Bitcoin derivatives data suggests room for additional price upside in the coming weeks as Ethereum ETF approval chances rise.
In a significant departure from their previous skeptical stance, US regulators are reportedly leaning toward approving the long-awaited spot Ethereum ETFs for the second-largest cryptocurrency by market capitalization. SEC Staff Signals Spot Ethereum ETFs Approval According to a report by Barron’s, the US Securities and Exchange Commission (SEC) staff communicated to exchanges on Monday that […]
Both Bitcoin (BTC) and Ethereum appear to currently be the center of attention in the crypto market so far, with Bitcoin recently hitting just above a 24-hour high of $71,650 mark, marking a 6.4% increase in the past 24 hours and nearly 20% over the past week. A prominent Crypto Analyst who has since been tracking Bitcoin’s movements has recently revealed insights into the asset’s latest trends, signaling a notable move ahead for BTC. Related Reading: Unstoppable Bitcoin? CryptoQuant’s CEO Foresees Bull Run Extending To 2025 Bitcoin’s Path Analyzed: What’s Coming? Crypto analyst Rekt Capital earlier today highlighted on the X platform that a weekly candle close above approximately $71,500 could potentially initiate a breakout from the current “Re-Accumulation Range.” However, the analysts disclosed that history suggests that Bitcoin may need to consolidate within this range for several more weeks to align more closely with historical Halving Cycles, which have previously influenced its price trajectory. #BTC A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more Extended consolidation here would get Bitcoin closer to… pic.twitter.com/Af0W4MMBTN — Rekt Capital (@rektcapital) May 21, 2024 This extended consolidation period, as highlighted by the analyst, could benefit Bitcoin’s long-term growth. Particularly, it could help the cryptocurrency “resynchronize” with previous cycles, potentially leading to a longer and more sustained bull run, as opposed to a shorter, more accelerated cycle that peaks sooner. Rekt Capital noted: After all, the current acceleration in the cycle is still around 190 days (which is an improvement from the 260-day acceleration set in mid-March when BTC made new All Time Highs) The analyst pointed out that while both scenarios are bullish, the preference between a shorter or a typically longer bull run remains a matter of market speculation. Currently, the discussion revolves around whether Bitcoin can continue to defy historical trends with a break above the $71,500 range. Parabolic Rise Ahead For Bitcoin Meanwhile, another analyst, TechDev, recently provided insights into Bitcoin’s potential future trajectory, drawing parallels between the current market actions and those of the 2017 bull run. Back then, Bitcoin saw a significant rise, recording a 1,200% increase on its way to the previous high of $20,000. TechDev’s analysis suggests that Bitcoin could be setting up for another parabolic rise, potentially reaching as high as $100,000, especially given its longer consolidation period in the current market cycle compared to 2017. Supporting this viewpoint, RektCapital hinted that even a price of $72,000 would seem modest in the coming months if Bitcoin continues on its projected path. #BTC Even $72000 will be a low price for Bitcoin, months from now$BTC #Crypto #Bitcoin — Rekt Capital (@rektcapital) May 20, 2024 Notably, the surge in Bitcoin’s price recorded so far is influenced by a mix of optimism and anticipation surrounding the potential approval of Ethereum spot ETFs and increasing inflows into spot Bitcoin ETFs. Related Reading: Bitcoin Whales Quiet Down – Here’s Why And What It Means For The Market Data from Farside indicates that spot Bitcoin ETFs experienced their most substantial inflow week in two months, with the US fund category collectively achieving $948 million in positive net flows from May 13 to May 17. Notably, about 89% of these inflows occurred in the last three trading days of the week, following a lower-than-expected Consumer Price Index (CPI) report. Featured image from Unsplash, Chart from TradingView
Uniswap Labs moved Tuesday to quash a looming regulatory battle over Ethereum's dominant decentralized crypto exchange, imploring the Securities and Exchange Commission in legal filings that its planned lawsuit wasn't worth the fight.
Farcaster secures $150M in a funding roundled by Paradigm, with participation from a16z, USV, Variant, and Standard Crypto.
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Buterin believes superintelligent AI poses significant dangers; he also voices opposition to Sam Altman's $7 trillion AI chip project.
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Stablecoin issuer Tether minted $1 billion USDT tokens on the Ethereum blockchain, capitalizing on a market upswing driven by hopes that the US Securities and Exchange Commission (SEC) might approve a spot ETH ETF for trading this week. Whale Alert first reported the minting, which was later confirmed by Tether CEO Paolo Ardoino, who wrote: “PSA: 1B USDt inventory replenish […]
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The news set off a debate on the social-media platform X about whether advising the EigenFoundation might constitute a conflict of interest – given the flagged risks to Ethereum from restaking protocol EigenLayer.
