As the meme coin mania persists, popular cryptocurrency expert and enthusiast Javon Marks, in a bullish outlook for Dogecoin (DOGE), has predicted the crypto asset to undergo a 4x surge, projecting it to reach a new all-time high and potentially climbing higher. Impending 4x Spike For Dogecoin To New All-Time High This optimistic forecast, which […]
Two people took in $1 billion in crypto deposits and traded $26 million of it, the suit alleges.
GMX, the native token of decentralized perpetual exchange GMX, has soared over 20% in the past 24 hours. The surge was seemingly fueled by a crypto whale move that ignited the community’s positive sentiment towards the token. Some analysts believe GMX might be preparing for a breakout above the $60 mark. Related Reading: AVAX Primed To Break $100 Barrier As Bullish Signs Emerge Whales Send GMX To New Wallets In the early hours of Thursday, a whale withdrew over 85,000 GMX tokens from crypto exchange Binance. Per the reports, the whale sent the funds to a fresh wallet, boosting the price surge. The whale withdrew 84,515 GMX, worth around $3.77 million, in five transactions for an average price of $43.07. This move propelled the price from $40 to $44 in the following hours. Moreover, the price jump resulted in over half a million in unrealized profit for the crypto investor. Similarly, reports of another whale withdrawing GMX from Binance surfaced this morning. According to the post, 72,300 GMX tokens were sent to a wallet from Binance. The wallet now holds 82,768 GMX, worth $3.69 million. The token’s surge appears to have begun before the whale activity. GMX’s price jumped from the $36 price range to the $42 mark on Wednesday, which fueled the positive sentiment of the crypto community. In the past 24 hours, GMX rose 22.2%, trading above $44 now. The recent performance represents a 26% and 76.3% price increase in the weekly and monthly timeframes. Moreover, it has registered a surge in its market activity, registering a 121% daily trading volume increase in the last day. Crypto Analysts Bullish On GMX The token’s performance didn’t go unnoticed by crypto analysts. The market watchers expressed their bullish sentiment towards GMX and set a short-term target. According to Daan Crypto, GMX appears to be running back to “turbo mode.” The token is currently up 2x from its bottom registered in April of this year. Moreover, GMX is “trading back above the daily 200MA/EMA.” To the analyst, the $41 support zone will be a key level to hold going forward. He also considers the $60 price range a good target for the token’s bullish momentum. Crypto trader and analyst JJcycles also weighed in on GMX’s performance. The trader highlighted a bullish flag pattern on the token’s chart. Per the analyst, GMX is “nicely reversing into the beginning of the third wave.” JJcycles also pointed out the token successfully broke out of the $40 resistance level in the following hours. To the trader, it looks like GMX printed the bottom in April when it went as low as $22. Additionally, he called out those who capitulated within the bottom accumulation range, including Arthur Hayes. “Just like it is supposed to be, capitulators are in pain,” wrote the analyst. Related Reading: Fake Crypto Airdrop: Tether’s CEO Warns Of Ongoing Supply Chain Email Exploit As reported by NewsBTC, the BitMEX founder was the largest individual holder of GMX, with over 230,000 GMX tokens. In April, Hayes seemingly “accepted capitulation” after sending all his GMX holdings to an address linked to crypto algorithmic trading firm Wintermute Trading. At the time, GMX investors criticized the transaction, suggesting that the altcoin was “in that buy zone again.” Featured Image from Unsplash.com, Chart from TradingView.com
Shares of GameStop (GME) soared to the end of the trading day up nearly 50% as trader Roaring Kitty schedules a YouTube livestream for Friday.
Shares of GameStop closed the Thursday session 47% higher as the retail trading fame provided an update of his position and announced a livestream for Friday.
Secretary of the Treasury Janet Yellen says AI will only become more important in the years to come.
DTCC Digital Assets global head and managing director Nadine Chakar made a compelling case for the benefits of tokenization in her testimony before the House Financial Services Subcommittee on Digital Assets on June 5. Chakar’s testimony centered on the transformative potential of tokenizing real-world assets and its implications for the US financial markets. She highlighted […]
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Evolved apes was a $3 million NFT rug pull that lured investors in with the promise of developing a video game.
