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Good news for FTX creditors! FTX’s reorganization plan is on the brink of approval after securing substantial backing from its creditors. With 95% of creditors in favor, representing 99% of the claim value, the plan aims to distribute between $14.5 billion and $16.3 billion in recovered assets. This significant support demonstrates a general agreement among …
A crypto analyst has emphasized the need to stay invested in Bitcoin (BTC), forecasting a significant breakout to the upside. Despite BTC’s previous price crash and market volatility, the analyst has remained bullish on the cryptocurrency’s future outlook. Bitcoin Bullish Surge Incoming In an X (formerly Twitter) post on August 20, a crypto analyst identified […]
Scammers hacked the official McDonald’s Instagram account to promote a sham memecoin based on the fast food giant’s mascot Grimace.
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Crossing above $2,500 per ounce at $2,531, gold prices have reached a fresh record high. Rising hopes of US Federal Reserve interest rate reductions could be the impetus for this movement. Investors seeking the security of gold—the focus of which has left Bitcoin and other cryptocurrencies in its wake—have been driven by worries of an […]
Harris' balanced crypto policy could stabilize the industry, attract political support, and differentiate her from Trump's deregulation stance.
The post Kamala Harris eyes support for crypto industry growth with consumer safeguards: report appeared first on Crypto Briefing.
The FAA has approved the company’s plan to shuttle people through the skies ahead of the 2028 Olympic Games.
Polygon (MATIC) stands as one of the top performers in today’s crypto market, ranking third among the top-100 cryptocurrencies by market cap as of August 21. With a gain of 9% within the last 24 hours, the MATIC price recent surge is outpaced only by the Justin Sun associated crypto assets, TRON (+12%) and BitTorrent (+22%). Over the past week, MATIC has experienced a notable rally, accumulating over a 23% increase in its value. This upswing has positioned MATIC at a crucial juncture from a technical analysis standpoint. Crypto analyst World of Charts (@WorldOfCharts1) has pointed out via an analysis on X that Polygon has broken out of a more than six-month long downtrend. The analyst predicts that MATIC could potentially surge towards the $1 mark. Polygon (MATIC) Poised For 143% Rally? The Polygon price has been caught in a descending channel since mid-March, identified by two parallel downward-sloping trend lines. This channel represents a consolidation pattern typically observed as the price makes lower highs and lower lows. Historically, a descending channel is bearish in the context of a downtrend but can indicate a reversal if a breakout occurs. Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum? Yesterday, on August 20, the Polygon price broke out from this descending channel, which can be considered a major bullish signal, suggesting a potential end to the previous downtrend. The breakout move by MATIC is crucial because it not only represents a shift in market sentiment but also sets a new trajectory for potential price targets. The breakout point is situated at approximately $0.44. Following the breakout, the price is projected to rise by more than 143%, according to the analyst. A price rally of this magnitude would push the MATIC price above $1.10. “Matic testing crucial area breakout can lead massive recovery towards 1$ in coming days,” World of Charts remarked via X. Critically, the current price level, post-breakout, needs to serve as a new support level. If MATIC maintains above the descending trend line and ideally performs a successful retest, the bullish outlook could be confirmed. Should the price drop below the trend line again, it might be considered a false breakout, potentially leading to a reassessment of the bullish scenario. Related Reading: MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%? Furthermore, investors might want to monitor the trading volume and market sentiment. Both will probably play critical roles in sustaining the current upward momentum. An increase in trading volume typically accompanies genuine breakouts, providing further confirmation. A catalyst for another Polygon Rally is just around the corner. As announced in mid-July, Polygon will complete the migration from MATIC to POL on September 4. POL is an eagerly awaited upgrade, primarily due to its role in enhancing the functionality of Polygon’s native token. Upon its implementation, POL will serve immediate practical purposes within the existing Polygon Proof-of-Stake (PoS) network. It will become the principal gas and staking token of Polygon PoS, playing a crucial role in the security framework of the Polygon network. At press time, MATIC traded at $0.4775. Featured image created with DALL.E, chart from TradingView.com
Sen. Cynthia Lummis said the window is closing, but it's not shut yet.
