Ethereum (ETH) saw a significant upswing at the end of May due to the rumors of a spot ETH ETF (Exchange-Traded Funds) approval in the US. This bullish momentum propelled the token’s price from the $3,000 price range to the $3,900 mark. Related Reading: Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kitty’s Return After the approval, the second-largest cryptocurrency has shown a strong performance, consolidating between the $3,700 and $3,800 levels. Some crypto analysts believe ETH is preparing for a crucial test and eye bullish targets above the $10,000 price range soon. ETH’s “Glorious Year” Depends On This Level According to crypto analyst Jelle, a community sector is currently driven by a negative sentiment towards Ethereum. The bearish sentiment, seemingly fueled by Ethereum’s failure to regain the $4,000 resistance level, has made “lots of people overcomplicate things here.” As a result, Jelle urged investors not to panic, arguing there’s no reason to “flip bearish.” The crypto analyst highlighted the key movements the King of Altcoins has seen in the past two weeks. Due to the spot ETH ETF approval, Ethereum broke out of a multi-moth falling wedge pattern. At the time, ETH successfully regained the $3,600 price range and briefly tested the $3,900 price range. After reclaiming this key support level, ETH has been consolidating above it, hovering between the $3,700 and $3,800 price range since May 28. According to the analyst, the cryptocurrency is “reclaiming the range lows of a 3-year-long reaccumulation range.” Per Jelle’s chart, ETH is regaining the lowest range of the previous bull run, which could lead to an expansion period. If the second-largest cryptocurrency by market capitalization holds above this key level, Ethereum “will have a glorious year.” Additionally, the analyst considers that ETH’s last hurdle to overcome this cycle is the $4,000 resistance level. Once “it breaks $4,000, it’s clear skies ahead” to potentially reach the price target of $10,000. Similarly, known crypto analyst Il Capo of Crypto noted that his main scenario is a bullish continuation. Per Il Capo, Ethereum is “looking good” above the $3,650 range. This performance seemingly sets the cryptocurrency for a “bullish continuation” towards the previous cycle’s all-time high (ATH). Ethereum ETFs, The Catalyst For New ATH? Despite the doubts, Ethereum’s recent performance resembles Bitcoin’s (BTC) in previous cycles. According to crypto trader Ash, ETH is following the path of the flagship cryptocurrency in 2018-2021. If it continues this track, “$10,000+ ETH is programmed.” As the crypto market awaits the listing of the spot ETF, some analysts consider it the catalyst for an “explosive” alt season this year. Similarly, Ali Martinez noted that over 777,000 ETH, worth around $3 billion, have been withdrawn from exchanges since the US Securities and Exchange Commission (SEC) approved the investment products. Due to a supply squeeze, this development could propel ETH’s price to higher levels. However, Lookonchain recently revealed that two participants of Ethereum’s Initial Coin Offering (ICO) deposited around 4.5% of their holdings on a crypto exchange. Per the post, the ICO participants received 200,000 ETH, worth around $767 million, at Ethereum’s Genesis. Related Reading: The Half-Million Dollar Bitcoin: Predictions Point To Monumental Price Surge In 18 Months The holders deposited 9,518 ETH, or $36.33 million, into Kraken on Monday, which has alarmed investors. Despite the fear of a possible dump, some community members think this movement could suggest that these long-term holders believe ETH’s price will reach unprecedented highs soon. Featured Image from Unsplash.com, Chart from TradingView.com
Deutsche Bank has taken a significant stride by forming a partnership with Bitpanda, a leading cryptocurrency platform. This collaboration represents a pivotal step towards integrating traditional banking frameworks with the crypto sector, aiming to enhance the accessibility of crypto assets for users across Germany. Crypto Services Integration For German Users Deutsche Bank, Germany’s largest banking […]
Digital asset regulation and policy were at the center of discussion for many panels at the crypto event when news of Donald Trump’s 34 felony convictions broke.
The Securities and Exchange Commission's Salt Lake City office – notorious in the crypto world for its failed fraud lawsuit against DEBT Box – will shut down after seeing "significant attrition" among its staff, some of whom were pushed out over the case.
ETH futures reflect pessimism with crypto regulation and potential delay in the spot ETF launch.
Meme stock influencer Roaring Kitty said Monday that he's still holding his shares. But as GameStop's price cools, is he still hanging on?
