The XRP price has been experiencing notable movements since the last week of July, closely linked to updates about a potential settlement between the SEC and Ripple. This anticipation has significantly influenced XRP’s market performance, causing a remarkable surge in its price as it skyrocketed from $0.599 to $0.655 in just a matter of hours. Although the price has since corrected, this rapid increase has once again highlighted XRP’s potential and its ability to draw substantial investor interest. According to a crypto analyst, XRP is just waiting to break out of a symmetrical triangle in which it has consolidated for years. A breakout of the triangle would mean intense, full, bullish pressure on the price of XRP. XRP To Breakout Of Symmetrical Triangle The analysis of the XRP price movement, recently shared on the social media platform X by the prominent crypto analyst Ali Martinez, has captured significant attention. Martinez’s detailed examination reveals that the XRP pri has been consolidating within a symmetrical triangle pattern for the past six years. According to the monthly candlestick XRP price chart he posted, this consolidation phase began after XRP reached its all-time high of $3.40 during the early 2018 bull market, which triggered a bearish run until it bottomed out at $0.11 in 2020. Since then, XRP’s price has been characterized by a series of lower highs and higher lows, which has resulted in the formation of the symmetrical triangle pattern observed by Martinez. Symmetrical triangle patterns typically indicate periods of consolidation before a significant price movement. For XRP, this period of consolidation has been notably prolonged, extending beyond the usual timeframe expected for such patterns. This extended consolidation has been further exacerbated by Ripple’s legal issues with the SEC, which have stunted the crypto’s price since December 2020. A breakout from this symmetrical triangle would signal the beginning of intense bullish pressure on XRP’s price, potentially leading to a substantial upward trend. Martinez highlights that the critical breakout point for XRP is around $0.90. He suggests that surpassing this level could be the catalyst for a substantial upward trend. In his own words, “A bullish breakout could occur if #XRP surpasses $0.90.” XRP Price Rally to $1? The XRP price has increasingly been in the spotlight in the past year as the Ripple-SEC lawsuit seems to be drawing to a close. This increase in activity has seen the cryptocurrency inch closer to the breakout level of $0.90. On-chain data provides further insights into the growing optimism around XRP’s future performance. Many investors are anticipating a bullish run for XRP and are already positioning themselves accordingly. According to data from Santiment, there has been a notable increase in shark and whale wallets over the past five weeks. These wallets, which hold at least 10,000 XRP each, have seen a significant uptick. Wallets falling into this category are now around 279,400 addresses, which suggests increased accumulation. Featured image created with Dall.E, chart from Tradingview.com
Positive sentiments around XRP have increased lately due to its recent upward bullish momentum, garnering several audacious predictions from cryptocurrency analysts about the digital asset’s next trajectory on the upside. However, market expert and enthusiast, Crypto Michael, has brushed off the idea that XRP would rise 300 times its current price level, noting that such […]
The ongoing crypto correction triggered by the high-impact news on Wednesday has not spared Ripple Labs-backed XRP in the past 24 hours. The large-cap altcoin, with a fully diluted valuation of about $60 billion and a daily average traded volume of around $2 billion, dropped nearly 8 percent in the last 24 hours to trade …
Coinbase has marked its third consecutive quarter in the black, with its net revenue and trading volumes jumping 108% and 145%, respectively, from the prior year.
Flux is an advanced, open-source text-to-image model with 12 billion parameters. We compare it to three top contenders, and one comes out on top.
