Bitcoin price recovered above the $62,000 resistance zone. BTC must clear the $62,500 resistance zone to continue higher in the near term. Bitcoin started a recovery wave above the $61,500 and $62,000 levels. The price is trading below $63,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $62,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to rise above the $62,500 and $63,000 resistance levels. Bitcoin Price Faces Resistance Bitcoin price extended losses below the $60,000 support zone. BTC even tested the $58,500 support zone, where the bulls emerged. A low was formed at $58,448 and the price is now correcting losses. There was a decent increase above the $60,000 level. The price climbed above the 50% Fib retracement level of the downward wave from the $64,460 swing high to the $58,448 low. It even moved above the $62,000 pivot level. However, Bitcoin price is still trading below $63,000 and the 100 hourly Simple moving average. The price seems to be facing a rejection zone near the $62,500 resistance, as discussed yesterday. There is also a key bearish trend line forming with resistance at $62,500 on the hourly chart of the BTC/USD pair. It is close to the 61.8% Fib retracement level of the downward wave from the $64,460 swing high to the $58,448 low. The next key resistance could be $63,000. A clear move above the $63,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send BTC toward the $65,000 resistance in the near term. Another Decline In BTC? If Bitcoin fails to climb above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $60,500 level. The first major support is $60,000. The next support is now forming near $59,500. Any more losses might send the price toward the $58,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $60,500, followed by $60,000. Major Resistance Levels – $62,500, and $63,000.
The official X account for Metallica appears to have been hacked, with exploiters posting about a Solana token dubbed METAL.
Recent insights from a survey conducted by Nomura Holdings and Laser Digital Holdings shed light on the evolving attitudes of Japanese institutional investors towards cryptocurrency. The survey, which included responses from 547 investment managers across various sectors such as family offices and public interest corporations, suggested a big embrace of cryptocurrency from these respective fields. […]
FTX, the failed crypto exchange, will seek customer approval for its Chapter 11 plan to compensate victims and resolve government penalties stemming from the platform’s fraudulent collapse in November 2022. The decision by Judge John Dorsey marks a significant step forward in the two-year-long bankruptcy proceedings, as voting by creditors plays a pivotal role in restructuring efforts. While FTX’s plan has gained support from key customer committees, a vocal group remains opposed and demands substantial revisions. FTX Offers Customers 119% Asset Recovery According to Bloomberg, under the proposed plan, most FTX customers are expected to recover 119% of their assets as of the day the company filed for Chapter 11 in November 2022. Other creditors may receive up to 143% of their owed amounts. FTX’s legal team maintains that bankruptcy law necessitates valuing claims based on their value at the time of filing, despite subsequent increases in cryptocurrency prices. Related Reading: Bitwise CIO Bullish On Spot Ethereum ETFs: Envisions $15 Billion Inflows FTX’s decision to solicit votes from its customer base stems from the desire to obtain feedback from previously uninvolved parties regarding the repayment plan. Additionally, the company is still negotiating with federal authorities and exploring options to utilize government claims against FTX to compensate affected customers. Notably, FTX has already settled a $24 billion tax claim from the US Internal Revenue Service. Under the settlement terms, the firm will pay the IRS $200 million within 60 days of implementing the proposed restructuring plan. The settlement allows FTX to pay a fraction of the amount claimed by the IRS, clearing the way for the exchange to distribute significant customer recoveries. The IRS will also receive a lower priority claim of $685 million, which will be paid on a subordinated basis to customers and other creditors, depending on the availability of funds. These details were outlined in a filing made by FTX in the US Bankruptcy Court for the District of Delaware. SBF’s Fraud Conviction Shadows Bankruptcy Proceedings FTX is currently monetizing its assets, as the platform reportedly lacked segregated digital assets directly connected to claims against the exchange. Instead, FTX possesses a collection of assets acquired using stolen customer funds, representing a complex challenge in the compensation process. Customers have until August 16 to vote on the Chapter 11 plan. Judge Dorsey will then review and potentially approve the plan on October 7, considering the outcome of the customer vote. Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why FTX filed for bankruptcy after its founder, Sam Bankman-Fried (SBF), shut down the crypto trading platform in 2022 and relinquished control to bankruptcy professionals. Bankman-Fried subsequently faced a 25-year fraud conviction, which he recently announced he would appeal. As of this writing, the exchange’s native token FTT is trading at $1.43, up 2% in the past 24 hours and just 27% year-to-date. Featured image from DALL-E, chart from TradingView.com
Bitcoin’s volatility over the weekend translated to a sharp drop to below $60,000 on June 24, leading to over $537 million in realized losses for the market. As with most spikes in realized losses, this sell-off was predominantly driven by short-term holders, who accounted for almost the entire amount of realized losses. This pattern further […]
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Lightspark will also integrate the Universal Money Address standard for Nubank, which gives an email-like address for users to send and receive money.
