Shiba Inu (SHIB) is again gaining bullish momentum, suggesting that a significant rally might be on the horizon for the meme coin. This is thanks to recent developments that have painted a positive outlook for the crypto token. Shiba Inu Sees Spike In Netflows Data from the market intelligence platform IntoTheBlock shows that Shiba Inu […]
The Bitcoin price is now back down to $67,000 after touching above $71,000 earlier in the week. Given the circumstances surrounding the price recovery and subsequent decline, it has led to crypto analysts breaking out the technical indicators to figure out where the price is headed next. One crypto analyst, in particular, has identified that the cryptocurrency has entered a crucial zone, with important levels to watch that could tell where the price is headed next. Bullish Scenario For Bitcoin Presently, the break below $70,000 has sent the Bitcoin price into a perilous situation, making the current level just above $67,000 crucial to its next steps. Crypto analyst The Signalyst highlights this in their latest Bitcoin analysis where they identified that the BTC price is at a ‘make or break zone.’ Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto As The Signalyst points out, Bitcoin had been able to break above the accumulation level between $60,000 and $62,000, which had allowed investors to get in. Despite its decline in the last day, the price has maintained its position in the upper bound of this range. For the bullish scenario to continuation, the crypto analyst explains that BTC must go ahead to break the upper bound of this range completely, which is the $72,000. This is the major resistance for bulls. If this happens, then The Signalyst believe that the Bitcoin price will move toward the next major resistance at $80,000. Bearish Scenario For BTC Similarly the to bullish scenario, the bearish scenario for Bitcoin could possibility play out at this level. As the The Signalyst points out, even though the price is currently still in the upper bound of the range, it risks being brought down by bears. Related Reading: Pundit Predicts Shiba Inu Competitor Dogwifhat Will Reach $10 Amid Short liquidations In this case, the level to watch is the lower trend line, which currently sits around $62,000. Much like the resistance at $72,000, the support at $62,000 is what bears must break to pull the price further down. If this scenario were to play out and the bears successfully broke the lower trend line, then the analyst’s chart shows that the Bitcoin price could fall as low as $56,000. This would mean an over 20% decline from its current price. BTC Price Currently, the Bitcoin price is still seeing some bullish momentum, with its daily trading volume rising over 40% in the last 24 hours alone. This suggests that investors are still actively engaging with the cryptocurrency, something that could drive the price higher. At the time of writing, BTC is hovering around $67,300, with a 3.29% loss in the last day, but still holding small gains of 1.68% on the weekly chart. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin continues to dominate discussions, with its recent price movements drawing particular attention. As the asset struggles to reclaim its March all-time high of over $73,000, with recent attempts peaking above $71,000 earlier this week, the price has since receded to approximately $68,231 at the time of writing. This retracement marks a 7.3% drop from its March peak, signifying a volatile period for the cryptocurrency, influenced by various underlying market factors. Related Reading: Bitcoin’s Network Strengthens: Mining Difficulty And Hash Rate Spike Amid ETH ETF Buzz Long-Term Holders Lessen Selling, What This Spell For BTC Glassnode, a renowned market intelligence platform, highlights a significant development in Bitcoin’s market behavior. According to a recent analysis of the platform, there has been a notable decline in the distribution pressure from Bitcoin’s long-term holders (LTHs). Glassnode’s “Long-Term Holder Binary Spending Indicator” tracks the sell-off activity of long-standing Bitcoin holders, and its recent data points to a marked reduction in this group’s selling pressure. Historically, when long-term holders reduce their selling, it alleviates downward pressure on the price, potentially giving rise to more bullish market conditions. Further insights into Bitcoin’s price behavior come from prominent crypto analyst RektCapital, who noted on social media platform X that Bitcoin typically faces resistance at the range high post-Halving and suggests a prolonged re-accumulation phase. As the crypto asset trades just below $69,000, RektCapital discloses that Bitcoin might only break out from its current re-accumulation range around 160 days post-Halving, projecting a significant breakout as late as September 2024. This analysis is crucial as it sets expectations for investors looking for signs of Bitcoin’s next big move. #BTC Historically, Bitcoin has always rejected from the Range High on the first attempt at a breakout after the Halving Moreover, history suggests this Re-Accumulation should last much longer Bitcoin tends to breakout from these Re-Accumulation Ranges only up to 160 days after… https://t.co/Jw7FcQui2Q pic.twitter.com/beLdOPqZOi — Rekt Capital (@rektcapital) May 24, 2024 Meanwhile, recent price action from Bitcoin has led to substantial losses for some traders, with Coinglass data showing about $41.68 million in liquidations for Bitcoin long traders and $14.34 million for short traders over the past 24 hours. Overall, the crypto market has seen total liquidations amounting to $292.07 million during the same period, affecting 78,874 traders. Upcoming Challenges For The Bitcoin Market According to Greeks.Live, the imminent expiry of a significant volume of Bitcoin and Ethereum options adds another layer of complexity to the market’s immediate future. 