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  • The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April?

    The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April?

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    The cryptocurrency market has undergone a substantial downturn, with many of the top 100 cryptocurrencies experiencing sharp price drops. Bitcoin, the leading digital asset, hit a low of $61,600 on Tuesday. 

    However, industry experts suggest a potential rebound to higher highs may be on the horizon as the highly anticipated Halving event draws near. 

    Adrian Zduńczyk, a crypto trader and technical analyst, provides valuable insights into the market dynamics, highlighting key factors such as bull market indicators, ETFs, and the imminent Halving event.

    Mixed Signals For BTC

    According to Zduńczyk’s analysis, the market exhibits bullish signs, with the 200-week and 50-week moving averages (MAs) at $33,700  and $39,900, respectively. 

    The Net Unrealized Profit/Loss (NUPL) ratio is 0.55, indicating a favorable trading environment. Additionally, the 7-week correlation with the S&P 500 (SPX) remains firm at 0.71. 

    In terms of daily trends, Zduńczyk notes that Bitcoin is currently in a choppy range between $59,000 and $74,000, with the 200-day Simple Moving Average (SMA) rising at $46,600 and the 200-day Bitcoin Production Cost (BPRO) rising at $57,700. 

    However, the analyst notes that the medium-term momentum is declining, and the 50-day Average True Range (ATR) volatility has increased to $3270. This suggests that Bitcoin’s overall price trend is losing strength or momentum in the medium-term timeframe.

    Bitcoin Aims For $86,500

    Zduńczyk highlights the market sentiment. The Fear & Greed Index is at 65, indicating a state of greed among market participants. The analyst notes that the current phase of the market cycle is characterized by belief. 

    Moreover, miners are still profitable at prices above $41,800, and as mining difficulty rises post-Halving, a price spike is expected. 

    Notably, previous Halving events have triggered substantial price rallies, with Bitcoin experiencing significant gains of 90X, 30X, and 7X. Importantly, Bitcoin has never returned to Halving prices after these rallies.

    Examining seasonality trends, the monthly opening price for April stands at $71,000, suggesting a positive outlook for the month. The average gain for April is estimated at 21.95%, implying an end-of-month target of $86,500, according to Zduńczyk. 

    Moreover, the period from April 16 to 30 has historically seen average gains of 14.69%, further reinforcing positive expectations and further price gains for BTC during the upcoming weeks. According to Zduńczyk, this timeframe could attract investors seeking to buy the dip. 

    The 1-D chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com

    Despite the overall positive outlook, BTC is trading at $62,600, reflecting a consistent decline over the past month. In the last 30 days, BTC has experienced a 9% drop from its mid-March all-time high of $73,700.

    Moreover, in its quest for new highs and surpassing the $80,000 threshold, BTC has encountered a significant obstacle at the $70,000 level. Despite surpassing its all-time high, BTC has struggled to consolidate above this level for over a week.

    Nonetheless, as emphasized by Zduńczyk, the potential synergy between the success of the ETF market in the United States and the upcoming Halving event may hold the key to revitalizing BTC’s price trajectory. 

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • ‘We Sold Everything Last Night’, Reveals Crypto Research Firm

    ‘We Sold Everything Last Night’, Reveals Crypto Research Firm

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    Markus Thielen of 10x Research unveiled a significant shift in his crypto strategy in response to mounting financial pressures and market instability, as detailed in an investor note released earlier today. Thielen, an influential figure in the analysis sector, cited a concerning outlook on risk assets, which encompasses both technology stocks and cryptocurrencies, primarily driven by unanticipated and ongoing inflation rates.

    According to projections from Bank of America, US CPI headline inflation is expected to reach 4.8% by the November 2024 election. Over the past three months, month-over-month CPI inflation has averaged 0.4%. An acceleration at this speed would mean the rate is more than twice the Federal Reserve’s inflation target of 2% by November.

    Why 10x Research Sold (Almost) All Crypto And Risk Assets

    In light of this, 10x Research’s decision to divest from risky assets was catalyzed by an adverse shift in economic indicators. Notably, the US bond market is currently projecting fewer than three Federal Reserve rate cuts this year, a significant adjustment from earlier more optimistic forecasts. According to the CME FedWatch tool, the majority of market participants now think that a rate cut by the Fed will not come before the mid-September FOMC meeting.

    CME FedWatch tool probabilities | Source: CME

    Additionally, the 10-year Treasury Yields have reached a peak of 4.61% this month, marking the highest rate since November 2023, further complicating the investment landscape for risk assets including technology stocks and cryptocurrencies.

