Bitcoin keeps knocking on $71,500, sooner or later the door opens Bitcoin made a familiar but stressful move this week; it bounced hard enough to make the skeptics quiet and the dip buyers loud again. After the crash down to around $60,000, the price clawed its way back to the a spot that has become […]
The post Either Bitcoin reclaims this crucial zone immediately or the mid-range drift back toward $61,000 begins appeared first on CryptoSlate.
The progress of quantum computing has raised new questions about the long-term security of Bitcoin, but digital asset manager CoinShares says the threat remains distant and manageable. According to the firm, while quantum computers could one day challenge certain cryptographic systems used by Bitcoin, the technology required to do so is still many years away. …
The company has told hundreds of employees their jobs are at risk as part of a broader overhaul.
Bitcoin’s slide through $65,000 and toward $60,000 felt like a stress test the market had been postponing. The move was sharp enough to force a reset in positioning, and broad enough to pull the conversation away from single-catalyst explanations. Even mainstream media described the week as Bitcoin’s worst weekly performance since late 2022, with price briefly […]
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Analysts forecast Block to post $403 million in Q4 profit on $6.25 billion revenue, following a third quarter marked by strong gross profit growth but mixed market reaction.
Since reaching its current all-time-high price of $126,000 in October last year, the Bitcoin market has been on a sell-off, translating into surmounting bear pressure. As a result, the flagship cryptocurrency has maintained a steady decline, falling until it recently reached $60,000 — a deviation of more than 52% from its all-time high. Bitcoin currently seems to be seeing a rebound, but price action alone reflects that it could as well be one of its short-term recoveries. Interestingly, a recent on-chain evaluation suggests that the current upward movement may be driven by a significant underlying metric. Related Reading: Bitcoin Taker Buy Ratio Signals Peak Bearish Sentiment — Relief Soon? What The Bitcoin Sharpe Ratio Is Saying In a Quicktake post on CryptoQuant, Darkfost reveals that the Bitcoin Sharpe Ratio is now at a zone historically relevant to the ends of bear markets. The Sharpe Ratio is a risk-adjusted performance metric that measures how much return an asset (Bitcoin, in this case) generates for risk taken. A high ratio signals that returns are strong in relation to risks taken; a declining ratio, on the other hand, reflects weakening returns, while risk remains elevated. On the severe end of the metric, a very low or negative Sharpe Ratio is a sign that market participants are taking very high risks for poor or negative returns. It is worth noting that very low Sharpe ratios are frequently seen during deep bear markets or even capitulation phases. According to historical data, Darkfost explains that the Sharpe Ratio is currently at a level so low as to be reminiscent of the final phases of past bear markets. This means that the Bitcoin price holds a higher practical risk, compared to returns, for current investors. Notably, the Sharpe ratio is not just at a low point, but continues in a steady state of decline. This, according to the market quant, is a sign that Bitcoin’s performance is yet to be attractive to any willing risk-taker. However, it is this specific dynamic that sets the pace for a turnaround in Bitcoin’s price. This is because sustained poor returns typically force capitulation events, where weaker hands are flushed out; this eventually sets the stage for renewed accumulation among stronger hands. Related Reading: Forget A Bitcoin Yearly Top, BTC Price Might Have Hit A 16-Year Cyclical Peak Two Main Approaches To Consider In This Scenario: Analyst Seeing as the current market condition is still mostly uncertain, Darkfost offers two ways to engage the current scenario. First, the analyst states that investors could begin increasing exposure gradually, and in line with the ratio’s movement towards lower risk zones. Second, Darkfost explains that a market participant could decide to wait for clear improvements in the Sharpe Ratio before entering the market at all. This is to serve as a confirmation strategy for the purpose of investor safety. However, Darkfost notes that the present bear phase could last a couple more months before any true reversal is seen, regardless of the signal being flashed by the Sharpe Ratio. As of this writing, Bitcoin stands at a $69,064 valuation. CoinMarketCap data reflects a 1.71% loss over the past day. Featured image from Unsplash, chart from Tradingview
