There have been speculations that the US government has sold a significant portion of its Bitcoin holdings following its recent transfer. On-chain data has helped clear up these rumors and showed exactly what the US government did with the $2 billion worth of Bitcoin it transferred. Related Reading: Dogecoin Gets A Big Boost As Ethereum […]
Ethereum (ETH) recently dropped below the critical and psychological support level at $3,000, raising concerns for ETH bulls. This development comes amid the continued decline in revenue generated on the Ethereum network. Related Reading: Crypto Analyst Warns That Bitcoin Could Crash To $42,000 If This Happens Ethereum Crashes Below $3,000 Ethereum is down below $3,000, with this downtrend believed to be due to several factors. One is the outflows, which the Spot Ethereum ETFs have been experiencing since they began trading on July 23. Data from Farside Investors shows that these funds again experienced a net outflow of $54.3 million on August 2. These funds haven’t had the desired impact on ETH’s price that they were expected to have, with Ethereum down over 10% since they began trading. Data from Soso Value shows that these funds have suffered cumulative net outflows of $510.7 million since they launched. Grayscale’s Ethereum Trust (ETHE) has been individually responsible for these outflows, with $2.12 billion flowing out of the fund since its launch. This has put significant selling pressure on ETH, leading to its recent downtrend. ETH’s price has also dropped below $3,000 thanks to the downtrend in the broader crypto market led by Bitcoin. Ethereum was bound to suffer a significant decline following Bitcoin’s drop as data from the market intelligence platform IntoTheBlock shows that both assets currently have a strong price correlation. Ethereum’s drop below $3,000 is undoubtedly worrisome for investors, considering how much lower it could drop. However, ETH has quickly reclaimed the $3,000 level these past three months whenever it drops below this crucial support zone. As such, this time may not be any different, especially with data from IntoTheBlock indicating a strong demand for Ethereum at this price level. If Ethereum fails to hold this range, the second-largest crypto token risks dropping to as low as $2,700, a more crucial support zone for ETH considering that 11.11 million addresses bought the token at an average price of $2,647. Ethereum’s Revenue Drops To New Lows Data from Token Terminal shows that Ethereum’s revenue has dropped to new lows, down by 40.4% in the last 30 days and 44.8% annually. Fees earned on the network have not been impressive either. Over the last 30 days, Ethereum users have paid $92.97 million in fees, a 32.8% decline and 38.3% at an annual rate. This drop in Ethereum’s revenue and fees can be attributed to the decline in the network’s active daily users. Further data from Token Terminal shows a 9.8% drop in Ethereum’s monthly active users. The same goes for the weekly and daily active users, with 20.1% and 15.3% drops, respectively. Related Reading: ARB Market Plummets 14%, But New Developments Could Reverse The Trend At the time of writing, Ethereum is trading at around $2,979, down over 5% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pexels, chart from TradingVIew
German quantum breakthrough highlights need for particle physicists in crypto
German quantum breakthrough highlights need for particle physicists in crypto
German quantum breakthrough highlights need for particle physicists in crypto
Jan van Eck, the CEO of VanEck, recently made some bold predictions about Bitcoin. He thinks Bitcoin might hit $350,000 in a near future. What makes him think that? Van Eck says Bitcoin could reach half of gold’s total market value. He also thinks Bitcoin’s future could be even brighter, with a potential price of …
Bitcoin's decline amid recession fears highlights broader economic instability, potentially impacting global markets and investor sentiment.
The post Bitcoin drops below $60,000 as recession fears escalate appeared first on Crypto Briefing.
In recent days, the overall cryptocurrency landscape has faced massive selling pressure as a result top assets see a notable decline in their value. Amid this downturn, Ethena (ENA) an Ether-based token looks in trouble as it plummeted over 30% price decline in the last 7 days. With this massive decline, ENA hits its lowest …
Bankrupt crypto lender Genesis Global Capital has now completed its restructuring process and began debt repayment to creditors. This development comes amidst reports of Genesis making large-scale network transactions in the last day. Related Reading: Bitcoin Whale Move: 600 BTC Sent From Genesis Trading To Coinbase, Here’s What To Know Genesis Moves $1.5 Billion Bitcoin […]
Recent market activities for Avalanche (AVAX) indicate that the bears have gained control over the market, pushing the cryptocurrency toward a critical price target of $21.73. With the bears dominating and market sentiment leaning heavily toward further declines, the $21.73 level has become a key point of interest for market participants. This analysis delves into AVAX’s current bearish trend by examining key technical indicators such as Moving Averages and the Moving Average Convergence Divergence (MACD). Additionally, it highlights the significance of the $21.73 support level and its potential impact on AVAX’s price movement As of the time of writing, AVAX’s price has decreased by 4.67%, trading at approximately $23.75 over the past 24 hours. The cryptocurrency has a market capitalization of $9 billion and a trading volume of $331 million. AVAX’s market cap has declined by 6.37% in the past day, while its trading volume has increased by 15.60%. Analyzing Recent Price Trends And Performance Of AVAX Avalanche has shown significant bearish strength, with multiple bearish candlesticks forming below the 4-hour 100-day Simple Moving Average (SMA). This indicates bearish dominance and suggests continued downward pressure, potentially leading to further declines toward $21.75. Also, on the 4-hour chart, both the signal line and the MACD line of the Moving Average Convergence Divergence (MACD) are trending below the zero line and are currently attempting to move into the oversold