An Illinois judge has sided with the Commodity Futures Trading Commission in a crypto fraud case, labelling two altcoins, OHM and KLIMA, as commodities.
A Texas bag retailer sued the SEC to get legal protection for a token airdrop, but the regulator says the suit was based on a policy that doesn’t exist.
Web3 and blockchain gaming firm Gala Games partnered with Animoca Brands to boost its native token. The companies joined forces to develop the altcoin and enhance users’ experience. Nonetheless, GALA has faced a 6.7% price decline following the news. Related Reading: FET Drops 9% As ASI Token Merger Phase 1 Kicks Off Gala Games To Boost User Experience On Wednesday, Gala Games announced its partnership with Hong Kong-based game software and Venture Capital company. The collaboration aims to enhance the token experience for users. The Web3 and blockchain gaming platform focuses on video games compatible with blockchain technology. Additionally, it allows players to earn crypto tokens and non-fungible tokens (NFTs) through gameplay. Per the announcement, the companies will work together to develop the token. Animoca Brands will receive GALA tokens from the firm’s treasury to “provide liquidity provisioning services” to the Web3 gaming platform. This move aims to facilitate the token’s orderly trading. As highlighted in the X post, Animoca Brands operates nine Gala Founder’s Nodes and plans to serve as a GalaChain Validator. Many users and crypto investors received the news well. Some users considered the news was bullish for the token. Others stated that the company is finally “making some noise.” The announcement also sparked interest in the gaming and NFT community. LordBenalez, COO of community-driven NFT project Mittaria, expressed interest in the collaboration. “About time. Glad to see the two big companies joining hands. Looking forward to hearing more about the collaboration,” read the reply. GALA’s Price Sees 7% Retrace Despite the overall positive reaction, GALA’s price plunged after the news. The token fell from the $0.0275 price range to the $0.0255 mark, a 7.2% price drop. The recent price action represents a 6.7% retrace in the last 24 hours. The token’s performance also shows red numbers in the longer timeframes. GALA’s price has been downtrend since its March high of $0.081. Following the retrace at the beginning of Q2, the token hovered between the $0.04 and $0.5 range. However, the sideways movement was halted by the late May security breach to which the company fell victim. As reported by NewsBTC, the web3 gaming company suffered an exploit, which resulted in the minting of 5 billion tokens worth $219 million. The incident saw the unauthorized sale of 600 million GALA tokens, worth around $21 million. Additionally, 4.4 billion tokens were burned. This resulted in the price falling from $0.046 to $0.037, a 20% decline following the exploit. Related Reading: Baked Or Burned? Trader Makes 307x From Solana Token But Investors Raise The Alarm Since then, the token has continued the downtrend, registering a 43.5% decrease in the past month. Some market watchers suggest that the token might be getting ready to bounce off the lower trendline and break out of the $0.035 resistance zone before soaring to the $0.1 price target. Featured Image from Unsplash.com, Chart from TradingView.com
Hong Kong’s financial regulators are taking a measured approach to cryptocurrency regulations, responding with a constant change to market developments. Christopher Hui, the Treasury chief, recently emphasized the government’s strategy of continuously monitoring and adapting crypto-related rules to match the evolving industry. This comes amidst concerns about whether regulatory frameworks could suppress innovation or fail […]
The post Cryptocurrency Market Crash: $90 Billion Erased From Global crypto Market Cap Within Hours! appeared first on Coinpedia Fintech News
The cryptocurrency market has recorded a negative price action for the third consecutive day, indicating increased bearish sentiment. Further, the cross-border market has recorded a correction of $90 Billion within the past day, from $2.26 Trillion to $2.17 Trillion, a drop of 3.67%. Furthermore, the market leader, Bitcoin price has plunged 3.27% with a 24-hour …
Nintendo's president said his company would not use AI technology for upcoming titles due to concerns over intellectual property rights.
Nintendo's president said his company would not use AI technology for upcoming titles due to concerns over intellectual property rights.
