Crypto expert Duncan (@FloodCapital) recently expressed a strong conviction that Bitcoin has reached its market bottom and is poised for new all-time highs. His analysis, shared on X (formerly Twitter), provides a detailed examination of the current market dynamics and underlying fundamentals that signal a bullish turn for Bitcoin and potentially other cryptocurrencies. Is The Bitcoin Bottom In? In his in-depth analysis, Duncan pointed out that the crypto market has been underperforming relative to equities over the past few weeks. This trend was a concern until a pivotal development emerged concerning Mt. Gox. Duncan noted, “Yesterday’s Mt. Gox headline provided a reasonable explanation for the recent market behavior.” The expectation of billions of Bitcoin being distributed to creditors had been anticipated by insiders, leading to a temporary market dip. Related Reading: Spot Bitcoin ETFs See 7 Consecutive Days Of Outflows, Here’s What Happened Last Time The situation was analyzed in depth by Alex Thorn, Galaxy Digital’s Head of Research, who suggested that the selling pressure from this event might be less severe than initially feared. As Duncan explained, “We’ve swept the range lows, leading to about $300M in long liquidations.” While these figures are significant, they are modest compared to the liquidation events in March and April, where more than $750M was liquidated in three different 24-hour periods. This suggests a cooling market, which is also evidenced by reduced altcoin open interest, lower funding rates, and a less bullish options skew. Duncan observed that the sentiment on Crypto Twitter is “literally the worst I’ve ever seen it,” despite Bitcoin being less than 20% off its all-time highs. This sentiment is rooted in the traumatic experiences of crypto natives who, having witnessed the altcoin boom outperforming Bitcoin and Ethereum in 2021, tried to anticipate a similar pattern this year but were met with a drastically different market structure. The influx of capital into Bitcoin has been significantly influenced by the ETF developments, with Blackrock applying for an ETF in June 2023 when Bitcoin was priced at $26,000. The approval and subsequent inflow of $14.3 billion into the ETF marked a stark contrast to previous years dominated by decentralized finance (DeFi) and high consumer interest in altcoins. “This year, the capital is heavily skewed towards Bitcoin, influenced by its perceived stability and the formal financial product structure of ETFs,” Duncan elaborated. Related Reading: Is The Bitcoin Bottom In? Here’s What 7 Experts Say On the fundamental side, Duncan highlighted Blackrock’s strategic movements within the crypto space. “With $17 billion in IBIT and at a 25bps fee, Blackrock is poised to generate approximately $45 million annually from this ETF, indefinitely,” he stated. This steady revenue stream could be a precursor to more institutional products and greater acceptance of Bitcoin as a legitimate asset class. Duncan also discussed the potential normalization of a 1% Bitcoin allocation in major investment portfolios, which he believes could drive significant future inflows. “If 1% becomes the global standard allocation to Bitcoin, we have a lot of inflows to go,” he noted, suggesting that not having such an allocation might soon be viewed as a strategic oversight. He added, “A great selling point from these firms is if you don’t have 1% in BTC your essentially short / underweight BTC. This begins to flip the career risk from owning BTC to not owning BTC, a massive paradigm shift.” Ethereum And The Future Of Altcoins Turning to Ethereum, Duncan expressed optimism about the upcoming US spot Ethereum ETF, which he believes could outperform the Bitcoin ETF in profitability due to higher fees and potential revenue from staking. “Blackrock’s most successful product launch ever is likely to have a sequel with the Ethereum ETF, which could be even more profitable,” he predicted. He criticized the current low expectations surrounding the Ethereum ETF, which he attributes to widespread misinformation and underestimation of its potential impact. “The ETH ETF is likely a higher margin product for Blackrock, and adding staking could boost its profitability even further,” Duncan explained, suggesting that the integration of real-world assets (RWA) on-chain could enhance its appeal. At press time, BTC traded at $61,764. Featured image created with DALLE, chart from TradingView.com
Julian Assange, the founder of WikiLeaks, has received significant financial support from donors to cover the costs of his journey to freedom, as discovered by Alistair Milne, CIO of Altana Digital Currency Fund. As Assange prepares to return to Australia following his plea deal with US authorities, his wife Stella launched an urgent appeal for […]
The post Bitcoin whale pays off almost all Assange’s $500k jet fees in single transaction appeared first on CryptoSlate.