zone. This supports the potential for continued downward movement in AVAX’s price. Technical analysis on the 1-day chart reveals that AVAX has been on a bearish trajectory toward a critical support level at $21.75, marked by the formation of multiple bearish candlesticks. Furthermore, the crypto asset’s price is trading below the 100-day SMA, suggesting a bearish market sentiment. Looking at the 1-day chart, it can be observed that the Signal line has crossed below the MACD line and both have recently dropped below the zero line, which implies a continued bearish trend and indicates the chance for further price declines. Significance Of The $21.73 Support Level Assessing the significance of the $21.73 support level suggests that: If AVAX reaches this level, it might break through or consolidate and retrace. A successful break below could lead to further price decline, potentially driving the asset toward the $18.83 support level and beyond. However, if the price consolidates and retraces upward upon reaching the $21.73 support level, it will begin to climb toward the $30.34 resistance point. Should the price break through this range, it could lead to further gains, testing a higher resistance level at $37.29 and potentially increasing bullish sentiment. Featured image from Adobe Stock, chart from Tradingview.com
After briefly breaking the $3 trillion market capitalization mark in June, things have taken a negative turn for the world’s most valuable chipmaker.
After briefly breaking the $3 trillion market capitalization mark in June, things have taken a negative turn for the world’s most valuable chipmaker.
After briefly breaking the $3 trillion market capitalization mark in June, things have taken a negative turn for the world’s most valuable chipmaker.
Amidst this bearish market sentiment, traders and investors look at accumulating massive Ethereum (ETH) as it experienced a notable price drop. Today on August 3, 2024, an on-chain analytic firm lookonchain made a post on X that the smart trader with a 100% win rate purchased a notable 2,424 ETH worth $7.22 million. Smart trader …
Indeed, the Bitcoin price performance has been one of the high points in the crypto landscape in recent weeks. However, the premier cryptocurrency has not exactly made a dreamy start to the new month, sparking conversations about the coin’s history in August. Interestingly, a blockchain firm has indicated that it might not be all gloom […]
A crypto analyst predicts that the price of XRP, the native token of the XRP Ledger (XRPL) could witness a 1,000X rally soon. Despite the recent significant decline in the cryptocurrency’s price, the analyst remains confident in the future outlook of XRP. Related Reading: Crypto Analyst Warns That Bitcoin Could Crash To $42,000 If This Happens XRP Gears Up For 1,000X Surge A crypto analyst identified as ‘Mickle’ on X (formerly Twitter) has shared bullish insights on XRP’s future value, emphasizing the cryptocurrency’s potential to break out of bearish trends and witness a massive rally to new highs. During his video post, Mickle revealed that XRP could witness a substantial bullish surge of 1,000X soon. This means that the crypto analyst expects XRP’s price to rise from its current value of $0.57 to $570 in this bullish cycle. The analyst has based his ambitious predictions on a positive regulatory change in the United States. According to Mickle, the US is set to witness a massive political shift that could favor the industry by providing clear regulations for cryptocurrencies to prosper. As a result, prominent cryptocurrencies including XRP are poised for a major breakout. Mickle disclosed that the cryptocurrency community has endured an extremely hostile environment in the US, marked by numerous leading regulatory agencies taking seemingly aggressive enforcement actions against the industry. Despite these challenges, the analyst indicated that the crypto space has shown remarkable resilience and tenacity, emerging stronger after winning multiple court cases and successfully pushing for pro crypto legislation. Despite the recent decline in the price of XRP, Mickle continues to remain bullish, doubling down on his predictions in his most recent posts. According to the analyst, XRP’s price movement is currently in the process of finishing a massive formation similar to a symmetrical triangle pattern seen between 2013 to 2017. Mickle highlighted that during XRP’s triangle formation from 2013 to 2017, the cryptocurrency faced multiple declines and bearish sentiments. However, despite the downtrend, XRP experienced an unexpected surge, reaching new price levels. Based on this analysis, the crypto analyst suggests that XRP is currently in a similar bearish trend but with a bullish outlook ahead. He believes that if XRP successfully completes this symmetrical triangle pattern, it could potentially witness an exponential breakout to the upside. XRP Price Plummets Below $0.6 Earlier this week, XRP’s price was trading above the $0.6 mark, displaying a strong tendency to break out of bearish trends and continue its upward momentum. However, in the last 24 hours, the cryptocurrency has dipped by a massive 10%, presently trading at a price of $0.57. According to CoinMarketCap, XRP has also recorded a sharp decline of 4.2% over the past seven days. This unexpected price dip comes as the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) nears conclusion. Related Reading: ARB Market Plummets 14%, But New Developments Could Reverse The Trend Nevertheless, market intelligence platform, Santiment has revealed that when prominent cryptocurrencies like XRP, ETH, BTC, and others show low 7-day average trader returns, it suggests an increasing likelihood of a price rebound. Featured image from Seeking Alpha, chart from TradingView
The falling price of Bitcoin is affecting the whole crypto token ecosystem. Dogecoin has fallen by 19.66% this week. Even though it tried to give some bullish pump, it failed to rise. Multiple factors on the chart show there might be another fall incoming. Let’s explore why the chart is giving bearish signals. Bearish Signals …
As WazirX navigates a crisis, the firm faces the challenge of rebuilding trust with its user base and the broader crypto community.
