Analysts say Bitcoin price could range trade for up to 5 months, but longer-term technical and on-chain data continues to point to a 6-figure BTC price target.
DTCC and Chainlink completed a pilot with major US banks to accelerate fund tokenization using blockchain technology.
The post DTCC’s pilot project with Chainlink drives blockchain data to expand fund tokenization appeared first on Crypto Briefing.
The US Senate passes a resolution against the SEC's rule requiring banks to list digital assets, signaling bipartisan support for crypto innovation.
The post SEC’s crypto rule overturned by US Senate decision appeared first on Crypto Briefing.
Data shows a mass amount of short contracts have seen liquidation in crypto derivatives during the past day following Bitcoin’s rally above $66,000. Bitcoin Recovery Has Triggered Large Derivatives-Related Liquidations According to data from CoinGlass, the cryptocurrency market as a whole has observed a large amount of liquidations on the derivatives side over the last […]
QCP Capital, a prominent institutional-focused firm, has recently projected that Bitcoin could revisit its peak price levels, potentially reaching up to $74,000 shortly. This prediction follows the latest United States Consumer Price Index (CPI) data, which has significantly boosted risk assets. The firm noted that the positive surge in the market is partly due to the renewed buy-side demand, as evidenced by the buying patterns that resemble those of Exchange-Traded Fund (ETF) market makers. Related Reading: Most Important Bitcoin Indicator Nears Bullish Flip: $150,000 Soon? Institutional Inflows And Market Indicators Point To A Bitcoin Bullish Trend In a detailed analysis shared through their Telegram channel, QCP Broadcast, the firm stated: “We expect bullish momentum here that could take us back to the highs of 74k.” Substantial institutional interest in Bitcoin supports this sentiment, as large asset managers like Millennium and Schonfeld have allocated about 3% and 2% of their Assets Under Management (AUM), respectively, to spot BTC ETFs. The optimism surrounding Bitcoin is not just theoretical but backed by significant market activity. For instance, inflows into spot Bitcoin ETFs in the US reached a two-week high of $303 million as of May 15th, signaling a robust renewal of institutional confidence. Fidelity’s FBTC fund led this influx with $131 million, followed by Bitwise’s BITB fund, which saw $86 million, marking its highest since early March. Grayscale’s GBTC, which had experienced outflows for four months, reversed this trend with a $27 million inflow. Yesterday, May 15, the total net inflow of Bitcoin spot ETFs was $303 million. Grayscale ETF GBTC had a single-day net inflow of $27.0466 million, Fidelity ETF FBTC had an inflow of $131 million, and Bitwise ETF BITB had an inflow of $86.2578 million. https://t.co/npjWVH3bMi — Wu Blockchain (@WuBlockchain) May 16, 2024 Further underlining this bullish sentiment, Millennium Management holds a roughly $2 billion Bitcoin ETF portfolio, making it the largest holder of specific Bitcoin ETFs like BlackRock’s IBIT and Fidelity’s FBTC. Other hedge funds, including Paul Singer’s Elliott Capital and Apollo Management Holdings, have also disclosed significant holdings in Bitcoin ETFs, showcasing the growing institutional interest in Bitcoin. Market Performance And Future Outlook Bitcoin’s market performance has been quite notable. It has increased nearly 10% over the past week, including a 2.7% rise in the last 24 hours alone. QCP Capital attributes this trend to several factors, including significant “sovereign and institutional adoption, easing inflation concerns, and the upcoming US elections,” all of which contribute to a favorable market outlook. The positive sentiment is also partly due to the CPI data released on May 15th, which met expectations and eased concerns about inflation. This is crucial as lower inflation rates influence the Federal Reserve’s decisions on interest rates, making riskier assets like Bitcoin more attractive to investors seeking higher yields. James Coutts, Chief Crypto Analyst at Realvision, also cited the Global Money Supply (M2) index as a critical indicator of Bitcoin’s price movements. According to Coutts, the M2 money aggregates, which include cash and checking deposits and are easily convertible near money, are central to understanding liquidity flows within the global financial system. He noted, “The money stock often moves in one direction, with significant drops like those seen in 2022 being rare and typically brief.” Related Reading: Bitcoin Breaks Free: Emerging from Bearish Sentiment, Crypto Market Optimism Rises Coutts predicts that any significant break above Bitcoin’s all-time highs could pave the way for it to reach around $150,000 in this cycle. He remarked, “Watch the 101/102 level on DXY. If that breaks, then we should see ~$150k BTC this cycle,” emphasizing the interplay between liquidity and market cycles. Featured image from Unsplash, Chart from TradingView
U.S. President Joe Biden said he intended to veto the joint resolution aimed at overturning an SEC rule requiring banks to keep customers’ digital assets on its balance sheets.
