In the last week, the price of Bitcoin took a significant nosedive, recording a 7% loss to trade as low as $59,478. According to data from CoinMarketCap, Bitcoin attempted a rebound following this dip but has since been stuck in consolidation between $60,100 – $62,300. Commenting on this development, John Bollinger, inventor of the Bollinger Bands, a popular technical momentum indicator, has provided potential insights into Bitcoin’s next movement as investors continue to await the much-expected crypto bull run. Related Reading: Market Tremors: $10 Billion in Bitcoin Dumped in May Alone, What Does This Signal? Bitcoin To Remain In Consolidation, Bollinger Says In an X post on June 28, Bollinger predicted the price of Bitcoin will maintain its current range-bound movement. The prominent analyst made this projection based on the absence of a price bound following a two-bar reversal at the lower Bollinger Band. For context, the Bollinger Bands consist of three lines (bands) namely a Middle Band which is typically a 20-day moving average of the asset’s price, and an upper and lower band which represent the SMA plus and minus two standard deviations of the price respectively. The Bollinger Bands are primarily used for trend identification and for indicating potential breakouts and breakdowns. Notably in trading, a two-bar reversal is a candlestick pattern showing a potential change in price direction. When this pattern occurs at the lower Bollinger Band, it often suggests that the asset might experience a bounce or a reversal to the upside due to being oversold. However, in the current case of Bitcoin in which there is no price gain following this development, it can indicate continued weakness or price indecision which may cause BTC to remain in consolidation. Generally, such sideways price movements are driven by bearish or uncertain sentiments leading to a lack of buying pressure from investors even at lower prices. In addition, this absence of price bounce also indicates that the current lower Bollinger Band represents a weak support level increasing the risk of a price breakdown. Related Reading: Is The Bitcoin Bottom In? Crypto Expert Predicts Bullish Price Reversal BTC Price Overview At the time of writing, the price of Bitcoin continues to trade at $60,629 with a 1.31% decline in the last day. However, the asset’s daily trading volume is up by 15.95% and is currently valued at $24.8 billion. Notably, Bitcoin lost 11.69% of its value in June as its price dipped below $60,000. However, despite this decline, investors remain resilient in their expectations of a price rally to kick-start the crypto bull season. Notably, a crypto whale recently bought 20,200 BTC at $1.23 billion, showing much confidence in the token’s ability to stage a price rebound and embark on a bullish run. BTC trading at $60,750 on the 4-hour chart | Source: BTCUSDT chart on Tradingview.com Featured image from Shutterstock , chart from Tradingview
The Bitcoin price has been under significant bearish pressure in the past few weeks, and this crypto researcher has explained the role of demand in the market correction. BTC Apparent Demand Is Falling – Cause For Alarm? In a recent post on the X platform, CryptoQuant’s head of research Julio Moreno explained how the latest […]
The financial watchdog chair said that if recovered, the funds could significantly enhance infrastructure, healthcare and education across the continent.
The post Biden’s SEC Attacks Crypto Giants: SEC Targets Uniswap, Kraken, and More! appeared first on Coinpedia Fintech News
The U.S. SEC, led by Gary Gensler, has recently alleged that prominent DeFi projects like Lido and Rocketpool qualify as securities. This move adds to a growing list of legal actions against major crypto entities, including Uniswap, Kraken, Coinbase, Metamask, and Robinhood. Lido DAO (LDO) and Rocket Pool (RPL) saw sharp prices decline on Friday, …
The post Shiba Inu Coin Set for Major Comeback? Top Trader Predicts Massive Rally to 2021 Highs appeared first on Coinpedia Fintech News
One of the most popular meme cryptocurrencies, Shiba Inu (SHIB), has ended June with its worst performance since May 2022. By the end of the month, SHIB’s price had dropped over 33%, reaching $0.000017. Despite this decline, top crypto trader Daink predicts an imminent rally for Shiba Inu, projecting a return to its 2021 high …
The post Coinbase Files for CFTC Approval: Introducing Futures for SHIB and AVA appeared first on Coinpedia Fintech News
Coinbase has filed for regulatory approval from the Commodity Futures Trading Commission (CFTC) to offer futures on several altcoins, including SHIB and AVA. This move aims to enhance trading options and attract more institutional investors, with the new futures potentially starting as early as July 15. Expansion of Product Offerings Coinbase’s strategic filling for CFTC …
The post Binance vs SEC: Legal Storm Intensifies, Key Developments Unfold appeared first on Coinpedia Fintech News
Binance is in bigger trouble again! A U.S. court has allowed most of the claims by the US SEC regulators against cryptocurrency exchange Binance. Judge Amy Berman Jackson ruled that claims regarding Binance’s staking program, the sale of its BNB token after its initial coin offering, and anti-fraud violations will move forward. The SEC’s assertion …
