Bitcoin price shows strength as investors expect the Fed to resume printing, but a handful of global macroeconomic headwinds are still in play.
The legislation, passed out of committee in July 2023, would clarify how the U.S. Commodity Futures Trading Commission and Securities and Exchange Commission handle crypto.
The US Bankruptcy Court for the Southern District of New York has approved the $2 billion settlement between Genesis Global and the New York Attorney General and confirmed the Amended Plan of Reorganization for the defunct company and its subsidiaries. The settlement aims to compensate defrauded investors, including 29,000 New Yorkers who invested over $1.1 […]
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Solana is tracking higher at spot rates as bulls appear keen to reclaim the 2024 highs printed in March. Amid this, one analyst is confident that SOL will extend gains versus Ethereum, looking at the candlestick arrangement in the daily chart. Solana To Outperform Ethereum? Sharing a SOLETH chart on X, the analyst notes that though […]
An analyst has explained how profit-taking looks to have finished for Bitcoin in what has been a “very healthy reset” for the market. Bitcoin SOPR Suggests Profit-Taking From Investors Has Cooled Off In a new post on X, analyst Willy Woo has discussed about the latest trend occurring in the Bitcoin Spent Output Profit Ratio (SOPR). The SOPR is an on-chain indicator that basically tells us about whether the Bitcoin investors as a whole are selling their coins at a profit or loss right now. When the value of this metric is greater than 1, it means that the average holder in the sector could be assumed to be moving coins at some net profit currently. On the other hand, the indicator being negative implies loss realization is the dominant mode of selling in the market. Related Reading: Chainlink Becomes Crypto Winner With 21% Rally: What’s Driving This? Naturally, the SOPR being exactly equal to 1 suggests the total profits being realized are exactly equal to the losses at the moment and thus, the investors are just breaking-even on their selling. Now, here is a chart that shows the trend in the Bitcoin SOPR over the last few years: The value of the metric seems to have been neutral in recent days | Source: @woonomic on X As is visible in the above graph, the Bitcoin SOPR had spiked to highly positive levels earlier when the cryptocurrency’s price had observed its rally towards a new all-time high (ATH). This would suggest that the investors had been participating in some aggressive profit-taking during this run. From the chart, it’s visible that such a trend was also observed around the start of the 2021 bull run. With the consolidation, the asset has gone through since the ATH, the indicator’s value has also seen a cooldown. As Woo has highlighted in the chart, the metric has now approached the neutral mark. It would appear that two months after the profit-taking peaked, the appetite for harvesting gains has potentially finally disappeared among the investors. The analyst says this is a very healthy reset for the cryptocurrency, especially as the capital inflows have once again been picking up for the coin. Looks like the indicator has gone through a turnaround recently | Source: @woonomic From the chart, it’s apparent that the Bitcoin network flows had been following an overall downward trajectory earlier when the consolidation was taking place, but recently, capital injections into the coin have once again been on the rise. Related Reading: Bitcoin Still Has “A Lot Of Room To Run Before Reversal,” Says Top Analyst This is a similar trend to what was observed earlier in the year during the crash following the approval of the spot exchange-traded funds (ETFs). The turnabout in capital inflows back then was what led into the rally that took the cryptocurrency to the current ATH. BTC Price Bitcoin had seen a pullback under $66,000 yesterday, raising worries that the recovery surge had already fizzled out. This drop only lasted briefly, though, as the coin has returned above $67,000 today. The price of the asset appears to have been consolidating sideways over the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, woocharts.com, chart from TradingView.com
Bitcoin price is chasing after its all-time high and altcoins appear ready to follow.
The post Solana Price Skyrockets Toward $180 Amid Surge in Active Addresses: What’s Next for SOL? appeared first on Coinpedia Fintech News
Solana price is gaining massive buying demand, overcoming the month-long price range’s imbalance. Throughout May, Solana has emerged as one of the top performers in the market, surpassing even Ethereum with its gains. This month, Solana’s price has soared by more than 50%. The recent surge in Solana’s value triggered a rise in on-chain metrics, …
The GameStop stock trading frenzy has faded, but leading meme coin Dogecoin is still in the green over the last week.
