The US SEC has raised concerns over the status of Circle’s stablecoin, USDC, as the company seeks to go public in a multi-billion dollar initial public offering (IPO), Barron’s reported on June 18, citing regulatory documents. The SEC’s concerns are primarily related to the risks associated with USDC and other stablecoins potentially being classified as […]
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Data shows the cryptocurrency derivatives market has suffered a high amount of liquidations in the past day after the crash the altcoins have seen. Altcoin Longs Witness Squeeze, Ethereum Leads In Liquidations The past day has been a volatile time for the cryptocurrency market, with the majority of the altcoins suffering from drops of more […]
Renowned crypto analyst Doctor Profit recently released “The big altcoin report” for the third quarter of the year, suggesting further downward movement for the market. Based on historical performance and the current state of the market, Doctor Profit warns of an impending altcoin market crash triggered by an episode of uncertainty and a recent price correction in the top 100 cryptocurrencies, led by Bitcoin (BTC). However, the analyst remains optimistic, highlighting potential buying opportunities and optimal entry points for several top altcoins. Altcoin Market Correction Doctor Profit draws attention to the altcoin market’s recent exponential growth, with market capitalization surging from $300 billion to nearly $800 billion between October 2023 and March 2024, representing a 150% increase in just five months. Related Reading: From Cheers To Tears: Beercoin (BEER) Dries Up, Loses 70% Of Its Value Corrections following such significant growth are deemed normal but can prove challenging for retail investors. The recent correction of 25%, bringing the market cap to around $550 billion, is regarded as a healthy adjustment by the analyst. Doctor Profit believes that altcoins have nearly reached their bottom and are poised for another substantial rise, potentially reaching a market cap of $1 trillion and setting new all-time highs. The analyst parallels the current market situation and previous cycles, emphasizing the repetitive pattern of sideways movement and dumps followed by explosive growth. Doctor Profit identifies several altcoins with optimal buying levels based on their current prices and expected retracements. For instance, the native cryptocurrency of the 3D metaverse game, The Sandbox (SAND), is currently trading at $0.31. Doctor Profit suggests a potential retracement of $0.22 would present an optimal buy zone. Another altcoin, Stacks (STX), a Bitcoin Layer 2 token, currently trades at $1.61. Doctor Profit recommends a downside target and buy zone of $1.48. Similarly, Arbitrum (ARB), a Layer 2 token, is currently trading at $0.78, with losses of over 10%. Doctor Profit identifies $0.61 as the best-buy zone for this token, suggesting further losses in the coming days. Mid-July Rally Forecasted Moving on to larger altcoins, Doctor Profit analyzes Ethereum (ETH), the second-largest cryptocurrency. Despite being the largest altcoin, Ethereum has witnessed a 3% drop, with the current trading price at $3,430. Doctor Profit’s analysis suggests a potential decline towards $2,890, indicating an entry point for a long position. Binance Coin (BNB), which recently reached a new all-time high of $725, is expected to retrace almost 50% to $396, presenting the best entry point according to the expert. Currently, BNB has retraced to $585. Doctor Profit further notes that other altcoins expected to retrace substantially include Optimism (OP), the Sei (SEI) token, Toncoin (TON), Notcoin (NOT), and Omni (OMNI). These altcoins have recorded price drops ranging from 8% to 17%, reflecting investor sentiment. Doctor Profit provides specific price targets and optimal buying levels for these altcoins. Doctor Profit advises caution due to potential “market maker manipulation” and order placements at the same levels. The analyst sets orders 3-5% higher or lower than the identified optimal buying levels to avoid missing out. Related Reading: Bitcoin, Solana Suffer As Institutional Investors Pull $600 Million Out Of Crypto Funds Lastly, Doctor Profit highlights the upcoming Ethereum ETF launch on July 2nd. While not expecting a significant pump on that day, similar to the Bitcoin ETF launch, the analyst predicts a sideways or bearish trend for altcoins in the next 3-4 weeks. However, a significant reversal and the start of a new altcoin rally are anticipated by mid-July. The analyst emphasizes that altcoins are currently low, and only a few will succeed. Based on the provided analysis, Doctor Profit believes that the altcoin market cap is 10-15% away from its bottom, making it an opportune time to invest for long-term gains. Featured image from DALL-E, chart from TradingView.com
The Canada country director for Coinbase said local regulators were “much more collaborative” with the industry than their U.S. counterparts, but politicians were falling short.
