The Solana price has been rocked by the latest bombshell revelations surrounding the collapse of crypto exchange FTX. According to a whistleblower claiming inside knowledge of FTX’s operations, the now-bankrupt company is secretly holding a massive stash of Solana tokens – up to 8% of the entire SOL supply. Triggering Fears Of Massive Sell-Off By the numbers, if these allegations are true, this would equate to approximately 46.5 million SOL tokens worth about $7 billion at the current market price, which is $155 at the time of this writing. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA “I’m not saying Solana will go to zero, but if this news is true and FTX starts to sell the tokens in the open market, then it could dump the price of Solana significantly,” warned a crypto user who spread the news on social media site X, known only as Wise Advice. In the wake of the news, Solana’s price plummeted below the critical $160 support level, dropping over 9% in the past two weeks and nearly 4% in the past 24 hours as rumors of FTX’s secret SOL holdings circulated. Solana Price Risks Freefall The revelations come on the heels of the FTX estate’s previous sell-off of discounted SOL tokens to repay creditors affected by the exchange’s collapse. Just two months ago, Bitcoinist reported that the estate offloaded a $2.6 billion trove of SOL at around $102 per token. Venture capital firms like Pantera Capital and Figure Markets scooped up large portions of this discounted SOL allocation. It is worth noting that these tokens remain subject to a multi-year vesting period, limiting their immediate impact on Solana’s market dynamics. On the other hand, the alleged hidden FTX stash, if true, could overshadow the impact of these sales and pose a formidable challenge to the Solana price in the near term. Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst With the potential for over $7 billion in Solana tokens to eventually hit the market, the cryptocurrency’s price may face intense selling pressure that could undermine its bullish prospects. Still, it is imperative to note that these are only rumors and have not been confirmed by the exchange’s bankruptcy state, and that no further information has been released on the matter, including whether the state overseeing the exchange’s repayment operations plans to sell these tokens to repay creditors, if true. Potential $140s Plunge In terms of immediate price action, crypto analyst Pratty Crypto has highlighted several technical factors that could signal further downside continuation for the cryptocurrency in the coming days. Pratty Crypto contends that Solana is facing a “lot of confluence” that points to a potential move towards the $140 zone. This includes Solana trading at a discount to the previous quarter’s mid-range, testing a key quarterly open level, and retracing 62% of its recent price run-up. In addition, Pratty Crypto warns that the deeper Solana’s price goes into the $130-$150 order block, the less likely it is to hold, potentially leading to more substantial losses. Featured image from DALL-E, chart from TradingView.com
Ripple recently expressed optimism about a “fair” ruling in the remedies phase of the lawsuit, anticipating that the central ruling—that XRP is not a security—will remain unchanged. This confidence comes after Ripple’s landmark win against the SEC last year, which provided regulatory clarity for XRP. The highly anticipated closed-door meeting has been rescheduled to August …
Technology commentator Edward Zitron claims OpenAI will need to make several changes to “survive” beyond two years, but some industry executives disagree.
Technology commentator Edward Zitron claims OpenAI will need to make several changes to “survive” beyond two years, but some industry executives disagree.
Technology commentator Edward Zitron claims OpenAI will need to make several changes to “survive” beyond two years, but some industry executives disagree.
