Gemini co-founders Tyler Winklevoss and Cameron Winklevoss endorsed former US President Donald Trump and said they intend to vote for him in November because he is the “pro-Bitcoin, pro-crypto and pro-business choice.” The Winklevoss twins’ also announced that they’ve each donated $1 million in Bitcoin to the Trump Presidential campaign. The former President has recently […]
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The Bitcoin price crash below $66,000 has taken the market by surprise, leading to over $90 million in liquidations in a 24-hour period. But even after dropping so much already, analysts do not believe that the worst is over. In particular, crypto analyst Ali Martinez has said that Bitcoin may still have a ways to go before the crash is over, prediction another 20% decline from here. Bitcoin Falls Below Major Pricing Band Crypto analyst Ali Martinez posted a new analysis on X (formerly Twitter) on the Bitcoin price that paints a rather bearish picture for the pioneer cryptocurrency. According to Martinez, the Bitcoin crash below $68,000 had actually pushed it below an important level. Related Reading: Analyst Says XRP Price Is Long Overdue For Bullish Wave, Here’s The Target The major level of importance here is the $67,890 pricing range, which the price has now fallen below. As Martinez explains, this area is important as the “+0.5σ MVRV pricing band” lies here. It also means that a crash below this level is very bearish for the price, and as Martinez shows, Bitcoin has already fallen below it. This fall puts a bearish motion in place as the crypto analyst believes it may trigger a correction. Now, while corrections are normal, the expectation for how far the crash will go is what is worrying because the analyst has placed a possible $54,930 target for the price. #Bitcoin has dropped below the +0.5σ MVRV pricing band at $67,890, which may trigger a correction toward the mean pricing band at $54,930. pic.twitter.com/zZvswgpUpS — Ali (@ali_charts) June 19, 2024 Such a crash would mean that the Bitcoin price would fall another 20% from its current level. Given the previous crashes, this could be devastating for altcoins, whose prices could fall another 50% if BTC were to crash below $55,000. Navigating The Drop In Interest One interesting development for Bitcoin is the drop in interest that has been experienced this week. For example, the daily trading volume, according to CoinMarketCap, fell 43.5% in the last day along. This brings the Bitcoin daily trading volume to around $19 billion from the almost $40 billion recorded the previous day. Related Reading: Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1? This drop in trading volume indicates that investors are taking fewer positions. With the uncertainty surrounding the market, this comes as no surprise, given that investors are prone to wait for the situation to improve before taking more positions. The Crypto Fear & Greed Index has also declined, showing that fear is growing in the market. It is now sitting at a score of 60, which shows greed, a long way from May’s score of 76, which showed extreme greed in the market. At the time of writing, the Bitcoin price is holding at $65,667, with a 0.77% gain in the last day. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin’s growing adoption among institutional and retail investors has now extended to Australia, with the debut of the VanEck Bitcoin ETF on the country’s main stock exchange. Asia-Pacific Poised For Crypto ETF Boom? Following similar products approved in the United States and Hong Kong earlier this year, the VanEck Bitcoin ETF commenced trading on the […]
The German government has moved at least $195 million of Bitcoin (BTC) to exchanges, according to Arkham Intelligence. Arkham added that the German Government moved $600 million in BTC overall on June 19, $135 million of which was sent to four “likely exchange addresses.” Three of the addresses are confirmed to be exchange “service wallets” […]
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Gemini CEO Tyler and his twin brother Cameron Winklevoss, the company's president, have made two of the first major presidential contributions from prominent crypto executives, favoring former President Donald Trump with $1 million each in support, Tyler explained Thursday in a extensive posting on X.
The decentralized autonomous organization was first impacted by the collapse of the Terra ecosystem in 2022 and suffered $16.4 million in losses.
A burgeoning industry teaching men how to talk to women is taking off worldwide. What hath tech wrought?
A California judge has ruled that a civil securities lawsuit against Ripple will proceed to trial, denying in part the crypto firm’s motion for summary judgment in a suit alleging that Ripple’s CEO violated state securities laws in 2017.
