The halving and a possible U.S. mining tax have miners considering new locations for basing their cost-sensitive operations.
With new regulations in Europe set to enforce strict limits on transactions and reserve requirements, Kraken is assessing its stablecoin listings.
Chainlink (LINK) has enjoyed a sharp surge of more than 21% over the past 24 hours. Here’s what data suggests could be behind this rally. Chainlink Has Surprised Crypto Market With Breakout In The Past Day While most cryptocurrency sectors have seen flat or small green returns over the last 24 hours, Chainlink has shown a decoupling as it has observed some sharp bullish momentum in this window. Related Reading: Bitcoin Still Has “A Lot Of Room To Run Before Reversal,” Says Top Analyst Here is a chart that displays how LINK’s recent performance has looked like: With this sudden burst, Chainlink has touched the $16.7 mark for the first time since the crash during the first half of April. While the asset has now retraced a major part of this plunge, it still hasn’t made a full recovery. Should LINK’s bullish momentum continue, though, it may not be too long before the cryptocurrency can reclaim the $17.8 level it was trading at just before the crash. As for where Chainlink stands in the wider market, the table below shows that, based on market cap, it’s currently the 15th largest coin. LINK isn’t too far off from Polkadot (DOT) now, so it’s possible that if the price rise continues, the coin will dethrone DOT and take over the 14th spot on the list. Now, what could be the reason for Chainlink’s sudden decoupling from the rest of the market? Data from the on-chain analytics firm Santiment may perhaps provide some hints. The Total Number Of LINK Whales Is At A 6-Month High Now As pointed out by Santiment in a post on X, Chainlink investors holding 100,000 tokens or more of the asset in their balance have recently seen their address count increase. This cutoff is equivalent to around $1.67 million at the current LINK exchange rate. Investors with holdings this large are popularly referred to as whales. Whales can be influential entities in the market because they can move a large amount of volume in a short span of time. As such, their behavior may be worth monitoring. From the graph, it’s visible that Chainlink’s total number of whale addresses has hit 564 after the latest rise, which is the highest the metric has been since October of last year. This increase in the number of whales on the network may be partially behind the surge that LINK has just seen. In the same chart, the analytics firm has also attached the data for another indicator: social dominance. This metric tells us about the share of cryptocurrency-related social media discussions that LINK occupies right now. Related Reading: XRP & Cardano Whales Load Up Bags: Preparation For Altcoin Rally? This indicator has shot up alongside this rally, implying the interest around the coin has spiked. Historically, such a rise in attention has been a bearish sign for the asset, so it remains to be seen if these high values will be maintained. “If social dominance calms and FOMO doesn’t take over, bullish conditions are ahead,” notes Santiment. Featured image from iStock.com, CoinMarketCap.com, Santiment.net, chart from TradingView.com
Ethereum is a legacy chain that has scaled over time to address the needs of the ever-demanding global user base. To relieve the mainnet of the deluge of transactions, more layer-2 platforms have sprouted. They are cheaper to transact on and scalable, allowing users to deploy intensive decentralized applications that won’t be feasible on the […]
Lawmakers expect to vote on a bill clarifying how regulators handle digital assets by June after a majority in both chambers passed a resolution against an SEC crypto rule.
Despite a security breach at Pump.fun, Solana's meme coins saw a robust surge, with DogeBoy leading at a 210% increase.
The post Solana meme coins surge up to 210% despite Pump.fun incident appeared first on Crypto Briefing.
The suit alleges that delays in delivery caused purchased NFTs to lose 97% of their value.
XRP is one of the cryptocurrencies that has persevered in the market and managed to retain a strong following despite performing poorly in the last few years. The legal battle between Ripple and the United States Securities and Exchange Commission (SEC), which is the major culprit behind this poor performance, has yet to end. However, […]
A crypto analyst has made a daring prediction for Ethereum (ETH), setting the timeline for when the world’s second-largest cryptocurrency would embark on a significant rally to new all-time highs above $10,000. Here’s When Ethereum Will Reach $10,000 A crypto analyst identified as ‘Yoddha,’ on X (formerly Twitter) has announced the timeline for Ethereum’s ascent above $10,000. According to Yoddha, Ethereum is expected to rally massively after a period of accumulation and decline, continuously rising above $10,000 by the end of the year. Related Reading: Why Did The Bitcoin Price Rise Above $66,000 Today? The analyst’s ambitious predictions are based on historical trends exhibited by Ethereum from 2016 to 2024. He shared a chart depicting Ethereum’s price action over these years, highlighting periods of accumulation, interim peaks and volatility. Yoddha disclosed that from 2019 to 2021, Ethereum witnessed a period of accumulation marked by multiple price fluctuations, including long declines and short rallies. Following this, Ethereum surged significantly, reaching a peak of $4,867 towards the end of 2021. This price range aligns with the cryptocurrency’s all-time high of $4,878, achieved during the previous bull market cycle in 2021. Based on these historical trends, Yoddha identified a similar accumulation phase in Ethereum’s price movements during this current market cycle. The analyst noted that from 2022 to early 2024, Ethereum experienced an accumulation and slightly bearish phase. Prior to reaching a record high of $4,088 on March 12, 2024, Ethereum had experienced a bearish trend in 2022 and 2023. The cryptocurrency also faced declines on several occasions in 2024, especially around April and May. Yoddha has indicated that Ethereum has successfully concluded this accumulation and bearish period and is on track to witness a massive