Recently, Michael Saylor, Chairman of MicroStrategy and a notable advocate for Bitcoin, conducted a poll to gauge community expectations on Bitcoin’s potential growth over the next decade. The poll revealed an overwhelmingly optimistic sentiment among participants about the cryptocurrency’s future financial trajectory. Related Reading: Bitcoin Rights Secured In Louisiana: New Bill Protects BTC And Shuns […]
A US bankruptcy court has granted FTX approval to solicit votes on a liquidation plan that pays customer claims in cash, Reuters reported on June 25. The cash payment plan would pay customers based on crypto prices at the time of FTX’s November 2022 collapse, overriding objections from customers who seek higher amounts because crypto […]
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On-chain data suggests this signal that has historically occurred around Ethereum peaks has yet to appear in the current cycle. Ethereum Foundation Wallets Haven’t Made Large Outflows This Cycle So Far In a new post on X, the market intelligence platform IntoTheBlock has discussed a pattern that Ethereum has witnessed alongside its previous market peaks. The pattern in question is related to the netflows for the wallets associated with the Ethereum Foundation. The ETH Foundation is a non-profit entity supporting the cryptocurrency and its ecosystem. Related Reading: Shiba Inu, Solana, & Cardano Are All Seeing Buy Signal: Analyst Below is the chart shared by the analytics firm that shows the trend in the net amount of ETH (in USD) moving in or out of the wallets connected to this organization. As is visible in the above graph, the netflows for the Ethereum Foundation have generally taken negative values during the past bull markets. Negative netflows naturally correlate to a net amount of ETH movement away from the wallets connected to the company. Interestingly, the indicator has seen especially large red spikes around the tops of the cryptocurrency. As IntoTheBlock explains, Historically, during each bull market, the Foundation has strategically sold substantial amounts, often aligning these sales almost perfectly with market peaks. The chart shows that the indicator’s value has been more or less neutral during the past few months, even though the asset’s price has increased significantly. This suggests that the Ethereum Foundation hasn’t been making any major sales during this bull market. Given the historical pattern, this may be a sign that a top isn’t yet here for the cryptocurrency, or at least the organization doesn’t judge it to be so. Another explanation, however, could be that the non-profit entity has changed its strategy for this new cycle, meaning that the past trend would no longer hold the same weight. In some other news, the official email of the Ethereum Foundation was recently compromised, as Tim Beiko, one of the ETH developers, had revealed in an X post. Related Reading: Bitcoin Forms Bullish Signal That Led To At Least 60% Jump Last 3 Times The developer had noted that the organization was trying to reach out to SendPulse, an email automation service used by the firm, to resolve the problem. In a follow-up post, Beiko confirmed that the team sent out an update to subscribers of the Ethereum Foundation blog, warning them that the previous email, announcing a “staking platform” by the organization, resulted from the compromise. “We should have locked down all external access, but we are still confirming,” said the developer in the post. ETH Price Ethereum plunged under the $3,300 level yesterday, but the asset has since recovered above $3,400. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
A new machine learning model could speed early detection, diagnosis, and treatment, Cambridge researchers say.
The Bank for International Settlements (BIS) has called on central banks to embrace artificial intelligence (AI) in anticipation of its significant impact on the economy and financial system. In a pre-released chapter of its upcoming Annual Economic Report for 2024, the BIS emphasized that the widespread adoption of AI could affect inflation trends and urged […]
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Crypto analyst Kriss Pax has provided a bullish narrative for Dogecoin (DOGE), predicting that the foremost meme coin could enjoy a massive price surge soon enough. This comes amid the recent surge in an on-chain metric, which turned bullish for Dogecoin. Dogecoin Could Enjoy A Massive Bounce From Its Current Price Levels Pax suggested in […]
Mike Flood, a second-term lawmaker from Nebraska, has played central casting in the effort to make Congress move on crypto policy.
Blockchain gaming, decentralized finance, and layer-2 platforms lagged behind newly emerging sectors and the current memecoin frenzy.
SEC chair Gary Gensler reaffirmed previous criticisms of the crypto industry, stating that the sector is highly centralized with “significant non-compliance” in a Bloomberg interview on June 25. He downplayed decentralization in the sector, stating that a few platforms are “centralizing and commingling things that we would never allow anywhere else.” Gensler listed specific violations […]
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One actor called the 60-second production, created using Sora from OpenAI, an “abomination.”