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The Bitcoin price suffered significant bearish pressure over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week — its lowest in nearly two months. While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price. $56,000 The Ultimate Support Level For Bitcoin: CryptoQuant In a recent report, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency. Related Reading: Ethereum’s Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In The relevant indicator here is Metcalfe price valuation bands, which pinpointed resistance levels and tops in the previous cycle. However, as shown in the chart below, these bands (the red line) acted as a critical support area in May. For context, the Metcalfe Law states that the value of a network is proportional to the square of the number of its users. Basically, this law suggests that the value of the cryptocurrency (Bitcoin) is intrinsically linked to the size and activity of its network. The Metcalfe price valuation bands are derived from this principle, providing a valuation framework associated with the network effect. These bands create a range of price levels that evaluate where Bitcoin should theoretically trade based on the network fundamentals. Historically, these bands have acted as both reliable resistance and support levels in different market cycles. In recent months, the $56,000 level has been a pivot point for the indicator, providing a strong support for the Bitcoin price in May. According to CryptoQuant’s report, the price level might prove to be vital should the premier cryptocurrency face additional downward pressure. However, if the Bitcoin price dips below this level, the market leader could experience a major correction. Bitcoin Price At A Glance As of this writing, the Bitcoin price has returned to around the $60,700 mark, reflecting a 2% decline in the last 24 hours. The coin’s performance on the weekly timeframe is deeper in the red. According to data from CoinGecko, BTC is down by more than 6% in the past week. Nevertheless, the cryptocurrency ranks as the largest asset in the sector, with a market capitalization of over $1.18 trillion. Related Reading: Steam’s Clicker Game Sensation Opens Debate About NFTs And Crypto Gaming Featured image from iStock, chart from TradingView
The US Securities and Exchange Commission (SEC) has intensified its legal battle with the crypto industry by filing a lawsuit against ConsenSys, a blockchain firm known for its MetaMask wallet product and its focus on the Ethereum network. The SEC alleges that ConsenSys violated federal securities laws by operating as an unregistered broker and dealer […]
On-chain data shows users on the Bitcoin blockchain had to pay the same total fees as Ethereum this past quarter. Bitcoin Users Paid $440 Million In Transaction Fees Last Quarter As market intelligence platform IntoTheBlock pointed out in a new post on X, Bitcoin has registered a sharp jump in transaction fees this past quarter. […]
The post Altcoins Almost 100% Away From Previous ATHs; What Does This Indicate? appeared first on Coinpedia Fintech News
Recently, altcoin sentiment has been a hot topic due to their performance, with June being particularly volatile. Bitcoin is currently 25% away from reaching a new all-time high (ATH). In contrast, altcoins are almost 100% away from their previous ATHs. Will this change anytime soon? With this in mind, let’s look at the second-largest cryptocurrency, …
The post SEC Charges Lido and Rocket Pool for Unregistered Securities Offerings appeared first on Coinpedia Fintech News
The SEC in its recent filing noted that The Lido and Rocket Pool staking programs are each offered and sold as investment contracts and, therefore, securities. Investors make an investment of ETH in a common enterprise with a reasonable expectation of profits from the managerial efforts of Lido and Rocket Pool, respectively. But still, neither …
The post BTC Back To 60K Support Region, Ether ETF Remains Bullish Catalyst: QCP appeared first on Coinpedia Fintech News
QCP in its weekend brief noted that an onslaught of bearish headlines throughout the week has taken BTC back down to the 60k support region. The market has to deal with overwhelming supply from the Mt. Gox unlocks and the selling by government bodies. In its view, the scary supply numbers are probably overstated, and …
The realm of cryptocurrency ETFs appears to be now expanding, yet not all digital assets are poised for an easy transition into this financial product. GSR’s recent analysis of the potential for ETFs across various crypto has brought forward insights that place XRP and Cardano in a challenging position for ETF adaptation. Using a comprehensive […]
The post Altcoins Holding Market Expectations: Quant (QNT) & Arweave (AR) Prices Surge High! appeared first on Coinpedia Fintech News
The bears are slowly squeezing all the profits gained in the past few days, indicating the markets are approaching the peak of the consolidation. Therefore, some of the altcoins have already initiated a bullish breakout. Quant has reached the end of the consolidation and hence a breakout was pre-programmed. Meanwhile, Arweave is trying to maintain …
The post Tech Companies Confidence In Hong Kong’s Virtual Asset Market appeared first on Coinpedia Fintech News
A large number of technological companies have returned to Hong Kong in the past year which shows their confidence in the future development of Hong Kong’s virtual asset market. The financial director of OSL group underscored Hong Kong’s advantages in developing the virtual asset market. He also stated that the SAR government’s declaration on virtual …
Judge Amy Berman Jackson, however, dismissed the SEC’s claim that BNB is traded illegally on secondary markets, citing the Ripple decision.