In a turbulent 24-hour trading session, the cryptocurrency market saw nearly $200 million wiped out in liquidations as Bitcoin price dropped below $61,000. This sharp decline triggered a wave of liquidations, affecting many investors and traders. Market Meltdown And Crypto Liquidation The total market valuation has plunged by approximately 2.7% to around $2.34 trillion, underscoring heightened volatility and market stress. Related Reading: Bitcoin Price Drops Below $60,000: Key Reason Explained Bitcoin, leading the downturn, shed 1.3% over the week, with a steep 2.8% drop recorded in the last day. This downturn has not only decreased the value of many investors’ portfolios but has also led to substantial losses for traders via liquidations. Data from Coinglass highlights the extent of the carnage, with 59,816 traders liquidated and total liquidations amounting to $170.72 million. The liquidations were predominantly from long positions, suggesting that many traders expected the market to rally. Bitcoin traders faced approximately $45.76 million liquidations, with Ethereum and Solana traders experiencing $44.55 million and $11.09 million, respectively. The arena for these liquidations was on major exchanges like Binance, OKX, Huobi, and Bybit, with Binance traders bearing the brunt at $74.77 million. While other exchanges such as OKX, Huobi, and Bybit also experienced significant liquidations, amounting to $54.29 million, $19.28 million, and $12.93 million, respectively. Despite also facing liquidations, the smaller exchanges had a comparatively minor impact. Analysts’ Viewpoint On Bitcoin Current Performance Despite the current downturn, some market analysts remain optimistic about Bitcoin’s prospects. PlanB, a respected figure in the crypto community, reaffirmed that the bull market is still ongoing, suggesting that underlying on-chain metrics do not show any abnormalities that would indicate a prolonged bear market. Related Reading: Buckle Up: Here Is Why Bitcoin Might Just Be Gearing Up For a 200% Surge Additionally, crypto analyst Ali recently suggested on Elon Musk’s social media, X, that now might be an opportune time to buy Bitcoin, anticipating a market rebound. The TD Sequential, which told us to buy #Bitcoin at $60,000 on June 28 and sell at $63,200 on July 1, is telling us to buy $BTC again! pic.twitter.com/JJzQtVJcBh — Ali (@ali_charts) July 3, 2024 Furthermore, vocal Bitcoin advocate Samson Mow has emphasized the importance of Bitcoin in addressing fundamental economic issues, suggesting that fixing monetary systems could be the key to broader economic recovery. Governments, you can’t fix the economy because the money is broken. You must fix the money first. #Bitcoin — Samson Mow (@Excellion) July 3, 2024 His views highlight the potential of Bitcoin not only to recover but also to reach new heights in the financial landscape. Featured image created with DALL-E, Chart from TradingView
Solana’s SOL and dogecoin (DOGE) lead losses among major tokens, with the CoinDesk 20 index down 4.8%.
Bitcoin Core developer Antoine Poinsot said there is a dangerous perception that Bitcoin Core is free of bugs, noting it is “dangerous and, unfortunately, not accurate.”