Regulated spot Bitcoin ETFs (exchange-traded funds) in the United States have seen a resurgence in inflows following significant selling pressure over the past two months that sent the largest cryptocurrency on the market to a 6-month low of $53,500 on July 5. Bitcoin ETFs And Institutions Now Control 9% Of Total Supply Data from analytics providers SoSo Value and Ecoinmetrics show that Bitcoin ETFs have been consistently accumulating BTC in their holdings, despite a brief dip in inflows at the start of June. However, since July 1st, inflows have resumed at an accelerated pace, surpassing the averages recorded over the previous two months. Specifically, on July 31st, the Bitcoin spot ETF saw a net inflow of $298 million, while the Grayscale mini ETF BTC had a net inflow of $17.99 million. Additionally, the BlackRock ETF IBIT recorded an inflow of $20.99 million. Related Reading: Hoskinson Claims Cardano Will Flip Bitcoin As Leading Crypto According to data from data analytics firm Ecoinmetrics, Bitcoin ETFs have added nearly 300,000 BTC to their holdings since their approval by the US Securities and Exchange Commission (SEC) January 2023. While the pace of accumulation has slowed from earlier this year, the consistent inflows, even during periods of price stagnation, are a testament to the persistent institutional demand for the leading cryptocurrency, according to the firm. In total, institutions now control nearly 9% of the entire Bitcoin supply, with ETFs and ETF-like products accounting for approximately 5.2% of the total. Public companies hold another 1.6%, while private companies account for at least 2% of the BTC supply. Sentiment Soars To Highest Level Since May Despite Bitcoin’s inability to surpass the $69,000 resistance level in its latest uptrend and a recent retrace of over 5% in the past 24 hours, the overall sentiment toward the leading cryptocurrency appears to be turning increasingly bullish. According to market intelligence platform Santiment, the level of bullish commentary on Bitcoin this week has reached its highest point since the week of May 15. This suggests that many in the crypto crowd believe that the Bitcoin price is poised to reach the $70,000 milestone soon. Corroborating this sentiment, crypto analyst Ali Martinez has noted that top traders on the Binance exchange are currently buying the Bitcoin dip, with nearly 70% of them going long on BTC, according to on-chain data. Related Reading: Chainlink At Risk: Key Indicators Signal Further Losses To $12 However, the cryptocurrency’s short-term price action remains a cause for concern as if Bitcoin fails to close the day above the $64,200 mark, which corresponds to its 200-day exponential moving average (EMA), it could spell trouble for the asset’s near term price action. As can be seen on the daily BTC/USDT chart below, marked by the thick yellow line, the 200-day EMA has historically acted as a strong support level for Bitcoin, but whenever the price has traded below this indicator, it has also acted as a notable resistance wall. At the time of writing, BTC was trading at $62,830, erasing most of its gains from last month, as the cryptocurrency is up just 1.6% in the 30-day timeframe. Featured image from DALL-E, chart from TradingView.com
A crypto analyst has unveiled a new price target for Shiba Inu (SHIB) price, the second-largest meme coin by market cap. While highlighting Shiba Inu’s immense growth potential, the analyst placed a significant condition on his ambitious price forecast, stating that if Bitcoin reaches $3 million per coin, SHIB could rise to a multi-trillion dollar […]
Backlash to WasirX’s “socialized loss” strategy, Philippines wants Binance off app store, Japan’s metaverse plan for shut-ins. Asia Express.
In a new policy update, Google will demote and filter search results for websites with illicit AI-generated images.
Analyzing Bitcoin and fiat trading pairs on centralized exchanges often reveals performance disparities that remain invisible when focusing on global or average prices. It shows how liquidity, geopolitical and economic concerns, and market sentiment affect performance. Looking at the year-to-date (YTD) performance of dominant fiat pairs, we can see that BTCARS has seen an impressive […]
The post Bitcoin fiat pair performance highlights economic and political challenges appeared first on CryptoSlate.
