According to a Bloomberg report, the boss of Japan’s Financial Services Agency (FSA) said that “cautious consideration” needs to be given to the decision of approving crypto-related ETFs. The FSA Commissioner stated that many people believe crypto assets do not necessarily contribute to the wealth creation of the Japanese people in a stable and long-term …
Cathie Wood’s Ark Invest has purchased another $2.4 million worth of Robinhood amid positive Q2 2024 earnings. It has bought 145,420 HOOD shares adding to its previous holdings. The wealth manager continues to acquire more of the crypto stock like yesterday. The repositioning of holdings follows a growing uptick in most crypto stocks. On Aug …
Even after the welcomed recovery on August 6, Ethereum is under immense selling pressure today, August 7. Despite gains earlier today, losses saw the coin edge lower, as visible in the daily chart. The daily chart rejected the coin at around the $3,500 resistance level. At this pace, Ethereum could continue plummeting if bears step on, mirroring losses of the first half of the week. Jump Trading Liquidating Ethereum: Will Prices Drop Below $2,000? Multiple factors at play explain the recent weakness. As it is, the coin could drop even lower, targeting the $2,000 support line. With the general crypto community cautious, Jump Trading, a crypto market marketing firm, has been dumping ETH incessantly over the past few trading days. Related Reading: Bitcoin Bull Run Still Intact? Here’s What On-Chain Data Says According to Lookonchain data, Jump Trading claimed 11,501 ETH worth over $29 million from the liquidity staking platform Lido Finance. The blockchain analytics platform said the block of ETH is set for sale. Jump Trading, currently being investigated by the United States Commodity Futures Trading Commission (CFTC), also plans to redeem another 19,049 ETH worth over $48 million from the same platform. This amount will likely be dumped in the secondary markets, weighing down prices even more. On August 5, Jump Trading liquidated over 120,000 wETH, accelerating the sell-off. Though Bitcoin lost over 20% that day, losses were more pronounced on Ethereum, which dumped by nearly 40% from July highs, dropping to as low as $2,100. PlusToken Ponzi Scheme Tokens Moving, Impact Of The Ronin Bridge Hack Beyond the liquidity impact of Jump Trading, large amounts of ETH are being moved from wallets associated with the PlusToken Ponzi scheme, according to Scopescan data. The last time these wallets were moved was in 2021, when Chinese authorities shut down the scam. The PlusToken Ponzi wallets control roughly $2 billion worth of ETH. Similar to the panic when the United States government moved $2 billion of BTC and when Mt. Gox began distributing BTC, the same is being witnessed. Presently, sentiment has been dented and could depress ETH prices in the short to medium term. Related Reading: Explosive XRP Prediction: Analyst Foresees 20-Fold Gain Though minimal, ETH faces more pressure following the Ronin Bridge security breach. While the white hacker has returned roughly 2 million USDC of the reported $10 million lost, the fact that ETH was the main asset stolen is a concern. This is not the first time the Ronin Bridge has lost money. In 2022, it lost over $600 million in a disastrous hack. Feature image from DALLE, chart from TradingView
The MultiversX Snap for MetaMask introduces a new level of security, embedding two-factor authentication directly into the blockchain protocol for enhanced protection.
Brazil's first Solana ETF, issued by QR Asset Management, will debut on B3. The fund is set to offer diversified crypto investments and position Brazil as a leader in regulated crypto assets.
The post Brazil set to debut its first Solana ETF appeared first on Crypto Briefing.
The transfer involving the NomadBridge exploiter and Tornado Cash highlight the ongoing battle between privacy and regulation in the cryptocurrency industry.
The Japanese company announced its plan to adopt bitcoin as a reserve asset to hedge against the volatility of the yen in May.