In the current cycle, meme coins have managed to overshadow utility coins, with the likes of Dogecoin and Shiba Inu remaining prominent players. However, given how much Dogecoin and Shiba Inu have already grown, crypto investors see limited upside for them, causing them to move toward other meme coins for higher gains. So, here is […]
In the Bitcoin and the overall crypto market, August has long been observed as a quieter month, with historical data showing a consistent downturn in both activity and asset value during this time of the year. Coinbase’s analysis further highlights this pattern in its latest weekly report. According to Coinbase analysts David Duong and David Han, there is a noticeable reduction in trading volumes and a decrease in the market’s dynamism that characterizes the month. An Impending Major Dip For Bitcoin In August? The analysts point out that this seasonal trend can’t be seen as a mere coincidence as it is a recurrent phenomenon. In the “Coinbase Weekly” report, they cited that Bitcoin spot volumes in August 2023 fell by 19% compared to June of the same year. Related Reading: Bitcoin’s Price Potential: Analyst Maps Path To $700,000 And Beyond Similarly, Bitcoin futures volumes dipped by 30% across global centralized exchanges during the same timeframe. This decreased activity is significant enough to influence market behavior, potentially leading to increased volatility due to thinner liquidity. The Coinbase’s report further details that on average, Bitcoin has shown a decline of 2.8% in August over the last five years. According to the analysts, this trend is not isolated to Bitcoin; it reflects a broader market behaviour that could be attributed to various factors, including seasonal investment shifts and lower participation rates during the summer months in many regions. They further predicted that this August may not stray from the established pattern, expecting a continuation of subdued market performance. Outlook From Analysts In The Community Echoing the sentiment from Coinbase, other prominent figures in the crypto space have shared their observations. Analyst Jelle pointed out on Elon Musk’s social platform X that despite a positive close in July, the historical struggle of the market in Q3 is quite noteworthy, with recovery often not beginning until October. Similarly, analyst Micheal Van De Poppe suggested that while August and September typically record poorer performance, there might be a shift in momentum starting mid-August, potentially setting the stage for new all-time highs in the following months. Related Reading: Is A Major Bitcoin Dip Coming? What the Coinbase Index Tells Us Van De Poppe also disclosed that to see Bitcoin’s continuation towards its all-time high (ATH), price would need to hold above $60,000 to 61,000 region. Meanwhile, at the time of writing, Bitcoin has seen a slight uptick increasing by 0.7% while still trading above $63,000. Commenting on BTC’s current price action, Jelle noted: Bitcoin is still trading inside the channel we’ve spent the past months inside of, but holding above key supports. Looks like a breakout is getting closer by the day. Patience, until then. Featured image created with DALL-E, Chart from TradingView
The decline in activity and the rise in transaction costs on the XRP Ledger are a significant shift from the previous quarter.
The decline in activity and the rise in transaction costs on the XRP Ledger are a significant shift from the previous quarter.
The decline in activity and the rise in transaction costs on the XRP Ledger are a significant shift from the previous quarter.
Morgan Stanley, one of the largest investment banks in the United States, has announced that it will soon allow its 15,000 financial advisors to offer Bitcoin ETF (exchange-traded fund) products to eligible clients. Interestingly, this is the first time a major Wall Street bank has given its wealth management division the green light to promote crypto-based investment products. Bitcoin ETF Exposure For High-Net-Worth Investors According to a CNBC report, sources familiar with the policy change said that Morgan Stanley will allow its advisors to urge clients to buy shares of two specific Bitcoin ETFs – BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC). The new offering will reportedly go live on Wednesday, August 7. Related Reading: PEPE Bullish Trend Line Under Threat: $0.00000766 Level On Sight? Morgan Stanley’s decision reflects growing investor demand for exposure to the cryptocurrency market. The firm noted that the move is a response to its clients’ appetite, as well as an effort to stay ahead of the booming digital asset landscape. However, Morgan Stanley is taking a cautious approach with its Bitcoin ETF rollout. The bank is restricting eligibility to clients with a net worth of at least $1.5 million, an “aggressive” risk tolerance, and the desire to make speculative investments. Additionally, CNBC reported that Bitcoin exchange-traded funds will only be available in taxable brokerage accounts, not retirement accounts. The bank will also closely monitor clients’ overall crypto holdings to ensure they do not become overly exposed to the highly volatile asset class. Currently, the only crypto investments approved for purchase at Morgan Stanley are the two Bitcoin ETFs and private funds from Galaxy and FS NYDIG, which were made available starting in 2021. BTC Trading Volumes Spike 25% According to data from SoSo Value, the total net inflow for Bitcoin spot ETFs on Thursday reached $50.64 million. This was driven by a significant $191 million net inflow into the Grayscale Bitcoin Trust mini ETF, as well as a $25.9 million net inflow into BlackRock’s Bitcoin ETF. However, the Grayscale Bitcoin Trust’s primary ETF (GBTC) saw a net outflow of $71.3 million on the same day. