Thailand Prime Minister Srettha Thavisin's shock removal from office by a court on Wednesday may not impact crypto rules in the nation, even if some policy implementations may be affected, experts told CoinDesk.
In a news that went widely unnoticed, Bitnomial Exchange, LLC, has self-certified a new futures contract for XRP with the Commodity Futures Trading Commission (CFTC) on August 9. The XRP US Dollar Futures contracts, or XUS, were scheduled to start trading yesterday, on August 13, 2024. However, the official website didn’t show any XRP Futures […]
An influx of $2.5 billion in stablecoins is anticipated to potentially drive a significant surge in the Bitcoin price, as detailed in a new report by Markus Thielen, a market researcher at 10x Research. Bitcoin Price Boost Is Incoming In his latest research note, Thielen explains the critical importance of monitoring and analyzing crypto money flows, which provide crucial insights into market conditions that can either accelerate or inhibit Bitcoin’s price movements. “Traders are often caught off guard by price crashes, overlooking the critical signals these flows offer. However, the inverse is also true; a sustained increase in money flows can drive higher prices, but many also miss these indicators,” Thielen writes. Related Reading: Bitcoin Price Action “Boring” Despite Rapid Accumulation: Is Something Big Cooking? The researcher explains that money flows can predict price movements in both directions. In April 2024, signaled a price correction as “broad money flows largely paused.” Thielen adds, “a resurgence in certain money flows helped lift prices as markets approached bottoms. The critical factor was monitoring the sustainability of these flows, as rallies often lost momentum without continued support.” The report highlights the most recent activities involving major stablecoin issuers. Thielen points out that last night, Tether minted $1 billion in USDT, categorizing it as an inventory build rather than immediate market issuance. This distinction is essential as it suggests a preparatory step for potential future market actions rather than immediate liquidity injection. Moreover, the researcher details an important observation regarding recent issuances by Tether and Circle, which cumulatively amount to nearly $2.8 billion. Thielen interprets this as a strong indication of institutional investors deploying fresh capital into the crypto market, which historically signals bullish conditions for Bitcoin. “If this trend of issuance (not just minting) continues, Bitcoin could see further gains,” remarks Thielen. Related Reading: Bitcoin And Altcoin Bull Run Will Return, Arthur Hayes Reveals Timeline Further supporting Thielen’s analysis, the on-chain analysis platform Lookonchain reported yesterday via X: “Tether Treasury minted 1B USDT on Ethereum again 20 mins ago. Over the past year, a total of 32B USDT has been minted by Tether Treasury!” Additionally, Lookonchain may have found a reason for the large issuance of new stablecoins. The firm found that substantial amounts of USDT flowed to Cumberland. They remarked, “In just 8 days, Cumberland has injected 1.04B USDT into the crypto market! An hour ago, Cumberland received 141.5M USDT from Tether Treasury again and transferred it to major exchanges such as Kraken, OKX, Binance, and Coinbase.” More Bullish Catalysts Crypto analyst Miles Deutscher delivered another reason to be bullish on Bitcoin via X. He noted the current market conditions resemble the multi-month consolidation from 2023, suggesting a potential end to this phase based on similar chart formations and a sharp decline in retail interest. “This feels eerily similar to August-October last year. Retail interest is evaporating fast (YT views have fallen off a cliff over the past week). Apathy amongst existing market participants. Lack of clear narratives (and the #Bitcoin price action looks identical too),” Deutscher stated. Charles Edwards, founder of Capriole Investments, added a macroeconomic perspective, noting the expansion of the global money supply as a historical driver for rising Bitcoin prices. “Global money supply is exploding up. Plus, we just broke out of a massive 4-year consolidation. What do you think this means for Bitcoin?” he posed rhetorically, suggesting a bullish outlook based on this factor. At press time, BTC traded at $60,853. Featured image created with DALL.E, chart from TradingView.com
On-chain data suggests that Bitcoin miners would be under pressure right now as the price is quite close to the baseline for these chain validators. Bitcoin Difficulty Regression Model Puts Mining Cost At $57,200 In a new post on X, analyst Checkmate talked about the current situation of Bitcoin miners. The analyst referred to the […]
The large funding round was led by Pantera Capital, Binance Labs and Polychain Capital and included participation from Samsung, Matrix Partners, Foresight Ventures and others.
The Open Network Ventures, founded by former TON Foundation leaders, has launched a $40 million fund to back early-stage crypto projects within the TON ecosystem.
If the Fed signals a rate cut, as CME data strongly suggests, crypto traders may quickly deploy their stablecoin reserves to drive a market rally.