George Latimer's win in the NY primary, backed by a pro-crypto super PAC, highlights the growing influence of crypto in politics.
The post George Latimer defeats anti-crypto Jamaal Bowman in NY primary with crypto PAC support appeared first on Crypto Briefing.
An anonymous donor has significantly contributed to the cause of Julian Assange, the founder of WikiLeaks, by covering almost the entire cost of his travel expenses as he transitioned from detainment to freedom. This donation of 8 Bitcoin (BTC), valued at nearly $497,000 at current market rates, nearly fulfills the total appeal of $520,000 outlined […]
Injective (INJ), a project known for its cross-chain derivatives protocol, is grabbing headlines after crypto analyst Javon Marks released a bullish prediction. Marks, a popular figure in the crypto space, believes INJ is poised for a “monstrous rally” towards a staggering $380 target. Related Reading: Solana Slides 13% – Can It Recover Despite Analyst’s $1,000 Prediction? This optimistic outlook comes amidst a generally volatile cryptocurrency market, leaving investors to wonder: is Injective really hurtling towards the moon, or is this a case of overzealous enthusiasm? Technical Twinkle: Hidden Bullish Divergence Fuels Optimism Marks’ prediction hinges on a technical indicator known as “hidden bullish divergence.” In layman’s terms, this suggests a potential disconnect between the asset’s price and a technical measure of its momentum. While the price might be dipping, the momentum indicator could be hinting at an underlying bullish trend waiting to erupt. Think of it like a coiled spring – the price may be compressing (going down slightly), but the indicator is suggesting the spring is building tension, and an upward surge could be imminent. This divergence between price and momentum is why it’s called “hidden” – the bullishness is there, but it’s not as clear-cut as a straight price increase. $INJ (Injective)’s price looks to still be retesting the $21.6541377 target while holding a major Hidden Bull Divergence that can be indicating a continuation! With prices being above this target level, the next Logarithmic Target is at $380 and the Hidden Bull Divergence can be… https://t.co/FAYVNtmJR9 pic.twitter.com/QL96YNCToT — JAVON⚡️MARKS (@JavonTM1) June 24, 2024 Marks sees this potential for a reversal in INJ, pointing to a retest of the $21.65 price point as a crucial signal. This level has previously acted as support, and a successful retest could be the launchpad for a significant upswing. DeFi Darling: Injective’s Allure In A Volatile Market Injective’s bullish potential extends beyond just technical indicators. The project has carved a niche for itself in the Decentralized Finance (DeFi) landscape with its innovative cross-chain derivatives protocol. This allows users to trade derivatives – financial contracts derived from the value of underlying assets – across different blockchains. This functionality caters to a growing demand for sophisticated DeFi tools, potentially attracting a wider user base and driving up INJ’s value. Investor Insight: Soaring To $380 Or Crash Landing? While Marks’ analysis paints a rosy picture for INJ, it’s important to remember the inherent volatility of the cryptocurrency market. Reaching a price tag of $380 would represent a phenomenal increase from its current price point. Related Reading: Don’t Fret The DOGE Dip: Analyst Predicts Big Rebound To $2 Historical trends show that cryptocurrencies can experience explosive price fluctuations, but these can also be followed by dramatic corrections. Featured image from Reddot Media, chart from TradingView
SEC Chair Gary Gensler didn’t comment on when his agency would approve Ether ETFs for trading, but analysts predict it could be as soon as next week.
The post Top BRC-20 Tokens To Buy Before The Bull Market Begins appeared first on Coinpedia Fintech News
Despite the Bitcoin price being stuck near the $60K support zone, the BRC-20 tokens experienced a short breeze recovery. With this recovery rally, the top BRC-20 tokens tease a trend reversal rally as the altcoin sector heats up. As the market anticipates the Bitcoin price to rise from the $60K support zone, the ORDI and …
Over 25% of options are set to expire "in the money," Deribit's Luuk Strijers told CoinDesk.