The post Bitcoin Price Prediction: No Confirmation Of Bullish Reversal, Major Crash To $56k On Cards appeared first on Coinpedia Fintech News
Analyst Josh of Crypto World took to his latest analysis and revealed that Bitcoin is still showing a short-term bearish signal, repeating its past price movements. He said that over the last day, nothing major has changed. Examining the daily Bitcoin chart, he saw that the DXY (U.S. Dollar Index) is trending upwards, forming higher …
A clicker game on Steam recently became the talk of the town after flipping some of the most popular games on the platform. ‘Banana’ became a sensation for its NFT-like rewards, which can be sold for over $1,000 on Steam’s marketplace. However, the clicking phenomenon has sparked a debate among crypto community members about the state of crypto and web3 gaming. Related Reading: Master Of Scams: Metallica’s Hacked X Account Promotes Solana Token Peeling Steam’s Clicker Game Sensation Banana is an indie game on Steam that consists of clicking the image of a banana to obtain rewards. Although not the first of its kind, its players are rewarded with digital bananas every few hours. Rewards can go from common bananas worth pennies to rare bananas, which can be sold for up to $1,300. The free-to-play game hit the news after it surpassed some of the most popular titles on the platform. Banana flipped Elder Ring and Baldur’s Gate 3 in the most-played games list. The clicker game only came second to Counter-Strike 2. As of this writing, the game remains the fourth most played game on Steam, with over 344,000 current players and a 578,000 peak in the last 24 hours. Moreover, it reached an all-time peak of 917,000 players earlier this month. However, the simplicity of the game raised some alarms among gamers. Many believed the clicker game contained malware that turns devices into crypto miners. While others wondered if the game was a scam of sorts. One of Banana’s developers, Hery, denied the accusations. Hery told news media outlet Polygon that it “is pretty much a stupid game” with bananas, not a scam. Many users also speculated if the game was related to NFTs and cryptocurrencies, as it had an NFT-like feeling but without the blockchain technology. A Banana team member clarified that “Banana wants nothing to do with crypto.” They explained that the game had no intention of integrating crypto as it doesn’t “mix well” with Steam. Additionally, they emphasized that it started as “a goofy game to collect some bananas on your Steam profile.” Are Crypto And Web3 Gaming Going Banana? Although Banana doesn’t plan on integrating with the crypto industry, the game sparked several conversations among the community. Several members took the opportunity to discuss its implications for web3 gaming. A user highlighted the game’s popularity despite its simple mechanics, proposing the industry doesn’t need ‘AAA games’ to break out. Several community members agreed and suggested there’s a misconception about the type of games needed in web3. Although complex and super action games are believed to be the only option, “dudes just wanna have fun and make points,” said an X user. Seemingly, the sentiment among many was that the industry is “making it more complicated than it is.” Some users believe that Banana and similar games could help with web3 gaming. The meme quality of the game was pointed out as a potential catalyst for broader adoption. Similarly, this week, Avalanche Gaming discussed Banana’s implications on its Gamified Show. According to Paul Bettner, game developer and co-founder of Playful Studios, Banana could be a getaway to the larger world of crypto gaming. To Bettner, “the behavior that we all love and participate in web3 as degens and web3 and crypto native users is, in fact, universal.” While watching the phenomenon of Steam’s clicker sensation evolve, the game developer noticed that users were “a bunch of degens that don’t know they’re degens yet.” Related Reading: Is Ethereum About To Take Off? Analysts Weigh In Amid ETF Approval Date Rumors Ultimately, he considers that “people are learning how to degen.” If most of these users knew “what a wallet or a blockchain was, they would realize they could do that at 1000x the scale on a blockchain.” Featured Image from Unsplash.com, Chart from TradingView.com
With the current crypto market crash being spearheaded by Bitcoin, the FLOKI price has taken a significant hit. Where others have seen between 5-20% decline, FLOKI has lost more than half of its all-time high value, driving back downward toward April levels. However, this may be short-lived as a crypto pundit has predicted a possible […]