rally towards $15,346, extending into the end of 2024. Analyst Says ETH Could Start Altcoins Season In another X post, Yoddha indicated that Ethereum could start the upcoming altcoins season. The crypto analyst has consistently emphasized the impending launch of the highly anticipated altcoins season in 2024. He revealed that altcoins will begin to gain more attraction once the hype surrounding meme coins diminishes. Additionally, Yoddha revealed that 2024 could issue the biggest altcoins season, encompassing healthy pullbacks and new all-time highs. Related Reading: End Of The Road For BNB After 200% Surge? Mounting Resistance Threatens Rally Presently, the price of Ethereum is trading at $3,024, reflecting a 1.58% decline over the past month, according to CoinMarketCap. A surge above $10,000 will require the cryptocurrency to jump by more than $7,000, fueled by a notable uptick in investor demand and interest in the cryptocurrency as well as the potential introduction of an Ethereum Spot ETF in 2024. Crypto analyst, Ali Martinez has revealed that currently, Ethereum’s TD Sequential is presenting a “buy signal” on ETH’s daily price chart. He predicts that Ethereum could witness a rebound of one to four candlesticks from its recent price drop. Chart from Tradingview.com
The CoinDesk 20 Index is higher by more than 4% over the past 24 hours as crypto's big rally this week continues.
Quick Take Bitcoin went above the $67,000 mark, nearly hitting $67,500 — its highest level since April 13. The remarkable rally has triggered a wave of liquidations within the digital asset ecosystem over the past 24 hours. Approximately $122 million worth of positions have been liquidated, comprising $39 million in long positions and $84 million […]
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Who's next? Elon Musk announced that Neuralink is accepting applications for the second test subject for its brain chip trial.
Kraken is reviewing its support for Tether's USDT in the EU as new MiCA regulations approach and impact stablecoin operations.
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House lawmakers are set to vote on the Republican-led Financial Innovation and Technology for the 21st Century Act (FIT21). Major crypto exchanges like Gemini, Kraken, and Coinbase, alongside firms such as Andreessen Horowitz and Digital Currency Group, have expressed support for the bill. This vote marks a crucial moment for the crypto market, as it …
All but two cryptos in the index moved higher over the past week, with Cosmos and Aptos missing out on the rally.
Zero-knowledge (ZK) rollup zkSync has suggested that a governance token airdrop will take place at the end of June.
Bitcoin is dishing out the bull signals on lower timeframes, but can BTC price action overcome key resistance?
Former US President Donald Trump has found himself at the epicenter of a cryptocurrency-fueled windfall. Data from market intelligence firm Arkham Intelligence reveals that Trump’s cryptocurrency portfolio has surged by a staggering 4,000% – a gain largely driven by the meteoric rise of the “Save America” meme coin, affectionately dubbed “TRUMP.” Related Reading: NFT Market […]
Even after the upswing mid-this week, Bitcoin prices remain wavy, considering price action in lower time frames. The coin is retesting $66,000 at spot rates, but traders expect the breakout to have been confirmed, pushing BTC prices toward $70,000. Since the surge to all-time highs in March, the coin has been on a steady downtrend, as shown in the formation on the daily chart. BTC Liquidity Is High Despite Accumulation: Analyst Therefore, as doubt creeps in, Willy Woo, a Bitcoin on-chain analyst, is calming down market participants, saying the coin is preparing for sharp gains in the days ahead. Related Reading: Crypto Analyst Predicts XRP Price Explosion To Over $18 Though prices are flat-lining in the daily chart, what’s important to note, Woo says, is the level of liquidity. Sharing a chart on X, Woo emphasized Bitcoin’s position within its liquidity cycle. The Bitcoin liquidity cycle is simply a chart showing the boom and bust periods of the world’s most valuable coin. Every cycle in history is highly influenced by the availability and flow of capital in and out of the asset. The analyst is upbeat, arguing that though prices are down from all-time highs and appear stuck in a consolidation, the coin is still in a “warm-up” phase. Woo adds that the current consolidation period means the long-term risk is low in light of the relatively high liquidity. Comparing the current state of affairs to past price action, the analyst predicts that Bitcoin prices will likely surge. When “the floodgates open” and new capital enters the market, prices will shoot higher, but so will risk. Bitcoin Uptrend Just Getting Started? Ki Young Ju, the founder of CryptoQuant, a crypto analytics platform, has supported Woo’s position. To X, Ju said Bitcoin is in the middle of a bull cycle. To explain this view, the founder noted that Bitcoin’s capitalization has been growing faster than the realized cap. The realized cap is a metric that aims to gauge the total value of all coins in circulation based on the price at which they were last moved. This trend has persisted for roughly two years historically. If this pattern holds, the bull cycle could end by April 2025. Related Reading: Did A Dogecoin Whale Just Sink The DOGE Ship? The $30-Million Transfer Mystery Amid this, interest in spot Bitcoin exchange-traded funds (ETFs) appears to be swelling. An ETF analyst, Eric Balchunas, said these derivative products have attracted a net inflow of over $1.3 billion in the last two weeks alone. This uptick effectively offset the negative flows seen in April. Feature image from DALLE, chart from TradingView
A Nigerian High Court has denied bail to Binance executive Tigran Gambaryan, citing concerns that he might flee the country. Gambaryan, who turned 40 today, has been held by the Nigerian government since February. Speaking on his detainment, Noah Perlman, Binance’s chief compliance officer, said: “On this very unhappy birthday, a reminder that Tigran Gambaryan […]
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Morgan Stanley was the owner of $269.9 million of Grayscale’s Bitcoin Trust (GBTC) as of March 31, a 13F filing showed.