Defunct crypto exchange FTX has agreed to settle the Internal Revenue Service (IRS) substantial $24 billion tax claim for a significantly lower amount to help the company prioritize its customer repayments during its ongoing bankruptcy process. According to the terms of the settlement, the IRS will receive a $200 million priority claim to be paid […]
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A notable Shibarium team member stressed that while the token cannot be taken down from exchanges, traders should exercise best practices.
Casey Rodarmor's Bitcoin protocols Ordinals and Runes fuel a debate on blockchain functionality and security, marking a new era for Bitcoin.
The post Ordinals and Runes are proof of Bitcoin’s permissionless nature — Casey Rodarmor appeared first on Crypto Briefing.
Since launching, the Spot Bitcoin ETFs have achieved immense success with mass adoption, which they have enjoyed among institutional investors. Thanks to this, inflows into these funds have accounted for most of the inflows that their respective issuers have recorded since the year began. Spot Bitcoin ETFs A Major Source Of Inflows For Fund Issuers […]
ETH will start outperforming bitcoin following the ETF launch after almost two and a half years of underperformance, the report said.
BODEN appears to be the winner as first exchange open to U.S. residents lists the election-themed tokens.
The U.S.-based spot bitcoin ETFs yesterday made it 15-consecutive sessions of net inflows, with the latest rush of money combing with a rally in the price of {{BTC}} to send BlackRock's iShares Bitcoin Fund (IBIT) to more than $20 billion in assets under management for the first time.
The agreement, which is subject to a court approval, resolves a major hurdle for FTX bankruptcy process.
The tokens were initially reserved for a parachain slot on Polkadot but have since fallen out of use.
The funding rate for perpetual futures serves as a proxy for market sentiment and shows the balance between long and short positions. Significant deviations from the average funding rate across exchanges can signal potential imbalances in positioning. A spike in the funding rate on a particular exchange shows a large number of long positions, which […]
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Bitcoin prices are hovering near $70,000, bouncing from a critical dynamic support line, evident in the daily chart. Even though bulls have yet to breach $72,000 and break above March 2024 highs, traders are optimistic about what lies ahead. Bitcoin Bulls In Charge: Analyst Targets $85,000 Taking to X, one analyst believes the world’s most valuable coin is preparing for a decisive breakout above the local resistance levels and all-time highs at around $74,000. In a post, the analyst notes that Bitcoin has been consolidating, moving sideways and even lower for the past three months since mid-March. Related Reading: Crypto Analyst Predicts Massive Solana Price Crash Using Elliott Waves If buyers succeed, the near 100-day consolidation could set the base for prices to spike, ushering a “next leg higher” that would likely take BTC to $85,000. Still, even amid the optimism, traders should be cautious. Technically, the upside momentum has been fizzling. Even with gains on June 3, buyers’ failure to confirm the gains of May 20 is slowing down the uptrend. So far, the $72,000 level on the upper hand must be conquered for any hopes of further gains. On the lower end, support lies at $66,000. Even so, the dynamic 20-day moving average is emerging as a worthy support. Any breakout in either direction, most preferably in alignment with Q1 2024 gains, would be fundamentally driven. Inflation, Spot BTC ETF Inflows Fanning Demand Looking at fundamental data streaming from the United States, the stage is being set for optimistic buyers. Cooling inflation and the uptick in M2 money supply could hint that buyers are getting ready. The United States Federal Reserve has closely monitored inflation, among other metrics. With inflation dropping, the Fed may decide to slash interest rates, fueling a bull run like it did in 2021. Related Reading: Bitcoin Gets Massive $500,000 Price Tag From Billionaire, Here’s Why Other key drivers would include the encouraging flow into spot Bitcoin ETFs. As BTC soared to register March 2024 highs, inflow spiked, driven chiefly by institutional demand. After prices broke higher on May 20, inflows have picked up momentum. On June 3, Lookonchain data revealed that spot BTC ETF issuers in the United States added 2,413 BTC. Grayscale’s GBTC reduced just 12 BTC. Launching the Monochrome Bitcoin ETF (IBTC) in Australia and a similar product in Hong Kong and globally will only increase the demand for BTC. The newly launched IBTC spot ETF in Australia will directly hold BTC, which will be under the custody of Coinbase. Feature image from DALLE, chart from TradingView
Exploring the resurgence of market speculation in Bitcoin as Long-Term Holders show profits and the Mt.Gox distribution event looms.