Amid the continuous blend of bulls and bears from Bitcoin in recent months, Trading Guru Peter Brandt has shared in his latest post a worrisome pattern observed on the Bitcoin price chart. According to Brandt, Bitcoin appears to be on a downward trend. The legendary trader said in a recent post on Elon Musk’s social media platform X: “The series of lower highs and lower lows continues.” What Are the Implications Of This Pattern Notably, the consistent lower highs and lows as observed by Brant might just be an indicator to a cooling of the recent bullish fervor. Since Bitcoin has hit a peak above $73,000 in March, the asset has been unable to reclaim this all-time high. Related Reading: Is Bitcoin Poised for a September Price Surge? What Traders Need to Know Particularly, whenever BTC attempts to rally, moving closer to its March peak, the asset only appears to hit a ceiling at the $70,000 region and then trade lower than the previous swing low. This pattern of consecutive lower highs and lower lows is traditionally seen as indicative of a bearish trend at play. While Brandt’s post can be seen as quite insightful, the comment section of the post suggests that is not the type of insights many are looking for. Scrolling through the comments, Brandt faced criticism for this highlighted pattern. An X user specifically pointed out perceived inconsistencies in Brandt’s bullishness for Bitcoin, citing previous comments made by Brandt that were more optimistic. WTH @PeterLBrandt you were bullish a week ago saying how great the chart looked!! — Jordan Wirsz (@JordanWirsz) August 1, 2024 Regardless, other prominent figures in the crypto space were more candid with their comments. Willy Woo, for instance, weighed in on the discussion, noting: That’s the thing with short term markets, you never know if the “lower high” was in fact the lower high before the next rebound or in fact it really printed, you only know with sufficient hindsight. What’s Behind The Current Bitcoin Downtrend? Meanwhile, Bitcoin is facing bearish pressure. The asset has fallen by 5.1% in the past 24 hours to trade below $63,000 at a price of $62,901 at the time of writing. This decline has erased more than $50 billion from its market cap in just the past day alone. Interestingly, despite this bearish performance, Bitcoin’s trading volume has surged over the same period from $24 billion yesterday to $28 billion as of today. Related Reading: Bitwise CIO On Bitcoin: ‘We’re Not Bullish Enough’ – Here’s Why According to a CryptoQuant author on the QuickTake platform, the current plunge in Bitcoin is caused by the movements in age band in which large sum of BTC been held for years has moved since the asset touched the $70,000 mark recently. Despite this selling pressure, the analyst noted: We are very close to a recovery, but it seems like it will take a bit more time. I strongly recommend checking the age bands to monitor potential liquidity and sales. Featured image created with DALL-E, Chart from TradingView
ByBit has been at odds with the Autorité des Marchés Financiers (AMF) since 2022 when the regulator blacklisted the exchange.
Bitcoin bulls have had a torrid week. Looking at the price action in the daily chart, not only is the coin down roughly 7% after breaching $70,000 early this week, but cracks are beginning to form. Overall, optimistic traders maintain that the uptrend remains, considering the sharp expansion between July 14 and 21. However, since […]
A flash crash in Bitcoin price on shorter timeframes induces panic among leveraged long traders, but analysts believe it’s a short-term pullback.
MicroStrategy posted a net loss of $123 million for the second quarter, an improvement from the $137 million loss in the previous quarter. The company narrowed its quarterly losses on the back of lower impairment losses and a strategic increase in Bitcoin holdings, which now total 226,500 BTC. Following the earnings announcement, MicroStrategy’s stock climbed […]
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Block’s Bitcoin revenue exceeded $2.61 billion during the second quarter of 2024, contributing to a total net revenue of $6.16 billion for the period.
The bill received strong support in the General Assembly. Now, the state Senate will consider overturning the veto.
Coinbase's mixed Q2 results highlight the volatility of the crypto market and underscore the growing importance of regulatory clarity for the industry.
The post Coinbase reports $1.4B Q2 revenue, beating estimates despite lower profits appeared first on Crypto Briefing.
MicroStrategy Incorporated has just released its Q2 2024 performance report. The reports show that the company has significantly increased its Bitcoin holdings. However, it is facing substantial financial losses. Let’s dive into the latest updates. Huge Bitcoin Accumulation In Q2 2024, MicroStrategy acquired a total of 12,222 bitcoins for $805.2 million. This increased its total …
This is the first time Google’s taken the top slot on the Chatbot Arena leaderboard.
Coinbase quarterly transaction revenue was $781 million, down 27% from the first three months of 2024.