The crypto markets are experiencing a roller coaster ride as, after a small upswing, the Bitcoin price has again begun to consolidate as the bulls fall short of strength. In the meantime, the prices of altcoins like Toncoin (TON) and Notcoin (NOT) are not only holding support but are also maintaining a steep ascending trend. …
The latest price moves in bitcoin (BTC) and crypto markets in context for Aug. 14, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The Circle CEO cited prior bi-partisan work on stablecoin legislation and FIT21 as proof crypto doesn't belong to a particular political party
WazirX has revealed plans to transfer the remaining crypto funds from Liminal to new multi-sig wallets. This has been taken to add to the level of protection of assets after the July 18 $230 million hack. Even so, WazirX’s interfaces and systems are considered safe; Liminal’s, however, are an issue in the aftermath of the …
Bitcoin (BTC) miners are expanding their capacity again as the network hash rate reached a fresh all-time high this week following a capitulation event. The network hash rate set a new record of 627 exahash per second on Tuesday. Such expansion comes despite a recent drop in bitcoin prices and record-low hash price. Bitcoin daily …
Ethereum's projected price surge in 2024 could significantly enhance its role in decentralized finance, despite mixed ETF sentiment.
The post Analysts forecast Ethereum to reach $6,000 in 2024 appeared first on Crypto Briefing.
Recently, a panel set by the British Columbia Securities Commission (BCSC) found crypto exchange ezBtc responsible of defrauding users of CAD 13 million in Bitcoin (BTC) and Ether (ETH) between 2016 and 2029. The exchange’s founder misappropriated the funds and caused “actual loss” to investors. Related Reading: $365 Million Crypto Scam: South Korean CEO Indicted […]
The viral application allows anyone to issue a token on the Solana blockchain. It recently dropped a fee it charged for doing so, leading to thousands of “rugs” being created and attracting a spike in complaints.
Despite the recent decline, Bitcoin is seeing an interesting shift in investor behavior, with analysts like Crypto Tony betting on possible bullish momentum in the near future. Though the market is still highly unpredictable, a tendency for consolidation and holding on to gains is slowly showing up. Related Reading: Helium (HNT) Surges 48% — Here’s What’s Fueling The Rally Crypto Tony recently commented that a break above could show the beginning of a new uptrend, referring to $58,300 as the key resistance level. The most recent data from Glassnode makes a move in this direction, which indicates that though the price of Bitcoin remains highly unstable, key players may be preparing for a new phase of accumulation. This comes after a spell of distribution that has been going on for several periods to wallets of all sizes. Following the all-time high of bitcoin back in March, investors sold their holdings for quite a while. However, it now appears that this trend is reversing and for the larger wallets often affiliated with exchange-traded funds. Major entities seem to once again start hoarding Bitcoin en masse—a potentially optimistic sign for the crypto’s future. Bitcoin Long-Term Owners Change Course The behavior of long-term holders is also changing course. LTHs are showing a renewed propensity to hang onto their assets after selling during the ATH run-up. In the past three months alone, more than 374,000 BTC have changed into LTH status. That means a large portion of investors are choosing to hold rather than sell, and it might just be the development to prop Bitcoin’s price in the upcoming months. Bitcoin accumulation now sits at 1.0 of the Accumulation Trend Score (ATS), which measures the weighted balance globally—thanks to high buying in the past month, particularly from long-term holders. These holders were previously in a so-called “phase distribution”; it seems things have changed. Their newfound interest in Bitcoin holdings could mean that confidence in the market is rising. Spot Price Continues To Be Above Critical Level Another positive is that the current price of bitcoin has continued to remain above the Active Investor Cost Basis (AICB). This measure for active coins indicates the average purchase cost. On a spot basis, remaining above this level does appear to be a strong indication of the market, even considering the aggressive distribution from April to July. It seems that investors are riding the brisk momentum that may shortly ensue and are preparing for an upward trend. $BTC / $USD – Update Weekly above $58,300 is the main goal for the bulls this week. Could provide a good base if we get it pic.twitter.com/CeSUHqDmSa — Crypto Tony (@CryptoTony__) August 13, 2024 Key Long-Term Level Of Resistance To Watch From a macro perspective, Bitcoin approaches a make-or-break level. Analysts have called $58,300 as a key level to watch. Crypto Tony commented that if Bitcoin were able to close above this resistance, it would be the start of something more interesting. In other words, this resistance level would present itself as an important obstacle to overcome, and if it does, tremendous buying pressure would likely ensue. Related Reading: Celestia (TIA) Gains 14% Following Network Upgrade Announcement It’s also important to keep an eye on whale activity across the market. After all, massive trades from these larger investors can easily create large changes in the market. As Bitcoin nears the $58,300 level, activities from these whales could prove to be very important in determining the next trend. Featured image from Pexels, chart from TradingView
The new offering will allow MetaMask users to purchase directly from their self-custodial crypto wallet.