Bitcoin traded quietly over the weekend, remaining below the $70,000 level as investors waited for stronger market direction. Analysts say the next upside target for buyers is a move above around $74,460, which could signal improving momentum and encourage more demand in the market. Possible Upside if Momentum Builds If buying interest strengthens, analysts believe …
Recent on-chain data shows that the Bitcoin price is currently at an important phase, raising suspicions as to whether the market is nearing a cyclical bottom. Mayer Multiple Falls To 0.6 — What This Means In a recent Quicktake post on the CryptoQuant platform, on-chain analyst Ruga Research pointed out that the Bitcoin price now has a 40% negative deviation from its 200-day moving average. This on-chain observation revolves around the Bitcoin Mayer Multiple. Related Reading: Bitcoin Drifts Into A Deep Conviction Zone, Smart Money Stays Patient For context, the Mayer Multiple metric tracks how far a coin’s current price is trading above or below its long-term trend. This indicator is able to achieve this by dividing the price by its 200-day moving average. When the metric shows a reading of 1, it typically means that the Bitcoin price is trading approximately at the 200-day MA. Meanwhile, readings above 1 reflect that the Bitcoin price is at a premium relative to its long-term trend, while readings below 1 suggest that the price is trading at a discount. Historically, the metric has several thresholds in tandem with market conditions. For example, when the metric reaches levels above 2.4, it often signals that the Bitcoin price is at an overbought zone (also known as the bubble territory). As explained earlier, 1 – 1.5 represents the normal bull-market range, while 0.8 – 1.0 is typically the discount zone (where accumulation often occurs). Notably, when the price falls to regions below 0.8, it signals that the Bitcoin price has been oversold, as a result of capitulation events. Ruga Research revealed that the metric is currently at 0.6, reflecting an approximate 40% deviation below Bitcoin’s long-term trend. Hence, it is apparent that the Bitcoin price stands at a statistical extreme. Historical data where the Mayer Multiple fell to similar levels also adds credibility to this level’s relevance. In December 2018, the metric dropped to the 0.5 – 0.6 range (near Bitcoin’s market bottom around $3,200) before the price witnessed a more than 540% growth. Similarly, the metric fell to 0.5 owing to the COVID crash, followed by a recovery and expansion of the Bitcoin price by 1,100% in another 12-month period. This scenario also repeated in November 2022, with the Mayer Multiple falling to the same region, after which the BTC price soared by over 170%. However, Ruga Research mentioned, as a caveat, that the metric does not precisely spot where and when a bottom will form, but merely reveals what to expect in the long-term. It is also possible that the metric could record further downside moves or see some consolidation before going to the upside. Bitcoin Price At A Glance As of this writing, Bitcoin is worth approximately $70,383, reflecting an over 2% jump in the past 24 hours. Related Reading: Coinbase Premium Turns Positive Since Mid-January As Bitcoin Sees Price Relief Featured image from iStock, chart from TradingView
Cathie Wood’s ARK Invest sold 134,472 Coinbase shares across three ETFs while buying over 393,000 shares of crypto platform Bullish.
Bitcoin is in a bear market and is “getting swept up” with the rest of the macro assets, Bitwise CEO Hunter Horsley declared during a television interview.