Crypto analyst CrediBULL Crypto recently warned that Chainlink (LINK) could experience a 50% to 60% drop in its price. However, based on his explanation, LINK holders may not have cause to worry as such a price drop is part of the crypto token’s growth. Why Chainlink Will Experience A Price Drop CrediBULL Crypto explained in an X (formerly Twitter) post that a “50-60% drawdown is normal, natural, and healthy” given that Chainlink has experienced ten months of up only and a 4x rally.” The analyst expects this price drawdown to last about two to three months and suggested that Chainlink could see brief price surges, but that doesn’t invalidate the current bearish trend. Related Reading: Crypto Analysts Reveal Sub-$1 Altcoins Set To Outperform In The Bull Run In a video posted on his YouTube channel, CrediBULL Crypto further explained why he is so confident in shorting Chainlink. He alluded to the rise in the crypto token’s open interest and claimed that many levered players entered Chainlink on the pump to a major resistance level. He expects that those investors who opened longs will likely begin to close their positions as soon as Bitcoin experiences a pullback and the crypto market starts bleeding again. The crypto analyst added that these investors will capitulate at the lows, which will bring Chainlink’s price to the range lows. CrediBULL Crypto claimed that this move will bring LINK back down to $11.96, about a 30% drop from its current price levels. Based on this, he revealed that he will be looking to short Chainlink around $16, which is the likely level for rejection. Same Expectations For Meme Coins CrediBULL Crypto also expects meme coins to experience a significant price drawdown, given the parabolic rally they have enjoyed since the beginning of the year. Meme coins Dogwifhat (WIF) and Pepe (PEPE) have been the most significant year-to-date (YTD) gainers among the top 50 crypto tokens, with price gains of over 1,400% and 500%, respectively. The crypto analyst warned that some major meme coins have already seen their tops and will likely experience significant declines. In the YouTube video he posted, he also gave insights into how low Dogecoin, WIF, and Pepe could drop. Related Reading: Crypto Expert Willy Woo Predicts Bitcoin Has Room To Run – Here Are The Drivers For Dogecoin, he predicts that the foremost meme coin could drop to as low as $0.10. However, CrediBULL Crypto noted that he can’t short Dogecoin yet because he expects a relief pump to $0.18, the range he is looking to open a short position. Meanwhile, he predicts that WIF could drop to as low as $1.6, revealing that he will be looking to short it at $3.90 because he expects the meme coin to enjoy one last push to the upside before dropping to the downside. CrediBULL also predicts a significant price decline for PEPE. He claims the meme coin could experience a drawdown of as much as 60% since it recently hit a new all-time high (ATH). Featured image created using Dall.E, chart from Tradingview.com
Cardano founder, Charles Hoskinson has shed light on the regulatory and political challenges faced by the cryptocurrency industry. Expressing frustration and discontent with the current United States administration, Hoskinson has urged crypto enthusiasts to take a stance against anti-crypto parties who are contesting in the upcoming US presidential elections. Cardano Founder Says “Vote Crypto” In […]
Inflows into the spot bitcoin ETFs restarted in a big way last week as the price rallied from near the $60K level.
The paper, released in 2014, lays the foundations for blockchain privacy and scaling.
Polimec, a decentralized and community-driven funding parachain, has officially launched on Polkadot and is set to begin its first project evaluation, according to a May 20 statement shared with CryptoSlate. The platform evaluates Web3 projects for potential fundraising, aiming to bring transparency, accessibility, and regulatory compliance to the process. Polimec’s launch marks a new era […]
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Grayscale names Goldmans Peter Mintzberg as new CEO, replacing Michael Sonnenshein.