Coinbase Research has issued a detailed report, written by David Han, emphasizing that the likelihood and timing of a US spot Ethereum (ETH) exchange-traded fund (ETF) approval are significantly underestimated by the market. The potential approval of such an ETF is poised to bring profound changes to Ethereum’s market dynamics. The Case For A Spot […]
For analysts and investors alike, comprehending the variables that influence price action in the complex world of cryptocurrency markets is essential. Ali Martinez, a well-known cryptocurrency expert, has recently provided insights into the fluctuations in the price of Bitcoin by applying the basic economic theory of supply and demand. Understanding Bitcoin Prices Through Supply And Demand It is worth noting that any asset’s price movement, including cryptocurrencies, is determined by the fundamental rules of supply and demand. An asset’s price tends to decrease when supply outpaces demand, while prices typically increase when supply cannot keep up with demand. Related Reading: The Hidden Forces Behind Bitcoin Price: Latest Insights From On-Chain Data Thus, Ali Martinez has deduced the crypto asset’s price and holders’ behaviour by applying the method and other on-chain metrics. Martinez’s analysis demonstrates how fluctuations in the market’s buying interest and the availability of Bitcoin are key factors influencing its price trajectory. According to Martinez, Bitcoin’s Realized Cap witnessed a significant increase mid-way through March when BTC hit a new all-time high of $73,000. This indicated that the majority of BTC’s long-term holders were likely yielding gains at the time. As a result, several investors sold their holdings, which led to a sharp rise in realized profits. Following realized profits in March, long-term holders felt safe adding over 70,000 BTC to their investments at these prices. Meanwhile, when the market’s growing supply of Bitcoin exceeded demand, the coin saw a substantial correction from the $73,000 level to the $57,000 level. Given that short-term holders are more likely to sell their holdings due to price volatility, this decline took Bitcoin below its realized price for short-term holders, inciting fear in the market. However, despite investors’ concerns, the short-term holder’s Realized Price at the $65,500 level acted as an accumulation point. On the basis of this principle, Martinez believes the likelihood of Bitcoin continuing its upward trajectory will only increase when demand for the cryptocurrency starts to exceed the supply of BTC accessible in the market. Using BTC On Exchanges To Support The Principles Martinez has underscored that the available BTC on crypto exchanges can be used to confirm these supply and demand laws. He further noted that over 30,000 BTC have been moved to private wallets for long-term storage in May, indicating confidence among holders in the potential worth of Bitcoin. Related Reading: Bitcoin Long-Term Holders Accumulating Like In 2021: Is BTC Ready For A 15X? Observing Bitcoin’s price using the MVRV Extreme Deviation Pricing Bands, Martinez cited a retracement above the +0.5σ pricing band at $64,600. Such an upswing has historically caused BTC to test the pricing range of 1.0σ, which is backed by increasing demand. Meanwhile, this price range at the moment is roughly lingering at $77,000. Presently, the price of Bitcoin is trading at $66,275, indicating an over 5% increase in the past week. Although prices are up, its trading volume has declined by 24%, while its market cap is up by 0.23%. Featured image from iStock, chart from Tradingview.com
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Bitcoin’s market behavior is sparking significant interest among investors, with current trends suggesting an extended bull cycle. The release of the U.S. CPI, which came in softer than expected at 0.3% for April, has boosted investor confidence. This news surged the price of Bitcoin to $67K, reflecting a 7% increase. Meanwhile, Ki Young Ju, CEO …
The U.S. House of Representatives is on the verge of a vote that will represent the closest the cryptocurrency industry has ever been toward finally winning regulation in the U.S., and the sector's associations and top businesses are encouraging House leaders to support the effort.
Progress has been made in streamlining the Web3 onboarding process, but the flood of mainstream users has not yet arrived.
Video game retailer GameStop (GME) shot to prominence in early 2021 as retail investors drove a "meme stock" short squeeze.
IDO launchpads are becoming a popular way to raise funds for projects, with some IDOs reaching nearly half a billion dollars.
Uncover the step-by-step process for moving fiat from the Revolut banking app into the Revolut X application and trading cryptocurrencies.
Sony cracks down on AI developers like OpenAI and Microsoft with a letter that prohibits them from using its content to train or develop commercial AI systems.