Record low outflows from Grayscale Ethereum ETF may signal market stabilization, potentially leading to price recovery and renewed investor confidence.
The post Grayscale Ethereum ETF outflows hit record low of nearly $40 million appeared first on Crypto Briefing.
Chainlink (LINK) has made a sharp 20% recovery from the crash during the past day, as the network has seen a spike in address activity. Chainlink Has Returned Above $9.8 After Recovery Rally The cryptocurrency sector had opened the week with a sharp crash, and Chainlink was no exception, as its price had slammed down towards the $8 level after being above the $11 mark during the weekend. Related Reading: Bitcoin MVRV Lowest Since FTX Crash, Signal To Buy? In the past day, the market has seen some respite, but LINK has particularly stood out with a surge of almost 20%, which has taken its price back above $9.8. The below chart shows what the recent trend in the asset has looked like. Out of the top 20 coins by market cap, only Solana (SOL) and Shiba Inu (INU) rival Chainlink in returns over the last 24 hours. Despite the big jump, though, LINK is still nowhere near making a full recovery from the recent downturn. Nonetheless, the surge would still provide some hope to its investors. As for the cause behind this recovery rally, perhaps on-chain data could provide some hints. LINK Daily Active Addresses Has Hit Highest Levels Since May According to data from the market intelligence platform IntoTheBlock, the LINK network has recently seen a surge in Daily Active Addresses. The “Daily Active Addresses” here refers to an on-chain indicator that keeps track of the number of Chainlink addresses participating in some transaction activity daily. The metric naturally includes both senders and receivers. The unique number of active addresses on the blockchain can be considered the same as the unique number of users participating in the network activity, so the indicator’s value tells us about the amount of traffic LINK is receiving right now. When the metric’s value is high, it means a large number of addresses are making moves on the network. Such a trend implies that interest in the asset is high among investors. On the other hand, the low indicator suggests that few are paying attention to cryptocurrency as there isn’t much trading activity on the chain. Now, here is a chart that shows the trend in the Daily Active Addresses for Chainlink over the past few months: The graph shows that Chainlink saw a sharp surge in its Daily Active Addresses alongside the crash, implying that many users became active to make some transfers. Such a trend isn’t unusual during periods of volatility, with the activity usually corresponding to panic from the investors. This time around, however, things may have been different. Related Reading: Crypto Liquidations Cross $1 Billion As Bitcoin Crashes To $51,000 “Interestingly, this surge occurred alongside a general outflow from exchanges, suggesting accumulation during yesterday’s troubled market,” notes IntoTheBlock. With the latest spike, the Chainlink Daily Active Addresses has reached the highest level since May. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
Ethereum price started a recovery wave above the $2,350 resistance zone. ETH could gain bullish momentum if it clears the $2,680 resistance zone. Ethereum started a recovery wave above the $2,350 and $2,420 levels. The price is trading below $2,640 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise steadily if it clears the $2,680 resistance zone. Ethereum Price Aims Higher Ground Ethereum price started a recovery wave after a nasty spike below the $2,000 level. ETH climbed above the $2,200 and $2,250 resistance levels like Bitcoin above $65,000. There was a move above the 50% Fib retracement level of the downward wave from the $2,920 swing high to the $1,910 swing low. Moreover, there is also a connecting bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD. However, the bears are active near the $2,540 and $2,550 levels. Ethereum price is still trading below $2,650 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the $2,540 level and the 61.8% Fib retracement level of the downward wave from the $2,920 swing high to the $1,910 swing low. The first major resistance is near the $2,680 level and the 100-hourly Simple Moving Average. The next major hurdle is near the $2,720 level. A close above the $2,720 level might send Ether toward the $2,860 resistance. The next key resistance is near $2,920. An upside break above the $2,920 resistance might send the price higher toward the $3,000 resistance zone in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,540 resistance, it could start another decline. Initial support on the downside is near $2,440 and the trend line zone. The first major support sits near the $2,365 zone. A clear move below the $2,365 support might push the price toward $2,250. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,365 Major Resistance Level – $2,540
Bitcoin price started a recovery wave above the $55,000 resistance. BTC must clear the 100 hourly SMA to continue higher in the near term. Bitcoin started a recovery wave above the $53,500 and $55,500 levels. The price is trading below $58,000 and the 100 hourly Simple moving average. There is a contracting triangle forming with resistance at $57,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to clear the $58,000 resistance zone. Bitcoin Price Gains Over 85 Bitcoin price formed a base and started a recovery wave above the $52,500 resistance zone. BTC was able to clear the $53,500 and $55,500 resistance levels. There was a move above the 61.8% Fib retracement level of the downward wave from the $61,040 swing high to the $49,110 swing low. The bulls even managed to push the price above the $56,500 resistance zone. However, the bears might remain active near $58,000. Bitcoin price is still trading below $58,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $57,500 level. There is also a contracting triangle forming with resistance at $57,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the $58,250 level or the 76.4% Fib retracement level of the downward wave from the $61,040 swing high to the $49,110 swing low. A clear move above the $58,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,200. The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance. Another Drop In BTC? If Bitcoin fails to recover above the $58,250 resistance zone, it could start another decline. Immediate support on the downside is near the $56,000 level. The first major support is $55,000. The next support is now near $53,500. Any more losses might send the price toward the $52,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $56,000, followed by $55,000. Major Resistance Levels – $57,500, and $58,250.