Lebanese-American finance author, Nassim Nicholas Taheb has declared that Bitcoin (BTC), the world’s largest cryptocurrency, is a poor hedge against market crash. The author has publicly disputed other analysts’ perspectives of Bitcoin as a hedge and store of value, highlighting its speculative nature and price instability. Bitcoin’s Limitations As A Hedge Against Market Crash In […]
Grayscale Investments, one of the world’s largest crypto asset managers and exchange-traded fund (ETF) issuers has unveiled its latest offerings. On Wednesday, the company announced the launch of two new crypto mutual funds: the Grayscale Bittensor Trust and the Grayscale Sui Trust. Grayscale Unveils Bittensor And Sui Trusts According to the announcement, the Grayscale Bittensor Trust is exclusively dedicated to TAO, the token supporting the Bittensor Protocol, which incentivizes the advancement of open-source artificial intelligence (AI) technologies. In parallel, the Grayscale Sui Trust focuses solely on SUI, the token underpinning the Sui protocol, a Layer 1 (L1) smart contract blockchain designed to facilitate globally scalable decentralized applications. Related Reading: Tron Lost 10% Since Last Week – Is There A Saving Grace Ahead? Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, expressed enthusiasm about the new additions, emphasizing the “pivotal roles” Bittensor and Sui play in the decentralized AI and smart contract blockchain realms, respectively. Sharif-Askary said: With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution. These newly launched Trusts are now available for daily subscription by eligible individual and institutional accredited investors, operating similarly to Grayscale’s existing suite of single-asset investment trusts. Notably, they represent some of the first investment products exclusively focused on the tokens underpinning the Bittensor Protocol and Sui. In Wednesday’s announcement, Grayscale also confirmed its intention to seek a secondary market listing for the new products. Still, it cautioned that success was not guaranteed, with regulatory considerations posing potential challenges. SUI & TAO Price Analysis Following the asset manager’s announcement, the two tokens present a stark contrast in price action following the broader market crash experienced over the weekend and exacerbated on Monday. For instance, the SUI token hit a 9-month low of $0.4636 on August 5th, following a steady decline from its all-time high of $2.17 in March of this year. However, SUI has climbed back to the $0.6166 level since Monday, with a 3% increase in the last 24 hours, with its next resistance wall at $0.6966. Related Reading: Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA? On the other hand, the TAO token has been unable to post gains in recent weeks, registering a 24% price drop in the fourteen-day time frame. Despite this, TAO has rallied significantly to the $253 level on Wednesday after falling to the $164 level on Monday. In the case of another leg up to regain previously lost levels, the most insignificant hurdle in the near term is placed at the $300 level, which is key for bullish investors in the token to approach the all-time high of $757 reached in March. Featured image from DALL-E, chart from TradingView.com
With the US Presidential elections inching closer, public speeches and debates are heating up tensions. As the US masses will get their chance to settle the conflict between Republicans and Democrats shortly, the crypto market is already buzzing. Polymarket, the biggest decentralized prediction platform, provides betting/prediction options over the presidential elections. On Polymarket, Donald Trump …
Bitcoin is currently witnessing a notable pattern on its chart. With the asset undergoing a bullish and bearish trend over the past month, Barchart, a financial market data provider, has revealed that BTC is facing an “Imminent Death Cross Formation.” This formation comes against Bitcoin’s recent significant dip on Monday when the asset lost thousands in value, dropping to as low as $49,781. Related Reading: $0 Flows: BlackRock Unshaken Despite Recent Bitcoin Market Crash, Data Shows Death Cross And The Implication For Bitcoin A death cross is a technical chart pattern indicating the potential for a major sell-off. It appears on a chart when an asset’s short-term moving average exceeds its long-term moving average. Typically, the most common averages used in this pattern are the 50-day and 200-day moving averages. In the context of Bitcoin, a death cross suggests that a significant downturn could be imminent, as it signals that short-term momentum is slowing relative to the long-term trend. However, it’s worth noting that not every death cross results in a lasting bearish period. Bitcoin itself has shown resilience in the face of past death crosse formations. For example, after the March 2020 death cross, Bitcoin rebounded and reached new highs later that year. Similarly, a death cross in June 2021 was followed by a strong recovery, culminating in a new peak months later. These instances highlight that while a death cross can be a bearish indicator, it doesn’t necessarily dictate long-term price movements. Market Performance And Short Term Outlook Meanwhile, Bitcoin, after surging as high as $57,707 earlier today, has now retraced back to a trading price of $56,057., at the time of writing down by 0.8% in the past 24 hours. This retracement has resulted in a more than $200 billion decrease in Bitcoin’s market cap valuation over the past day. Interestingly, despite this dip, the asset’s trading value has surged over the same period, increasing from $26.7 billion in the early hours of Wednesday to above $43.5 billion at the time of writing. Sharing his technical outlook on the asset, prominent crypto analyst Ali has revealed that the Bitcoin chart shows a “classic rising wedge”—a pattern suggesting a correction to $54,500 should BTC break the $56,800 support. Related Reading: Could Bitcoin Outshine Gold? Trading Guru Weighs In On The Historic Financial Duel Ali also highlighted that if the BTC price can close a candle above the $58,000 mark, the overall pattern can be considered “invalidated.” This chart shows a classic rising wedge for #Bitcoin. A correction to $54,500 is likely if #BTC breaks the $56,800 support. However, if $BTC closes above $58,000, this pattern is invalidated! pic.twitter.com/p0Dd1fgoHk — Ali (@ali_charts) August 7, 2024 Featured image created with DALL-E, Chart from TradingView
With a declining trend, the broader market crash intensifies the PEPE price correction phase in PEPE. However, the meme coin survives the downfall at a crucial support despite breaking under the $0.00010 psychological mark. Since the loss of the psychological cushion, the bullish endeavor to reclaim the level is slowly picking up pace. So, let’s …
The recent recovery has brought a ray of hope within the markets as the major tokens have remained within a consolidated range. As Bitcoin price remains stuck around $57,000, altcoins like XRP are leading a massive recovery. With this, the other altcoins, like Stellar (XLM) and Toncoin (TON), are heading towards the crucial resistance. However, …
California has now joined in on the rise of crypto regulation globally. According to the latest report, the state’s regulator is setting up new regulatory frameworks aimed at Bitcoin ATMs in Chico. According to data from Coin ATM Radar, the total number of Bitcoin ATMs in Chico currently stands at roughly 347, higher than other […]
Bitcoin futures liquidations leave market newcomers licking their wounds after a giant BTC price drawdown.