21,000 BTC in options are set to expire soon, with a Put Call Ratio of 0.88 and a Maxpain point at $67,000, representing a notional value of $1.4 billion. Similarly, 350,000 ETH options are nearing expiration, and their dynamics could influence the broader market due to their $1.3 billion notional value and a Put Call Ratio of 0.58. May 24 Options Data 21,000 BTC options are about to expire with a Put Call Ratio of 0.88, Maxpain point of $67,000 and notional value of $1.4 billion. 350,000 ETH options are about to expire with a Put Call Ratio of 0.58, Maxpain point of $3,200 and notional value of $1.3… pic.twitter.com/rftA9kBm4q — Greeks.live (@GreeksLive) May 24, 2024 In this context, a put option gives the holder the right to sell an asset at a predetermined price within a specific timeframe, which is often used as protection against a decline in the asset’s price. Related Reading: Bitcoin On The Verge? Analyst Breaks Down What A $71,500 Weekly Candle Close Means For BTC Conversely, a call option offers the right to buy under similar conditions and is typically utilized in anticipation of a price increase. The Put Call Ratio is a tool that helps gauge market sentiment, with a higher ratio indicating a bearish outlook and a lower ratio suggesting bullish conditions. Featured image created with DALL·E, Chart from TradingView
There is nothing for Bitcoin holders and traders to write much about prices in recent days. Although there was excitement after May 20, the coin has been printing discouraging lower lows, cooling off from the impressive $71,900 zone to less than $68,000 at press time. As BTC drops 7% from this week’s high, hedge funds […]
Coinbase believes the SEC is trying to “side-step” the Howey test by avoiding the question of whether a digital asset transaction carrying no post-sale obligations can be an investment contract. The exchange made the claim in a motion for an interlocutory appeal filed with the US District Court for the Southern District of New York […]
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Marathon Digital, one of the world’s leading Bitcoin mining operations, announced a collaboration to overhaul Kenya’s renewable energy sector.
After being dismissed by the Delaware Court of Chancery in 2023, the state’s supreme court ruled the definition of the merger agreement between BitGo and Galaxy was “ambiguous.”
The recent approval of the Ethereum ETF applications by the US Securities and Exchange Commission (SEC) on Thursday has sparked speculation on the next price movements for the market’s second-largest cryptocurrency as the trading launch date approaches. However, significant transfers of Ethereum (ETH) to cryptocurrency exchanges have raised concerns about profit-taking, portfolio rebalancing, and potential market speculation. Sell-Off Amidst Ethereum ETF Greenlight? According to crypto analyst Ali Martinez, these developments coincide with Ethereum founder Jeffrey Wilke transferring 10,000 ETH, valued at approximately $37.38 million, to the cryptocurrency exchange Kraken. Furthermore, the surge in Ethereum balances on cryptocurrency exchanges indicates a notable increase in tokens available for sale. Related Reading: Ready For Liftoff: XRP Price Primed To Skyrocket Before November The chart below shows that more than 242,000 ETH have been transferred to cryptocurrency exchange wallets over the past two weeks, signaling increased trading activity that can contribute to price volatility. This trend, coupled with Wilke’s transfer, suggests the possibility of a sell-off or an increase in profit-taking among market participants. While industry experts like Anthony Pompliano view the Ethereum ETF approval as a positive sign for the entire industry, traders are advised to exercise caution. For Martinez, the growing number of ETH deposits to exchange wallets implies a potential market reaction characterized by profit-taking or selling pressure. Additionally, the analyst notes that the Tom DeMark (TD) Sequential indicator has presented a sell signal on Ethereum’s daily chart, indicating the potential for a retracement or a new downward countdown phase before the upward trend resumes. Ethereum’s Price Outlook In Focus Diving into the price analysis, considering the IOMAP (Input-Output Model and Profitability) data, Martinez highlights that Ethereum has a strong demand zone between $3,820 and $3,700, where over 1.81 million addresses bought approximately 1.66 million ETH. This range could provide support amid increasing selling pressure. However, if this zone fails to hold, the next key area of support lies between $3,580 and $3,462, where 3.13 million addresses acquired over 1.50 million ETH. Related Reading: Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Here’s Why On the upside, Ethereum’s most significant resistance barrier is between $3,940 and $4,054, with over 1.16 million addresses purchasing around 574,660 ETH. Martinez suggests that a daily candlestick close above $4,170 would invalidate the bearish outlook and potentially trigger a new upward countdown phase, with a target towards $5,000. As of this writing, ETH’s price is $3,719, reflecting a 2.5% retracement over the past 24 hours. However, according to the analyst’s assessment, Ethereum remains within a crucial demand zone. As the market approaches the launch and commencement of trading for all eight spot Ethereum ETF applications by the world’s largest asset managers, the exact impact on price action is yet to be fully realized. Featured image from Shutterstock, chart from TradingView.com
LINK’s double-digit rally is backed by increasing network activity and a bullish technical setup.