Ripple President Monica Long has shed light on the potential launch of an XRP ETF, clarifying the crypto payment company’s stance on the subject. She addressed the growing interest within the market, stating that the introduction of an XRP ETF would be a reasonable progression. Ripple President Deems XRP ETF Plausible In a recent interview […]
Bitcoin long-term holders are back in profit following the flagship crypto’s recent price surge. However, the same can’t be said for most short-term holders yet, given the levels at which they purchased their Bitcoin holdings. Only 0.03% Of Long-term Bitcoin Holder Supply In Loss In a recent market report, on-chain analytics platform Glassnode claimed that the total volume of long-term holder (LTH) supply held in loss is “negligible,” with only 4,900 BTC (0.03% of LTH) acquired above Bitcoin’s current price. These long-term holders in loss are said to have been those who bought the 2021 cycle top and have held since then. Related Reading: Analyst Says Get Ready As Dogecoin Enters ‘Expansion Stage’, Can DOGE Reach $12? Long-term holders currently account for over 85% of the Bitcoin supply in profit. Glassnode noted that this was to be expected, given that the LTH supply in loss during the euphoric phase of the bull market “tends towards zero.” Therefore, this LTH will keep accounting for most of the supply in profit as the bull run progresses. Tokens held for more than 155 days fall under this LTH supply, although most investors in this category are likely those who held with high conviction throughout the last bear market, even as Bitcoin dropped below $20,000. Back then, this LTH supply accounted for most of the unrealized losses. Short-Term Holder Supply Accounts For Most Unrealized Loss Glassnode revealed that the short-term holder (STH) supply currently accounts for most of the market losses as these investors continue to buy the flagship crypto near local and global highs. As such, these holders automatically fall back into a loss whenever Bitcoin encounters a price correction. Data from Glassnode shows that 1 million BTC (26.6%) out of the 3.35 million BTC representing the STH supply are currently at a loss. An overwhelming 56% (1.9 million BTC) of the STH supply is said to have moved into an unrealized loss when Bitcoin recently experienced a price drawdown to the $58,000 level. Related Reading: Popular Analyst Predicts Dogecoin Will Outperform Bitcoin As Market Enters Meme Coin Super Cycle Glassnode also revealed that a “significant cluster” of STH coins was accumulated close to the current spot price. This is significant considering how investors who invested in this region could react to any volatile price fluctuations, irrespective of what direction they take. A significant drop or increase in Bitcoin’s price could lead these investors to offload their tokens. Besides these short-term holders, Glassnode suggested that the ‘Single-Cycle holders’ are another group of investors to keep an eye on. These investors have been holding a “significant magnitude of unrealized profit” since Bitcoin broke above the $40,000 range. They already took some profits when Bitcoin hit its current all-time high (ATH) of $73,000 in March and will likely offload more of their tokens as Bitcoin reaches a new ATH.
BNB Chain activity and BNB derivatives indicate a healthy bull run, but no room for further upside.
Upcoming consumer price index and labor market data releases in the next few days could be key for what's next for bitcoin's price.
New York Attorney General Letitia James has filed suit against two purported crypto companies and their top promoters, a married couple, for allegedly operating two consecutive pyramid schemes that predominantly targeted Haitian immigrants to the U.S.
Developers of mini apps on Telegram will now be able to sell digital goods and services for Stars, which can be converted into Toncoin.
SEC chair Gary Gensler said the timeline for spot Ethereum ETF launches depends on how quickly applicants respond to the regulator’s questions and comment on reasons for approvals. Gensler told Reuters on June 5 that the firms are “self-motivated” to answer SEC comments and can determine their responsiveness. Past reports suggest that the SEC will […]
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Kerrisdale Capital, an investment management firm, has launched a scathing attack on the Bitcoin mining industry in the United States, branding it a haven for “snake oil salesmen” that devour investor capital and harm the environment. Investment Firm Attacks Bitcoin, Claims Mining Model Flawed In a post on X, the management firm announced that it […]
The stocks are undervalued, so miners with attractive power contracts could become M&A targets, according to Wall Street analysts.
The cryptocurrency exchange said in 2021 — before Coinbase’s IPO — that it planned to pursue a direct listing if it chose to go public.
A group of FTX creditors led by Sunil Kavuri has objected to the reorganization plan filed by the defunct exchange’s bankruptcy managers. According to a June 5 court filing, the creditors argued that the plan failed the best interest test. Justifying the objection, Sunil noted that it is unconfirmable as a matter of law as […]
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Pendle Finance and Notcoin recently experienced roughly 58.6% and 400% price growth, respectively and are thus among the recent top performers.
