A crypto strategist who accurately predicted the current Bitcoin downtrend has shown where the price is headed from here. If the analyst’s prediction is anything to go by, then the decline in the crypto market may only just be in its beginning stages. Bearish Indicators Pile Up For A Bitcoin Crash Earlier this week, when the crypto market was still euphoric with the Bitcoin climb above $70,000, crypto analyst Xanrox was one of the few who called a possible decline in price. The analyst took to the TradingView website to share this analysis, where he showed that indicators point to a Bitcoin price retrace. Related Reading: Shiba Inu Price Prediction: SHIB Shows Unusually High Strength Against Dogecoin According to the analyst’s initial post, Bitcoin is going to crash in June and the reason lie in the price action that was seen in May. One of the indicators that Xanrox points to is the “FVGAP” that was created at $62,000, and as the analyst explains, this can signal a bullish trend for the digital asset. This is mainly because this gap that was created at $62,000 are filled out “sooner rather than later,” suggesting that the retrace could be happening soon. Another indicator that the analyst points to is the Elliott Wave perspective, pointing out that the Bitcoin price has finished the first impulsive Wave 1. Naturally, as the market moves in waves, the next wave, Wave 2, is expected to be bullish. But that is not all, as Xanrox points out the creation of a corrective ABC pattern from here. Last but not least, the analyst points out a small red trend line that has formed in the chart and is already breaking down. Such breakdowns in the trend line are bearish; add in the rising wedge pattern that the analyst sees in the chart, and it seems to be a perfect recipe for a decline. Xanrox initially posted his analysis on Wednesday, May 29, and since then, the Bitcoin price has broken down below $68,000, suggesting this prediction could come to pass. As a result, the analyst has now updated the post, showing where the price could be headed next. Next Steps For BTC In the follow-up posts, Xanrox points out that another red trend line is now breaking down after the first. With two in a row, it paints a very negative picture from the Bitcoin price from here. Additionally, the crypto analyst revealed that the BTC price has formed a symmetrical triangle, which he expected to break down. When this happens, the price is expected to fall. Related Reading: Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important As for how far Bitcoin can fall from here, the analyst’s original chart shows a breakdown toward the $62,000 level. This would mean an over 10% decline in the price, something that could shake prices all across the market. “Currently, I am bearish, so be careful during the summer as the price action is not the most volatile for Bitcoin during this season,” the analyst warned. As for Bitcoin, it is currently sitting just below $68,000, at the time of writing, with 2.7% losses in the last week. However, the monthly remains green for the pioneer cryptocurrency as it’s seeing 10.28% gains. Featured image created with Dall.E, chart from Tradingview.com
The BitLicense just got a little tougher with new mandatory standards for treating customers right.
Factors include uncertainty in the spot Ethereum ETF launch, high ETF futures open interest, and stagnant Ethereum network usage.
Aptos will be the first blockchain that uses the Move coding language to integrate Chainlink's services, according to the announcement at Consensus 2024 in Austin.
Amid the former president’s pivot to embrace cryptocurrency, the Tesla CEO denies a report that they’ve talked about crypto policy.
Americans aren't allowed to make certain investments unless they earn $200,000 annually or they're worth more than $1 million — but they are free to gamble.
Alexandra Damsker, author of "Understanding DeFi," argues that the shifting nature of tokens means that agencies like the SEC and CFTC are incapable of regulating crypto effectively.
Singapore-based Terraform Labs and its founder, Do Kwon, have reached a settlement agreement with the SEC to end the civil lawsuit filed in the US over allegations of defrauding crypto investors. The development comes after a jury in the US District Court for the Southern District of New York found the company and Kwon liable […]
The post Terraform Labs, Do Kwon reach tentative settlement with SEC to end civil lawsuit appeared first on CryptoSlate.
The Bitcoin price remains stuck below $69,000 over the past 10 weeks, but analysts say it is a healthy price action
The SEC has set May 31 as deadline for Ethereum ETF S-1 filings, with VanEck and BlackRock already making swift amendments.
The post SEC sets tomorrow as deadline for Ethereum ETF issuers to submit draft S-1 forms appeared first on Crypto Briefing.
Crypto analyst Cryptorphic has predicted that Bitcoin could rise as high as $156,000 in this market cycle. The analyst alluded to historical trends to prove why the flagship crypto could easily attain such a price target. Bitcoin To Hit $156,000 By May 2025 Cryptorphic mentioned in an X (formerly Twitter) post that “Bitcoin could hit […]
The decline in crypto scams and frauds continued, with only $52 million lost in May compared to $59 million the previous year.
Small-scale farmers lack the essential tools to address significant challenges in avocado production. Here’s how blockchain and AI can help them.
Elon Musk and Donald Trump discuss crypto policy, signaling Musk's potential advisory role and Trump's campaign outreach to crypto voters.
The post Musk rejects allegations of advising Trump on crypto appeared first on Crypto Briefing.
Hidden Road cited Know Your Customer verification policies and concerns surrounding Anti-Money Laundering regulations on the ByBit exchange.