Onchain Highlights DEFINITION: Bitcoin’s total supply in profit held by long-term holders [BTC] is the total amount of circulating supply currently in profit and held by long-term holders. Long-term and Short-Term Holder supply is defined with respect to the entity’s averaged purchasing date, with weights given by a logistic function centered at an age of […]
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The protocol also announced an Android app allowing users to trade on the mobile phone platform, among other upgrade features.
Apple is reportedly prioritizing a budget model of the Vision Pro after consumers bristled at the first headset's sizable asking price.
Election meme coins like BODEN and MAGA have plummeted, with experts advising caution and highlighting speculative opportunities.
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Crypto analyst Egrag Crypto has provided insights into the XRP future trajectory, predicting that the crypto token could rise to three digits. His prediction comes amid a recent spike in XRP’s trading volume, which also provides a bullish case for the crypto token. XRP To Reach $200 At Some Point Egrag suggested in an X (formerly Twitter) post that XRP could reach $200 at some point based on its next triangle consolidation. He stated that in the future, newbies would talk about how XRP’s price has remained stagnant at around $50 (instead of its current price of around $0.50) and that these same persons would complain about XRP pumping from $50 to $200. Basically, the analyst was predicting that XRP will experience exponential growth soon and that XRP newbies will not understand how the crypto token has come a long way, considering how it has remained stagnant for a while now. He claimed these investors will “never comprehend seven years of conviction and dedication.” Egrag acknowledged the frustration regarding XRP’s tepid price action and even mentioned that XRP Ledger (XRPL) builders are “starting to nag and feel frustration.” However, as always, he urged the XRP army to “stay steady.” He suggested that XRP is the token of the future, as he stated that “all previous models will be thrown out the window because they will not apply to the fourth industrial revolution.” Egrag’s analysis comes amid a recent surge in XRP’s derivatives trading volume, with data from Coinglass showing a 300% increase and a total of $3.24 billion traded in the last 24 hours. Additionally, data from CoinMarketCap shows that XRP’s spot trading volume is up by over 200% in the last 24 hours. This development is significant. It shows that crypto investors and traders are actively invested in the crypto token and may be looking to accumulate more XRP during this period, which could contribute to a price rally for the crypto token. Interestingly, XRP is one of the few crypto tokens up in the last 24 hours despite the recent crypto market dip. Another Bullish Outlook Crypto analyst Casi Trades also recently offered a bullish outlook for XRP. She claimed the crypto token looked “very bullish” as it had just come off the golden retracement levels. Casi Trades further stated that the altcoin needs to achieve a “strong breakout” above these resistance levels, noting that such an occurrence will clearly indicate a new trend. She suggested that this could be a big moment for XRP, stating that “this test could be the moment” that the market has been waiting for. Casi Trades sounded optimistic that XRP could achieve this breakout as she stated that Bitcoin had retraced close to the .618 level, which she believes could set the stage for the breakout. Featured image created with Dall.E, chart from Tradingview.com
Lately, numerous uncertainties have been seen in the cryptocurrency market, leading to a significant drop in the value of several major coins, like XRP. Despite this, well-known cryptocurrency analyst and enthusiast Javon Marks in a daring forecast has predicted a significant upswing for XRP, setting a $20 price target for the digital asset following its […]
In a recent interview with CryptoSlate at BTC Prague 2024, Tuur Demeester, a renowned Bitcoin research analyst at Adamant Research, shared his journey into the world of Bitcoin and provided insightful perspectives on the current state and future of digital asset adoption. From Shoes to Satoshi Demeester’s path to Bitcoin began in an unconventional way. […]
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BlackRock's CIO reveals that Bitcoin ETFs are mainly bought by self-directed investors, with retail dominating over institutions.