Dogecoin supporter Elon Musk is working toward the launch of a Twitter payments service, but it reportedly doesn’t feature crypto for now.
3iQ was a leader in getting some of the first crypto ETFs past the finish line and listed on the TSX
3iQ files for North America's first Solana ETF, QSOL, offering exposure to SOL price movements and staking yields.
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In an interesting turn of events, the Bitcoin open interest has remained high even at a time when the price has been dropping. This suggests that despite the price crash, investors are still looking favorably at the pioneer cryptocurrency. Bitcoin Open Interest Stays Close To All-Time High The Bitcoin price has seen a decline over […]
Bitcoin is trending lower at spot rates, sliding away from all-time highs. Looking at the performance in the daily chart, it looks like bears are stepping up, following the general inactivity in an overwhelmingly bearish trend. When writing, the coin is down 10% from March 2024 highs but steady. Will Bitcoin Consolidate For Two More Months? Taking to X, one analyst argued that the current state of affairs will likely continue in the days ahead. While most experts predicted Bitcoin prices to rebound sharply, even breaching all-time highs and race to $100,000 after the all-important Halving event on April 20, bears have had the upper hand. So far, the coin is stuck in a broad horizontal range with caps at around $74,000 on the upper end and $56,500, registered in May. Technically, the uptrend remains from a top-down preview following the welcomed push higher in Q1 2024. Related Reading: Double-Whammy For Ethereum: Price Collapses, Exchange Supply Dries Up However, even as traders expect more gains in the days ahead, the analyst said prices will likely stagnate in the next few trading weeks. When the network halved network rewards in 2020, the analyst notes that the coin moved sideways for 150 days, with prices capped between $9,000 and $11,000. Currently, the sideways consolidation, the analyst added, has been for 90 days, nearly halfway through the last cycle. If this guides, prices could continue moving sideways for the next two months, even dumping below the key support levels. Thus far, Bitcoin bear bars are banding along the lower BB, pointing to intense selling momentum. At the same time, the divergence between the middle and lower BB points to rising volatility, swinging in favor of sellers. Crypto Hedge Funds Reducing BTC Exposure As Whales Sell Via OTC Currently, macroeconomic factors and on-chain data paint a cause for concern. One analyst observed that more crypto hedge funds have reduced their BTC exposure, indicating a loss of confidence. Over the past 20 trading days, the analyst claims that crypto hedge funds have slashed their Bitcoin market exposure to 0.37, the lowest level since October 2020. Related Reading: Ethereum At A Crossroads: Big Move Coming After Consolidation Phase? While crypto hedge funds reduce exposure, another analyst said inflow to over-the-counter (OTC) desks has risen since Halving. This suggests that miners or big institutions are offloading BTC away from exchanges. On-chain data shows that OTC balances rose by 62,000 BTC, one of the largest 30-day recorded changes since 2017. Feature image from DALLE, chart from TradingView
$4 billion worth of Ethereum options are set to expire on June 28, with the balance of forces centered around $3,500.
LayerZero Labs requiring a donation to receive ZRO tokens left Polymarket with a $680,000 wager disputed by its users.
Consumers’ Protection will bring negative aspects of Tether to consumer attention with billboards and TV ads.