Bloomberg ETF analyst James Seyffart believes that spot Ethereum ETFs could see 20% to 25% of the demand experienced by spot Bitcoin ETFs. Seyffart expressed his stance in an interview hosted by Bitwise, adding that his fellow Bloomberg ETF analyst, Eric Balchunas, believes the new funds will see 15% to 20% of the demand. Seyffart […]
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The Ethereum Foundation is set to implement a formal conflict of interest policy following community backlash over researchers' ties to EigenLayer, highlighting the need for transparency and accountability in the Ethereum ecosystem.
The post Ethereum Foundation to implement conflict of interest policy amid EigenLayer controversy appeared first on Crypto Briefing.
Binance, the world’s largest crypto exchange by volume has executed another large-scale Terra Classic (LUNC) burn, continuing its supporting role for the Terra Classic ecosystem. Despite the substantial supply reduction, the price of LUNC and its daily trading volume have been falling significantly. Binance Burns LUNC Tokens On May 23, Binance initiated another LUNC burn […]
This week’s Crypto Biz explores Kraken’s stablecoin plans in Europe, the departure of Grayscale’s CEO, Prometheum’s Ether custody service that treats ETH as a security, and more.
Accelerating whale accumulation is a sign that the Bitcoin bull market is still on, according to CryptoQuant.
With DePIN activity surging, Solana targets Firedancer upgrade to enhance network performance and accommodate growth.
Bitcoin whales have continued to show their resilience and unwavering bullishness on the flagship crypto. This category of investors has accumulated a significant amount of the crypto token in the last seven days amid heightened volatility in Bitcoin’s price. Bitcoin Whales Accumulate $1.4 Worth Of BTC Data from the market intelligence platform IntoTheBlock shows that Bitcoin addresses holding between 1,000 and 10,000 BTC have combined to accumulate 20,000 BTC ($1.4 billion) over the past seven days. This accumulation coincides with Bitcoin’s recent price surge above $70,000. Furthermore, these whales’ purchases suggest that volume is picking up for the flagship crypto, which could help trigger more price rallies. Moreover, on-chain analytics platform Glassnode noted in a recent market report that the selling pressure on Bitcoin was declining. Therefore, Bitcoin’s price looks primed to take off sooner rather than later with significant buys like the one made by these whales. Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto Meanwhile, institutional investors are also back in the fold and look to be doubling their bets on the flagship crypto. This is evident in the fact that inflows into the Spot Bitcoin ETFs have picked up over the last two weeks. Data from Farside Investors shows that these funds have taken in almost $800 million in this week alone. Crypto analyst James Check (also known as Checkmatey) noted in a recent market report that these funds could lead the next wave of demand, driving Bitcoin’s price to a new all-time high (ATH). These Spot Bitcoin ETFs have already been instrumental to Bitcoin’s growth this year, with the flagship crypto hitting its current ATH of $73,750 earlier in March. Like Check, crypto analyst Gustavo Faria also noted in a recent blog post that there are signs that a new wave of demand is emerging. This has raised the possibility of the next rally happening even sooner than expected. Crypto analysts like BitQuant have provided insights into how high Bitcoin could rise on its next leg up, predicting that the crypto token will reach $95,000. No Need To Worry About Price Dips On-chain analytics platform Santiment suggested there was no need to worry about any price correction for Bitcoin as the bulls have enough capital to buy up these dips. The platform highlighted that the amount of non-empty stablecoin wallets is rising, indicating that more whales are loading up their bags to invest in the crypto market. Related Reading: Pundit Predicts Shiba Inu Competitor Dogwifhat Will Reach $10 Amid Short liquidations Specifically, USDC non-empty wallets have grown by over 13%, and Tether non-empty wallets have grown by over 15%. This figure is expected to keep rising as the bull run progresses later in the year. At the time of writing, Bitcoin is trading at around $67,200, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Executive director Aya Miyaguchi said the foundation’s neutrality can’t depend on culture and individual judgment after researchers take multimillion-dollar roles at EigenLayer.