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Brazil’s Special Department of Federal Revenue will begin collecting information from foreign crypto exchanges to ensure their operations are in compliance with local regulations, Reuters reported on June 18. The tax department will ask foreign crypto exchanges how they interact with local service providers and ensure the companies provide details required by regulations introduced in […]
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Nvidia's market cap hits $3.34 trillion, fueled by its intense focus on artificial intelligence and expanded robotics research.
Meme coins, the once-dismissed “joke” tokens, are rapidly solidifying their position in the multi-trillion-dollar scene. According to CoinMarketCap, meme coins now command a cumulative market cap of over $45 billion. Interestingly, they are on an upward trajectory as thousands of meme coins are minted predominantly on top platforms like Solana, Ethereum, and Base. Analysts and investors are taking notice as meme coins like BOME, PEPE, and Dogecoin boom. Most predict this subset of crypto will expand and become a core part of the industry in the coming years. Arthur Hayes Backs Meme Coins In a recent interview, Arthur Hayes, the BitMEX co-founder, joined the growing list of meme coin supporters. Hayes backed meme coins, stating that these tokens are increasingly gaining traction because of their simplicity. Unlike complex decentralized finance (DeFi) protocols or AI, they require no technical knowledge. Therefore, this feature and accessibility continue to broaden their appeal. This position also seems to resonate with Raoul Pal, who, in the same interview, added that meme coins are rising because of the cultural connection these tokens tag. As constructed, meme coins are meant to ride on internet hype and cultural relevance. Related Reading: Potential Downtrend In Play? TON Struggles As Price Falls Below $7.7 Therefore, their playful nature and relatable themes resonate with a global audience. In turn, this helps forge a strong connection with the trend, as evidenced by the popularity of the viral BODEN meme coin. More analysts are coming out to back these tokens. Earlier, one analyst said at least three of these tokens would each command at least $100 billion in market cap in the next crypto bull run. Dogecoin is the most valuable meme coin, with a market cap exceeding $20 billion. If Dogecoin, for example, rallies to command a $100 billion market cap, DOGE holders will massively benefit. As of mid-June, only Bitcoin, Ethereum, and USDT, a stablecoin, have market caps exceeding $100 billion. Despite its sharp expansion, even Solana is still perched at fourth, boasting a slightly over $66 billion market cap. Aptos To Take Over From Solana: A Meme Coin Host While Hayes backed meme coins, he predicted that Aptos would flip Solana to become the second largest and most active layer-1 platform after Ethereum within three years. Interestingly, this clashes with the current trend and Hayes’ position. Related Reading: Cardano Founder’s Pig NIKE Sparks Memecoin Craze, Market Cap Nears $1 Million Because of Solana’s high scalability and low fees, the platform is emerging as a home of meme coins, taking over from Ethereum. Even so, Hayes didn’t provide any explanation, saying all details will be made public in September. Earlier on, the BitMEX co-founder downplayed the threat posed by Solana on Ethereum’s lead. In his view, the first smart contracts platform has strength in its developer community and anchors decentralized finance (DeFi). Feature image from DALLE, chart from TradingView
The Shiba Inu burn rate has seen a notable 5,569% spike in the last 24 hours, continuing the positive trend that had begun in the last week. However, this spike in the burn rate comes at a time when the crypto market is struggling, and the price of SHIB has dropped significantly. This has raised […]
Bitcoin price requires high demand-side pressure to push the BTC out of an extended correction.
Exchanges will list TREMP but not TRUMP, claiming the latter is "too political."
Crypto asset management firm Hashdex has put forward a proposal for a spot exchange-traded fund (ETF) that would directly hold both Bitcoin and Ethereum. New York-based stock exchange Nasdaq disclosed the proposal on June 18 via a Form 19b-4 filing, which describes the firms’ intent to establish the Hashdex Nasdaq Crypto Index US ETF. The […]
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If approved, the crypto ETF would be the first of its kind, but probably not the last.