Officials reportedly contacted the Nasdaq, the Chicago Board Options Exchange and the New York Stock Exchange to make updates and changes to existing spot Ether ETF applications.
A crypto analyst has predicted a massive bull rally for doggy-themed cryptocurrency, Shiba Inu (SHIB). The analyst points to a new technical pattern emerging for SHIB, indicating the potential for a surge to new highs. SHIB Sets Sights For Next Upside Target A crypto and Bitcoin analyst identified as ‘Clifton Fx’ on X (formerly Twitter) […]
SEC leans towards approving Ethereum ETFs, potentially opening the market to institutional investors and boosting Ether prices.
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Dan Romero's Farcaster made waves earlier this year with the introduction of "Frames," a feature allowing apps to run within posts, so users don't have to click off to another site.
Currently, betting markets indicate a 61% chance of U.S. spot Ether ETF approval, up from less than 11% just a few days ago.
Daan Crypto Trades is a big believer in Bitcoin L2 Stacks and says that after Bitcoin doubles, Stacks will likely quadruple. X Hall of Flame.
Technical chart patterns suggest that Bitcoin could see more upside momentum in the following weeks, mirroring previous bull cycles.
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The Ethereum price has risen almost 20% in the last 24 hours. This is a positive development for the second-largest crypto token, which has been lagging until now. Ethereum’s price surge is believed to be due to several factors, including the potential approval of the Spot Ethereum ETFs. SEC Could Soon Approve Spot Ethereum ETFs Ethereum has risen on the news that the Securities and Exchange Commission (SEC) could approve the Spot Ethereum ETF applications. Before now, it was almost certain that the Commission would deny these applications. However, the SEC is now open to approving these funds based on Bloomberg analyst Eric Balchunas’s revelation. Related Reading: Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price Balchunas revealed in an X (formerly Twitter) post that he and fellow Bloomberg analyst James Seyffart were increasing their odds of Spot Ethereum ETF approval to 75% (from 25%), having heard that the SEC could likely approve these funds due to “increasingly political issue.” Seyffart also confirmed this development, stating that “things are taking a turn for the better on Spot #ethereum ETF approvals this week. Upping our odds to 75%.” Seyffart further noted in a subsequent X post that the 75% approval odds relate to the 19b-4 filings, with VanEck’s final deadline coming up on May 23. The SEC will still need to approve the S-1 filings before these funds can launch. S-1 approvals could take up to months, meaning that it could take a while before these Spot Ethereum ETFs go live. However, that hasn’t stopped Ethereum whales from believing, and this group of investors is another reason why ETH’s price has shot up recently. Data from the market intelligence platform shows that these whales bought over 110,000 ETH ($341 million) between May 19 and 20. This has turned out to be profitable since Ethereum’s price had been priced in on the rumors of a rejection. Time For Ethereum Price And Altcoins To Make Their Move With the recent development that the SEC will likely approve the Spot Ethereum ETFs, Ethereum and other altcoins look primed to make significant moves to the upside. Crypto analyst Michaël van de Poppe had predicted that the news around the Spot Ethereum ETFs would trigger a rally for Ethereum and altcoins. Related Reading: Bitcoin Price Mirrors Historical Pattern That Led To $1,200 Surge, Will History Repeat Itself? While explaining why he swapped his Bitcoin holdings for Altcoins, Van de Poppe suggested that Ethereum (and other altcoins) would likely see a bullish reversal once the news about a denial of the Spot Ethereum ETFs was out since the crypto token was already priced into this news. He added that things could even be better if the news turns out to be better than people expect, which is currently the case with the SEC looking increasingly likely to approve these funds. Meanwhile, crypto analyst Javon Marks predicted that an Ethereum breakout will kickstart the altcoin season. That already looks to be the case, seeing how other altcoins have enjoyed significant price gains in the last 24 hours thanks to the second largest crypto token by market cap. Featured image from Dall.E, chart from Tradingview.com
The post Pepe and Bonk Prices Surge Over 30% Amid $400 Million Liquidation: What to Expect Next appeared first on Coinpedia Fintech News
The memecoin market is currently booming, with numerous Solana-based meme coins experiencing significant price increases during recent trading sessions. The news of a potential spot Ethereum ETF approval by the SEC this week has triggered a buying demand in the crypto market, driving up meme coin prices as well. Pepe and Bonk have seen their …
GAM3S.GG, formerly Polkastarter Gaming, has unveiled it will launch a Web3 cloud gaming platform in partnership with Aethir amid an ambitious roadmap for 2024, emphasizing significant advancements in web3 gaming. The roadmap highlights several key initiatives to enhance user experience and drive the adoption of web3 gaming. In the second quarter of 2024, GAM3S.GG will […]
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On-chain data shows 90% of all Ethereum investors are now in profit following the sharp surge that the asset’s price has seen beyond $3,800. Ethereum Investors Overwhelming In The Green After ETF Rally According to data from the market intelligence platform IntoTheBlock, ETH’s latest rally has meant that a shift in investor profitability has occurred […]
Quick Take Ethereum, the second-largest digital asset by market capitalization, witnessed a remarkable price surge on May 20, fueled by Bloomberg analysts’ revised odds of a potential Ethereum Exchange-Traded Fund (ETF) approval. The analysts now estimate a 75% chance of the ETF receiving the green light, driving Ethereum’s price up by approximately 18% – the […]
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Ethereum ETF approval odds jump to 75%, sparking a market rally and over $296 million in short position liquidations.