The TON ecosystem, originally started by Telegram, has seen explosive growth lately with web3 games such as Hamster Kombat attracting many millions of users.
Bitpanda has issued a critical alert to its users and the broader crypto community, warning them about an increase in SMS-based phishing and scam attempts targeting user accounts. In a recent post, Bitpanda warns crypto users to beware of fraudulent scam messages, adding it will never ask users to call or send funds anywhere. Bitpanda …
The HKMA collaborates with Cyberport to launch a generative AI sandbox, targeting fintech innovations in finance.
dYdX announces updates to its chain, including a master liquidity pool that will provide liquidity for all markets across its network.
The tokenization of real estate in Lagos State has the potential to transform the property market, making it more accessible to a wider range of investors.
The Bitcoin (BTC) price has broken free from its recent consolidation phase, breaching the $60,000 mark and setting its sights on critical resistance levels essential for propelling the cryptocurrency to new all-time highs (ATHs). This surge comes amid emerging bullish momentum in the world’s largest digital asset. However, the key to continuing this breakout is the influential role of Tether (USDT), the largest stablecoin in the crypto ecosystem. USDT Minting Could Propel Bitcoin Beyond $73,700? According to technical analysts, such as Doctor Profit, the continuous minting of USDT by its issuer could be the decisive factor that pushes Bitcoin to surpass its previous record high of $73,700 reached in March this year. Related Reading: Cardano Is Not ‘Dead’: Crypto Analyst Predicts Surge To $5 In a recent social media post, Doctor Profit highlighted the significance of Tether’s activities in the current Bitcoin price dynamics. Despite Bitcoin’s consolidation below the $60,000 mark over the past 48 hours, Doctor Profit noted that Tether has continued to print more USDT, with its market capitalization increasing by 13.6% since Bitcoin’s all-time high in March. “Usually, Tether market cap needs to drop in a bear market or strong correction,” Doctor Profit observed. “However, this move indicates that Tether is heavily printing during this sideways period for the next leg up. We now have $15 billion worth of USDT that has not been injected into the markets yet.” The analyst further pointed out that just today, an additional $1 billion in USDT was minted, suggesting that the crypto market seems to be ignoring this “bullish fact.” Doctor Profit concluded that Tether will ultimately “decide when to send BTC to a new ATH.” Inflation And CME Gaps Echoing this bullish analysis, crypto analyst Ali Martinez also noted that Bitcoin forms a symmetrical triangle pattern on the lower time frames. According to Martinez, a daily close outside the $59,000 range seen in the past 48 hours could trigger a spike of up to 4.8% for BTC. Currently, BTC is trading at $61,350, up only 2.8% in the last hours of Tuesday’s trading session. Adding to the bullish momentum, the latest Producer Price Index (PPI) data in the United States has come in lower than expected, suggesting that inflationary pressures may be easing more than anticipated. This, in turn, could influence the Federal Reserve’s decisions on interest rates, potentially leading to rate cuts that could ultimately benefit crypto assets. Related Reading: Strong Bearish Signal Appears In Solana Chart, Where Is Price Headed Next? Another analyst, Rekt Capital, also remains optimistic about Bitcoin’s recent price action, noting that the cryptocurrency’s most recent rebound has allowed it to re-fill the CME Gaps that were previously placed between $59,400 and $62,550. Rekt believes that building a support base within these CME gaps is crucial to establishing a bullish directional bias. It remains to be seen if these bullish signs can be sustained in the coming days and how high the BTC price can go. Featured image from DALL-E, chart from TradingView.com
In the aftermath of the recent market crash, crypto ETF products proved to be key in steering the course of the overall market recovery. After a sharp drop in total assets under management (AuM) to $75 billion following the carnage on August 5, the total rebounded significantly to $85 billion, effectively recouping over $20 billion […]
The EOF proposal is a series of smaller EIPs that include measures aimed at updating and improving the Ethereum Virtual Machine (EVM), the programming environment that executes smart contracts on the blockchain, and arguably Ethereum’s secret sauce that made it different from Bitcoin and other early distributed networks at the time it launched in 2015.
ASIC claims that ASX's updates in 2022 saying the project was "on-track for go-live" and "progressing well" were misleading and deceptive.
Crypto.com's sponsorship of the Champions League will be unveiled officially at Wednesday's UEFA Super Cup match between Real Madrid and Atalanta in Warsaw.
Connecting with sports fans has accounted for at least 100 million new users on Crypto.com, according to the firm’s CMO.
Indian cryptocurrency exchange WazirX, which suffered a $230 million exploit in July, is ending its relationship with custody provider Liminal.