The US Treasury Department intends to place a significant emphasis on addressing the risks posed by cryptocurrencies and other emerging technologies in the coming months via comprehensive regulation. The Treasury has made digital assets a key area of focus in its 2024 National Strategy for Combating Terrorist and Other Illicit Financing report. The strategy outlined […]
The post US Treasury to increase focus on combatting illicit financial activity via crypto, emerging tech appeared first on CryptoSlate.
Pump.fun exploit leads to a loss of 2,000 SOL from Solana's meme coin marketplace, with the attacker leveraging flash loans.
The post Pump.fun hit by exploit, nearly 2,000 SOL stolen appeared first on Crypto Briefing.
The stock was the second worst performing among crypto stocks on Thursday.
Buterin’s comments reference new research indicating most humans can no longer tell when they’re talking to a machine.
The exploiter may not be making any money from the attack.
The aim of the Smart NAV pilot was to test a process to bring and disseminate fund data on multiple blockchains, a key step for tokenization.
The U.S. Senate passed a resolution to rescind a SEC policy targeting banks that offer crypto services, with 12 Democrats joining Republicans.
Bitcoin options indicate a bullish investor outlook with rising demand for longer-dated calls post-cooler inflation.
The post Appetite for Bitcoin ramps up after positive inflation results, shows options data appeared first on Crypto Briefing.
Documents reveal SEBI’s recommendation for distributed regulatory oversight of cryptocurrencies in India.
The Ethereum market has been a whirlwind of activity in recent days. After a brutal price correction last week, the world’s second-largest cryptocurrency by market capitalization has staged a mini-rebound, leaving investors wondering if this is the start of a sustained bull run or a fleeting flicker before another dip. Related Reading: Floki Inu Moment Of Glory: Analysts Forecast Explosive 200% Rally Ethereum Rallies, But Questions Linger Ethereum (ETH) surged 3.7% in the last 24 hours, buoyed by a general uptick in the crypto market. This positive movement comes after a significant price drop that saw ETH fall to $2,850. The recent rise has sparked optimism among some analysts, with popular crypto figure Ali calling for a potential “one to four candlestick rebound” based on a buy signal he identified on ETH’s chart. The TD Sequential presents a buy signal on the #Ethereum daily chart! It anticipates that $ETH could see a rebound of one to four candlesticks. pic.twitter.com/Vg7FTl9X2a — Ali (@ali_charts) May 15, 2024 However, not everyone is convinced. A closer look at on-chain data reveals some conflicting signals. CryptoQuant’s data shows a sharp rise in ETH’s exchange reserves over the past few days, suggesting that investors might be offloading their holdings rather than accumulating. This is further supported by Santiment’s data, which indicates an increase in ETH’s supply on exchanges over the past week. The behavior of large investors, often referred to as “whales,” also paints an unclear picture. While Ethereum’s supply held by top addresses remained flat, suggesting whales haven’t made any significant moves, this could be interpreted in two ways. Some believe it indicates a wait-and-see approach from whales, anticipating a potential market top before re-entering. Undervaluation Hints At Potential Growth Despite the mixed signals, some metrics point towards a potential price increase for ETH. The token’s Network To Value (NVT) ratio, as analyzed by Glassnode, has declined significantly over the past week. Market Sentiment, Technical Indicators Send Conflicting Messages Meanwhile, adding another layer of complexity to the prediction puzzle is the current market sentiment surrounding ETH. While some analysts are turning bullish, evidenced by the rise in ETH’s weighted sentiment on social media platforms, technical indicators paint a less clear picture. Related Reading: Solana On The Brink? Price Stalemate At Crucial $140 Support The Relative Strength Index (RSI) and Money Flow Index (MFI) have both dipped recently, potentially suggesting a loss of momentum in the recent upswing. The Moving Average Convergence Divergence (MACD) indicator, however, has presented a bullish crossover, hinting at a potential continuation of the uptrend. A Potential Bull Run For Ether While the recent price increase and some on-chain metrics suggest a potential bull run for Ethereum, the conflicting signals from exchange reserves, whale behavior, and technical indicators make it difficult to predict with certainty. Featured image from Popular Mechanics, chart from TradingView
According to the Financial Times, the Chicago Mercantile Exchange (CME) Group, the world’s largest futures exchange, is reportedly in discussions to introduce spot Bitcoin (BTC) trading. The move aims to tap into the growing demand among Wall Street money managers seeking exposure to the crypto sector. The move marks a significant step for major Wall […]
In the latest Cointelegraph video, we explain how to set up a successful exit strategy in crypto using a few simple steps.
Livepeer CEO discusses how DePIN could help Bitcoin miners stay profitable post-halving by leveraging idle computing resources.
The post DePIN is a lifeline for Bitcoin miners, says Livepeer CEO appeared first on Crypto Briefing.
Bitcoin’s design contains a unique way of handling transactions through the Unspent Transaction Output (UTXO) model. While this model provides enhanced security and privacy compared to traditional account-based systems, it also presents challenges in efficiently managing one’s Bitcoin holdings. This article delves into the concept of UTXO management, its importance, and strategies to optimize transaction […]
The post Understanding Bitcoin UTXO management and its impact on transaction efficiency and privacy appeared first on CryptoSlate.