May 2024 emerges as a pivotal month for Bitcoin, witnessing a notable amount of liquidation by long-term holders. Blockchain analytics firm IntoTheBlock highlighted a sell-off totaling roughly $10 billion, equivalent to approximately 160,000 BTC. This trend marked a significant departure from the usual holding patterns seen among long-term investors, who typically help stabilize Bitcoin prices by holding through volatility. Related Reading: Will Bitcoin Continue Dumping? This Analyst Thinks So, Here’s Why Bitcoin Stability at Risk? Notably, these long-term Bitcoin holders, also known as the stalwarts of the Bitcoin community, have traditionally served as a bulwark against market turbulence, with their investment decisions often reflecting a steadfast belief in the cryptocurrency’s long-term value. The change in their behavior in May signals a broader sentiment shift within the market. The scale of this sell-off not only underscores a potential loss of faith or a strategic financial recalibration but also poses serious implications for market liquidity and price stability. IntoTheBlock’s analysis further reveals a slowdown in June, with “only” 40,000 BTC sold, suggesting that while the fevered pace of May’s sell-offs has cooled, the liquidation trend persists. Such continued selling activity contributes to ongoing price pressures, challenging the resilience of Bitcoin’s market value. The repercussions of these large-scale disposals extend beyond simple transactional impacts. Bitcoin’s price has struggled to find firm footing above the $61,000 mark, with frequent fluctuations testing the resolve of both traders and analysts. Despite brief spikes in trading activity—such as a surge to $62,314 earlier today—Bitcoin’s price has retracted to around $60,843, reflecting a 1.3% decrease over the past day. Adjusting to New Realities Adding to the complexity is the significant reduction in Bitcoin mining activity. After the Halving event in April, which reduced mining rewards by half, there has been a marked decrease in mining output. Data from CryptoQuant indicates a near 90% drop in miner withdrawals, suggesting a drastic cut in selling pressure from this quarter. The reduced mining activity is largely due to decreased profitability, prompting miners to scale back operations and sell fewer coins. This adjustment might normally suggest a tightening of supply and potential upward pressure on prices, yet the overarching market sentiment remains bearish. CryptoQuant analysis points to a state of “capitulation” among miners, a condition supported by the Hash Ribbons metric indicating that the short-term mining hash rate has fallen below its longer-term trend. Typically, traders consider such signals bullish, indicating potential buying opportunities. However, the current market digestion of the recent heavy sell-offs by long-term holders and the reduction in mining output paints a more nuanced picture. Related Reading: Bitcoin To Hit New Heights? Analyst Predicts 10x Growth In Few Years — Here’s How The convergence of these factors might yet forge a pathway out of the current bearish climate, setting the stage for a potential market recovery. Featured image created with DALL-E, Chart from TradingView
A federal judge ruled the SEC had plausibly alleged Binance, Binance.US and Changpeng Zhao violated federal securities laws.
In a significant development for the growth and adoption of digital assets in the Asian region, the Aptos Foundation has announced a collaboration with Alibaba Cloud, the digital technology and intelligence backbone of the Alibaba Group. This partnership aims to expand Japan’s Web3 ecosystem and improve regional accessibility, marking a milestone in developing Asia’s Web3 […]
Peter Thiel also believes that Bitcoin’s original vision as a cypherpunk, crypto-anarchist freedom tool hasn’t been fulfilled.
A crypto expert has predicted a bullish price reversal for Bitcoin, the world’s largest cryptocurrency. The analyst suggested that Bitcoin’s price may have bottomed in, potentially signaling the start of market stabilization after a prolonged downturn. Bitcoin Price Reversal On The Horizon Crypto expert and Bitcoin analyst, Willy Woo has taken to X (formerly Twitter) to shed light on Bitcoin’s current price performance and its future outlook as market conditions stabilize. The analyst disclosed that there may be a good chance that “Bitcoin has cleared all price lows” for this market cycle. Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% The crypto expert disclosed that miner capitulation was one of the most reliable indicators for a subsequent price reversal in a cryptocurrency, typically ending periods of sideways or bearishness. Sharing a price chart of Bitcoin’s performance, the analyst has stated that short-term technicals point to a possible price reversal for the pioneer cryptocurrency. He disclosed that the market was approaching a TD9 reversal signal on the daily candles, which is expected to occur in two hours. A TD9 reversal is a technical indicator that usually signals a possible change in a cryptocurrency’s market trend. The crypto expert has revealed that if this scenario plays out, Bitcoin could start correcting upwards, compensating for the recent price declines triggered by excessive selling from miners and significant liquidations driven by speculators. However, Woo has cautioned that Bitcoin’s path to recovery remains uncertain, as substantial speculative activity still needs to be flushed out of the market. The analyst has revealed that Bitcoin can only recover when weak miners die and hash rates recover. He also disclosed that liquidations were necessary for a major price pump in Bitcoin. Is BTC’s Bottom In? Woo suggested in his