The latest price moves in bitcoin (BTC) and crypto markets in context for May 20, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Venezuelans, once seeking solace in the digital gold rush, now face a harsh reality. The country, grappling with hyperinflation and economic instability, has banned all crypto mining farms connected to the national grid. This decision, announced by the Venezuelan National Power Ministry, prioritizes the crumbling power grid over the once-booming crypto industry. Related Reading: X […]
The post K9 to Burn 410M KNINE Tokens in Tribute to Vitalik Buterin’s SHIB Burn appeared first on Coinpedia Fintech News
In a recent X post, K9 disclosed plans to burn 410M KNINE tokens to honor Vitalik Buterin’s massive SHIB burn in 2021. An impressive 81.66% of the votes supported the proposal to burn 410M KNINE, while the remainder opposed the initiative. Notably, the K9 team will send 410M KNINE tokens to a dead blockchain wallet …
The post BingX Announces To Launch A USDC Margin Futures Trading On Its Sixth Anniversary! appeared first on Coinpedia Fintech News
On the completion of its 6th anniversary, BingX, a cryptocurrency exchange has announced that it will launch a USDC margin future trading launchpool and launchpad. Further, it is planning to expand to new markets such as Vietnam, Turkey, and Argentina. The cryptocurrency platform is also planning to launch a documentary about whale and dolphin conservation …
Judge James Mellor released his written judgement on the Crypto Open Patent Alliance vs Craig Wright case on Monday.
A crucial Bitcoin metric has just turned bullish, sparking optimism from a crypto analyst regarding an impending rally for Bitcoin. This unique technical pattern suggests that the world’s largest cryptocurrency could see its price ascending further, potentially kick-starting a highly welcomed bull run this cycle. Bitcoin Technical Pattern Flips Bullish Bitcoin’s price has often followed distinct historical patterns, with the majority of these indicators preceding significant rallies or bearish trends. One of the most compelling signs that Bitcoin may be turning bullish again is seen as the Stablecoin Supply Ratio (SSR) Oscillator breaks below the lower Bollinger Bands, a technical indicator used to measure a market’s volatility and momentum. Related Reading: Crypto Analysts Reveal Sub-$1 Altcoins Set To Outperform In The Bull Run According to a crypto analyst identified as ‘Dominando Cripto’ on X (formerly Twitter), the SSR is a unique technical tool designed to evaluate the market sentiment by comparing the supply of stablecoins to Bitcoin. This tool is used by analysts and traders to identify buying and selling opportunities for Bitcoin. Additionally, it quantifies how the 200-day Simple Moving Average (SMA) of the SSR moves within the Bollinger Bands. Dominando Cripto has provided an in-depth explanation of how the SSR oscillator is calculated and how to interpret its signals for identifying bullish trends. “The oscillator is calculated by taking the difference between the current Stablecoin Supply Ratio value and its 200-day Simple Moving Average (SMA), then dividing it by the standard deviation of the SSR over the same period,” the analyst stated. Sharing a price chart depicting movements of the SSR oscillator, the crypto analyst suggests that when the oscillator moves above the upper Bollinger Bands, it suggests that the SSR is significantly higher than normal levels. This indicates that stablecoins are dominating the market, signaling bearish sentiment and a potential downturn for Bitcoin. Conversely, when the oscillator falls below the lower Bollinger Band, it indicates that the SSR is low, highlighting the reduced dominance of stablecoins and signaling bullish sentiment that could potentially trigger an incoming rally in Bitcoin. In the above price chart, Dominando Crypto pinpointed several instances when the SSR oscillator displayed bearish and bullish sentiment, identifying these periods as heated zones and cold zones, respectively. Recent market movements indicate that the SSR oscillator is in the cold zone, indicating a potential bullish outlook for Bitcoin. More Bullish Signs For BTC On May 18, Blockchain analytics platform, Santiment, revealed a new market trend where small traders are consistently liquidating their BTC holdings, even as the cryptocurrency has shown positive performance lately. Related Reading: This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why The analytics platform noted that historically, when small wallets dump coins into larger wallets, it is considered an encouraging sign for Bitcoin, indicating a potential bullish turnaround for the pioneer cryptocurrency. At the time of writing, Bitcoin’s price is trading at $66,955, according to CoinMarketCap. The cryptocurrency has been on a major bullish momentum recently, witnessing an 8.94% increase in the last seven days and a 4.25% surge over the past month. Featured image created using Dall.E, chart from Tradingview.com
Jarret Dunn, a former employee of Solana-based memecoin launchpad Pump.fun, is currently on bail in the United Kingdom following his recent arrest. Dunn, also known by his online alias “STACCoverflow,” was apprehended shortly after a significant exploit on the crypto launchpad platform. On May 16, Dunn, through the STACCoverflow social media account, admitted to an […]
The post Former Solana-based Pump.fun employee arrested after $1.9 million crypto exploit appeared first on CryptoSlate.