Ethereum (ETH) has declined noticeably over the past week, with price data from CoinMarketCap reporting a net 14% decline within this period. At the time of the most recent data, ETH is trading around $2,000, significantly lower than the past week’s level near $2,500. Related Reading: Ethereum Price Is Not Going To Keep Falling Forever, Analyst Says ETH Funding Rates Signal A Bullish Turn In a QuickTake post on the CryptoQuant platform, analyst Amr Taha draws attention to recent developments in ETH funding rates, a key sentiment indicator in perpetual futures. The funding rate shows the market sentiment, whether it’s optimistic/greedy (positive) or fearful/cautious (negative). Typically, when funding is highly positive or negative, it means that too many traders are on one side, positions are overleveraged, and then the market becomes unstable. At that point, even a small price move in the opposite direction can trigger liquidations, causing sharp and fast price moves. Although Ethereum’s funding rate was deeply negative over the week, analyst Amr Taha noted there has been a flip as ETH derivatives data shows a clear shift toward bullish positioning. Notably, Funding rates have turned strongly positive on BitMEX (Bitcoin Mercantile Exchange), reaching 0.049%, their highest level since October and well above the previous peak near 0.03. This signals aggressive leverage on the long side. Related Reading: XRP Price Has Just Reached Most Oversold Level In History And This Analyst Is Predicting A Bounce Extreme Optimism In ETH Could Spark Sharp Moves At the same time, ETH funding on Binance has moved from deeply negative levels at -0.025% on February 5 back towards neutral, indicating that short positions are being replaced by new long exposure. In essence, the market has moved from fear to optimism. While this shift reflects a rise in bullish sentiments, history shows that periods of extreme positive funding driven by leverage often increase the risk of liquidations and sharp corrective moves, rather than supporting sustained upside. In short, when everyone is bullish at the same time, the market becomes easier to knock over. In all, Ethereum Derivatives traders have become aggressively bullish, and while that can push price higher in the short term, history shows it often increases the risk of sudden corrective moves rather than a sustained uptrend. At the time of writing, Ethereum trades at $2,089 after a 14.9% decline in the past seven days. Meanwhile, the daily trading volume is down by 32.39% and valued at $37.39 billion. Featured image from Adobe Stock, chart from Tradingview
Bithumb says it has reclaimed most of the excess BTC credited during a promotional error and used company funds to cover 1,788 Bitcoin that had already been sold.
Entrepreneur and investor Patrick Bet-David said he recently purchased additional XRP and Bitcoin during the latest cryptocurrency market decline, signaling continued confidence in digital assets despite sharp volatility. Global crypto markets have fallen significantly in recent months, erasing billions of dollars in value and raising concerns among investors about whether the downturn could deepen further. …
The crypto industry is about to get a wakeup call, as many companies will realize "they don’t have businesses, they have products," says Bullish CEO Tom Farley.
The XRP price has hit oversold levels, marking its lowest readings in history. A crypto analyst has reported that each time XRP has reached these levels, a price bounce has followed. Based on this, he believes that XRP could be on the verge of another major rebound, projecting a potential rally above $2. XRP Price Sinks To Oversold Levels Ahead Of Rebound A crypto market analyst known as ‘Ripple Bull Winkle’ on X has outlined a short-term bullish outlook for XRP. Despite consistently breaking key support levels and now trading around $1.4, the analyst argues that XRP may be positioning itself for a substantial recovery that could ultimately push its price back above $2. Related Reading: Pundit Says XRP Price Is Not A ‘Crypto’ Question, But A Systemically Important Liquidity Asset The basis for Ripple Bull Winkle’s optimism stems from a recurring historical pattern that, in his view, has never failed to produce a bounce in the XRP price. Specifically, the analyst highlights a repeating Relative Strength Index (RSI) pattern. He announced that XRP recently reached an RSI of 20 on the daily chart, marking the most oversold reading in its history. According to the analyst, every time XRP has entered similarly extreme oversold territory, a price bounce of approximately 15-40% has always followed. He said such rebounds typically occur within two weeks of reaching these levels. He also emphasized that this recovery has not happened occasionally but consistently, reinforcing his confidence that XRP is likely to follow the same pattern and bounce again. If everything plays out as expected, Ripple Bull Winkle projects that XRP could see a relief bounce to $2.20-$2.50 before the end of February 2026. He noted that a rally to this bullish target is the highest-probability event the market has had this year. Analyst Shares Multiple Resistance Targets For XRP Looking at Ripple Bull Winkle’s accompanying price chart, he has marked several key resistance zones using red horizontal lines, indicating areas where XRP may encounter selling pressure or struggle to advance. These levels range from approximately $1.8-$1.91 to $2.06-$2.19, followed by $2.29-$2.41, $2.67-$2.78, and a higher resistance band near $3.10-$3.18. Related Reading: Rising Above The Ashes: XRP ETFs Set New Record Despite Market Crash Collectively, these levels serve as both potential barriers that could slow price movement and upside targets that XRP is expected to reach. The upward-pointing blue arrows in the chart also signal the analyst’s expectation of a bullish breakout or a sustained rally toward the stacked resistance levels if XRP builds enough momentum. As of writing, XRP appears to be recovering from its recent downtrend. Its price has rebounded by more than 10% over the past 24 hours and is currently trading above $1.4 after briefly dipping below $1.3, according to CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com
Vietnam's crypto tax could enhance market transparency but may restrict exchange growth due to high capital requirements.