The Solana Foundation recently launched two new tools to facilitate the integration of Web3 capabilities into mainstream platforms and the adoption of blockchain. In a series of social media posts, the foundation launched “Actions” and “Blockchain Links” (Blinks), which, according to the announcement, is a step forward in allowing developers to build blockchain functionality into websites and social media platforms. Alongside these developments, the Solana ecosystem continues to expand its tooling and services, with notable advancements in transaction cost reduction and network efficiency. Seamless Web3 Transactions? Actions, one of the newly introduced tools, allows users to engage in Web3-native transactions, including asset transfers, non-fungible token (NFT) interactions, voting, betting, and tipping content creators. Complementing Actions, Blinks allows developers to format any Action into a shareable link, transforming websites and social media platforms into practical entry points for blockchain interactions. These tools reportedly provide an important bridge between traditional web applications and decentralized finance (DeFi), facilitating the integration of blockchain capabilities into everyday digital experiences. Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why In addition, to optimize transaction costs, Light Protocol and Helius Labs recently launched a testnet for ZK Compression on the Solana network. ZK Compression uses zero-knowledge proofs and call data to reduce the cost of transactions on the network. By minimizing the amount of on-chain data stored, ZK Compression enables considerable fee savings by reducing the computational demand of Solana transactions. Mert Mumtaz, CEO of Helius Labs, estimates that ZK Compression can cut the cost of airdropping tokens to one million users on Solana from $260,000 to just $50, providing a compelling, cost-efficient solution. Mumtaz further stated: example cost difference: take an airdrop to 1,000,000 users. This today would cost over $260,000 for state alone. Now, it’s $50 — 5,200x cheaper. But a token account is just one example of this — *everything* on Solana is an account, meaning everything can be scaled. ZK Compression On Solana While ZK Compression has garnered praise for its cost-saving potential, critics from the Ethereum community argue that it functions as a Layer 2 (L2) solution, contrary to Solana’s anti-Layer 2 ethos. Some skeptics contend that ZK Compression essentially operates as an L2 feature or a validity-based rollup. Adam Cochran, VP of Operations at SBT Partners, stated that ZK Compression is an L2 solution. In response, Anatoly Yakovenko, Solana’s co-founder, highlighted that ZK Compression addresses many issues commonly associated with Ethereum-based L2 solutions. Yakovenko emphasized its independence from security council multisigs, chain ID switches, governance tokens, and external sequencers while ensuring Solana validators receive transaction fees. SOL Price Analysis SOL experienced a temporary dip on Monday, with its price reaching a low of $122. However, crypto analyst “Skew A” has examined SOL’s 4-hour chart and pointed out its rebound, surpassing the recovery of other large tokens. According to “Skew A,” specific factors need to be considered when assessing SOL’s potential uptrend and price recovery. Firstly, SOL’s price movement above the 1-day 200MA (Moving Average) is a positive signal. This suggests the token’s value is trending above the average price over the past 200 days, indicating a potentially bullish sentiment. Furthermore, confirmation of SOL’s upward trend would involve observing higher highs (HH) above $150. Related Reading: 10x Your Crypto Portfolio: Top Analyst Highlights 4 Altcoins To Buy In the past 24 hours, SOL has notably recovered with a 9% increase, bringing its current trading price to $138. This upward movement positions the token favorably as it aims to surpass key resistance levels on its path toward consolidating above the significant milestone of $200. To reach the $200 mark, SOL must overcome and successfully breach major resistance walls at $150, $162, $174, and $186. These levels represent significant hurdles that must be surpassed before potentially breaking through the crucial $200 threshold. It remains to be seen whether the ongoing momentum and positive developments within the Solana ecosystem will sustain SOL’s current recovery and enable it to retest the higher price levels achieved in recent months. Featured image from DALL-E, chart from TradingView.com
Donald Trump seems to have doubled down on digital assets after he was convicted of 34 felony counts in New York.
Bitcoin mining firm Core Scientific updated its agreement with AI hyperscaler CoreWeave to provide the latter with 270 megawatts (MW) of total infrastructure access, according to a June 25 press release. Core Scientific said that CoreWeave exercised its first option to contract for an additional 70 MW of infrastructure access, expanding the earlier 12-year agreement […]
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Onchain Highlights DEFINITION: This metric aims at giving an estimate for the year-over-year change in the share of the Bitcoin supply to be held/traded in Asia. Bitcoin’s year-over-year supply change in Asia has shown significant fluctuations in correlation with its price. Since January, the supply change in Asia has seen a sharp increase from approximately […]
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In the midst of the general pessimism that surrounds the cryptocurrency space and Bitcoin currently, famous crypto analyst and trader Doctor Profit has made an audacious forecast that the crypto asset will rebound to the crucial $70,000 level in the upcoming days. Doctor Profit’s analysis which has triggered optimism within the crypto community hinges on […]
The “multiplayer” collaboration software firm is shutting down its app to join the ChatGPT desktop project.