Ether implied volatility has experienced a notable surge following spot Ether ETF approval news.
The Bitcoin-Nasdaq 100 Index correlation hints at a potential crypto market rally, with Bitcoin possibly reaching $100,000, says Galaxy Digital's CEO.
The post Equity market upside could favor Bitcoin as correlation with Nasdaq 100 strengthens appeared first on Crypto Briefing.
Bitcoin is in an uptrend and will likely breach the all-important liquidation line at $72,000. At the spot rate, the coin is up approximately 25% from May lows and may rally, even breaking all-time highs of $73,800. Retail Interest In Bitcoin Falling Even As Prices Approach All-Time Highs Even as Bitcoin prints impressive higher highs, Mike Alfred, a “value investor” and an active crypto commentator, has identified a surprising disconnect: organic search engine traffic on Google is dropping. Apart from the spike in search from Q4 2023 till early January 2024, the trend has been southwards since then. The upswing in organic searches on Google during this period is primarily due to the United States Securities and Exchange Commission (SEC) preparing to approve the launch of spot Bitcoin exchange-traded funds (ETFs). Related Reading: Crypto Analyst Predicts XRP At $0.75 In July Despite Year-Long Slump The excitement ahead of this milestone and the multi-year wait not only saw BTC prices rally but also improved sentiment. Subsequently, more people, mostly new to the industry, were eager to learn more about the digital asset. The rally from Q4 2023 has not fizzled and continues to spot rates. Bitcoin dipped in February before bouncing sharply, breaking $70,000 and printing new all-time highs at $73,800. Even though prices fell weeks later, dipping to as low as $56,500 in May, bulls are preparing to take higher prices. However, unlike the interest seen from Q4 2023 through early January 2024, organic searches, as mentioned, are unusually falling. Alfred argues that this divergence points towards an “institutionally driven bull market” and still “early.” In the past, and before the approval of spot Bitcoin ETFs, retailers played a big role in driving price and sentiment. However, institutions are in play with the products available in the United States. One observer notes that these market participants tend to exhibit “committed ownership,” negating the need for constant online searches. Encouragingly, the absence of retailers in this cycle–extending from the search in organic searches–signifies a drop in speculative buying. Subsequently, in the current state, the Bitcoin market is more liquid and stable than before. Increasing Awareness, Affordability A Reason? There are several explanations behind the drop in organic searches on Google and other search engines. Though institutions might be behind the rally, the decline is because the general awareness of Bitcoin has rapidly grown over the years. Of note, the availability of spot Bitcoin ETFs and widespread media coverage have boosted the coin’s recognition. Related Reading: Beyond BTC: Crypto Miners Get Brainy, Embrace AI After Block Reward Whacking Besides this, there is another aspect of affordability. With the price hovering around $71,200, purchasing a whole Bitcoin is out of reach for many. In return, this dampens retail investor enthusiasm, leading them to consider cheaper altcoins like Dogecoin or Solana. Feature image from Shutterstock, chart from TradingView
Data shows the Bitcoin derivatives Open Interest has shot up to a new all-time high (ATH) recently. Here’s what this could mean for the asset’s price. Bitcoin Open Interest Has Registered A Steep Rise Recently In a post on X, CryptoQuant Netherlands community manager Maartunn has discussed about the latest trend in the Open Interest […]
Franklin Templeton is reportedly considering a private fund for institutional investors dedicated to altcoins.
Franklin Templeton is exploring a new private fund that would expose institutional investors to altcoins and offer staking rewards, expanding its crypto offerings.
The post Franklin Templeton explores altcoin-based private fund with staking rewards appeared first on Crypto Briefing.
The plaintiffs seek to recover funds transferred out of their wallets as criminal proceedings against the exchange continue.
Kraken is considering raising over $100 million in a pre-IPO round amid the recent market rally and regulatory shifts.
The post Kraken eyes over $100M in pre-IPO funding: Report appeared first on Crypto Briefing.
Bitcoin is poised to reach a new all-time high this weekend if upcoming payroll data on June 7 is favorable, according to Standard Chartered’s head of crypto research Geoffrey Kendrick. According to Kendrick: “Should tomorrow’s payroll data be favorable, I anticipate a fresh all-time high over the weekend, potentially paving the way for Bitcoin to […]
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