Burning the stolen NXRA tokens is a significant step to ensure the long-term stability and integrity of the Nexera protocol.
Ripple’s ongoing legal battle with the SEC has led to many questions about how the recent court decisions might impact its On-Demand Liquidity (ODL) sales. Meanwhile, Attorney Jeremy Hogan provides insights, suggesting that Ripple’s operations may largely continue unaffected. Here’s a look at the key points Hogan highlights regarding Ripple’s ability to navigate these legal …
On Wednesday, online reports unveiled that hundreds of Ethereum wallets that had been dormant for over 3 years were moving large amounts of ETH. The wallets were believed to have moved $2 billion worth of ETH linked to a $4 billion crypto scam. Investors worried that another massive dump would affect the market’s recovery. However, further details revealed that the initial ETH amount suspected to be moving was considerably smaller. Related Reading: Solana (SOL) Bounces 30% Amid Market Recovery, Analysts Remain Bullish 3-Year-Old Dormant Ethereum Wallets Awaken On-chain tracking firm Lookonchain reported that hundreds of Ethereum wallets started to move considerable amounts of ETH earlier today. In a now-deleted post, the firm suggested that the wallets, which had been dormant for 3.3 years, possibly moved over 700,000 ETH. Lookonchain tracked the funds back to an address linked to the PlusToken Ponzi Scheme. In 2020, the Chinese police reported seizing 833,083 ETH, now worth around $2.11 billion, as part of the crackdown on the scam crypto trading platform. The now-awaken ETH wallets’ funds came from an address labeled “Plus Token Ponzi 2.” This wallet dispersed 789,533 ETH from the seized assets to thousands of addresses and had not moved since April 2021. The news sparked a conversation between crypto investors, who feared the Chinese government would follow the steps of the German and US governments, adding another wave of selling pressure to Ethereum and the recovering market. However, newly unveiled details clarified that the amount of ETH suspected to be moved was incorrect, which prompted the on-chain data firm to delete its original report. Is ETH’s Selling Pressure Over? According to on-chain data analyst EmberCN, the amount of Ether “waiting to be sold” is significantly smaller. The analyst detailed that most of the original 789,534 ETH went into crypto exchange Bidesk three years ago. The tokens were transferred to the now-collapsed exchange between June and September 2021 via multiple Ethereum addresses. Per the report, most of the ETH transferred to Bidesk was transferred into Huobi and sold in 2021. Additionally, the analyst claimed to have tracked down around 12 Ethereum addresses to have collected PlusToken-related ETH in the last 30 hours. These wallets reportedly have 25,757 ETH, worth around $63.1 million. Some of that amount was not “transferred to Bidesk in 2021; some was taken out of Bidesk and not transferred to Huobi.” EmberCN concluded the “current collection” moving was only a small unsold portion of the PlusToken-related tokens. However, the second-largest cryptocurrency by market capitalization still took a 6.5% hit in the last four hours. This performance could be attributed to Jump Trading’s latest sell-off. Related Reading: Analyst Warns Bitcoin (BTC) Price Could Drop Another 20% Lookonchain revealed that the Chicago-based trading firm sold another $29 million worth of ETH today. Jump Trading also redeemed another $48.2 million in preparation for selling on Wednesday morning. Per the report, the firm still holds 21,394 wstETH, worth around $63.6 million. As of this writing, ETH went from hovering between the $2,500-$2,540 range to trading around the $2,370 mark. This represents a 6.8% and 28.3% drop in the daily and weekly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
Engaging in the Berachain airdrop could offer early adopters significant financial gains and a strategic foothold in a burgeoning blockchain ecosystem.