A crypto analyst has pointed out a notable divergence in the performance of Bitcoin (BTC) and Ethereum (ETH). The analyst has noted signs of weakness in Ethereum compared to Bitcoin, predicting that BTC is likely to experience a faster recovery than ETH. Technical Analysis Highlights BTC’s Strong Recovery In an X (formerly Twitter) post on […]
The metric that tracks the value of one Solana token to one Ether token has reached a new all-time high following a brutal market-wide sell-off earlier this week.
In the aftermath of a tumultuous week that saw Bitcoin (BTC) plummet to a seven-month low of $49,000 on Monday, global financial markets were rattled by a significant downturn, sparking concerns across stock exchanges and the crypto sphere. However, amid the chaos, Bitwise’s Chief Investment Officer Matt Hougan analyzed the drivers behind the recent market meltdown. He explained why he believes traders’ fears may be misplaced and that the market dip holds key opportunities for potential Bitcoin price appreciation. Crypto Crash Or Opportunity? In a recent note to investors, Hougan pointed to the broader market chaos, including a 12% single-day crash in Japan’s Nikkei index and a 4% tumble in Nasdaq futures, sparking the crypto selloff. He drew parallels to the market turmoil seen at the onset of the COVID-19 pandemic in March 2020, when Bitcoin crashed 37% in a single day. “It felt as if we might never recover. The media claimed Bitcoin had failed its test as a hedge asset,” Hougan recalled. However, he noted that in the year following that crash, Bitcoin surged over 1,000% to new record highs of $57,322. Hougan believes a similar dynamic could play out this time, arguing that Bitcoin’s fundamental case remains intact, regardless of short-term price volatility. Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control? “Nothing fundamental had changed about Bitcoin because of Covid,” Hougan said. “The maximum number of Bitcoin that could exist (21 million) was the same on March 11 as on March 12. You didn’t need to rely on any bank, government, or company to store wealth in Bitcoin on March 11, which was still true on March 12.” Moreover, Hougan contends that the factors that propelled Bitcoin’s rise during the pandemic – the expansion of central bank intervention, the limitations of centralized institutions, and the growing digitization of the economy – are still in play today. Will Bitcoin Emerge Stronger? Hougan also acknowledged in his remarks the near-term uncertainty, noting that it remains unclear whether the crypto market has found its bottom yet. He pointed to the potential for further deleveraging and contagion risk among crypto firms as key monitoring factors. However, the Bitwise CIO urged investors to look past the short-term noise and focus on Bitcoin’s long-term trajectory. He warned against the temptation of market timing, reminding readers that “the four most expensive words in finance are ‘this time it’s different.'” Historically, Hougan said, crypto has tended to trade lower initially during periods of broader economic panic, only to end up higher over the following 12 months. He expressed confidence that the current market meltdown will be no exception and that Bitcoin will emerge stronger from the turmoil. “In fact, I’m betting the other way,” Hougan concluded. “Resist the urge to look at intraday prices, and focus instead on where Bitcoin could be next year, in five years, and in ten years.” Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem When writing, the largest cryptocurrency on the market has climbed back to the $56,300 level, surging 4.5% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com
Rust is also becoming an increasingly popular programming language for blockchain firms building “performant distributed systems,” says CryptoJobsList CEO.