    “Our growing concern is that risk assets are teetering on the edge of a significant price correction,” Thielen stated in the note. “We sold all our tech stocks last night as the Nasdaq is trading very poorly and reacting to the higher bond yield. We only hold a few high-conviction crypto coins. Overall, we are bearish on risk assets.”

    The bearish stance is further supported by the disappointing performance of US-listed spot Bitcoin ETFs. Despite the SEC’s approval of nearly a dozen such ETFs in January, which initially spurred a surge in Bitcoin prices, the influx of capital has markedly slowed. This month, the five-day average net inflows into these ETFs plummeted to zero, a stark contrast to the nearly $12 billion that flowed into these investment vehicles earlier in the year.

    Thielen’s comments also touched on the broader implications of the upcoming Bitcoin network’s quadrennial halving, scheduled for April 20. This event will reduce the reward for mining a block of Bitcoin by 50%, from 6.25 BTC to 3.125 BTC. While such halvings have historically spurred bullish sentiment and price increases due to a perceived scarcity of Bitcoin, Thielen suggests that the current market conditions might dampen any potential rallies.

    “It is essential to understand that trading is a continuous game with high-conviction opportunities. The key is to keep analyzing the markets and uncovering those opportunities when the odds are in your favor. There are times when we advocate for a total risk-on approach and when the priority is safeguarding your capital, enabling you to seize opportunities at lower levels,” Thielen stated.

    In a notable exchange with Matthew Graham of Ryze Labs, Thielen defended his firm’s trading strategy amid criticism for what was described as erratic decision-making. Graham pointed to recent fluctuations in 10x Research’s stance on Bitcoin, citing a research note from early April that predicted a potential rally to $80,000, followed by a more cautious view and the recent sell-off.

    Thielen responded, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss. This is simply risk-reward trading.” This defense highlights the volatile nature of crypto trading and the necessity for agile strategies in response to rapidly changing market conditions.

    Thielen concluded, promising a strong re-entry into the market under more favorable conditions: “Will buy back with both hands at 52,000 – promise.”

    At press time, BTC traded at $63,045.

    Bitcoin price
    BTC price, 4-hour chart | Source: BTCUSD on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • Lost Treasure Found? Bitcoin Miner Transfers Over $3 Million BTC After 14-Year Dormancy

    Lost Treasure Found? Bitcoin Miner Transfers Over $3 Million BTC After 14-Year Dormancy

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    According to the on-chain analysis platform Lookonchian, a long-dormant Bitcoin (BTC) wallet dating back to April 2010, recently transferred 50 BTC, equivalent to $3.328 million.

    Unraveling The Transaction: An Exploration of Potential Motives

    As reported by Lookonchian, 50 BTC mined over 14 years ago, when each block reward was 50 BTC, was divided into two transactions: 17 BTC ($1.1 million) for one wallet and 33 BTC ($2.2 million) for another.

    The recipient wallet receiving 17 BTC has shown patterns of frequent transactions, possibly indicating its association with a cryptocurrency exchange, particularly Coinbase.

    The analysis further reveals that the Bitcoin sent to this wallet was subsequently merged with funds from other wallets associated with Coinbase, suggesting a possible deposit into the exchange.

    On the other hand, the remaining 33 BTC were transferred to a new wallet. This could indicate that this Bitcoin may have effectively remained within the miner’s control but under a new address, a common practice to enhance transaction privacy.

    Bitcoin Recovery Amid Impending Halving

    This recent activity coincides with Bitcoin’s rebound following a sharp decline that saw its price plummet from over $70,000 to $62,000 over the weekend. However, at the time of writing, Bitcoin is trading at $64,109, marking a 0.5% increase in value over the past 24 hours.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    This surge in price comes amidst anticipation of the upcoming Bitcoin Halving scheduled to take place in the next 5 days on April 20.

    Notably, the Bitcoin Halving is a programmed event that occurs approximately every four years or after every 210,000 blocks are mined. Bitcoin miners’ reward for validating transactions and securing the network is cut in half during this event.

    When Bitcoin was launched in 2009, the reward was initially set at 50 BTC per block. However, the reward has been halved, reducing the rate at which new BTC is created. This adjustment is designed to control the supply of Bitcoin, making it more scarce over time and ultimately contributing to its deflationary nature.

    Furthermore, recent reports indicate that BTC miners could face losses exceeding $10 billion due to the upcoming Halving event. As Bloomberg reported, this loss could result from several factors, including miners facing intensified competition from AI companies.

    Core Scientific CEO Adam Sullivan noted the tightening availability of power in the US, driven partly by tech giants like Amazon investing heavily in data centers. This competition for resources presents further obstacles for miners seeking affordable power contracts.