post that Bitcoin may have reached its bottom price. The cryptocurrency is currently trading at $61,481, reflecting a 3.86% decline over the past week, according to CoinMarketCap. In an earlier post, the crypto expert disclosed a price target for Bitcoin at $62,000, highlighting that an increase in liquidations has triggered substantial downward momentum for Bitcoin. He revealed that the $62,000 threshold was the most optimal price point to flush out excessive leverage in Bitcoin. However, as speculators continued to open new long positions, it inadvertently led to more liquidations as Bitcoin’s price fell. The long squeeze triggered additional downward pressure for the cryptocurrency, pushing Woo’s initial price target down towards $58,000. Related Reading: Crypto Analyst Says ‘XRP Is In Trouble,’ Here’s Why Adding to the market pressure, Woo disclosed that a post-halving miner’s capitalization was ongoing. He disclosed that after Bitcoin’s halving event on April 20, numerous miners sold off their Bitcoin holdings, exacerbating the cryptocurrency’s downward spiral as selling pressures increased. Woo revealed that $54,000 may be the next layer of liquidations for Bitcoin, predicting that if the cryptocurrency reaches these lows, it could potentially tip it into a bearish phase. Featured image created with Dall.E, chart from Tradingview.com
On-chain data shows the Bitcoin long-term holder supply has continued declining recently. Here’s what this could mean for the asset. Bitcoin Long-Term Holder Supply 30-Day Change Has Been Negative Recently As explained by CryptoQuant author Axel Adler Jr in a post on X, the BTC long-term holder supply hasn’t been showing any signs of growth […]
Coinbase Derivatives plans to launch margined futures contracts for Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Stellar (XLM), and Shiba Inu (SHIB). On June 28, the service published an announcement and submitted filings to the CFTC to list each contract under a self-certification model. It intends to launch the products on July 15. Coinbase Derivatives said […]
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Despite Ethereum’s recent lackluster performance, Glassnode Co-founders, under the name ‘Negentrophic’ on Elon Musk’s X social platform, assert that ETH’s potential has yet to be fully realized. Analyzing historical data and market patterns similar to those in early 2021, Negentrophic predicts that Ethereum could reach a high of $7,500, a forecast based on current market structures and technical indicators such as the 161.8 Fibonacci extension level. Related Reading: Is Ethereum About To Take Off? Analysts Weigh In Amid ETF Approval Date Rumors Diving Into The $7,500 Prediction Assessing the prediction from these experts, a Fibonacci extension level seen in 2021, which signaled a major rise for Ethereum, seems to have now emerged on the ETH chart, suggesting that history might indeed repeat itself. The technical analysis shows a developing bull flag pattern on Ethereum’s chart, which typically indicates the continuation of a bullish trend. Ethereum could be primed for a substantial price increase if this pattern holds, especially considering the increased market interest and forthcoming ETH spot ETF trading. For Ethereum to achieve the anticipated $7,500 price target, it must first overcome several significant resistance levels. The initial major hurdle is the $4,000 mark, aligned with the 1.618 Fibonacci extension from the previous cycle. Surpassing this level would confirm the bullish market structure and pave the way for reaching higher price targets. Negentrophic particularly noted on X: We believe Market moves in structures. And this structure gives us a target at ~7500 as a Final High for ETH. That is the 161.8% Fib-extensions from the structure, we currently see developing. That would mirror the Fib-extension we saw back in 2021. And it would also imply a strong rally in ETH to set in …. soon! Ethereum Signs of Recovery Meanwhile, In the current market environment, ETH has shown signs of recovery, rising from lows below $3,300 to around $3,483. However, the road to recovery is still fraught with challenges, as indicated by a slight downtrend in its weekly performance. Market experts like Quinn Thompson of Lekker Capital have echoed similar bullish sentiments for Ethereum, suggesting a potential rise to $7,000 by the upcoming US election in November. Related Reading: Ethereum Price Roadblocks: What’s Hindering A Fresh Increase? This projection aligns with a broader optimism in the crypto community, where the mood has shifted from overwhelmingly bearish to cautiously optimistic about a significant surge for major cryptocurrencies. Title: We are amidst one of the most obvious and attractive crypto buying opportunities of recent memory. Subtitle: While the market has completely reset, the structurally positive election, liquidity and crypto momentum cycles remain intact. Body: In all of my 5 years in… — Quinn Thompson (@qthomp) June 26, 2024 Featured image created with DALL-E, Chart from TradingView
The Internal Revenue Service did not include decentralized exchanges or self-custodial wallets under its broker reporting requirements.