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA After opening the week at around $70,000, the Bitcoin price pulled back steadily over the course of last week to the $62,750 level on Friday. This retracement prevented Bitcoin from consolidating above the key resistance level of $70,000, which is crucial on BTC’s path back to its all-time high of $73,700 reached in mid-March. Despite this, there were signs of underlying strength, as CoinGecko data showed a 25% increase in Bitcoin’s 24-hour trading volume, reaching $46.9 billion. Featured image from DALL-E, chart from TradingView.com
Data shows a large amount of cryptocurrency longs have found liquidation in the past day after the volatility Bitcoin and others have gone through. Bitcoin Price Action Has Been A Rollercoaster During The Last 24 Hours Bitcoin has seen some wild price action during the past day, with its value observing both a low under […]
In the digital asset world, the only valid rival for Bitcoin asides Ethereum is often regarded as Gold. So far, many analysts and experts have continued to make comparisons between these two assets especially to see what price Bitcoin could trade at if it had the same market cap as Gold. Speaking on a similar topic, Peter Brandt, a trading guru with decades of experience in the trading space has recently shared insights, focusing his analysis on the ongoing rivalry between Bitcoin and gold, positioning them as contenders for the coveted title of the “ultimate Store-of-Value.” Notably, the insights shared by Brandt wasn’t just about market cap or investor preference; it particularly delved into the core functionalities and inherent values of each asset. Bitcoin Vs. Gold Delving into the insight, it is worth understanding the nuances of BTC comparison to gold—a “classic safe-haven asset.” Brandt’s recent examination of the Bitcoin-to-gold ratio provides a critical metric for this comparison. He highlighted that the current ratio stands at 26, suggesting that Bitcoin, despite its volatility, maintains a strong position against gold. Related Reading: Is Bitcoin Poised for a September Price Surge? What Traders Need to Know This ratio, Brandt points out, could fluctuate significantly, potentially decreasing to as low as 16 in response to market movements without undermining Bitcoin’s long-term potential to ascend much higher. Peter Brandt’s analysis goes beyond mere speculation. He emphasizes the importance of flexibility in investment strategies, particularly when dealing with assets as volatile as Bitcoin and as stable as gold. The “Store-of-Value” battle is historic The BTC/Gold chart is a textbook example of classical charting principles Flexibility of interpretation is more important than is dogmatism Currently at 26.x, $BTC could (could, not will) drop significantly vs Gold to as low as 16 without… pic.twitter.com/gduy0fTRtE — Peter Brandt (@PeterLBrandt) August 1, 2024 According to Brandt, the key takeaway from his analysis is the potential for the BTC/gold ratio to experience significant shifts. For instance, although the ratio might see a short-term decrease, Brandt’s long-term view suggests it could soar to 150 or more. This perspective is not just about championing Bitcoin but about advocating for a balanced investment approach. Brandt advises investors to hold both Bitcoin and gold, highlighting the benefits of diversification. By investing in both, traders can mitigate the risks associated with the volatility of cryptocurrencies and the often slower-moving gold market. Brandt noted: I believe in owning both Gold and Bitcoin To be dogmatic on either one is equal to FOOL’S Gold BTC And Gold Market Performance Meanwhile, in the past week, Bitcoin has been on a bearish ride, down by 7.1% in the past 24 hours and roughly 14.8% from its peak above $73,000 in March. Related Reading: Would Bitcoin Fall Below $60,000 Again? Analyst Reveals A Concerning Trend For BTC This negative price performance from the asset has now brought BTC to currently trade at a price of $62,642, at the time of writing. Gold on the other hand over the past week has seen an uptick. Currently the asset trades at $2,424—a slight retrace from its earlier renewed all-time high (ATH) of $2,483 on July 17. Featured image created with DALL-E, Chart from TradingView
Bitcoin as a strategic reserve asset in the United States is witnessing significant reactions from the cryptocurrency industry as Dennis Porter, the Chief Executive Officer (CEO) and co-founder of Satoshi Action Fund has revealed a huge wave of letters from the community to the US Senators urging them to endorse the bill, poised to bolster […]
Onchain Highlights DEFINITION: The percent of circulating supply that has not moved in at least 1 year. Bitcoin’s supply last active over a year ago has shown a recent decline, reflecting market conditions and holder behavior shifts. The percentage of dormant supply has decreased from approximately 70% at the start of 2024 to around 66% […]
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Two videos show a triangular object in the skies over the city of Curitiba, a hot spot for UFO sightings.