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Bitcoin is rising, recently breaking above $67,000, and heading towards the all-important $70,000, a psychological round number. One analyst took to X amid this uptick, noting that whales holding over 1,000 BTC are not moving their coins to exchanges. Instead, they likely expect prices to spike higher in the coming days and weeks. Though movements over the weekend were muted, the extension earlier today is overly bullish for optimistic traders. As BTC prices edge, coin holders (and sometimes whales) usually take profits, especially if gains are shaky and not as strong. Whales Are Not Selling, More Gains Expected? However, the current cycle looks like whales are holding on, expecting prices to recover strongly. The analyst notes that the 30-day average is 641 BTC, with the reading decreasing sharply from mid-2023. This means that whales are bullish and unmoved by short-term price movements. Though this observation doesn’t necessarily mean bulls expect a moonshot, they are holding cement the outlook that prices might move higher in the coming sessions. Related Reading: XRP Holders In Panic Selling Frenzy? Sub-$0.50 Looms Accompanying the breakout above $66,0000, on-chain data shows that the Market Value to Realize Value (MVRV) ratio is also rising. According to the analyst, the MVRV ratio for those who have held BTC for between 1 and 3 months has climbed above 66,500. This expansion means they have exited the “unrealized loss” zone, signaling a shift in sentiment among short-term holders. At spot rates and prices trading above $66,700, above the $66,500 level, HODLers are in the green and can exit for a profit or HODL. Bitcoin Finds Strong Support Above $60,000 It remains to be seen how prices will react in the short to medium term. However, another analyst notes that over 530,000 BTC was traded at $66,250. Accordingly, this line is turning out to be a strong, reliable support. If bulls soak in the selling pressure, the line at $66,250 can act as a reliable anchor for the next leg up toward an all-time high. Analysts agree that the zone above $60,000 is a reliable support level. Taking to X, another analyst said that the Bitcoin Short-Term Holder Cost Basis (STHCB) is rising and stands at $60,700. Historically, the STHCB has acted as a dynamic support during bull runs and resistance in bear markets. In on-chain analysis, the STHCB is a metric that tracks the average price at which short-term holders (those holding BTC for less than 180 days, bought their coins. Related Reading: Litecoin Put To The Test: Can LTC Break Through $94? Historically, the STHCB has acted as a support level during bull runs and a resistance level during bear markets. Currently, the STHCB sits at $60.7K and is steadily increasing, suggesting a potential floor for the price. Feature image from DALLE, chart from TradingView
The attorney general’s office filed a lawsuit against Genesis in October 2023 for allegedly defrauding investors through the Gemini Earn program.
Quick Take Capriole Investments’ derivatives data offers a unique lens into Bitcoin’s market health. By analyzing Bitcoin perpetual, futures, and options weighted by open interest, Capriole defines a metric that provides valuable insights. Higher values on this metric indicate bearishness, signaling excessive leverage and speculation in the market. Conversely, lower values suggest bullishness, reflecting fear […]
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On-chain data shows the smallest of the Bitcoin investors, the shrimps, have been selling recently. Here’s what it could mean for the coin. Bitcoin Total Amount Of Holders Go Down As Retail Investors Exit According to data from the on-chain analytics firm Santiment, the Total Amount Of Holders metric has registered a decline recently. This […]
Filmmaker Richard Whittaker — and his Mom — examine the collapse of crypto exchange FTX in a micro-budget doco now screening on Amazon Prime.
US billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using the Decentralized Social Networking Protocol (DSNP) from Project Liberty. TikTok, boasting over 170 million users, is being pressured by the US government to sell due to national security concerns and purported links to the Chinese government. McCourt’s initiative, termed the […]
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OpenAI has paused the rollout of its Sky voice following countless memes about its "sexy" tone—and similarities to Scarlett Johansson.
Anyone can create a memecoin through Solana without too much hassle. The process simply requires a good idea.
