Bitcoin, the flagship cryptocurrency has continued its bearish momentum, potentially heading to the $50,000 mark after failing to reach the $73,000 level once again. However, Doctor Profit, a well-known crypto expert and enthusiast considering the price movements has identified that Bitcoin is currently trading within a clear price range, suggesting a period of consolidation. Bitcoin […]
Economics adviser Gene Sperling joined Ripple’s board in 2015 after serving under Presidents Bill Clinton and Barack Obama.
DePIN enables the tokenization of machines, opening up RWA investments and spreading benefits to owners and users, says Leroy Hofer, CEO and co-founder of Teneo Protocol.
Bitcoin sellers run out of steam and BTC price strength returns at the Wall Street open as US stocks initially avoid copying the fate of their Asian counterparts.
The crypto world is gaining positive sentiment again as Bitcoin (BTC) pulls off an incredible 3.16% jump in just one hour though the market is showing brarish movements. At the time of pressing, Bitcoin stands at $54,600 which is a significant recovery from its earlier dip to $49,000. Let’s Explore the reasons causing this drive …
After a huge crash across the cryptocurrency market, top assets such as Bitcoin (BTC) and Ethereum (ETH) are looks recovering. This potential recovery is due to the investor’s interest as they continue buying the dip. Today on August 5, 2024, local blockchain media made a post on X (previously Twitter) that a wallet address “0x5ac” …
Galaxy’s head of research expects the funds to see inflows as investors buy the dip.
With the Bitcoin price crash over the weekend, the prices of other cryptocurrencies such as Shiba Inu have followed sharply. The result of this has been a double-digit price crash for Shiba Inu, alongside other altcoins. Naturally, the rapid decline has raised questions, with industry stakeholders wondering what is driving this massive crash. Shiba Inu Price Crash Is Following Bitcoin The Shiba Inu price crash being experienced today is not a result of a single event occurring for the meme coin. Rather, it is linked to a further market-wide crash that began with the Bitcoin price first falling below $60,000 and eventually breaking $50,000 on Monday. Therefore, to get the real reason behind the Shiba Inu price crash, we must look at the reason driving the Bitcoin crash. Related Reading: MATIC: Market Nosedive Leads To 30% Wipe In Value So far, Bitcoin, and the broader crypto market, has been responding to major events happening around the world. These are outline by pro trader Adam Khoo in an X (formerly Twitter) post, revealing a much deeper reason for the decline. One of these major events is the decline in the Japanese stock market, which is seeing its largest single-day decline since 1987. As Khoo outlined, traders on the Japanese stock exchange had borrowed the Japanese Yen at low interest rates to convert to United States Dollar, which is, in turn, used to buy US stocks for a larger gain. This strategy has worked for the trader as Yen’s interest rates remained low. However, the Japanese government raised interest rates, meaning that these traders were now dealing with massive losses as the Yen strengthened against the US dollar. The result of this is a large sell-off as traders scramble to pay back their loans while taking huge losses in the process. Naturally, this led to a decline in US stocks and the likes of Bitcoin and Shiba Inu have been reacting to this market decline. The sharp rise in the JPY/USD is causing a massive unwind of Yen carry trade positions and contributing to the sharp decline in US stocks. For those who do not understand how this works, a brief explanation 1) Many traders were borrowing Jap Yen (JPY) at low interest rates,… pic.twitter.com/sfi0Hva56M — Adam Khoo (@adamkhootrader) August 5, 2024 Not only this, other major events such as war escalation in the Middle East, as well as the US presidential elections having no clear winner yet, has driven prices down further. With fear and panic spreading, more investors are selling, causing an already deep decline to depend further. Related Reading: Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis However, while investors in assets such as Shiba Inu panic, the crypto trader does not believe that it is all bad. According to him, this is a great time to “take advantage of temporary mis-pricing caused by short term crisis.” Presently, the Shiba Inu price is sitting at $0.00001111 – its lowest level in six months. Going by the trader’s sentiment, this could be a good time to get into coins such as Shiba Inu, as a rebound from here could lead to new all-time highs. Featured image created with Dall.E, chart from Tradingview.com
Major internet and retail giants like Google, Amazon, and Walmart are showing a lot of interest in participating in the current pilot program for India’s Central Bank Digital Currency (CBDC), also known as the e-rupee, according to the Reserve Bank of India (RBI). Related Reading: Dogecoin Payments On X: DOGE Lead Finally Speaks Out This […]
Introduced in May 2023, the Robinhood 24-hour market service allows customers to invest on their own schedule.
The cryptocurrency market is once again under pressure as key players and influencers express concerns over the current environment. In the past few weeks, the market has seen a significant downturn, with Ethereum and several other altcoins experiencing sharp declines. This situation has left many investors on edge, debating whether to buy the dip or …
A deluge of crypto-industry money may have helped achieve a very narrow Arizona congressional primary win this week for Yassamin Ansari, a crypto-cheering Phoenix City Council member who faced a candidate backed by Sen. Elizabeth Warren (D-Mass.)
Not just crypto but the Global Stock markets are plunging. Robinhood created waves in bearish crypto waters by hauling their 24 hour trading. This splits the community into two types of believers. There are some who are appreciating this move and the other who are calling it market manipulation. Let’s explore what exactly happened and …
After dropping his previous lawsuit in June, Elon Musk has stepped up his claims against OpenAI and CEO Sam Altman in his latest filing.
Sky Mavis' shift to a permissionless Ronin ecosystem could democratize game development, potentially leading to a surge in innovative blockchain games.
The post Sky Mavis co-founder eyes permissionless future for Ronin ecosystem appeared first on Crypto Briefing.