Ethereum is the home of decentralized finance (DeFi), looking at the over $100 billion in total value locked (TVL). Even though the figure fluctuates, mainly depending on the performance of ETH, it is clear that DeFi has proven revolutionary, opening up new use cases spanning multiple sectors, including finance and insurance. Are Ethereum DeFi Protocols […]
Recent data from CryptoQuant has highlighted a significant shift in Bitcoin Miners behavior, with miner reserves dropping to their lowest levels since 2010 while over-the-counter (OTC) selling activity has surged to higher levels. What This Means For BTC At the beginning of the year, miner reserves stood at approximately 1.87 million BTC but have yet to grow to about 1.81 million BTC today, a level not seen since 2010. This reserve decline is notable as it indicates a higher propensity for miners to sell off their holdings. Typically, this could lead to increased market supply and potential price depreciation, but the scenario has unfolded differently this year. Related Reading: Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise — QCP Capital Despite the drop in miner-held BTC, the value of these reserves remains high, buoyed by a nearly 150% price increase since October last year, keeping the total dollar value of miner holdings near all-time highs at over $130 billion. Additionally, data from CryptoQuant indicates that Bitcoin miners’ over-the-counter (OTC) sales have peaked daily since March. Bitcoin In The Spotlight This miner activity comes amid broader market movements that have seen significant price fluctuations. BTC’s price has retreated by nearly 7% in the past day, dropping from a peak of $66,436 to around $65,269. The decrease aligns with a general volatility trend that has recently characterized the crypto market. Analyst Willy Woo commented on the situation, indicating that BTC might not see new highs until the current phase of miner capitulation and market boredom resolves, which historically precedes a significant rally. I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out. On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. Look for compressions in this ribbon. Buy and hodl in these regions. pic.twitter.com/MkPKk3AF47 — Willy Woo (@woonomic) June 19, 2024 Meanwhile, MicroStrategy, a major corporate backer of BTC, has continued its strategy of accumulating Bitcoin amidst these market conditions. Following a recent fundraising effort through the sale of $800 million in convertible notes, the company has added 11,931 bitcoins to its holdings. Related Reading: It’s ‘Do Or Die’ For Bitcoin Price Soon, Says Analyst This acquisition, conducted at an average price of $65,883 per bitcoin, brings MicroStrategy’s total holdings to 226,331 bitcoins, acquired at an aggregate cost of approximately $8.33 billion, reflecting an average price of $36,798 per bitcoin. MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON — Michael Saylor⚡️ (@saylor) June 20, 2024 Featured image created with DALL-E, Chart from TradingView
Record growth in tokenized US Treasuries with a 250% increase in holders and $1.57 billion in assets in 2024.
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The US Commodity Futures Trading Commission (CFTC) has initiated a probe into Jump Crypto for undisclosed reasons, Forbes reported on June 20, citing people familiar with the matter. The federal agency is reportedly examining the firm’s trading and investment activities in the crypto sector, though this scrutiny does not imply any misconduct. Sources told Forbes: […]
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Bitcoin (BTC), the leading cryptocurrency, has regained momentum, bouncing off a weekly low of $64,000 to find support above $65,000, halting last week’s downtrend. This price recovery may be due to another significant investment round by business intelligence company MicroStrategy, led by Bitcoin bull Michael Saylor. The company announced on Thursday the acquisition of an additional 11,931 BTC valued at approximately $786.0 million, further solidifying its position as a major institutional holder of the digital asset. MicroStrategy’s Bitcoin Holdings Surge To Nearly $15 Billion MicroStrategy’s Chairman and Co-founder, Michael Saylor, revealed the latest acquisition in a social media post. The company purchased 11,931 Bitcoin between April 27 and June 19, utilizing proceeds from convertible notes and excess cash at an average price of $65,883 per Bitcoin. Notably, the recent purchases increased MicroStrategy’s overall Bitcoin holdings to an impressive 226,331 BTC, acquired at a total cost of $8.3 billion, currently valued at approximately $14.9 billion. Related Reading: Solana Could Face A 41% Crash, Warns Mechanism Capital Co-Founder Saylor’s interest in Bitcoin dates back to 2020, when he began purchasing the cryptocurrency as a