The post GameStop Mania Fades, A 40% Plunge May Begin, if Bulls Fail to Defend These Levels! appeared first on Coinpedia Fintech News
Bitcoin price regained some strength as its levels soared above $67,000 at the time of composition, due to which some of the altcoins gained momentum. GameStop, the token that incepted the markets and began its trading journey just a few days ago, seems to have been losing its fame. The price traded within a steep …
Amidst a significant surge displayed by Dogecoin (DOGE) recently, popular crypto analyst Crypto Daily Trade Signals has identified a symmetrical triangle pattern in the price movements of the crypto asset, indicating a possible continuation of the present rising trend. Based on the expert analysis, Dogecoin, which has attracted a lot of attention and interest from investors lately, may be preparing to build on its current momentum and make more gains. Significance Of Dogecoin Symmetrical Triangle Pattern A symmetrical triangle chart pattern is a consolidation phase that precedes a forced breakout or decline in price. A new bearish trend begins with a breakdown from the lower trend line, while a new bullish trend begins with a breakout from the upper trend line. Related Reading: Dogecoin Successfully Breaks Out Above $0.153, What Next? According to the analyst, the symmetrical triangle pattern presents a major obstacle for DOGE at the $0.1545 price level. At the same time, the 50-day Exponential Moving Average (EMA) continues to provide support at the $0.1513 level. Even though the current market price is above the 50 EMA and suggests a bullish bias, Crypto Daily Trade Signals noted that Dogecoin has to surpass the resistance level of $0.1595 in order to confirm that the upward trend is continuing. This perspective is further strengthened by the Relative Strength Index (RSI), which is currently above the 50 EMA and supports a purchasing trend. The post read: Dogecoin has formed a symmetrical triangle pattern, presenting a significant hurdle around the $0.1545 mark. Simultaneously, support persists around the $0.1513 level, reinforced by the 50-day EMA. The expert highlighted that DOGE is at a pivotal point around $0.15100 on the 4-hour chart, indicating a bullish momentum, and an immediate resistance at the $0.15950 mark. The first obstacle to be cleared is the immediate resistance at $0.15950, which is followed by the $0.16980 and $0.18440 levels. Although caution is advised if DOGE drops below the pivot point, the RSI’s current position indicates an opportunity for more profits. Thus far, the upward trend is supported by a firm base provided by the 50-day EMA around $0.15130. Meanwhile, on the negative side, $0.14270 provides immediate support, while $0.13240 and $0.12030 provide additional levels of support, with the RSI at 53, which denotes neutral conditions. Is $12 DOGE Possible? Crypto analyst Javin Marks has also shared insights on Dogecoin’s recent price action, predicting a potential massive rally to $12. According to the expert, based on previous breakouts and runs, DOGE has maintained its broken status once more. Related Reading: Is Dogecoin About to Take Off? Indicators Suggest Upward Momentum Ahead These runs have become bigger one after the other, and the last run recorded over 20,000% upsurge. Given the nature of the runs, Javon Marks anticipates the recent run, which might be in its early stage now, to be bigger than the last one. As a result, the expert experts DOGE to reach $12 or even higher following the run. Also, Marks noted that after the run has concluded, DOGE could see another massive rise of over 7,500%. Featured image from iStock, chart from Tradingview.com
Quick Take Metaplanet Inc. is taking a bold step towards embracing Bitcoin as part of its corporate strategy. On April 26, the company announced it had purchased up to 1 billion Yen worth of Bitcoin, outlining its approach to adopting the digital asset. The market has responded favorably to Metaplanet’s Bitcoin move. As of May […]
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NY Attorney General Letitia James secures a $2 billion settlement with Genesis to repay investors and establish a Victims Fund.
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Genesis will pay a $2 billion settlement to partially repay customers of the firm's bankrupt crypto lending division.
Digital asset investment products inflows jumped by 616% week-on-week to $932 million last week, according to CoinShares’ weekly report. This marks the second consecutive week of inflows this month and a return to the impressive numbers recorded during the early period of this year. James Butterfill, CoinShares’ head of research, explained that the substantial inflows […]
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The long-standing legal drama between the Cryptocurrency Open Patent Alliance (COPA) and Dr. Craig Steven Wright concluded today with a definitive ruling from the court. Dr. Wright, who has famously claimed to be Satoshi Nakamoto, the enigmatic creator of Bitcoin, was found to have engaged in extensive and deliberate deception to support his assertion, thus […]
Meme coins are outperforming in the market with robust trade volumes and returns, despite a general downturn in crypto assets in the past few days.
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