The post Berachain airdrop: The ultimate guide to maximize your rewards appeared first on Crypto Briefing.
Analyst Scott Melker and Chris Inks took to their latest analysis and discussed Bitcoin’s recent price action. Chris said that over the weekend, it felt like there was an overreaction rather than something major happening. He explained that if the situation was as critical as people made it out to be, we should have seen …
OpenAI CEO Sam Altman’s unusual post about his garden has left X wondering if its a far-fetched hint at the next iteration of ChatGPT.
The resolution of the SEC vs. Ripple case could set a precedent for future regulatory actions in the cryptocurrency industry.
The post SEC vs. Ripple lawsuit nears conclusion after $125 million fine imposition appeared first on Crypto Briefing.
According to analyst Josh of Crypto World, Bitcoin is on the brink of confirming a massive reversal signal on the charts. He compares the current price action to previous patterns, particularly after crashes, where an initial bounce is often followed by a minor pullback before stabilization. He expects a similar scenario to play out, with …
Major Settlement Greenlit! On August 7, U.S. District Judge Peter Castel granted final approval for a substantial $12.7 billion settlement between FTX, its trading affiliate Alameda Research, and the Commodity Futures Trading Commission (CFTC). This decision concludes a 20-month-long legal battle stemming from allegations of fraud and misrepresentation by FTX and Alameda. Interestingly, the settlement …
An AI-powered penetration tester solved 88 out of 104 benchmark tests in 28 minutes. It took the best pentester 40 hours.
Trading volumes nearly tripled and open interest on XRP-tracked futures jumped $200 million in the past 24 hours.
As visible from their daily chart performances, Bitcoin, Ethereum, and other top altcoins are not free from bearish pressures. Bitcoin and Ethereum, despite being the most liquid, are still down double digits in the past trading week. As bulls push higher, traders closely monitor how prices will react at immediate liquidation zones. Institutions Choosing Ethereum […]
U.S. consumers are accumulating debt at a slower rate, data released Wednesday showed.
United States District Judge Peter Castel passed the approval on August 7, a filing shows. It did not seek a civil monetary penalty.
Solana has observed a sharp rally of 39% from the crash low. Here’s what the data says regarding whether this run can continue further or not. Solana Has Breached The $153 Mark After Recovery Continuation In Past Day A few days back, Solana crashed alongside the rest of the cryptocurrency market, dropping its price to a low of $110. Since this bottom, though, the asset has observed a sharp rebound, as it’s now back at the $153 mark. Related Reading: Bitcoin Funding Rates Turn Negative: Shorts’ Turn To Get Squeezed? The chart below shows the recent trend in the SOL price. The graph shows that Solana has already recovered beyond the level it had been at prior to the crash. However, despite the 39% rally, SOL is still quite far from the $194 level it was at towards the end of July before the drawdown first began. As for whether it’s possible for the cryptocurrency to continue this recovery surge, perhaps market sentiment could provide some hints. SOL Rally Began When Sentiment Was In The Fear Territory According to data from the on-chain analytics firm Santiment, the crowd sentiment around Solana had dipped into the fear territory during the recent price crash. Below is the chart shared by the analytics firm that shows how the ratio between the positive and negative sentiment around SOL has changed over the past few weeks. Historically, cryptocurrency has been more likely to move against the majority’s expectations, so a fearful sentiment can be a positive sign for its price. Thus, it’s not surprising to see that the asset found its rebound when the crowd was thrown into a panic. As is visible in the chart, the market had seen a positive sentiment spike instead towards the aforementioned high of July, which may have been why the coin had reached a top back then. With Solana observing its recovery and registering growth of another 10% in the last 24 hours, sentiment has improved, but the ratio is still not near the greed territory. Santiment notes that if the crowd disbelief continues, SOL can also potentially further its surge. Related Reading: Chainlink (LINK) Recovers 20% As Network Lights Up With Activity As usual, one major obstacle to the rally can be selling from the whales. Data from the cryptocurrency transaction tracker service Whale Alert reveals that a Solana whale has just made a big deposit to the Coinbase exchange. In this transaction, the whale moved SOL worth almost $31.7 million from their private wallet to Coinbase. Investors usually deposit to exchanges when they want to use one of the services they provide, which can include selling. As such, the whale may have made this transfer to cash in on the recovery run. Featured image from Shutterstock.com, whale-alert.io, chart from TradingView.com