The much-anticipated Ethereum Spot Exchange-Traded Funds (ETFs) are set to reach a pivotal junction this week as Nate Geraci, President of the ETF Store, has revealed that the United States Securities and Exchange Commission (SEC) is expected to issue a final decision regarding the exchange-traded funds within the week. Ethereum Spot ETFs Decision Looms Since […]
The UK expands its AI Safety Institute to San Francisco, aiming to leverage Bay Area tech talent and strengthen global AI safety partnerships.
The trader, the largest BOME holder, made an over 993-fold gain on his initial investment, spurring insider trading allegations.
Is Bitcoin legal in Switzerland? Discover Swiss banks’ attitudes toward crypto and various ways to buy BTC.
Quick Take As economic uncertainty looms, traditional safe-haven assets like gold, silver, and copper are soaring to new heights. Gold recently hit a new all-time high of $2,443 an ounce, up nearly 20% year-to-date. Silver is approaching $32 an ounce, its highest level since October 2012, while copper is trading above $5, an all-time high. […]
The post Is Bitcoin the next asset to catch up with the rally? appeared first on CryptoSlate.
Ethereum's Dankrad Feist and Helius Labs CEO Mert Mumtaz clash on X over the importance of decentralization, revealing differing views on the crypto market's priorities.
Bitcoin could be on the brink of a rally to new record highs, but it still has one significant resistance to overcome, according to Markus Thielen.
Mint Town CEO Hiroshi Kunimitsu said integrating into the Oasys blockchain lets fans experience the story in a new way.
This week in the crypto market is marked by critical events and strategic developments that promise to influence trends and investor sentiment significantly. Here is an in-depth analysis of the most anticipated cryptocurrencies and their upcoming milestones. #1 US Spot Ethereum ETF Deadline Looms The United States Securities and Exchange Commission (SEC) faces pivotal deadlines […]
Quick Take Farside data shows that Bitcoin (BTC) exchange-traded funds (ETFs) accumulated an impressive $948.3 million over five consecutive trading days. This remarkable streak marks the first time such a feat has been achieved from March 11 to March 15. Farside data shows that on May 17 alone, the BTC ETFs witnessed a staggering $221.5 […]
The post U.S. Bitcoin ETFs notch $948.3 million in accumulation over five days appeared first on CryptoSlate.
The post Ethereum (ETH) Price Breakout To Ignite An AltSeason Soon? appeared first on Coinpedia Fintech News
Amid increased volatility in the crypto market, the ETH price has displayed a neutral price action by hovering close to its $3,100 level. Positively, the altcoin leader had reclaimed the $3K mark, following the bullish reversal, the crypto space had experienced during the previous week. Are you curious to find out if “will Ethereum go …
The post Is Tether Linked to Money Laundering? TruthLabs Reports Shocking Findings appeared first on Coinpedia Fintech News
Recent investigations by TruthLabs have unveiled disquieting links between Tether, one of the largest stablecoins in the cryptocurrency market, and illicit activities, including money laundering and ties to terrorist groups. These findings come in addition to results dealing with Crypto Israel Aid and a preferred crypto exchange of Hamas, Cex.io. TruthLabs’ Initial Findings on Tether …
The post BitBoy Crypto Predicts Massive XRP Price Surge with Ripple vs SEC Settlement appeared first on Coinpedia Fintech News
BitBoy Crypto, a notable figure within the cryptocurrency sphere, has offered insights into the potential ramifications of a settlement between Ripple vs SEC regarding the ongoing legal dispute. He suggests that such a resolution could trigger a substantial surge in the value of XRP, Ripple’s native cryptocurrency. At the same time, a settlement might confirm …
The post Ethereum ETF Approval: The Role of 19b-4 Filings and S-1 Forms appeared first on Coinpedia Fintech News
The journey towards the spot Ethereum ETF’s approval is a critical moment for the crypto market. A spot Ethereum ETF, which would hold Ether as its underlying asset directly, needs approval from the U.S. Securities and Exchange Commission (SEC) to trade on stock exchanges. The approval process primarily has two components: the 19b-4 filings and …
The post Solana (SOL) Enters the Crucial Phase: Will the Bulls Make It to $200? appeared first on Coinpedia Fintech News
The consolidation below the resistance for a couple of days appears to have attracted huge traders’ attention as the Solana price is displaying massive bullish momentum. The volume has dropped to some extent but the momentum remains high. On the other hand, the Bitcoin price maintains an ascending consolidation, which has inculcated some confidence among …
Bitcoin is facing renewed calls for a supply shock as exchange reserves hit seven-year lows, and BTC price action focuses on final resistance.