The celebrity token frenzy seems to be the hottest topic of the week. The newly launched memecoins have been criticized by crypto community members as the tokens have been launched with massive controversy. After a week or so of pumping and dumping, the US Securities and Exchange Commission (SEC) issued an Investor Alert. However, the SEC’s warning didn’t stop more musicians from joining the crypto festival of Q2. Related Reading: ‘Solana Is For Baddies’: Rapper Iggy Azalea Joins The Controversial Celebrity Token Frenzy SEC Warns About Celebrity Memecoins On Wednesday, the US SEC released an Investor Alert targeting memecoins. In the warning, the Commission alerted users about pump-and-dump and pre-sale schemes involving meme-based tokens. The SEC explained that “fraudsters may create a memecoin and then tout it on social media.” After pumping the price and selling to make a profit, investors see most of their money gone as the price rapidly decreases. The celebrity memecoins launch frenzy became a trend this past week. As a result, many mainstream media figures, influencers, musicians, and athletes have shown “interest” in the crypto space. In most cases, these celebrities start engaging with the crypto community right before promoting their soon-to-be-launched memecoins. Nonetheless, the recent trend has been particularly controversial since these figures have, for the most part, worked with an alleged serial scammer. Recently, celebrities and community members accused a man named Sahil Arora of allegedly orchestrating several pump-and-dump scams. Arora seemingly scammed investors and partners in every memecoin launch he’s been involved with. Australian rapper Iggy Azalea launched MOTHER two days ago and claimed to have created the token to stop Arora from using her image on his scams. Moreover, Rich the Kid and Caitlyn Jenner have come out stating that the alleged scammer lied to them. Now, more musicians have joined the crypto festival of memecoins while being accused of dumping their fans. More Musical Acts To Headline Memecoinchella On Wednesday, crypto sleuth ZachXBT accused famous rapper Lil Pump of participating in a pump-and-dump scam. According to the internet investigator, the rapper shared and quickly deleted a post promoting his memecoin after the token was dumped. The post stated “lil or big pump” and tagged one of Arora’s accounts. Lil Pump answered the allegations, claiming to never have made a token and accusing Arora of scamming him and his fans. Moreover, he seemingly sent “proof” to the crypto detective to prove his innocence. In the early hours of Thursday, the rapper claimed to have taken control of his accounts and the memecoin. Moreover, he distanced himself from the alleged serial scammer. However, ZachXBT shared some screenshots of a conversation between Lil Pump’s team and the person managing the memecoin launch. According to the images, Pump’s team was not aware of Arora’s track record, but as the investigator explained, he “still got partially paid for the scam.” Additionally, his team hid the paid promo tag, which is an X requirement. ZachXBT pointed out that the rapper also did the same in 2022. Throughout the night, the internet sleuth listed several other artists who joined the crypto scam headlines. The list includes American rapper MoneyBagg Yo, Trippie Redd, and Davido. Giving A Platform To Scammers American-Nigerian singer and producer Davido was, alongside Lil Pump, the biggest topic on Wednesday night. The singer promoted his Davido token alongside figures inside the crypto space. Crypto trader Ansem held an X Space session with the music producer to discuss his project. According to online reports, the singer dumped over half of his DAVIDO holdings while on the X session. Lookonchain revealed that Davido made over 2,783 SOL, worth around 473,000, after selling 121.8 million DAVIDO tokens. Per the post, the singer received 7.5 SOL as start-up capital, which he used to buy 20.3% of the memecoin’s total supply. Related Reading: Keeping Up With The Memecoins: Caitlyn Jenner’s New Token Surges 50,000% Amid Controversy The community wasn’t pleased with the crypto trader’s involvement in the incident. As a result, an important discussion was brought up by several community members. Many pointed out that platforming individuals, celebrity or not, who seemingly have no real interest in the space is predatory and dangerous. As pointed out by ZachXBT, “leading the spaces provides credibility to them” and gives “celebs the platform to do this to people repeatedly.” Featured Image from Unsplash.com, Chart from TradingView.com
ChatGPT Plus and Free are now equally capable. Does it make any sense for you to keep a paid subscription?
Terraform Labs and CEO Do Kwon are finalizing a settlement with the SEC. Both parties are expected to submit the final terms for court approval by mid-June.
Babylon, the Bitcoin staking protocol, has successfully closed a $70 million funding round led by Paradigm, with significant contributions from Bullish Capital and Polychain Capital. This pre-launch funding aims to support team growth, research, and development ahead of Babylon’s mainnet launch. The funds will be used to advance Babylon’s scalable staking and restaking features, unlocking […]
The post Babylon secures $70 million to turn Bitcoin into PoS security backbone appeared first on CryptoSlate.
The development team behind Shiba Inu (SHIB) has implemented a major upgrade to the Shibarium network, slashing the bridging time for tokens to Ethereum from a lengthy seven days to just approximately 45 minutes. This significant reduction in transfer time represents a pivotal shift towards optimizing operational efficiency and enhancing user experience. Shiba Inu’s Shibarium […]
Franklin Templeton's CEO Jenny Johnson warns of the US losing crypto leadership due to restrictive regulations, praises proactive nations.