As the cryptocurrency market turns optimistic, a crypto analyst has predicted that Shiba Inu (SHIB) is about to undergo a bullish breakout. However, he emphasizes that in order to validate the meme coin’s upward trajectory, it must first overcome a significant resistance level. Shiba Inu Poised For Gains In Upcoming Weeks Ronimus Prime, a trader […]
The crypto ecosystem has seen a surge in memecoins and their popularity over the past year. Still, the craze has ushered in a wave of scams and rug pulls targeting unsuspecting investors. The latest victim of this trend is the Solana-based GRIMACE coin, which was the subject of a rug pull. GRIMACE Surges 400% After McDonald’s Instagram Hack The incident began when hackers accessed the official McDonald’s Instagram account and used the platform to promote the GRIMACE token. The hackers spread misinformation, falsely claiming that McDonald’s had issued the GRIMACE memecoin on the Solana blockchain. Related Reading: Here’s What’s Going On With The Shiba Inu Price This had the desired effect, as investors rapidly piled into the GRIMACE token, driving its market capitalization from a modest $500,000 to a substantial $25 million in 30 minutes. At its peak, the token’s price skyrocketed by nearly 400%, reaching $0.02500 from an initial value of just $0.0005110. However, the euphoria was short-lived. After the token’s rise, the anonymous developers behind GRIMACE executed a classic rug pull, abruptly abandoning the project and absconding with over $700,000 in investor funds. The hackers even posted a message on the McDonald’s Instagram bio, brazenly stating, “Thank you for the $700,000 in Solana.” Solana Price Analysis On the other hand, the Solana price has been relatively stable since Monday, trading within a newly formed range between $138 and $142 after recovering from the drop at the beginning of the month toward the $109 level, which was the lowest point since March this year. Over the past 24 hours, SOL has recorded almost no changes compared to Tuesday’s price, experiencing a slight 0.9% drop despite Bitcoin (BTC) and Ethereum (ETH) surging nearly 3% and 2%, respectively. This lack of price movement suggests little demand for the fifth-largest cryptocurrency in the market over the past week, further evidenced by a 14% drop in trading volume to $2.2 million in the last 48 hours, according to CoinGecko data. Related Reading: Tron Rises 24% Amid New Developments – Will The Uptrend Continue? The consolidation in Solana’s price is also concerning for bullish investors, as the token has failed to overcome its key technical indicators. Currently trading at $142, SOL has not breached its 50-day and 200-day exponential moving averages (EMAs), which are positioned at $143 and $151, respectively. Overcoming these levels would be crucial for sustained price recovery and provide important support floors in the event of potential corrections. However, it is worth noting that after the broader cryptocurrency market crash on August 5, SOL found significant support at the $129 level, representing a critical near-term defense for Solana’s price action. Featured image from DALL-E, chart is from TradingView.com
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Bitcoin (BTC) and U.S. stocks have shown a negative correlation lately, with Bitcoin often moving in the opposite direction of traditional markets. This divergence has caught the attention of analysts and investors, especially as the cryptocurrency enters a period of consolidation along with the broader crypto market. Historically, shifts in this correlation—from negative to positive—have often signaled a bullish trend for Bitcoin. Related Reading: Battleground At $60,000: Bitcoin Faces Pivotal Test As Bulls Aim To Reclaim Key Support As both markets face challenges, the changing dynamics between BTC and U.S. stocks could provide crucial insights into where the market is headed. Investors are closely watching this relationship, anticipating that a shift could indicate a potential breakout for Bitcoin. Bitcoin Data Suggests Potential Uptrend The negative correlation between Bitcoin (BTC) and the U.S. stock market, particularly the S&P 500 (SPX), has become increasingly evident. Prominent analyst and trader Daan on X recently highlighted this phenomenon by overlaying the BTC/USDT futures chart with SPX prices. His analysis shows that while traditional markets like the SPX have experienced a swift recovery, Bitcoin has not followed suit. This divergence underscores the decoupling between these two markets, with Bitcoin lagging behind the broader stock recovery. Another key analyst, Caleb Franzen, brought attention to this trend, sharing data revealing Bitcoin’s negative correlation with major stock indices. Specifically, Franzen points out that the 90-day correlation between Bitcoin and the Nasdaq-100 ($QQQ) currently stands at -27%. This negative correlation suggests that as tech stocks recover, Bitcoin has been moving in the opposite direction, which can signify unique market dynamics. While periods of negative correlation between Bitcoin and stocks are not inherently bullish, historical evidence suggests that positive market shifts often follow such phases. The critical point for investors is to monitor a potential reversal of this correlation—when Bitcoin begins to move in tandem with the Nasdaq-100 ($QQQ) once again. If Bitcoin’s correlation with tech stocks turns positive, it could signal a strengthening market and a possible uptrend for BTC. This shift could provide a key indicator for timing potential entry points in the market. BTC Price Trading Below A Key Indicator Bitcoin trades at $59,350, below the critical daily 200-day moving average (MA) at $62,915. This moving average is a key indicator many analysts use to gauge market trends. When BTC’s price is below the daily 200 MA, it typically suggests a downtrend or a significant correction. Conversely, trading above this level indicates market strength and bullish momentum. For Bitcoin to confirm the continuation of its bull market, it needs to reclaim the daily 200 MA and consistently close above it. This would signal a potential shift in trend, providing confidence to traders and investors that the bullish phase is still intact. Currently, BTC is hovering around the key psychological level of $60,000, and the market remains in a consolidation phase after enduring months of uncertainty and volatility. For the bullish scenario to unfold, Bitcoin must break above $63,000, retaking the daily 200 MA and surpassing the August 8th local high of $62,729. This would mark a significant recovery and indicate that the market is regaining its strength. Related Reading: Battleground At $60,000: Bitcoin Faces Pivotal Test As Bulls Aim To Reclaim Key Support On the other hand, if BTC fails to close above $57,500 in the coming days, it could signal further downside pressure, potentially leading to a pullback to sub-$50,000 levels. The coming days will be crucial in determining whether Bitcoin can regain its upward momentum or if more bearish pressure lies ahead. Cover image from Dall-E, charts from TradingView.