Etched is making waves in the artificial intelligence hardware space with its revolutionary new AI accelerator chip. The Silicon Valley startup, founded in 2022 by Harvard dropouts Gavin Uberti and Chris Zhu, has developed a custom application-specific integrated circuit (ASIC) called Sohu that is purpose-built to run transformer models – the architecture behind today’s most […]
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The crypto market has recorded a consolidated price action after trading under a bearish sentiment for over a week, giving its investors a sign of relief. However, the altcoin leader, Ethereum Price, continues its struggle to surpass the $3.4K mark, resulting in top altcoins recording a price similar trend. Furthermore, Ethereum’s Layer-2 (L2) project, the …
The post Top Whale from dogwifhat (WIF) on the Hunt! Can the Bulls Regain Control? appeared first on Coinpedia Fintech News
The meme coin industry, led by top Solana-based project dogwifhat (WIF), has rebounded more than 7 percent in the past 24 hours to about $51.6 billion. The Bitcoin rebound to around $62k has quelled the crypto bearish sentiment triggered by heightened selling pressure. The crypto market is yet to, however, signal full recovery as the …
Shiba Inu and PEPE whales have begun to make their move in a market currently rocked with uncertainty. This time around, these prominent investors are sending large amounts of tokens to centralized exchanges like Binance, suggesting that they could be looking at dumping the meme coins. Such a move would put undue pressure on both […]
The post Top Meme Coins To Buy For A 100% Surge Next Month appeared first on Coinpedia Fintech News
With the altcoins sector making a huge bullish wave, the meme coins are spearheading the uptrend. As the best-performing sector in 2024, the demand for meme coins constantly rises, followed by the RWA and AI tokens. Amidst the bull run in these communities and hype-driven coins, the top names like the DOGE and SHIB tease …
The post Bitcoin Price Prediction: No Confirmation Of Volatile Shifts; Here’s When Serious Fireworks Will Begin appeared first on Coinpedia Fintech News
The short-term trends look a bit shaky for the cryptocurrency market and the potential for a breather keeps lingering. After sailing in the red zone, Bitcoin has now drifted to the green zone, trading above the $61,500 levels. Analyst’s Perspective on Price Range Analyst Josh of Crypto World said that Bitcoin has been stuck in …
No downtime was observed as a Cardano developer managed to attack the attacker and take back some funds.
FTX lawyers stressed that in-kind crypto payouts would clash with bankruptcy laws but several creditors feel shortchanged by the proposed cash repayments plan.
Sen. Ron Wyden (D-Ore.) has been a long-standing member of the U.S. Senate, and was a sponsor or co-sponsor of several key pieces of legislation enabling broad adoption of the internet. More recently, he voted in favor of a House Resolution overturning the Securities and Exchange Commission's Staff Accounting Bulletin 121, and questioned threats to personal and financial privacy online. Last month, he spoke at CoinDesk's Consensus 2024 conference. As with previous versions of this newsletter, my questions have been shortened but the Senator's responses. have only been edited lightly.