The Bitcoin investment landscape is set for a major shift as Morgan Stanley, a leading global financial services firm, gears up to launch spot BTC Exchange Traded Funds (ETFs) through its network of 15,000 financial advisors starting tomorrow, August 7. This move, initially reported by CNBC on August 2, marks the first instance of a […]
The Bitcoin crash may be over, as a crypto trader has predicted a significant rebound for the pioneer cryptocurrency, foreseeing Bitcoin soaring to new all-time highs of $90,000. This bullish projection comes amid the recent downtrend in the price of Bitcoin, which saw a dramatic crash below $50,000 at some point over the past few weeks. $90,000 Rebound Target Set For BTC In an X (formerly Twitter) post on August 5, crypto analyst, Peter Brandt made a bold prediction, suggesting that Bitcoin could witness a significant rebound to $90,000 this bull cycle. Sharing a price chart depicting a series of pumps and dumps in Bitcoin’s value since the beginning of the year, Brandt foresees the pioneer cryptocurrency hitting $90,000 before the end of 2024. Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here? During his post, Brandt emphasized the importance of focusing on what could potentially happen (possibilities), rather than what is likely to happen (probabilities) or what is believed to be certain (certainties). This unique approach to analyzing the market avoids over-dependence on assumptions and remains flexible to various market results. Seeking Brandt’s opinion on the current state of the market, a crypto community member shared that they have been forecasting a bull flag for Bitcoin over the past few months. They inquired if Brandt concurred with this prediction and if a Bitcoin has reached a golden pocket, a key Fibonacci retracement level that often signals the next potential resistance level. Responding to the crypto community member, Brandt negated the possibility of a Bitcoin bull flag, citing various technical analytical authorities such as Schabacker, Edwards, and Magee, who state that bull flags should not last longer than two months. This ultimately suggests that if a supposed bull flag pattern has persisted for more than two months, then it does not meet the criteria for a bull flag. Additionally, when asked by another crypto member if a possibility was just a type of probability, Brandt clarified that possibilities could not be described as a probability because probabilities involve assigning numbers and making assumptions. Brandt has disclosed that he strictly avoids trades based on assumptions to remain open to all possible outcomes without bias. Bitcoin Regains Strength After 23% Market Crash Before Brandt predicted a rebound to $90,000 for Bitcoin, the cryptocurrency had experienced a sharp decline in its price. Over the past week, Bitcoin’s price had fallen to around $52,000, marking a significant drop of more than 23%, according to CoinMarketCap. Related Reading: VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000 Despite the recent price crash, Bitcoin has seemingly regained positive momentum, recording a price increase of 11.77% in just 24 hours. Based on CoinMarketCap’s reports, Bitcoin’s daily trading volume has also surged by 30.65%. The cryptocurrency appears to be breaking out of its previous bearish trends, steadily approaching previous price highs around the $60,000 mark. At the time of writing, Bitcoin is trading at $55,903. Featured image from Skilling.com, chart from Tradingview.com
CoinDCX's Crypto Investors Protection Fund will enhance user security by allocating 2% of brokerage income annually to safeguard assets.
The company pushes further out of the videoconferencing box with Zoom Docs, which it calls an “AI-first“ toolset.
The surge in Bitcoin ETF volume underscores the increasing role of institutional capital in crypto markets, despite ongoing volatility.
The post Bitcoin ETF volume reaches $5.7 billion as net outflows subside after market crash appeared first on Crypto Briefing.
The Google TV Streamer is an upgrade with more AI features that better rivals offerings from Apple, Amazon, Nvidia and Roku.
In a bearish development for Bitcoin and the cryptocurrency market, the recent price decline of BTC has triggered a massive long-position liquidation. This negative incident which has caused a broader pessimism in the entire market emphasizes the dangers of leveraged trading and the intrinsic volatility of the cryptocurrency market. Bitcoin’s Largest Long Position Liquidation In […]
Indian crypto exchange CoinDCX's co-founder Sumit Gupta has told CoinDesk that his company has established an investor protection fund, saying that if other exchanges did this too "it would be better for the eco system."