Dogecoin (DOGE), the world’s largest meme coin by market capitalization, has received an unexpected status boost after Ethereum (ETH) founder, Vitalik Buterin, revealed that he holds a significant amount of DOGE tokens. This surprising endorsement has ignited enthusiasm within the crypto community. Ethereum Founder Admits To HODLing DOGE From July 24 to 30, the global […]
In a recent price analysis, a crypto analyst has highlighted a crucial support level for Bitcoin (BTC), emphasizing the possibility for the pioneer cryptocurrency to plummet significantly to new lows if it fails to maintain certain key levels. Bitcoin Risks Crash To $42,000 On August 1, the pseudonymous crypto analyst DonAlt shared an in-depth price analysis and future outlook of Bitcoin on the TechnicalRoundup YouTube channel. According to the analyst Bitcoin could experience a potential price crash to $42,000 if it fails to hold the critical support level at $63,000. Related Reading: XRP Price Breaks Out Of 6-Year Triangle, But Is A Rally To $1 Possible? Based on Bitcoin’s recent price actions and present market conditions, the cryptocurrency is seen to be facing a crucial support level at the $63,000 price mark. According to DonAlt, Bitcoin previously reclaimed the $60,000 level, after experiencing a period of volatility and consistent declines. The crypto analyst revealed that the $60,000 price mark was seen as a bullish sign, possibly hinting at further upsides. However, despite the price leap, Bitcoin is now facing a rejection and has been unable to continue its expected upward momentum. During his analysis, DonAlt indicated that if Bitcoin’s price successfully stays above the $63,000 critical support level, a future bullish scenario remains valid. On the other hand, if the cryptocurrency falls below this key level, its price outlook potentially becomes much more concerning and bearish. DonAlt foresees Bitcoin crashing around $52,000 and $42,000 if it cannot maintain its price near the $63,000 mark. He further indicated that the cryptocurrency might test these lower price levels as potential new support zones. Looking ahead, the crypto analyst has stressed the importance of watching Bitcoin’s behavior and market movements at the $63,000 price mark, underscoring the significance of this critical support level to avoid further downward pressure for the cryptocurrency. Based on CoinMarketCap’s reports, Bitcoin’s price is trading significantly above the $63,000 support level. At the time of writing, Bitcoin’s price is trading at $64,104. Despite declining by 4.44% over the past week, the cryptocurrency remains on an upward trajectory, steadily approaching the $70,000 threshold. BTC Bulls Take A Hit As Bearish Sentiment Rise Popular crypto analyst, Ali Martinez revealed in an X (formerly Twitter) post on August 1, that numerous investors who had bet big on Bitcoin’s price surge had experienced substantial losses during the recent downturn. According to data from Coinglass, over $2.5 billion in leveraged long positions were liquidated when Bitcoin fell below the $63,000 mark. Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? Martinez revealed that investors who are presently betting on Bitcoin’s potential to decline are becoming overconfident. Furthermore, the analyst revealed that if Bitcoin’s price recovers to $70,440, it could result in the liquidation of almost $2.4 billion in leveraged short positions. Featured image created with Dall.E, chart from Tradingview.com
Polymarket, a leading prediction market platform, has seen a significant spike in website traffic, outpacing prominent DeFi platforms like Uniswap, dYdX, Compound, and GMX. The surge is primarily driven by intense interest in betting on the US presidential election, particularly on the potential face-off between former President Donald Trump and Vice President Kamala Harris. Polymarket […]
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The last time Bitcoin whales moved this many coins from exchanges was when the BTC price was around $220 in 2015.