Google is nixing incorrect and dangerous answers to questions as its new "AI Overview" summaries elevate jokes and satire as fact.
A look at the key factors behind the recent approval of spot Ethereum ETFs and the possibility of legal actions against Ethereum-linked entities.
The post Ethereum spot ETF approval is here – Everything you need to know appeared first on Crypto Briefing.
Earlier today, the United States Securities and Exchange Commission (SEC) approved 19b-4 fillings for eight spot Ethereum exchange-traded funds (ETFs), paving the way for the highly anticipated institutional adoption of the second most valuable coin. The decision comes after months of uncertainty and less than six months after the regulator approved spot Bitcoin ETFs. For all that the crypto community can remember this week, the regulator uncharacteristically “scrambled” and hastily communicated to spot ETF issuers to make amends to their applications. Related Reading: Ready For Liftoff: XRP Price Primed To Skyrocket Before November Did MicroStrategy Make A Mistake Choosing Bitcoin Over Ethereum? With spot Ethereum ETFs likely to be issued in the next few weeks, one analyst on X now thinks Michael Saylor, the former CEO of MicroStrategy, missed big rewards by choosing Bitcoin over Ethereum. As of May 24, MicroStrategy, a business intelligence firm and now one of the biggest public companies in the United States, has been increasing its BTC holdings over the years. According to Bitcoin Treasuries, MicroStrategy is the largest public company holding BTC, controlling 214,400 BTC worth over $14 billion at press time. However, with the United States SEC setting the ball rolling for spot Ethereum ETFs, the analyst is now pointing out a hypothetical scenario. If MicroStrategy had chosen ETH over BTC, their holding would have been worth over $19 billion at spot rates. This level means MicroStrategy would be up over $4 billion. Assuming the business intelligence firm had chosen to buy and not hold but stake, their total holdings would be worth over $20.9 billion as of late May 2024. ETH Trading At A Huge Discount: Will It Replicate BTC’s Success? Looking at the aftermath of the approval and trading of spot Bitcoin ETFs, it becomes apparent that Ethereum prices might be significantly undervalued at spot rates. After a brief dip in mid-January, BTC prices surged, propelling Ethereum to a high of $4,100. In contrast, the world’s most valuable coin soared to breach $70,000 and set all-time highs at around $74,000. With 19b-4 forms from eight ETF issuers, including BlackRock and Fidelity, approved, the only hurdle is the approval of S-1 registration statements. There might be delays in this round. However, the United States SEC green lights, spot Ethereum ETF shares will begin trading. Related Reading: Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Here’s Why Still, it is important to note that spot Ethereum ETF issuers will hold ETH via a regulated custodian and not stake. Feature image from DALLE, chart from TradingView
Looking to protect the millions you've made from crypto during the Bitcoin-Ether ETF mania before this bull run comes crashing to an end? Here are a few ideas.
Ether’s price performance is hindered by stagnant network use, high fees and regulatory uncertainty.
Marathon Digital Holdings has partnered with Kenya to monetize underutilized energy. Marathon chairman and CEO Fred Thiel signed the agreement with Kenya’s Prime Cabinet Secretary, Hon. Musalia Mudavadi, E.G.H, on May 24. Thiel said the deal will involve Kenya and Marathon “jointly developing technology projects.” Thiel described a partial focus on digital assets, stating that […]
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The estate of bankrupt cryptocurrency exchange FTX has completed the sale of a substantial trove of discounted Solana (SOL) tokens, amounting to $2.6 billion. The auctions spanned several weeks and attracted buyers such as Figure Markets and Pantera Capital. These transactions mark a significant development in the bankruptcy proceedings of FTX, previously operated by convicted […]
While the assessment remains ongoing, OpenAI appears to have made little in the way of progress since 2023.
The second most popular open-source AI model got a big upgrade, as did a multilingual powerhouse from Cohere.
SynFutures CEO Rachel Lin discusses the challenges and new features of V3 aimed at improving capital efficiency in on-chain derivatives.
The post On-chain derivatives need more capital efficiency to rival centralized exchanges: SynFutures CEO appeared first on Crypto Briefing.
Ethereum Foundation (EF) is considering implementing a formal conflict of interest policy following backlash over two prominent developers joining EigenLayer as advisors. Executive director Aya Miyaguchi addressed the issue in a social media post, emphasizing the importance of maintaining credible neutrality within the organization. She said the foundation shares the community’s concerns and is committed […]
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Cryptocurrency custodian BitGo will get a fresh chance to sue financial services firm Galaxy Digital over the two companies’ failed $1.2 billion merger agreement after Delaware’s Supreme Court reversed an earlier ruling to dismiss BitGo’s lawsuit.