In an analysis shared via X, renowned crypto analyst Ted (@tedtalksmacro) has provided compelling evidence to support his assertion that the current Bitcoin bull run is far from over. Ted’s insights are based on four critical indicators related to traditional finance and crypto liquidity, each pointing to sustained growth in the near future. Here’s a breakdown of his analysis: #1 65-Month Liquidity Cycle Ted highlights the 65-month liquidity cycle, a historical pattern that marks the ebb and flow of liquidity in financial markets. According to his analysis, this cycle bottomed out in October 2023, signaling the beginning of a new expansion phase. Related Reading: Most Important Bitcoin Indicator Nears Bullish Flip: $150,000 Soon? “We are now in the expansion phase, which is expected to peak in 2026,” Ted stated. This projection aligns with the anticipated easing by central banks in response to slowing economic data over the next 18 to 24 months. Historically, increased liquidity has been a precursor to bull markets in various asset classes, including Bitcoin and the broader crypto ecosystem. #2 M2 Money Supply The M2 money supply, which includes cash, checking deposits, and easily convertible near money, is another crucial indicator, if not the most important indicator of global liquidity. Ted notes that the rate of expansion in the M2 money supply is at its lowest since the 1990s. “There is plenty of room to the upside for easing liquidity conditions,” he explained. As central banks potentially ease monetary policies to stimulate economies, increased M2 growth could lead to more capital flowing into risk assets like Bitcoin. #3 Crypto Liquidity While liquidity has returned to the crypto markets, particularly with the introduction of spot Bitcoin ETFs, Ted points out that the velocity of inflows has not yet reached the levels seen at cycle tops. “The velocity of inflow has not yet seen a manic phase consistent with cycle tops,” he noted. Related Reading: Tether Adds Fresh $1 Billion USDT To Supply – Bitcoin To Rally Again? This suggests that while interest and investment in Bitcoin are growing, the market has not yet reached the speculative frenzy that typically precedes a major correction. This phase of measured inflow can provide a more stable foundation for continued price increases. #4 Spot Bitcoin ETF Flows The US based spot Bitcoin ETFs have seen significant inflows, with last week alone witnessing $950 million flowing into spot Bitcoin ETFs in the US, the largest net inflow since March. Ted expects these inflows to increase as Bitcoin’s price rises and traditional finance investors regain confidence in the asset. “Expect these to only increase as price drifts higher and tradFi once again renew faith in the asset,” he stated. The growing acceptance and investment from institutional investors via ETFs are a strong bullish indicator for Bitcoin’s continued ascent. Each of these factors points to a sustained and robust bull market for Bitcoin. Ted’s analysis, grounded in traditional financial indicators and crypto-specific data, provides a comprehensive outlook on the current and future state of the Bitcoin market. As central banks potentially ease monetary policies and institutional interest continues to grow, the conditions appear ripe for Bitcoin’s bull run to extend well into the coming years. At press time, BTC traded at $66,602. Featured image created with DALL·E, chart from TradingView.com
Jarett Dunn, the alleged hacker behind the Pump Fun exploit, secured bail after his arrest in London. Dunn, known online as StaccOverflow, is accused of draining nearly $2 million from the Solana-based memecoin marketplace on May 16th. However, in a surprising twist, Dunn isn’t pleading innocence. Instead, he’s claiming the real crime lies with Pump […]
The price of XRP, the native token of Ripple, seems to be teetering on the edge of a short-term decline, according to an analysis of on-chain data by NewsBTC. While bulls might want to hold their horses, the report paints a picture of a market potentially succumbing to selling pressure in the immediate future. Related Reading: Solana Blasts Past Resistance: Buckle Up For $330 Breakout – Analyst Whales Shedding Weight: A Bearish Signal? The report raises a red flag with the movement of XRP in large wallets. Investors holding between 100,000 and 1 million XRP have been noticeably reducing their holdings. This suggests a potential increase in sell pressure, as these “whales” unload their tokens onto the market. The combined holdings of this group now represent a smaller percentage of the total circulating supply, which could lead to a temporary glut of XRP and a corresponding price drop. The behavior of these large XRP holders could indicate a shift in market sentiment, prompting concerns about the future stability of XRP prices. As these whales liquidate their positions, the market could face increased