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Sahil Arora faces a ban from X due to memecoin scam allegations by celebrities, causing significant market cap losses.
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Avail, a company spun out of Ethereum layer-2 solution Polygon, secured $43 million in a Series A funding round to develop a unified layer that addresses the scalability challenges and fragmentation issues within the Web3 ecosystem, according to a June 4 statement shared with CryptoSlate. This round takes Avail’s total funding to $75 million, including […]
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The creator of the Ordinals and Runes protocols discussed his motivations on stage at Consensus 2024.
The former FTX CEO spent roughly a week at the Federal Transfer Center in Oklahoma City, with many speculating authorities planned to send him to a California prison.
Thailand has taken its first tentative steps into the world of Bitcoin with the launch of a unique exchange-traded fund (ETF) aimed at high net-worth individuals and institutions. This comes amidst a global surge in interest in cryptocurrencies, but with Thai regulators taking a cautious approach, prioritizing security and controlled access for beginners. Related Reading: […]
Polygon never set out to slay Ethereum, despite perceptions at the time, says co-founder Anurag Arjun.
Popular AI chatbot ChatGPT is experiencing an outage, leaving users searching for alternatives. Here are some options to explore.
Quick Take Data compiled by an anonymous X account, dividendology. Over the past 40 years, the S&P 500 has averaged an 11% annual return. Despite experiencing drawdowns in just seven years—1990, 2000, 2001, 2002, 2008, 2018, and 2022—the index has delivered impressive gains, with the best years exceeding 30% returns, notably in 1985, 1989, 1991, 1995, […]
The post Bitcoin’s 2024 growth upholds an extraordinary 63% CAGR appeared first on CryptoSlate.
All but two assets in the gauge lost ground over the past week, led by UNI's 14% decline.
The CEO of the on-chain analytics firm CryptoQuant explained that Bitcoin’s price isn’t currently overvalued based on its network fundamentals. Bitcoin Price May Not Be Overvalued Yet Based On Thermo Cap Ratio In a new post on X, CryptoQuant CEO and founder Ki Young Ju has discussed about how the recent trend in the Bitcoin Thermo Cap Ratio has been like. The “Thermo Cap” is a capitalization model for BTC that calculates the total value of the asset by taking each token’s value as the same as the spot price when it was mined on the network. Related Reading: Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds Put another way, this model calculates the cumulative value of the coins mined by the miners since the inception of the blockchain. This is quite different from what, for example, the usual market cap does. In the market cap’s case, the current spot price is taken as the value of all coins in circulation. As the coins that miners mine are the only way to increase the cryptocurrency’s supply, the Thermo Cap may be considered a measure of the “true” capital inflows coming into the network. Here is a chart that displays how the Bitcoin Thermo Cap has changed over its history: As the above graph shows, the Thermo Cap has seen an accelerating growth curve. This naturally reflects the increasing amount of capital flowing into the asset over the years. In the context of the current topic, though, the indicator of interest isn’t the Thermo Cap itself but rather the Thermo Cap Ratio. This metric tracks the ratio between the Bitcoin market cap and the Thermo Cap. The chart below shows the trend in the Thermo Cap Ratio over the asset’s history. An interesting pattern is visible in the graph. It appears that very high values of the Thermo Cap Ratio have coincided with highs in the cryptocurrency’s price. Related Reading: Bitcoin Has Solid On-Chain Cushion Below $68,900: Stage Set For Fresh Rally? At high values, the Bitcoin market cap is quite large compared to the Thermo Cap, meaning that coins are trading at a much higher rate than they were mined at. It’s also apparent that bottoms in BTC occur when the ratio assumes low values. The recent trend in the indicator has been that of a rise, but its value has not touched the levels where bull run tops would have happened in the past. “Bitcoin is not currently overvalued based on network fundamentals,” notes the CryptoQuant founder. BTC Price Bitcoin has been unable to break out of its range recently as its price has kept up the trend of sideways movement. At present, BTC is trading at around $68,900. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
The Web3 Foundation, the organization behind Polkadot, has awarded a Decentralized Futures (DF) grant to PolkaPort East to foster the blockchain network’s expansion in Asia, according to a June 4 statement shared with CryptoSlate. This marks Web3 Foundation’s first DF grant to an Asia-based entity. The grant aims to enhance Polkadot’s decentralization through technical, community, […]
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If approved by the judge, FTX would pay the IRS $200 million now and $685 million as a junior subordinated claim later.