Leading DeFi platform Aave Protocol generated over $6 million in revenue during the current market downturn. On-chain data shows that Aave earned $802,000 from a $7.4 million wrapped Ether (WETH) liquidation, reflecting a surge in liquidation activity on the platform. Overall, Aave V3 saw $233 million in liquidations, the protocol’s highest single-day figure, according to […]
The post DeFi giant Aave achieves $6M revenue in volatile market conditions appeared first on CryptoSlate.
The Relative Strength Index (RSI) is an important indicator for any cryptocurrency, and Bitcoin is no different. Given that the pioneer cryptocurrency has been around the longest, the abundance of data makes it possible to use this indicator in an attempt to pinpoint where the price might be headed next. This time around, the indicator is turning bearish, which means that the Bitcoin price could be headed toward further decline from here. Analyst Says RSI Is Turning Bearish For Bitcoin Crypto analyst Alan Santana took to the TradingView website to share a bearish development for the Bitcoin price. The analysis, which focused on the Relative Strength Index (RSI), shows a continuation of the bearish trend as Bitcoin is poised to fall further. Related Reading: Ethereum Price Crashes Below $3,000 As Revenues Drop To New Lows The crypto analyst, using the Bitcoin weekly chart, shows that the RSI is actually flashing a 3-year long bearish divergence. This is backed up by the RSI chart which showed a continuous decline over the the year 2024 after reaching a local peak at the start of the year. Bitcoin’s RSI has declined around 42% since the year began, going from as high as 88 to 50.6 at the time of the analysis. However, Alan Santana uses a longer timeframe from 2021 to 2024, showing a bearish divergence in this indicator. This bearish divergence has emerged as the RSI indicator presented a lower high in 2024 compared to the 95 peak of 2021. According to the analyst, this means that the RSI indicator is now turning bearish for the first time since August 2023. This makes it the most bearish that the Bitcoin indicator has become in one year. How Low Will The BTC Price Drop? At the time of the analysis, the Bitcoin price had already seen a brutal drop from $70,000 to below $60,000 before a small recovery at the time of the writing. However, the crypto analyst does not believe this is the end and warns investors to expect further decline. Related Reading: Can XRP Rally 1,000X Despite The Drop Below $0.6? Going by the chart, Alan Santana expects that the Bitcoin price will fall over 20% from here once more. This would mean a price decline below $50,000. The crypto analyst puts the bottom of this decline at around $44,000. If this forecast were to materialize, it would mean the price would revisit the $40,000 level for the first time since January 2024. However, it is not all bad news as the crypto analyst explains that “This, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth.” Featured image created with Dall.E, chart from Tradingview.com
Today, on August 5, 2024, the overall cryptocurrency market experienced a notable decline of over 18% in the last 24 hours. Amid this crash, Pepe (PEPE) the world’s third-biggest meme coin hit hard as it experienced a significant price decline of over 27% in the last 24 hours. PEPE traders liquidate $9.4 million Following this …
Ether's price fell from above $3,000 to $2,100 due to selling pressure from a select group of market makers.
Polymarket traders are taking the market crash as an opportunity to place bets. So far, they results are looking extremely bearish.
Dogecoin (DOGE) has experienced a massive decline in the last 24 hours and has been one of the most affected tokens amid the widespread downtrend in the crypto market. Thanks to this, the foremost meme coin has dropped to levels not seen since February earlier this year. The Reason For The Dogecoin Price Crash Dogecoin […]
Analyst Miles Deutscher addressed the current market situation, saying that the prevailing fear, uncertainty, and doubt (FUD) present an opportunity rather than a reason to panic. He explained that while many are asking if they should de-risk now, the time for effective de-risking has likely passed. Now, however, with the market well into its decline, …
Quick Take On Aug. 5, Bitcoin dropped to as low as $49,000, rebounded, then fell again. However, as the US market opened, the price of digital assets began to recover, reaching around $52,000. In parallel to Bitcoin’s market movements, BlackRock’s IBIT saw remarkable trading activity, registering over $1 billion in volume within the first 30 […]
The post Bitcoin bounces back as BlackRock registers $1 billion in trading volume appeared first on CryptoSlate.
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Crypto-related investment products experienced outflows of $528 million, ending a four-week streak of inflows, according to CoinShares’ latest weekly report. James Butterfill, the head of research at CoinShares, explained that the outflows were triggered by concerns about a potential US recession, geopolitical issues, and a broader market liquidation impacting significant cryptocurrencies. Meanwhile, the firm noted […]
The post Crypto ETP outflows hit $528M amid recession fears and market turbulence appeared first on CryptoSlate.
The CoinDesk 20 experienced a major downturn over the weekend with NEAR and LINK among the hardest hit.
Bitcoin could experience another two months of downside pressure before a bullish chart pattern could lead to a breakout.
The start of the week has seen bloodshed in the crypto market with the largest crypto by market cap Bitcoin (BTC) has seen it’s price plunging by almost 20% to $50K. Peter Schiff, a well-known economist, and Bitcoin critic has weighed in on the situation, arguing that Bitcoin’s recent performance underscores why it will never …
Quick Take Bitcoin’s dominance in the digital assets market recently surged to a new yearly high of 58%, but it quickly retreated back to 57%. This comes as Bitcoin has dropped to around $50,000, marking a significant 32% decline from its all-time high. This is the most significant drawdown Bitcoin has experienced since the low […]
The post US volatility records third highest reading as Bitcoin dominance surges appeared first on CryptoSlate.
Xapo Bank enters the UK market and becomes the first in the country to launch interest-bearing Bitcoin and fiat banking accounts.