The post Vietnam plans 0.1% tax on crypto trades, equating them to stocks appeared first on Crypto Briefing.
New ERC-8004 standard aims to revolutionize trust and interactions among AI agents on Ethereum
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Ethereum’s recent sell-off has weighed heavily on sentiment after the price fell below the $2,000 level and pulled much of the altcoin market lower alongside it. The move has caused sweeping fear and caution among Ethereum traders. However, some analysts are of the notion that a bullish upside will roll in soon. In a post shared on X, crypto analyst ChainHub said the current conditions point more toward exhaustion, and after massive downside comes massive upside. Related Reading: Bitcoin Edges Past Gold In Appeal, JPMorgan Says ETHBTC Structure Holds ChainHub emphasized that the ETH/BTC pair is still technically valid and has not seen any structural invalidation despite the recent price crash. Although Ethereum’s price fell much lower than many expected during the crash, it is not going to keep falling forever. He also pointed to fear levels that are now climbing to extremes rarely seen, noting that such environments always tend to appear near major turning points. “After massive fear and massive downside comes massive upside,” the analyst said. On Ethereum itself, ChainHub acknowledged that losing the $2,000 handle was important, but he highlighted the next major area of interest near $1,700. This zone is technically consistent with a broader corrective structure, and it is possible that Ethereum might not even fall that far before it rebounds. However, even if Ethereum does fall to $1,700, price action reaching this area means Ethereum is finally at a region where buyers may begin to reassert control. He linked this outlook to Bitcoin’s recent behavior. Bitcoin’s rejection at $72,000 opened the door to a retest of the upper portion of its summer 2024 demand range, which stretches from around $59,000 down to $49,000. ChainHub pointed out that this is the first significant interaction with that demand area since 2025, with Fibonacci alignment clustering around $57,000 to $58,000. This increases the odds that Bitcoin is in the process of forming a base, and that is where it establishes a bottom. Altcoins Touching Meaningful Demand Levels ChainHub also noted that Ethereum is not alone in testing critical levels. Several major altcoins, including Solana and XRP, have moved into important demand zones. Many of these altcoins have revisited August 2024 lows or filled prior wicks, areas that have not yet been broken on an initial attempt. Solana, for instance, has broken below $100 for the first time since January 2024 and recently traded at a low of $75. As noted by ChainHub, this move saw Solana finally touch meaningful demand for the first time in 2 years. Related Reading: Polygon Hits $3.50 Billion In Payments As Crypto Activity Expands Dogecoin, Cardano, and Avalanche have also all filled the downward wicks on October 10, restoring balance and touching the August 2024 low. Although there is still the possibility for limited downside, the expectation is that the market begins forming a range and then starts building bullish momentum in the coming weeks. Featured image from Unsplash, chart from TradingView
Bitcoin is navigating one of its deepest conviction zones yet, a phase that tests nerves more than it screams opportunity. While prices drift and fear dominates the market, smart money quietly accumulates, laying the groundwork for the next potential trend shift. Testing Conviction: Bitcoin In One Of Its Deepest Bear Market Zones Over the past few weeks, volatility has intensified, causing Bitcoin’s price to fall sharply. Marcus Corvinus highlighted that Bitcoin is trading in one of the deepest bear market zones in history, an area that doesn’t shout buy now but instead tests conviction and patience. These are the zones where price can drift aimlessly, bleed, and frustrate traders for weeks or even months. It’s not a sign of weakness; rather, strong hands are quietly accumulating while fear dominates the market narrative. Related Reading: Bitcoin Hits Deep Demand As Liquidity Finally Sweeps The Lows These phases are always messy and uncomfortable. Sentiment is crushed, capitulation feels endless, and confidence is at its lowest. Retail traders often panic or step aside during these times, which is exactly why these opportunities are so often missed. The real shift in trend rarely begins with hype or dramatic rallies. Instead, it starts with stabilization, absorption, and subtle recovery signals that are only visible to those who are patient. Quiet accumulation, a slowing of selling pressure, and small rebounds all hint that the market may be preparing for its next meaningful move. History doesn’t ring a bell at the bottom. It punishes doubt before it rewards belief. Marcus concludes that he is watching this zone very closely. While it won’t last forever, when it finally ends, most market participants will wish they had paid attention. The opportunity lies in