The post Franklin Templeton CEO warns US risks losing crypto leadership to other nations appeared first on Crypto Briefing.
Chainlink and Circle partner to advance DeFi by integrating stablecoin technology with decentralized oracle services for developers.
The post Chainlink and Circle team up to boost DeFi usability and cross-chain USDC appeared first on Crypto Briefing.
President Joe Biden’s re-election campaign has reportedly initiated a significant outreach to the crypto industry, according to a new report from The Block. Marking a notable shift from his previous stance, this engagement, which reportedly began approximately two weeks ago, involves seeking guidance from key figures in the crypto sector on community and policy matters. […]
The post Biden campaign reportedly seeking help from crypto industry to rebuild new policy appeared first on CryptoSlate.
The post DigiByte Price Prediction 2024, 2025, 2030: Will DGB Price Surge 2X? appeared first on Coinpedia Fintech News
Story Highlights The live price of the DigiByte crypto is . DGB coin price may reach a high of $0.0145 by the end of 2024. DigiByte, with a potential surge, could reach a maximum of $0.216 by the end of 2030. Plenty of start-ups have been mushrooming over the years in the ever-evolving crypto world. …
Crypto voters have become a new battleground for the 2024 presidential election, in a bipartisan shift that has taken Washington by surprise.
The memecoin whale made an over 52% return on its initial investment within a month, despite Pepe's price falling over 17% from its all-time high.
The startup behind the collapsed LUNA and TerraUSD coins is settling with the SEC over fraud charges, a court filing revealed Thursday.
Terraform Labs and co-founder Do Kwon have tentatively agreed to settle a fraud case with the U.S. Securities and Exchange Commission (SEC), according to a court filing Thursday.
The recent legal showdown between the US Securities and Exchange Commission and Digital Licensing Inc., operating as Debt Box, has taken a surprising turn in favor of the latter. Chief Judge Robert J. Shelby of the US District Court for the District of Utah junked the SEC’s civil suit against Debt Box on May 28, […]
American multinational investment company BlackRock, has recently achieved a monumental milestone, recording over $20 billion in total assets. The BlackRock Spot Bitcoin ETF has successfully surpassed Grayscale to become the largest Bitcoin fund in the world. BlackRock Overtakes Grayscale BlackRock iShares Bitcoin Trust has recently become the world’s largest Bitcoin fund, overtaking its primary rival, Grayscale Bitcoin Trust (GBTC). Related Reading: Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important As of Tuesday, May 28, BlackRock’s Spot Bitcoin ETF held around $19.68 billion in Assets Under Management (AUM), overthrowing Grayscale’s Bitcoin ETF with $19.65 billion and surpassing the third largest, Fidelity Investments, which recorded $11.1 billion in AUM. Over the past two days, BlackRock has recorded more inflows, pushing its AUM to more than $20 billion presently. Following the launch of its Spot Bitcoin ETF on January 11, Grayscale has consistently recorded massive outflows worth billions of dollars. For years, the asset management company was the world’s largest Bitcoin fund, reaching a peak of about $44 billion in 2021. However, since its conversion into an ETF at the beginning of 2024, investors have pulled out almost $18 billion from Grayscale’s Bitcoin fund. On May 3, GBTC recorded its first inflow, receiving approximately $63 million, and effectively ending its 82-day streak of outflows. Its previous outflows had already significantly weakened Grayscale’s position as the largest Bitcoin ETF. In contrast, BlackRock’s Spot Bitcoin ETF has been recording millions of inflows since its launch, making it unsurprising that IBIT has eventually surpassed Grayscale’s GBTC. BlackRock has only recorded a handful of outflows and minimal zero flows. Its highest recorded inflow occurred on March 12, with IBIT gathering approximately $849 million in a single day. Additionally, BlackRock’s Spot Bitcoin ETF witnessed its first outflow on May 1, losing about $36.9 million. On the same day, Grayscale had reported outflows of more than $167 million. Investors are likely favoring BlackRock’s Spot Bitcoin ETF due to its relatively affordable ETF management fees, which decreased from 0.30% to 0.25%. On the other hand, Grayscale has the highest ETF management fees among all the 11 approved United States Spot Bitcoin ETFs. While the asset management company has promised to slash fees, Grayscale’s Bitcoin Trust’s current ETF management fees remain as high as 1.5% annually. Still Leading Spot Bitcoin ETF Net Inflows According to Farside data, for the past week, BlackRock has been leading the Spot Bitcoin ETF race, recording the most inflows out of the 11 Spot Bitcoin ETFs. Related Reading: Shiba Inu Price Prediction: SHIB Shows Unusually High Strength Against Dogecoin Excluding May 27, when all United States Spot Bitcoin ETFs saw zero flows, BlackRock recorded a total of $127.1 million for the first two days. BlackRock’s Bitcoin Trust saw $102.5 million in inflows on Wednesday, while Grayscale’s Spot Bitcoin ETF witnessed outflows of $105.2 million. Currently, Grayscale is still recording more outflows, losing $31.1 million as of writing. Featured image created with Dall.E, chart from Tradingview.com