The post Crypto Market Crash: These Altcoins Are Outperforming Bitcoin appeared first on Coinpedia Fintech News
On Crypto Banter’s The Sniper Trading Show, the analyst opened up about the short-term outlook for Bitcoin. He said that the coin may aim for the $62,000 to $63,000 range, and any break above $62,000 could push it towards $65,000. Closing above these levels this week would be a strong sign. However, there’s also a …
The post After a Brief Bloodbath, Traders Turn Optimistic About the Bitcoin Price Rally: Can It Make It to $65,000? appeared first on Coinpedia Fintech News
The market participants appear to have become bullish on the next price action, as the buying pressure has piled up to some extent. The institutions have resumed accumulating BTC, and the possibility of a reversal emerges. However, this upswing is feared to be short-lived, as the markets need to witness one of the major obstacles …
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Gary Gensler, in his latest interview with Bloomberg, has spilled the beans on the SEC’s take on the Federal court’s rejection of new regulation and controversy related to the delay in ETH ETFs. Here’s the story in detail! Earlier this month, a federal court struck down a new regulation imposed by the US SEC. The …
Alex Lab, a Bitcoin-based DeFi protocol, revealed new details about the hack it suffered in May. The project announced it had potentially identified the attacker with the help of a blockchain sleuth while the police continued to investigate the incident. Related Reading: Fake Elon Musk Runs Wild On YouTube, Stealing Crypto With Deepfakes DeFi Protocol […]
BNB price started a recovery wave from the $550 support. The price is now consolidating and facing hurdles near the $585 and $592 levels. BNB price started a decent upward move from the $550 support zone. The price is now trading above $575 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $578 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could gain bullish momentum if there is a close above the $585 resistance. BNB Price Aims Higher In the past few days, BNB price saw a steady decline from the $592 resistance, like Ethereum and Bitcoin. There was a drop below the $575 support and $560. Finally, the bulls appeared near $550. A low was formed at $550.8 and the price recently started a recovery wave. There was a move above the $565 and $575 resistance levels. The price surpassed the 61.8% Fib retracement level of the downward move from the $593 swing high to the $550 low. There is also a short-term rising channel forming with support at $578 on the hourly chart of the BNB/USD pair. The price is now trading above $575 and the 100-hourly simple moving average. Immediate resistance is near the $583 level or the 76.4% Fib retracement level of the downward move from the $593 swing high to the $550 low. The next resistance sits near the $585 level. A clear move above the $585 zone could send the price higher. In the stated case, BNB price could test $592. A close above the $592 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the coming days. Another Decline? If BNB fails to clear the $585 resistance, it could start another decline. Initial support on the downside is near the $578 level and the channel’s trend line. The next major support is near the $572 level. The main support sits at $565. If there is a downside break below the $565 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $572 and $565. Major Resistance Levels – $585 and $592.
The supply of ETH has been gradually increasing since mid-April with the Dencun upgrade decreasing competition for block space on the mainnet.
In a significant development for the crypto industry, Republican Congressman Matt Gaetz is set to introduce a new bill allowing federal income tax payments to be made using Bitcoin (BTC). Gaetz believes that by allowing taxpayers to utilize Bitcoin for their federal tax obligations, the country can foster innovation, enhance efficiency, and provide greater flexibility […]
XRP price started a recovery wave from the $0.4620 support. The price is now struggling to clear $0.4780 and might restart its decline. XRP price is attempting a recovery wave from the $0.4620 support zone. The price is now trading below $0.4800 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.4770 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might face rejections near $0.4780 and $0.480. XRP Price Faces Resistance XRP price extended losses below the $0.480 level like Bitcoin and Ethereum. The price even spiked below $0.4650 and tested the $0.4620 zone. A low was formed at $0.4619 and the price recently started a recovery wave. There was an upward move above the $0.4700 and $0.4720 resistance levels. The price even surpassed the 50% Fib retracement level of the downward wave from the $0.4885 swing high to the $0.4620 low. However, the bears seem to be active near the $0.4780 zone. They are protecting the 61.8% Fib retracement level of the downward wave from the $0.4885 swing high to the $0.4620 low. There is also a key bearish trend line forming with resistance at $0.4770 on the hourly chart of the XRP/USD pair. It is now trading below $0.4800 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4770 level. The first major resistance is near the $0.4800 level. A clear move above the $0.4800 resistance might send the price toward the $0.4885 resistance. The next major resistance is near the $0.5050 level. A close above the $0.5050 resistance zone could send the price higher. The next key resistance is near $0.5250. Any more gains might send the price toward the $0.5500 resistance. Another Decline? If XRP fails to clear the $0.4800 resistance zone, it could start another decline. Initial support on the downside is near the $0.4685 level. The next major support is at $0.4620. If there is a downside break and a close below the $0.4620 level, the price might gain bearish momentum. In the stated case, the price could even trade below the $0.450 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level. Major Support Levels – $0.4685 and $0.4620. Major Resistance Levels – $0.4770 and $0.4800.