Sam Trabucco, who resigned as co-CEO of Alameda Research in August 2022, has largely remained absent from the public eye since the collapse of FTX.
Crypto analyst Javon Marks recently suggested that the Altcoin season might be imminent, and Ethereum might be the cause. As part of his analysis, the analyst predicted that Ethereum would likely kickstart the rally these crypto tokens are expected to record once the Altcoin season begins. Altcoins To Follow Ethereum’s Move Marks remarked in an […]
Pepe (PEPE) has recently grabbed the headlines, having hit a new all-time high (ATH) this week. The meme coin has also drawn the attention of crypto whales who have accumulated the crypto token lately. Whales accumulating the meme coin will suggest that now might be a good time to buy PEPE, but that might not be the case. Crypto Whales Buy 720 Billion PEPE Tokens On-chain analytics platform Lookonchain recently drew the crypto community’s attention to a whale who purchased 520 billion PEPE from the crypto exchange Binance. This move might, however, have been motivated by the fear of missing out (FOMO), as Lookonchain noted that this trader hasn’t always made the smartest investment moves, having lost $6.1 million so far. Related Reading: Bitcoin Long-Term Holders Buy The Blood, Snatch Up 70,000 BTC Meanwhile, on-chain data shows another whale who bought over 200 billion PEPE tokens through the trading firm Cumberland. Irrespective of their intention, crypto whales accumulating a crypto token usually paints a bullish outlook for the coin in question. Based on this, crypto investors will usually assume that this is an excellent time to buy the meme coin in expectation of further price surges. However, this might not be a good time to buy, as data from IntoTheBlock suggests that a price dump may be imminent for PEPE before it makes another move to the upside. The market intelligence platform revealed that 100% of PEPE holders were in profit thanks to the meme coin hitting a new ATH. Given such development, many of these holders are expected to book profits from their PEPE investment, leading to a wave of sell-offs that could negatively impact the meme coin’s price. Therefore, those looking to invest in PEPE right now may be better off waiting for PEPE to bottom out from this selling pressure before purchasing the meme coin. Still Has Enough Bullish Momentum To Go Crypto analyst and trader Rachid Crypto recently highlighted several factors that suggest that PEPE has yet to reach its peak. The analyst noted that the “mega meme cycle” and altcoin season are yet to begin. These are events that could still spark a further rally in the meme coin’s price. Related Reading: How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction Furthermore, PEPE is yet to be listed on major crypto trading platforms like Coinbase and Robinhood. That means there is still a lot of liquidity that could flow into the meme coin’s ecosystem. PEPE’s price will likely enjoy an upward trend whenever these trading platforms decide to list the meme coin. Meanwhile, Rachid Crypto also stated that Ethereum will surpass its ATH, meaning that PEPE’s price will benefit from ETH’s run when this happens. PEPE’s price is known to have some correlation with Ethereum’s and will most likely enjoy a significant rally as Ethereum’s price picks up. At the time of writing, PEPE is trading at around $0.00001056, down over 5% in the last 24 hours, according to data from CoinMarketCap. Chart from Tradingview.com
Series funding rounds have sprung back, albeit still remaining well below their all-time highs of $4.5 billion in monthly deals during the previous crypto market cycle.
The U.S. Senate joined the House of Representatives on Thursday in seeking to erase the controversial Securities and Exchange Commission (SEC) crypto policy known as Staff Accounting Bulletin No. 121, though President Joe Biden has vowed to veto the resolution.
First there was "The Bait." Then there was "Unblinding the block," followed by "The Search," and ultimately "The Propagation." U.S. prosecutors detailed an incredibly complicated Ethereum exploit in an indictment.
Quick Take The Bitcoin (BTC) Power-Law Model, coined by Giovanni Santostasi, provides a mathematical description of BTC’s price movements, revealing a power-law distribution on a log-log scale. This model proposes a relationship between time and price to anticipate BTC’s long-term price trajectory, indicating a robust historical correlation. However, its predictive capabilities for future price movements […]
The post Bitcoin power-law model projects $100K value before January 2025 appeared first on CryptoSlate.
The post SOL Potential Breakout Resistance, Ready To Jump Again? appeared first on Coinpedia Fintech News
Solana (SOL) price today soared above the $157 resistance trendline but ran out of steam with increased selling pressure and now seeking support above it. We may also see a potential retest sitting on the edge which is also a pullback support. With a sharp increase of 31.78% in 24-hour trading volume, the meme coin …
OpenAI’s voice assistant demolishes Google’s, plus why do AI’s lie… and should they date each other? GPT-porn and AI detectors: AI Eye.
Bitcoin regained the $66,000 level in the night between May 15 and May 16, recovering some of the losses it incurred in the past week. This spike substantially impacted the derivatives market, significantly influencing both open interest and trading volume. Futures open interest, which indicates the total value of outstanding futures contracts yet to be settled, […]
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