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AEVO hit $0.9, its highest price since mid-May. Even so, it's still nearly 70% below where it started trading in March at around $3.
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Data suggests users on Binance responded to the Ethereum exchange-traded fund (ETF) news by aggressively longing the cryptocurrency. Ethereum Net Taker Volume On Binance Has Just Seen Its Biggest Candle Ever As explained by CryptoQuant community manager Maartunn in a post on X, the Ethereum Net Taker Volume has observed a sharp increase after rumors have surfaced that the ETH spot ETFs have a renewed chance of gaining approval. The “Net Taker Volume” here refers to an indicator that keeps track of the difference between the ETH taker buy and taker sell volumes on any given centralized exchange. Related Reading: Litecoin Whales Go On $230 Million Buying Spree: Will This Change LTC’s Stars? When the value of this metric is positive, it means that the taker buy or long volume is outpacing the taker sell or short volume on the platform right now. Such a trend implies a bullish sentiment is dominant among the investors. On the other hand, the indicator being negative suggests the presence of a majority bearish mentality among the users of the exchange as the shorts are outpacing the longs. Now, here is a chart that shows the trend in the Ethereum Net Taker Volume on the cryptocurrency exchange Binance over the last few years: As displayed in the above graph, the Ethereum Net Taker Volume on Binance has just registered a huge positive spike, the implying investors have just opened a large amount of longs on the platform. More specifically, the indicator’s value during this spike has been $530 million, which, according to the analyst, is the single largest spike the cryptocurrency has ever seen. “Binance-traders are longing the Ethereum ETF-news like there is no tomorrow,” notes Maartunn. This isn’t particularly surprising, considering the market is very well aware what a spot ETF could mean for the asset after having witnessed what went down for Bitcoin. The ETF news pre-approval had been bullish for BTC and while the approval itself had initially led to bearish price action, it eventually paid off for the asset as capital started rapidly flowing in through these investment vehicles and the coin enjoyed a rally that led to a new all-time high (ATH). In another X post, the CryptoQuant analyst pointed out that the Ethereum Open Interest has shot up as well. The “Open Interest” measures the total amount of ETH-related positions that are currently open on all derivative exchanges. This trend isn’t that unexpected, given that derivatives users have been opening a large amount of longs for the asset. With this rapid surge, the Ethereum Open Interest has managed to set a new ATH. Related Reading: Bitcoin “Profit-Taking Has Completed,” Top Analyst Reveals Historically, intense speculation has generally led to more volatility for the coin, as the risk of large liquidations happening can become high in such periods. As such, this Open Interest spike may signal some turbulent times ahead for Ethereum. ETH Price So far in the rally fueled by the ETF news, Ethereum has managed to break past the $3,800 level, which is a milestone the coin hadn’t achieved since mid-March. Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com
OP3N has announced the launch of the first-ever Web3 Content Creator House in Portugal in collaboration with Avalanche and AvaxDAO. The OP3N House Lisbon, powered by Avalanche, will operate from May 28 to June 2 during NFC Lisbon. This initiative marks a cultural milestone in Web3 content creation, aiming to foster collaboration among leading Web3 […]
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Cookie3’s co-founder and CEO explains how Web3 marketing can create a shared economy of users, creators and businesses.
Anticipation of an Ethereum ETF approval sparks a meme coin surge, with Base ecosystem coins leading the rally in the crypto market.
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