recognizing the signals while others are blinded by fear and frustration. Resistance Holds At $71,000 — What It Means For Bulls Crypto analyst Crypto Candy noted that Bitcoin is moving largely as expected. As previously mentioned, a pullback from the $61,000–$58,000 zone toward the $70,000–$67,000 area was likely, and that scenario has unfolded precisely as predicted. The market reacted within this range, confirming the anticipated short-term price dynamics. Related Reading: Bitcoin Hits Deep Demand As Liquidity Finally Sweeps The Lows Crypto Candy also highlighted that although BTC touched $71,000, it was unable to close above that level on the daily timeframe. This reinforces the idea that until Bitcoin decisively reclaims this zone, short-term retracements remain the primary expectation. Looking ahead, Crypto Candy emphasized that a bullish scenario can only be considered in the short term if BTC closes above $71,000. Until that happens, the market may continue to test lower ranges, and retracements from the current zone are expected. Featured image from Pixabay, chart from Tradingview.com
Santiment said the increased use of “capitulation” among crypto users on social media could suggest the market bottom has already happened.
Market expert Umair Crypto has released an updated technical analysis on the Solana price from last week. In his new report, the analyst highlighted that Solana’s market structure still remains decisively bearish, especially after its recent crash to two-year lows. Despite the downtrend, Umair Crypto believes that Solana could still build enough momentum to reach higher levels. He has shared multiple bullish and a few bearish targets for the cryptocurrency, depending on its next price movements. Solana Price Faces Sharp Downtrend Amid Key Support Losses In his recent X post, Umair shared a chart analysis, predicting that the Solana price could recover and potentially climb back above $150. He provided detailed insights into the cryptocurrency’s recent downtrend and highlighted what a potential recovery might look like if the price breaks through key resistance levels. Related Reading: Polygon Hits $3.50 Billion In Payments As Crypto Activity Expands According to Umair, Solana’s price action turned sharply bearish after breaking key support levels and crashing below $80 earlier this week. The analyst noted that SOL lost the $100 Point Of Control (POC) from the January 2024 range. As a result, the price quickly dropped toward the next POC zone between $67 and $73. This decline represented a clean move downward of about 27%, highlighting how fragile higher price levels have become amid broader market weakness. Following the price drop, Umair reported that Solana staged a modest 12% bounce from the lower zone. This movement confirmed the area as a volume-heavy region capable of temporarily attracting buyers. Despite this, the chart still signals caution, as Solana is already pulling back while trading volume continues to increase. The analyst emphasized that the combination of rising volume and price declines typically indicates a downside conviction rather than a V-shape recovery setup. Consequently, it suggests that SOL’s decline could continue, making a quick price reversal unlikely. Path To Recovery And Higher Price Targets While the broader technical picture supports a bearish outlook for Solana, Umair Crypto still believes the cryptocurrency can stage a recovery to new highs, albeit slowly. He marked the former point of control near $100.93 as a key level to watch, noting that it now acts as a resistance. According to the analyst, the best-case scenario for Solana would be to build a base within its current range, flip its daily bullish structure, and use that structure as support for any future price recoveries. Without this, any sustained trend reversal is unlikely. Related Reading: Bitcoin Edges Past Gold In Appeal, JPMorgan Says If SOL breaks above the $100.93 level, Umair Crypto predicts the next price targets would be $120.59, $128.43, $138.77, and $150.36. In his original analysis, the analyst shared an even higher target, forecasting a surge to between $200 and $210 if Solana can maintain momentum above $150.36. Featured image from Unsplash, chart from TradingView
Ethereum is quietly setting up for a potentially decisive move as the Libra formation remains active on the weekly chart. While confirmation is still pending, the structure has not been invalidated, keeping the upside scenario firmly on the table. With key resistance levels overhead and momentum beginning to stabilize, ETH may be entering a critical phase where the next major directional move starts to take shape. Weekly Libra Formation Keeps The Bullish Case Alive On the X platform, Kamile Uray highlighted that Ethereum is currently forming a Libra pattern on the weekly chart. With the weekly candle yet to close and no invalidation so far, the bullish formation remains active and continues to be a valid scenario. Related Reading: Ethereum Bulls Must Conquer $3,050 Or Momentum Quickly Fades According to the