hedge against inflation and an alternative to holding cash. Since then, Bitcoin has experienced substantial growth, appreciating around 600% since Saylor’s initial investments. The recent purchase by MicroStrategy comes at a time when market sentiment towards Bitcoin is mixed. Market intelligence platform Santiment reports that the community is “mainly fearful” or disinterested as Bitcoin’s price hovers between $64,000 and $65,000. However, Santiment suggests that BTC trader fatigue, combined with whale accumulation exemplified by MicroStrategy’s latest acquisition, often leads to price bounces “that reward the patient,” as seen in the image above. BTC’s Cycle Top To Reach New Heights Despite the current mixed sentiment in the market, most experts and analysts are forecasting a cycle top for Bitcoin beyond the current all-time highs. Market analyst Crypto Con recently used Fibonacci retracements to forecast conservative and less conservative potential cycle top targets. According to Crypto Con’s analysis, the .618 Fibonacci retracement level has proven reliable for previous Bitcoin cycle tops. Extension levels can be derived by retracing from the cycle bottom to the top of the first move. The cycle tops of 2013 and 2017 were predicted at 4.618, while the 2021 top was forecasted at the 5.618 level. For the current cycle, the conservative target for the cycle top is $106,000, while the less conservative target stands at $161,000, according to Crypto Con. Related Reading: SEC Drama Fuels XRP Rally: Open Interest Skyrockets Adding to the positive sentiment, wealth management firm Bernstein has made bold predictions for Bitcoin’s future price trajectory. Despite arguments from bears that the Bitcoin ETF trade is over and early allocations were driven by retail investors, Bernstein holds a different viewpoint. The firm emphasizes that Bitcoin ETFs are on the verge of approvals at major wirehouses and large private bank platforms in this year’s third or fourth quarter. These potential approvals and institutional interest act as a catalyst for adoption. Bernstein expects Bitcoin to reach a cycle high of approximately $200,000 by 2025, $500,000 by 2029, and an impressive $1 million by 2033. The firm asserts that institutional investors are evaluating “net long” positions, indicating a growing interest in the cryptocurrency. At the time of writing, BTC has limited its losses in the 7-day time frame to 3.6%, resulting in a current trading price of $65,170 for the largest cryptocurrency on the market. Featured image from DALL-E, chart from TradingView.com
Gabor Gurbacs, an executive at VanEck and the founder of PointsVille in a recent acknowledgment of the expanding significance of cryptocurrencies in the financial landscape has commended Argentina and El Salvador for their innovative efforts in promoting Bitcoin and establishing a free crypto economy. Gurbacs emphasized how these countries’ leaders, Javier Milei and Nayib Bukele, […]
The latest draft policy stipulated fines between 5,000 – 5 million euros ($5,400-$5.4 million) for market manipulation and other financial crimes.
A bullish chart pattern has bulls setting $72,000 as the new Bitcoin price target.
BitFlyer, one of Japan’s largest crypto exchanges, agreed to acquire the Japanese subsidiary of FTX, the defunct crypto exchange founded by the convicted Sam Bankman-Fried. FTX Japan was among the several companies impacted by FTX’s collapse in November 2022. Despite the turmoil, FTX Japan maintained that its customers’ assets were separate from FTX’s bankruptcy estate […]
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Solana’s market share on decentralized exchanges rose from 0% in early 2021 to 24% in May 2024, thanks to a similar approach to Apple’s macOS, said Pantera Capital.
Leonardo AI's latest release, Leonardo Phoenix, brings a host of new features and improvements.
Roy Hui, co-founder and CEO of LightLink, breaks down what it takes to build a layer-2 platform in a very competitive field — from airdrops to developer engagement and adoption.
Analysts at crypto-focused asset manager Pantera Capital have made a bullish case for the Solana ecosystem compared to Ethereum. They highlighted the network’s growth and outlined why Solana is bound to steal a massive chunk of the market from Ethereum. Why Solana Will Steal Market Share From Ethereum In their most recent blockchain letter, Pantera […]
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The Commodity Futures Trading Commission (CFTC) launched an investigation into Jump Trading, a prominent Chicago-based firm known for its significant role in the cryptocurrency sector. This probe, while not indicating any wrongdoing, focuses on Jump’s activities in crypto trading and investment. Jump Trading Faces Regulatory Hurdles The Commodity Futures Trading Commission is examining Jump’s role …