As WazirX navigates this crisis, the firm faces the challenge of rebuilding trust with its user base and the broader crypto community.
As WazirX navigates this crisis, the firm faces the challenge of rebuilding trust with its user base and the broader crypto community.
Bitcoin offers a modest BTC price comeback after hurtling toward $60,000 in step with stocks worldwide.
Bitcoin offers a modest BTC price comeback after hurtling toward $60,000 in step with stocks worldwide.
Bitcoin offers a modest BTC price comeback after hurtling toward $60,000 in step with stocks worldwide.
At current the overall market appears a solid bearish, as top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced price falls of over 5.5%, 5.2%, and 10% respectively, in the last 24 hours. Amid this selling pressure, whale sell-off a significant 14.53 million of dogwifhat (WIF) tokens, as reported by an on-chain analytic …
On July 19th, WazirX experienced a significant security breach, resulting in the loss of over $230 million worth of cryptocurrency assets. WazirX To Distribute Losses Among Customers WazirX announced on Saturday a controversial solution of distributing the loss among all customers. In a blog post last week, WazirX said that it is navigating the situation …
Bybit, a well-known cryptocurrency exchange, said it would stop serving French users on August 2. This was a surprise move that shows how strict regulators are becoming. Related Reading: Worldcoin Under Fire Again: Unpacking The Latest Controversy The decision comes after the Autorité des Marchés Financiers (AMF), France’s financial watchdog, put more and more pressure […]
The Ethereum price has been under intense bearish pressure over the past few weeks, continuing in a downward spiral over the last seven-day period. This horrid run of form has persisted despite the recent launch of spot ETH ETFs. According to recent on-chain data, the price of the altcoin seems to be approaching a significant level. This recent price action begs the question — is the Ethereum price in make-or-break season? 1.7 Million Addresses Purchased ETH At $3,000 – Here’s The Relevance In a recent post on the X platform, market intelligence platform IntoTheBlock revealed that the price of Ethereum is currently on its way down to $3,000, which has proven to be a crucial support level in the past. The rationale behind this evaluation revolves around the average cost basis of several ETH investors. Related Reading: ‘Not All Hope Is Lost’: Crypto Analyst Weighs In On The Market’s Performance The above chart highlights the distribution of tokens around the current Ethereum price, according to data from IntoTheBlock. The size of the dots corresponds with the amount of tokens bought within a price range while reflecting the significance and strength of each level. As shown in the chart, there seems to be increased buying activity whenever the ETH price approaches the $2,913 – $3,000 zone, indicating the importance of the price range. Based on recent data from IntoTheBlock, more than 1.7 million addresses acquired ETH tokens in the price region just below $3,000. Consequently, the level of buying activity has led to the formation of critical support within this price bracket. IntoTheBlock noted in their post on X: As $ETH dips below, will we witness a surge in demand? Most investors are likely to defend their cost basis by purchasing more tokens should the Ethereum price fall to the $3,000 range. Meanwhile, fresh investors might look to acquire tokens at this level as it has been a historical turnaround point for the price of ETH. On the flip side, if the $3,000 price range fails to hold, then investors might see the “king of altcoins” continue its downturn to as low as $2,800. Considering the relatively lesser strength of this next support, the Ethereum price could fall further down to $2,600. Ethereum Price At A Glance As of this writing, the price of ETH stands at around $2,988, reflecting an almost 7% decline in the last 24 hours. This past-day performance underscores the cryptocurrency’s woes in the past week. According to data from CoinGecko, Ethereum is down by 9% in the last seven days. Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst Featured image from iStock, chart from TradingView
The Quarter Two of the Year 2024 was an eventful period for the crypto sector. During the period, the crypto market, especially the Bitcoin and Ethereum markets, witnessed several important events, capable of influencing market sentiment. Time to do an analysis to understand the Q2 price movements of the top two cryptos. Ready? Bitcoin and …
In an interesting move, the Bitcoin price dropped and formed bottoms close to $60,500 in the early trading hours. This has slashed the other altcoins, including Ethereum, which fell below $3000 and is trying hard to reclaim the levels. While the recovery can be expected to prevail for a long time, it also displays the …
In the latest development, on July 31, Senator officially introduced the Bitcoin Strategic Reserve bill which would direct the US government to start a reserve fund for the scarce decentralized asset. 2200 Letters Sent In 48 Hours! Over 2,200 letters were sent to United States senators in 48 hours urging them to co-sponsor and support …