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A recent research report by the onchain analytics platform Cryptoquant noted that the demand for Bitcoin (BTC) has dropped into negative territory. The platform also highlighted the unwavering conviction among long-term holders, which is undoubtedly a positive for the flagship crypto. Bitcoin’s Demand On The Decline Cryptoquant stated that the demand for the flagship crypto […]
After a strong 3.7% of green 4-hour engulfing candle, Bitcoin (BTC) once again reached its crucial level near $62,000. However, this is the fifth time BTC has reached this level in the last 15 days, and each time it has faced massive selling pressure, resulting in a significant drop in BTC’s value Bitcoin’s Upcoming Levels …
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Bitcoin crashed below $50,000 on August 5 in a sudden dip that saw many positions liquidated in the crypto market. This sudden dip, which cascaded into other cryptocurrencies, took the market by surprise. As such, Bitcoin fell to its lowest price in six months, and many other altcoins followed suit. Although Bitcoin has since recovered by 20% and now finds itself trading around just below $60,000, many short-term holders are still sitting in unrealized losses. A recent report from Glassnode, a leading blockchain analysis firm, sheds light on the factors contributing to this abrupt market downturn. The report suggests that the crash was largely driven by an overreaction from short-term holders, who were quick to liquidate their positions in the face of the initial decline. Bitcoin Short-Term Holders Quick To Capitulate Short-term holders are typically defined as those investors who hold onto their cryptocurrency assets for a relatively brief period, often around a month or so. As such, they are quickly prone to capitulating during periods of price corrections. This trend has particularly been evident in the latest Bitcoin price correction/consolidation, which has lasted far longer than many investors expected. Related Reading: Dogecoin Faces Supply Squeeze: What This Means For Price According to Glassnode’s most recent on-chain report, a key metric known as the STH-MVRV (Market Value to Realized Value) ratio has fallen below the critical equilibrium value of 1.0. When the STH-MVRV ratio dips below 1.0, it suggests that, on average, new investors are holding their Bitcoin at a loss rather than a profit. These unrealized losses, often referred to as paper losses, occur when the market value of an asset is lower than the price at which it was acquired, but the asset has not yet been sold. This is different from realized losses, which arise from completed trades. While periods of brief unrealized loss are common during bull markets, they tend to put selling pressure on the price of Bitcoin. This is because sustained periods of STH-MVRV trading below 1.0 often lead to a higher likelihood of panic and capitulation among short-term holders. Notably, this phenomenon contributed to the Bitcoin crash earlier in the month. Related Reading: Cardano Kicked Out Of Top 10 Crypto By Market Cap, What’s Going On? Furthermore, Glassnode’s report reveals this correlation and selling pressure might already be taking place, with the STH-SOPR (Spent Output Profit Ratio) also trading below 1.0. The STH-SOPR ratio measures the profitability of spent outputs, indicating whether assets are being sold at a profit or loss. What this essentially means is that many short-term investors are more taking realized losses than profit. This follows the claim that many short-term holders have been overreacting to the price corrections. While short-term holders have carried most of the losses across the recent downturn, long-term holders remain strong. At the time of writing, Bitcoin is trading at $59,540 and is down by 2.15% in the past 24 hours. Featured image created with Dall.E, chart from Tradingview.com
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