update, confirmation of a reversal would open the door for a move toward the $4,956 high, but the price may face notable resistance along the way, particularly around the $3,445 level. Kamile Uray noted that a daily close above $2,475 would serve as the first technical signal that upside momentum is strengthening and that the recovery could continue. Failure to sustain movement above this area could delay further progress and keep the price vulnerable to pullbacks. Since the Libra formation is developing on the weekly timeframe, the pattern would only be considered invalid if Ethereum breaks below the $1,388 low, underscoring the broader, long-term nature of the setup. Ethereum Stretches Higher At $2,086 After A Sharp 22% Run According to Can Özsüer, Ethereum is currently trading around $2,086, marking a strong rally from the $1,730 area. From that level to the current price, ETH has surged roughly 22% without a meaningful correction, which increases the likelihood of short-term profit-taking. After such a sharp move, light selling pressure typically emerges as the market cools off. Related Reading: Analyst Says You’re Not Bullish Enough On Ethereum – What Does He Mean? Can Özsüer notes that any selling from this region is expected to remain controlled rather than aggressive. The ideal pullback zone lies between $1,950 and $2,000, where the price could reset without damaging the broader bullish structure. A dip into this range would be considered healthy and could set the stage for the next leg higher. Once that corrective move plays out, the next upside objective comes in around the $2,200 level. However, if price pushes straight toward the target without offering a pullback, the strategy would need adjustment. In that scenario, chasing a long position becomes less attractive, as a stronger selling wave could follow once the target is reached. If a correction does materialize, Can Özsüer suggests that a long position on the pullback would be the preferred approach. Featured image from Pixabay, chart from Tradingview.com
The number of traders expecting a rate cut at the March Federal Open Market Committee meeting rose following fears of a hawkish Fed nominee.
The price of Bitcoin experienced one of the most bearish periods in its history over the past week, losing one crucial technical level after the other. According to data, the cryptocurrency market has seen $1 trillion worth of capital flow out since mid-January. With no doubt about the emergence of the bear season, investors are now approaching the market with greater skepticism and caution. One of the on-chain metrics highlighting this shift in behavior is the Bitcoin taker buy ratio, which has fallen to new lows. BTC Taker Buy Ratio Drops To 0.48 In a new Quicktake post on the CryptoQuant platform, market analyst CryptoOnchain shared a fresh on-chain angle to the ongoing selling pressure in the Bitcoin market. This observation is based on the declining Taker Buy Ratio on Binance, the world’s largest centralized exchange by trading volume. Related Reading: Why The Market Cap Argument For XRP Price Not Reaching $10,000 Is ‘Flawed’ The Bitcoin Taker Buy Ratio is a sentiment indicator that estimates the proportion of trading volume owned by buyers against that of the sellers. Typically, values below 1 signal that taker sell volumes (aggressive selling) are outpacing taker buy volumes, which implies that sellers are overwhelming the buyers in the market. Highlighting data from CryptoQuant, CryptoOnchain revealed that the Bitcoin Taker Buy Ratio (14-day Moving Average) on Binance has dropped to 0.48, marking its lowest level since October 2025. Such a negative market sentiment on the world’s largest exchange spotlights a worrying trend in the general derivatives market. CryptoOnchain said: A drop to such a significant low suggests that sellers are overwhelmingly dominating the order book, aggressively hitting bids without sufficient buying resistance. As the crypto pundit also pointed out, this drop in the Bitcoin Taker Buy Ratio coincided with the recent price correction, which saw the premier cryptocurrency fall to around $61,000. CryptoOnchain noted that this metric needs to stabilize and begin to rise again if the BTC price is to see any relief. The Quicktake post concluded: For a potential reversal or a local bottom, we need to see this metric stabilize and begin to trend upwards, indicating that aggressive selling is exhausted and buyers are stepping back in. Until then, caution is advised as the momentum remains heavily in favor of the bears. Bitcoin Price At A Glance After one of the largest “red” days in the crypto market, the price of BTC appears to be recovering nicely, having returned above the $70,000 on Friday. As of this writing, the flagship cryptocurrency is valued at around $70,263, reflecting an over 11% price jump in the past 24 hours. Related Reading: 5 Red Months In A Row: What’s Going On With Bitcoin And The Crypto Market? Featured image from iStock, chart from TradingView
Glassnode data is showing buying across all cohorts of bitcoin holders.