On-chain data shows a particular Bitcoin whale who accumulated almost $400 million between July 30 and 31. This whale is believed to have purchased the flagship crypto, having seen an opportunity to profit massively thanks to Bitcoin’s recent price action. Bitcoin Whale Purchases Almost $400 Million Worth Of BTC On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance in the past two days. This purchase suggests the whale anticipates higher prices from the flagship crypto soon enough and is looking to profit from such a price rally when the time comes. Interestingly, this purchase comes amid a decline in Bitcoin’s price, meaning that the whale sees this as a ‘buy the dip’ opportunity. Bitcoin dropped to as low as $63,500 on July 31, having rebounded to almost $70,000 days ago. This price drop can be attributed to several factors, including concerns over reports that Iran had ordered a retaliatory attack against Israel for killing Hamas leader Ismail Haniyeh in Tehran. The Federal Open Market Committee (FOMC) meeting was held on July 31, and the Federal Reserve left interest rates unchanged. Fed Chair Jerome Powell also said little to suggest that an interest rate cut could come in September, another factor contributing to Bitcoin’s recent decline. Despite its recent decline, Bitcoin is expected to enjoy another rebound soon enough and possibly break above the $70,000 range on its next leg up and rise to an all-time high (ATH). Crypto analyst Michael van de Poppe recently mentioned that Bitcoin looks good to continue toward a new ATH next month as long as the flagship crypto stays above $60,000 to $62,000. Whales Heavily Accumulated BTC In July Data from the market intelligence platform IntoTheBlock shows that Bitcoin whales, holding at least 0.1% of BTC’s circulating supply, bought over 84,000 BTC in July. This represents these whales’ largest monthly wave of Bitcoin accumulation since October 2014. These investors looked to take advantage of the price dips that Bitcoin suffered in July. Bitcoin’s price crashes in June extended into the beginning of July, as the flagship crypto dropped to as low as $55,000. However, this BTC accumulation from these whales paid off, as the crypto token enjoyed a massive rebound in the latter parts of July and a monthly close in the green. These whales will still hope Bitcoin can record more impressive gains in August. Data from Cryptorank shows that Bitcoin has historically not enjoyed the best price action in August, ending the month in the red on eight occasions since 2011. At the time of writing, Bitcoin is trading at around $64,400, down almost 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin’s price continues to correct, but BTC options markets reflect traders’ interest in the $62,000 level.
On August 2, 2024, Michael Saylor the founder and chairman of MicroStrategy announced that they have added a 169 Bitcoin (BTC) worth $11.4 million in July 2024. With this decent acquisition, MicroStrategy now holds a massive 226,500 BTC worth $8.3 billion. In July, @MicroStrategy acquired an additional 169 BTC for $11.4 million and now holds …
Coinbase reported total revenue of $1.449 billion for the second quarter, beating the market consensus estimate of $1.396 billion. Its total income for the same period last year was $674.1 million. Meanwhile, the exchange’s net income for the period was $36 million, compared to a net loss of $97 million in 2023. EPS for the […]
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According to researcher Tom Wan, tokenized United States Treasury funds could see $3 billion in capital investment by the end of 2024.
RippleX, the developer arm of Ripple, is partnering with OpenEden Labs to introduce tokenized US Treasury bills (T-bills) to the XRP Ledger (XRPL), according to an official press release from August 1. OpenEden Labs is a tokenization platform and announced the launch of its TBILL tokens, which are backed by short-dated US T-bills and reverse […]
After millions of funds were lost in crypto in the month of July, the start of a new month brought a new hack to the crypto community. In a shocking event, decentralized finance protocol- Convergence got exploited out of $210,000. This has seriously rattled the crypto community.Let’s explore how this attack happened and what impact …
Monthly dividends continue to climb, as the tokenized fund has paid out more than $7 million since launch.
This edition of Cointelegraph’s VC Roundup features Pichi Finance, Sybill, Hyperbolic, Raad Labs, and zkLink.