The organization was apparently formed the same day Kamala Harris announced her running mate, Minnesota Governor Tim Walz.
Yesterday, August 5, LINK, the native currency of Chainlink, a decentralized Oracle provider, plunged to a six-month low. Changing hands at around $8, LINK fell by 64% from March highs, breaking out from a bull flag, signaling weakness. The correction was across the board, and leading altcoins like Solana and Cardano also posted sharp losses. LINK Holders Accumulating, Outflows From Exchanges Spike However, as the markets bled, breaking below key support levels, smart investors saw this as an opportunity to accumulate. According to IntoTheBlock data on August 6, yesterday, there was a marked increase in the number of active LINK addresses, rising to levels not seen in roughly three months. Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control? The uptick in active addresses coincided with a spike in outflows from exchanges. This development suggests that users were more keen to accumulate LINK, not sell, despite falling asset prices. Outflows from centralized exchanges like Binance and Coinbase are usually considered net positive. With users controlling coins via their non-custodial wallets, they can’t readily sell for other liquid coins or stablecoins. Over the years, prices tend to recover steadily afterward whenever there is extreme fear, especially among LINK holders. Like the events of March 2020, when crypto prices flash crashed due to a COVID-19-led collapse, aggressive investors can consider such drops an opportunity to buy. In March 2020, LINK fell by a whopping 70%. However, months later, as the money printers were powered on, crypto prices rose, lifting LINK by nearly 35X at its 2021 peak. Similar to what happened then, the drop in prices coupled with outflows from exchanges and accumulation among entities makes it likely that LINK will bounce back strongly. Most Holders Are In Red, But Partners Are Interested In Chainlink Solutions So far, IntoTheBlock data reveals that 65% of LINK holders are in losses, and only 32% are in green. Encouragingly, though, most LINK holders are “diamond hands” and have been holding their stash for over a year. The more long-term holders or addresses holding the coin or token for over 155 days, the more resilient prices are in the wave of liquidation. Besides price action, optimism is high among LINK holders. Chainlink is a leading decentralized oracle provider offering services to DeFi and NFT protocols. Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem At the same time, Chainlink Labs, the middleware developer, continues to strike quality partnerships. Recently, 21Shares integrated Chainlink’s Proof-of-Reserve on Ethereum to enhance transparency. Feature image from DALLE, chart from TradingView
Exchanges are still waiting on permission to list options on spot Bitcoin ETFs, too.
A survey by law firm Barnes & Thornburg found that 59% of US private investors are more likely to invest in crypto funds over the next 12 months.
The crypto market is trying to recover from the recent decline. Amidst these hard times, the biggest crypto exchange Binance has released their proof of reserve report. The report shows a drop of 0.27% in Shiba Inu holdings. This might look like a minor decline however, this has caused concerns among investors and meme coin …
Crypto traders have been on interim rules since March 2021, and it’s time to finalize membership in the securities industry's self-regulatory organization.
In a recent development, the X (formerly Twitter) platform has included the payments feature in its latest software release. This has once again raised questions about whether or not Dogecoin payments will be included when the payment service finally goes live. X Payments Now In The Development Stage X user Swakshan, known for posting leaks […]
Missouri, Washington and Michigan residents will be able to vote in primaries for specific candidates backed or opposed by crypto interest groups.
Part of the problem is the airdrop model for token distributions, which has grown in popularity in recent years.
After a massive price crash, the overall cryptocurrency market has experienced a significant upside move in the last 24 hours. Amid this, Solana (SOL) the world’s fifth-biggest cryptocurrency has gained massive attention from crypto enthusiasts following its substantial price surge. Breakout in Solana (SOL) During the price crash, SOL reached the lowest level of $109.66. …
A cyberattack has impacted about 40 French tourist spots, including the Grand Palais where some Paris 2024 Olympics events are taking place.
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Jeff Park, Head of Alpha Strategies at Bitwise, which operates the fourth-largest spot Bitcoin ETF in the US with assets under management totaling $2,039 billion, presented a bullish outlook on Bitcoin via X. His analysis ties the historical economic decisions and current global financial conditions which he believes “is unbelievably powerful” for Bitcoin. Why Japan […]
CoinShares revenue for the second quarter of 2024 rose to nearly $28.5 million. FTX bankruptcy proceedings generated a return of 116% in the quarter.