The Commodity Futures Trading Commission (CFTC) revised a previous staff letter to reflect the regulations in the GENIUS stablecoin framework.
The crypto market that surged on Donald Trump’s campaign promise of a friendlier US posture is now back near where it started, after an 18-month round trip that added close to $2 trillion in value and then erased roughly the same amount. Data compiled by CryptoSlate put the total crypto market value at about $2.4 […]
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Crypto expert Tony Severino has opined that Bitcoin isn’t just showing signs of a yearly top but also that the BTC price may have hit a 16-year cyclical peak. This comes amid the flagship crypto’s recent crash to $60,000, which sparked fears of a bear market. Bitcoin May Be Showing Signs Of A Peak Amid BTC Price Crash To $60,000 In an X post, Severino alluded to the yearly Bitcoin chart, which he said looks like a 16-year cyclical peak rather than just a yearly top. The expert also outlined several reasons this appears to be a major cyclical top for the BTC price. First, he noted that the white candlesticks have been decreasing in size over time, while black candlesticks engulf more white candles with each appearance. Related Reading: Bitcoin Price Just Hit A 15-Year Trendline After The Crash, What This Means Furthermore, Severino highlighted the Doji at the top of a rising wedge pattern while the Evening Star is in progress, which is a bearish reversal signal for the BTC price. Meanwhile, the Fischer Transform is crossing bearish with divergence, and the Stochastic is crossing bearish after being rejected from 80. He added that Bitcoin’s Relative Strength Index (RSI) is falling back below 70 after making it above this level on the highest timeframe chart. His analysis comes as the BTC price continues to decline, suggesting the crypto market may be in a bear market after topping last October. Bitcoin dropped to as low as $60,000 earlier this week, suffering its largest daily decline since the FTX collapse. Veteran trader Peter Brandt has also opined that Bitcoin is in a bear market, predicting that it could still drop to as low as $42,000 before it sees a bottom. Reason For The Recent BTC Crash BitMEX co-founder Arthur Hayes has commented on the reason for this recent Bitcoin crash, suggesting that it was due to external factors rather than part of an ongoing bear market. In an X post, he stated that the BTC price dump was probably due to a dealer hedging off the back of BlackRock’s BTC ETF structured products. Notably, BlackRock’s IBIT saw a record trading volume of $10 billion on the day of this crash to $60,000. Related Reading: Here’s What To Expect If The Bitcoin Price Maintains Support Above $74,400 Hayes’ comment comes on the back of Bitcoin’s rebound above $70,000, with the flagship crypto recording one of its largest ever daily gains yesterday following the crash to $60,000. Galaxy Digital’s Head of Research, Alex Thorn, suggested that the drop to $60,000 may mark the bottom for the BTC price. This came as he noted that the 200-week MA, which is around $60,000, has historically been a strong entry point for long-term investors. At the time of writing, the BTC price is trading at around $70,000, up over 6% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com
The 16-year-old alleged perpetrator reportedly told police that he and his accomplice were coerced into committing the crime by unknown parties on Signal.
Stablecoins are set to reshape banking by offering a safer, more efficient alternative for deposits.
The post Mike Belshe: Stablecoins are a safer alternative to banks, BitGo’s operational controls are key for crypto market structure, and the future of finance is in asset tokenization | The Wolf Of All Streets appeared first on Crypto Briefing.