Polkadot co-founder Rob Habermeier has proposed Plaza, a new system chain designed to unify parachain functionalities and enhance network scalability. According to Habermeier, the current distribution of functionalities across multiple chains creates challenges for users and developers, leading to fragmentation and scalability limitations. He is advocating for a strategic focus on usability by building a […]
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Despite recent stumbles that saw Bitcoin fall below $70,000, popular cryptocurrency channel Altcoin Daily remains firmly in the “bull camp,” predicting a continuation of the current market cycle that could mint a new wave of crypto millionaires. Related Reading: Crypto Funds Fueling Swedish Neo-Nazis, Blockchain Probe Reveals Crypto Whales Accumulating, Institutions Diving In Altcoin Daily’s […]
A hefty 50% lock-up requirement has prompted a drop in the price of the ENA token.
Bitcoin whales and miners remain cautiously optimistic, strengthening the bullish case for $64,300 support.
Onchain Highlights DEFINITION: The number of unique entities that were active either as a sender or receiver. Bitcoin’s active entities have shown significant variability over recent months. Following the halving in April, the number of active addresses reached a three-year low, primarily due to a spike in transaction fees and network congestion. This surge in […]
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Bitcoin recently dropped below the critical support level between $67,000 and $68,000, having failed to break above the $70,000 price level successfully. Based on crypto analyst Josh’s analysis, the flagship crypto needs to climb above this critical support level soon enough or risk flipping into a bearish trend. Bitcoin Needs To Climb Above $68,000 Josh mentioned in a video on his YouTube channel that Bitcoin needs to achieve a confirmed breakout above $68,000 to flip bullish again and possibly experience more upside moves to the resistance levels between $72,000 and $74,000. With Bitcoin currently below $67,000, the crypto analyst noted that the area between $67,000 and $68,000 is now an area of strong resistance and one to watch out for in the short term. Bitcoin’s failure to climb above $68,000 soon enough could lead to more short-term pullbacks to between $63,000 and $64,000, an area in which Josh claimed there is a decent amount of traded volume. The crypto analyst also suggested that Bitcoin’s drop to $64,000 could happen swiftly, as he highlighted the volume profile indicator, which showed that there is little traded volume between $66,000 and $64,000. Meanwhile, Josh outlined a scenario in which Bitcoin could rise to around $67,000 to grab a large amount of liquidity and liquidate the short positions around that area. He noted that that area coincides with the resistance level between $67,000 and $68,000. As such, he warned that Bitcoin may experience a short-term bounce and then be rejected at the resistance level. He again claimed that Bitcoin would need to break above $68,000 to confirm that the pullback is over. A Massive Move On The Horizon For BTC Analyzing Bitcoin’s four-day chart, Josh stated that the Bollinger Bands are still squeezing together, which points to a “major move” coming at some point within the next few weeks. He added that the move would be volatile and that Bitcoin could potentially record a 20% to 30% price movement. On the larger time frame, Josh remarked that Bitcoin is still trading sideways and within a massive consolidation that usually occurs during a “much larger bullish trend.” As such, the analyst suggested that Bitcoin is still far from its market top despite its recent price decline. Based on predictions made by other crypto analysts, like CrediBULL Crypto, Bitcoin is still expected to rise to $100,000 in this market cycle. Crypto analyst Rekt Capital had also warned about these price declines amid this bull run. He stated that Bitcoin would retrace deep enough to convince anyone that the bull run is over before it resumes its uptrend. At the time of writing, Bitcoin is trading at around $65,400, down 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin, the largest cryptocurrency asset has been exhibiting considerable volatility, prompting several bearish sentiments regarding its price trajectory from market experts. After exploring BTC’s recent price action, popular cryptocurrency expert and trader, Titan of Crypto has warned the community about an impending downward correction for the digital asset. His observations indicate that there may be serious […]
The new facilities are expected to increase CleanSpark’s hashrate to over 20 exahashes per second by the end of June, spokespeople claimed.
South Korea’s Financial Supervisory Service (FSS) has clarified its role regarding the rumored removal of numerous digital assets from local crypto exchanges On June 17, reports emerged that the FSS had instructed registered crypto exchanges, including Upbit, Bithumb, and Gopax, to evaluate several tokens on their platforms. This directive aligns with the Virtual Asset User […]
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Hashdex files for a joint Bitcoin-Ethereum ETF in the US, with a decision expected by March 2025, according to Bloomberg analyst.
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