A federal judge in Florida recognized the HYDRO token as an investment contract qualifying as a security under SEC guidelines.
Ava Labs, the developer behind the Avalanche blockchain network, is working on introducing web3 technologies to enhance intellectual property management in the rapidly growing K-pop market. Justin Kim, who leads Ava Labs’ operations in South Korea, discussed the company’s strategic moves to bring blockchain solutions to the forefront of the entertainment sector in an interview […]
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Bitcoin (BTC) faced a sharp price drop as the last week of Q2 began. The dramatic decline saw the flagship cryptocurrency momentarily lose its support above the $60,000 level on Monday. Related Reading: Bitcoin Takes A Beating: Another $630 Million Exits, Price Drops Lower The drop left many investors wondering whether the bullish rally is over. However, crypto analysts remain optimistic about BTC’s performance and consider the drag down to be part of the quarterly retest. Is Bitcoin Headed For A ‘Chop Summer’? On Tuesday, crypto analyst Jelle made a case for Bitcoin’s bullish momentum. Amid the bearish sentiment from some community sectors, the crypto investor believes BTC’s bull run isn’t over. Per Jelle’s posts, Bitcoin has been holding key support levels despite its brief fall under $60,000. Additionally, the largest cryptocurrency by market capitalization displays a “still firmly bullish” higher-timeframe structure. This structure exhibits BTC’s performance consistently, making higher highs (HH) and higher lows (HL) for the last year and a half. Per the chart, the price drop remains a higher low than the May 1 retrace, which remains the deepest this cycle. Jelly criticized those who send “hate” to bullish investors, highlighting that “Bitcoin has consistently moved higher for nearly 20 months.” He suggested that “In a bull market, conviction pays.” Moreover, he pointed out that the flagship cryptocurrency exhibits a bullish flag below all-time high levels. To the analyst, this consolidation could play out similarly to the consolidation below the $30,000 resistance range. If it were to happen, Bitcoin would see a “chop summer” below the new key resistance, the $74,000 ATH price, before breaking out. According to Jelle, the breakout could cost BTC $100,000. Quarterly Retest: ‘Red Monday, Green Week’? Despite the long-term forecast, Jelle set a $63,500 target for this week. During Monday’s drop, the analyst stated that BTC’s performance was playing out like it was in 2016-2017. Furthermore, pointed out that Bitcoin’s key support level of $58,000 is “doing its job” during this “quarterly retrace.” To Jelle, BTC can “lock in a lower-timeframe higher low” this Tuesday. As a result, the analyst considers that bulls can run the flagship cryptocurrency to $63,500 by the end of the week. Jelle also believes Bitcoin could surpass its weekly open, making it a “Red Monday, Green Week.” Altcoin Sherpa also suggested that BTC could reach the weekly open. Per the analyst, the current range remains a “bounce region,” which could return the price to $64,000. He expects this performance to relieve altcoins, although he doesn’t consider it “THE bottom.” Related Reading: ‘Crypto Winter’ Arrives Early For The Altcoin Market As Venture Capital, Founder Selloffs Mount Sherpa believes there will be more volatility before the local bottom: “4h EMAs all bearish; expecting price to pull back when we see it interact with them at 64kish.” To the analyst, BTC’s local bottom will come in the next few days and could test the May 1 retrace levels. At the time of writing, Bitcoin is trading at $61,700, representing a 4.5% recovery from Monday’s pullback. Featured Image from Unsplash.com, Chart from TradingView.com
According to a market report from Allied Research, the South Korean pop music industry will be valued at $20 billion by 2031.
Onchain Highlights DEFINITION: This metric shows the 30-day change in the regional price set during US working hours, i.e., between 8 A.M. and 8 pm Eastern Time (13:00-01:00 UTC), respectively, and Eastern Daylight Time (12:00-0:00 UTC). Regional prices are constructed in a two-step process: First, price movements are assigned to regions based on working hours in […]
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The German government is continuing to actively liquidate portions of its substantial Bitcoin (BTC) holdings, transferring significant sums to various cryptocurrency exchanges and wallets, according to data from Arkham Intelligence. This wave of transfers includes the recent movement of $24 million worth of Bitcoin, underscoring a broader strategy that may be influencing Bitcoin’s current market […]
The Blast team announced that its token airdrop would commence on June 26 and that users who bridged assets to the network or used its apps would receive tokens.
VanEck recently disclosed it would waive fees for its spot Ethereum ETF, adopting a similar strategy to its Bitcoin counterpart launched earlier this year. The firm’s head of digital assets research, Matthew Sigel, told ETF.com that the waiver is part of VanEck’s plan to become the “go-to provider for crypto ETFs.” He said: “We aim […]
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