Spot Bitcoin ETFs have entered another disturbing trend, recording outflows for one week straight. These outflows have coincided with the decline in the Bitcoin price, suggesting that the sell-offs may be directly linked to institutional sell-offs, as well as miner sell-offs. The funds have now completed seven consecutive days of outflows, so this report takes a look at what happened the last time that the outflows were this high. Spot Bitcoin ETFs Lose Money For 7 Straight Days According to data from Coinglass, Spot Bitcoin ETFs have now marked their 7th consecutive day of outflows. An interesting fact about the outflows is that they have averaged around $100 million daily, leading to around $1.2 billion pulled out from the funds so far. Related Reading: Shiba Inu Enters Accumulation Zone Amid 493% In Shibarium Transaction Fees While the current trend is alarming, it is not the first time that Spot Bitcoin ETFs will be bleeding for a full week. Back in April-May 2024, these funds bled for 7 consecutive days, to an even higher degree than what is being experienced now. Additionally, the largest single-day outflow was recorded in the same month, when the funds lost $563.7 million on May 1. This previous trend could lend some insight into what is currently happening and what might happen next. Back in May, after seven consecutive days of outflows, the funds were to see upside, recording inflows for two days before seeing outflows again. However, this was only the beginning of the recovery as institutional investors began to throw their hats in the ring once again. Starting from May 13, the inflows moved fast, recording 19 consecutive days of inflow, and setting a new record. If the previous trend is anything to go by, then the Spot Bitcoin ETFs could be seeing a turnaround soon, especially with the recovery in the Bitcoin price. A repeat of the May trend would trigger inflows of epic proportions, which will drive prices as the demand grows. BTC On The Charts The Bitcoin price, despite dropping to $60,000, is still trading well above its 200-day moving average of $50,613. This suggests that the price continues to be bullish in the long term, especially as investors opt to hold rather than sell. Related Reading: Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash? However, on the shorter timeframes, the pioneer cryptocurrency is performing poorly, falling below its 50-day and 100-day moving averages of $65,403 and $63,928, respectively, both of which are important for the short and mid-term performance of the digital asset. On the daily chart, though, Bitcoin is starting to see some upside. Its daily trading volume is up 35% and its price has recovered above the $61,000 resistance once again. Featured image created with Dall.E, chart from Tradingview.com
Ethereum price started a recovery wave from the $3,230 zone. ETH climbed above $3,350, but it now faces strong resistance at $3,420. Ethereum started an upside correction from the $3,240 support zone. The price is trading below $3,420 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $3,420 and $3,450 resistance levels to continue higher. Ethereum Price Eyes Recovery Ethereum price extended losses and traded below the $3,350 zone. ETH even tested the $3,240 support zone before it started a recovery wave like Bitcoin. There was a decent increase above the $3,300 and $3,320 levels. The bulls pushed the price above $3,350. It even spiked above the 61.8% Fib retracement level of the downward move from the $3,518 swing high to the $3,230 low. However, the price seems to be facing strong resistance near the $3,420 zone. There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. Ethereum is still trading below $3,420 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the trend line and $3,420. The first major resistance is near the $3,450 level. It is close to the 76.4% Fib retracement level of the downward move from the $3,518 swing high to the $3,230 low. A close above the $3,450 level might send Ethereum toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. The next key resistance sits at $3,620, above which the price might gain traction and rise toward the $3,650 level. Any more gains could send Ether toward the $3,720 resistance zone. Another Drop In ETH? If Ethereum fails to clear the $3,420 resistance, it could start another decline. Initial support on the downside is near $3,375. The first major support sits near the $3,350 zone. A clear move below the $3,350 support might push the price toward $3,280. Any more losses might send the price toward the $3,240 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,300 Major Resistance Level – $3,420
The post ‘Most Altcoins Are Completely Worthless And Dead’: Expert Reveals Why Altcoins Will Underperform This Time appeared first on Coinpedia Fintech News
Jonah Van Bourg, former oil derivatives trader at Goldman Sachs and Vitol and crypto and precious metals trader at DRW, recently shared why he is confident in his contrarian view on altcoins. He proposed a systematic strategy: buy an index of the top thousand altcoins, market cap-weighted, when Bitcoin has been in a bull market …
On-chain data shows that large investors in the Bitcoin network have been buying while the market has been in a panic state about the latest crash. Bitcoin Large Holders Netflow Has Been Positive Recently According to data from the market intelligence platform IntoTheBlock, the largest wallets on the Bitcoin blockchain have been making some large […]