volatility, with prices reacting sharply to the influx of sell orders. Additionally, the reduction in whale holdings might signal a lack of confidence in XRP’s short-term prospects, potentially discouraging smaller investors from maintaining or increasing their positions. The price of XRP managed to shift from $0.48 to $0.52 in a few days last week. The token has been wiping out some of those gains, though. The token’s price may drop below $0.50 because to the decrease in balances. The effect was already in action because the token’s value was $0.51 at the time of publication. OI And Active Addresses: Not Shining A Bullish Light Further dampening the enthusiasm for XRP is the Open Interest (OI) metric. OI refers to the total value of all open positions in XRP futures contracts. A decrease in OI, as observed recently, signifies a decline in market activity and potentially more sellers closing their positions. This trend aligns with the dwindling number of active addresses on the XRP network. Active addresses represent the unique number of wallets involved in XRP transfers within a specific timeframe. A recent drop in active addresses suggests a decrease in overall market participation, which can often precede a price slump. Related Reading: ADA Price Surge Could Push Ratio Of Holders In Loss Below 55% Volatility: A Double-Edged Sword A silver lining some might see is the recent spike in XRP’s one-day volatility. Volatility can be a double-edged sword, however. While it can indicate heightened market activity and potentially lead to price surges, the current situation seems to be leaning towards the opposite. The rise in volatility, coupled with the selling pressure and declining participation, might simply reinforce a downtrend rather than spark a price increase. Featured image from CoinCodex, chart from TradingView
The price of XRP, the native token of Ripple, seems to be teetering on the edge of a short-term decline, according to an analysis of on-chain data by NewsBTC. While bulls might want to hold their horses, the report paints a picture of a market potentially succumbing to selling pressure in the immediate future. Whales Shedding Weight: A Bearish Signal? The report raises a red flag with the movement of XRP in large wallets. Investors holding between 100,000 and 1 million XRP have been noticeably reducing their holdings. This suggests a potential increase in sell pressure, as these “whales” unload their tokens onto the market. The combined holdings of this group now represent a smaller percentage of the total circulating supply, which could lead to a temporary glut of XRP and a corresponding price drop. Open Interest and Active Addresses: Not Shining a Bullish Light Further dampening the enthusiasm for XRP is the Open Interest (OI) metric. OI refers to the total value of all open positions in XRP futures contracts. A decrease in OI, as observed recently, signifies a decline in market activity and potentially more sellers closing their positions. This trend aligns with the dwindling number of active addresses on the XRP network. Active addresses represent the unique number of wallets involved in XRP transfers within a specific timeframe. A recent drop in active addresses suggests a decrease in overall market participation, which can often precede a price slump. Volatility: A Double-Edged Sword A silver lining some might see is the recent spike in XRP’s one-day volatility. Volatility can be a double-edged sword, however. While it can indicate heightened market activity and potentially lead to price surges, the current situation seems to be leaning towards the opposite. The rise in volatility, coupled with the selling pressure and declining participation, might simply reinforce a downtrend rather than spark a price increase. The Verdict: A Short-Term Blip or Something More? The on-chain data paints a picture of a potential short-term decline for XRP. However, it’s crucial to remember that this analysis focuses on immediate trends. The cryptocurrency market is notoriously unpredictable, and long-term factors like regulatory decisions or unexpected partnerships can significantly impact XRP’s price trajectory.
Ethereum researcher Justin Drake said his EigenLayer role is worth “millions of dollars” and some think it could shake up incentives for those working on the blockchain.
The post When Will The Crypto Bull Run End? appeared first on Coinpedia Fintech News
Bitcoin’s rise to $65,000 has brought hope to the unstable crypto markets. With some altcoins jumping 10% to 20% following Bitcoin’s comeback, investors are curious if this marks the restart of the crypto bull run. Bitcoin’s price history over the last decade has been defined by alternating periods of bear and bull markets. Typically, bull …
The market has priced in a rejection for the first set of Ethereum ETFs, but there are reasons to be optimistic about an approval next year, says one fund manager.