A US Judge has rejected DraftKings’ motion to dismiss the class action lawsuit filed by the company’s Non-Fungible Token (NFT) buyers. The lawsuit accuses DraftKings, its CEO, CFO, and president of allegedly violating federal securities laws with its NFTs. Related Reading: New Crypto Regulation: Firms In Hawaii Now Exempt From MT License Requirement DraftKings Accused […]
Solana started a fresh decline from the $155 resistance. SOL price is down over 10%, but the bulls are now protecting the $132 support. SOL price started a strong decline from the $155 resistance against the US Dollar. The price is now trading below $145 and the 100-hourly simple moving average. There was a break below a connecting bullish trend line with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could correct losses unless the bulls struggle to protect the $132 support. Solana Price Dives 10% Solana price struggled to continue higher above the $155 resistance. SOL reacted to the downside and declined below the $150 support. There was a break below a connecting bullish trend line with support at $150 on the hourly chart of the SOL/USD pair. The pair gained bearish momentum below the $145 support and declined more than outperformed Bitcoin and Ethereum in the past two sessions. There was a drop toward the $132 support zone. A low was formed at $132.17 and the price is now attempting a recovery wave. There was a move above the $135 level. The price is now approaching the 23.6% Fib retracement level of the recent decline from the $154.74 swing high to the $132.17 low. Solana is now trading well below the $145 level and the 100-hourly simple moving average. If there is another increase, the price might face resistance near the $138 level. The next major resistance is near the $143.50 level and the 50% Fib retracement level of the recent decline from the $154.74 swing high to the $132.17 low. A successful close above the $143.50 resistance could set the pace for another steady increase. The next key resistance is near $150. Any more gains might send the price toward the $155 level. More Losses in SOL? If SOL fails to rise above the $143.50 resistance, it could start another decline. Initial support on the downside is near the $135 level. The first major support is near the $132 level, below which the price could test $125. If there is a close below the $125 support, the price could decline toward the $112 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $135, and $132. Major Resistance Levels – $143.50 and $150.
The post Bitcoin Spot ETFs Experience Significant Outflows Amid Market Correction appeared first on Coinpedia Fintech News
On July 3, 2024, Bitcoin spot ETFs saw a total net outflow of $20.4495 million. Grayscale ETF (GBTC) led the decline with a substantial single-day outflow of $26.9947 million. Conversely, Fidelity ETF (FBTC) experienced a single-day inflow of $6.5451 million. Despite the outflows, the total net asset value of Bitcoin spot ETFs stands at $51.872 …
Bitcoin continues to be incredibly bearish amid negative market headwinds but that has not stopped investors from taking their positions during this time. These large investors who are holding more than $600,000 worth of Bitcoin have been accumulating BTC at an accelerated rate over the last six months. Bitcoin Holders Increase Wallet Holdings On-chain data tracking platform, Santiment, recently revealed that Bitcoin investors have been increasing their holdings over the last six months. According to the report posted on X (formerly Twitter), the major cohort involved in this buying are the wallets holding more than 10 BTC in their wallets. Related Reading: XRP Price Attempts Bullish Decoupling Amid Major Developments The report shows that over the last six months, these holders have increased their collective holdings by 1.07%. While this may seem like only a small increase, it translates to over 5,000 BTC that these wallets have added in the space of half a year. A trend that has been maintained during this accumulation is the fact that the buying has gone up whenever the Bitcoin price has crashed. For example, in early May when the Bitcoin price crashed, these wallets increased their buying. This time around, as the BTC price has struggled to retain the $60,000 level, they have begun to buy once more. Santiment’s data shows that during the last month, their holdings have increased drastically, bringing it to a total of 16.17 million BTC held by these wallets. USDT And USDC Holdings Supports Accumulation Theory One thing that also suggests that these whales have been buying Bitcoin aggressively over the last six months is the change in the USDT and USDC holdings of wallets. Usually, investors will hold these stablecoins as a way to avoid market volatility and wait for better prices. However, once prices get low enough, they begin to buy, and this buying translates to a drop in the balances of their stablecoin holdings. For example, Santiment’s report points to a drop in the USDT and USDC holdings of sharks and whales holding between $100,000 and $1 million, although the USDT holdings have taken more of a hit. Related Reading: Bitcoin Miners Slow Down Selling In July, What This Could Mean For Price USDC holdings of these large wallets have dropped by 1.99% in the last six months, bringing their holdings to 34.2% of the current supply. Meanwhile, USDT holdings have dropped by 5.37% in the same time period, dropping their holdings to 30.3% of the total supply. What this shows is a willingness to buy Bitcoin at these low prices in anticipation of a price recovery. If this buying continues, it could created a much-needed support for the BTC price at $60,000, increasing the possibility of a price increase from here. Featured image created with Dall.E, chart from Tradingview.com