The last time Bitcoin whales moved this many coins from exchanges was when the BTC price was around $220 in 2015.
The last time Bitcoin whales moved this many coins from exchanges was when the BTC price was around $220 in 2015.
The United States government is adding $1 trillion to the national debt approximately every 100 days, sparking fears of runaway inflation.
The United States government is adding $1 trillion to the national debt approximately every 100 days, sparking fears of runaway inflation.
The United States government is adding $1 trillion to the national debt approximately every 100 days, sparking fears of runaway inflation.
Memecoins underperform the wider crypto market after double-digit weekly losses surpass the sell-off in BTC and ETH.
Memecoins underperform the wider crypto market after double-digit weekly losses surpass the sell-off in BTC and ETH.
Memecoins underperform the wider crypto market after double-digit weekly losses surpass the sell-off in BTC and ETH.
As the crypto market faces another drop, a pessimistic sentiment surged again. Some investors seem to fear that altcoins won’t take off this cycle and that they have lost their chance of profiting from the bull run. However, renowned analyst Altcoin Sherpa weighed in on the matter, suggesting that the market is set up to “do well” in the coming months. What Makes This Cycle Not Like Others? A few months ago, Altcoin Sherpa addressed the pessimistic sentiment brewing among some sectors of the crypto community. In an X post, the analyst asserted that Altcoins had to “cool off” for a few months before resuming the bull run. He also emphasized that this cycle differed from previous ones. Related Reading: Solana Looks ‘Ripe To Push Higher’, Is A Mania-Like Rally To $600 Coming? At the time, Sherpa highlighted that altcoins’ performance didn’t meet expectations during the first part of the bull run. Additionally, he suggested the market was heavily affected by the overabundance of projects and fragmented liquidity. This cycle, attention has been mostly captured by a few sectors like memecoins and AI tokens. In a new X thread, Sherpa reaffirmed his previous analysis. “This has definitely been a weird cycle so far; not similar at all to 2021 or 2017,” the analyst said. He pointed out that crypto investors “aren’t really up that much” despite Bitcoin (BTC) nearing all-time high (ATH) prices. Due to the singularities of this cycle, recommending “DCA and just holding the projects that you like and holding forever” is no longer an option for the analyst. The overabundance of tokens makes predicting the cycle winners “very hard,” which makes “picking your shitcoins pretty important.” As a result, the analyst suggested that investors learn some trading concepts, study momentum, and understand market dynamics. To Sherpa, understanding the market is key, “now more than ever”, so that investors can be prepared for “when the market REALLY starts to move later this year.” But I think that slower times like these is where it’s important to learn and educate yourself for the coming moves. Crypto Market Is Down But “Not All Hope Is Lost” Sherpa emphasized that the crypto market will resume its bullish performance in the coming months. “The good thing is that BTC is still going to break ATH later this year and $ETH is also going to do well,” read the post. The analyst disagreed with those who believe that Altcoins will have an altseason reminiscent of previous cycles and that we are early in the bull market. To him, it is “very unlikely” that all altcoins will go “to full send like in 2021” or even 2017. Despite the cycle differences, he considers most cryptocurrencies might have a decent performance compared to current prices. Moreover, he deemed that some altcoins will have remarkable rallies. Related Reading: New Memecoin Sensation Neiro Hits $200 Million Market Cap In Four Days In the post, sherpa predicted that the crypto market will have a massive Q4, as it historically does. Ultimately, investors will seemingly get another opportunity to profit from the bull market: As I said, not all hope is lost. We’re going to have a huge Q4 as we always do. The macro-environment should be solid and BTC should break all-time highs, which sets up for a huge November-January time period. Be lucky that you get another chance at this bull market. Featured Image from Unsplash.com, Chart from TradingView.com
Vice President Kamala Harris faces increasing pressure to clarify her stance on crypto as the 2024 election approaches or risk “ceding” the industry’s support to former President Donald Trump, according to a new think tank report. The report, published by the Official Monetary and Financial Institutions Forum (OMFIF), emphasized that Harris must engage with the […]
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