    Featured image from Unsplash, Chart from TradinView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000

    Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000

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    There’s no denying the launch of Spot Bitcoin ETFs has done wonders for the price of Bitcoin and other cryptocurrencies in general. These ETFs have now unlocked institutional demand into the world’s largest crypto asset to change the dynamics ahead of the next halving. On the other hand, recent tensions between Iran and Israel have seen Bitcoin falling to as low as $61,000 in the past 24 hours to undo weeks of price increases. 

    Bitcoin ETF Wallets Now Whale Addresses

    The institutional demand for Bitcoin has been ramping up since the beginning of the year from the issuers of the various Spot Bitcoin ETFs. These fund providers have been scooping up Bitcoin left and right, now holding 4.27% of the total BTC supply, as noted by on-chain analytics platform IntoTheBlock.

    These whale wallets have now joined an extensive list of whales on the Bitcoin network who collectively own 11% of the total circulating supply.

    It is noteworthy to mention that BlackRock’s IBIT and Fidelity’s FBTC ETFs have positioned themselves as the lead of the pack. According to data from BitMEX Research, these two spot ETFs now hold 405,749 BTC at the close of the trading session on April 12. 

    This surge of institutional money has fueled Bitcoin’s meteoric rise to a new all-time high of $73,737 and underscored its potential as a mainstream asset class. However, a brewing conflict between Iran and Israel seems to be undoing months of this price increase. Particularly, Bitcoin has seen a noteworthy drop to $61,000 from $67,800 in the past 24 hours. 

    Fundamentals, however, point to this price drop being temporary and the crypto is already reversing the majority of this loss. At the time of writing, Bitcoin is trading below the $65,000 price mark.

    Bitcoin is now trading at $64.330. Chart: TradingView

    Changing Halving Dynamics

    One of such fundamentals pointing to a steady Bitcoin price increase in the coming months is the approaching Bitcoin halving. Investors are steadily approaching the outcome of this halving, with the Bitcoin blockchain now less than 1,000 blocks to the next event.

    Past halvings on their own have led to a price increase for Bitcoin in the days post-halving. Bitcoin went on a surge of over 7,000% in the months after the first halving in 2012. The halving in July 2016 led to a 3,000% price surge in the months after. The most recent halving in May 2020 led to a surge of almost 1,000% in the months after.

    As noted by IntoTheBlock, the approaching halving is different from previous ones. Unlike the last three halvings, there’s “a new source of demand coming from the institutional sector” through Spot Bitcoin ETFs. A repeat of past halving outcomes could see Bitcoin easily surging above the $100,000 price level.

    Featured image from Pixabay, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos

    Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos

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    Amid a widespread price correction affecting the majority of the top 100 cryptocurrencies, one digital asset has defied the trend, surging to impressive heights. Nervos Network, along with its native token CKB, has not only recorded significant gains but has also climbed to the 79th rank in the market, raising questions about the factors behind its surge.

    Nervos Network Decoded

    Nervos Network is a proof-of-work (PoW) Layer 1 (L1) blockchain designed to optimize application-specific Layer 2 chains. The network aims to establish its native asset, CKB, as a more sustainable store of value (SoV) compared to Bitcoin (BTC) while providing a more secure smart contract platform than Ethereum (ETH).

    Bitcoin’s capped supply and decreasing block rewards raise concerns about long-term economic incentives for miners. 

    Notably, the Nervos Network tackles this issue by introducing a fixed annual secondary issuance of CKBs and the base supply, providing long-term incentives for miners.

    Nervos Network also addresses the potential security risk associated with Ethereum. In Ethereum, the value of its native asset, ETH, is not directly linked to the value of Layer 2 apps built on top of it. 

    Nervos Network aims to mitigate this risk by ensuring that CKB is used for transaction fees and storage, creating a stronger economic relationship between the native asset and the overall network.

    How Secondary Issuance And State Rent Drive Sustainability

    Nervos utilizes a perpetual secondary issuance model to increase CKB’s SoV properties. This model incentivizes users to continuously lock up CKB in proportion to the size of their applications. 

    Furthermore, locked CKBs are subject to “state rent” through inflation, which automates state rent payments and ensures a sustainable economic model.

    Nervos Network introduces a secondary market for chain space, enabling apps to unlock and sell CKBs without requiring relevant storage. 

    Investors can offset inflation by purchasing CKBs and depositing them into NervosDAO, a mechanism that receives a portion of the secondary issuance to counterbalance inflation. Interestingly, this resembles “treasury bonds” and offers potential investment opportunities.

    Approaching ATH Amidst Bitcoin Integration Announcement

    Having delved into the fundamentals, CKB has recently experienced a significant surge in value, breaking out of a long consolidation phase that lasted almost two years. 

    After trading in a range of $0.0024 to $0.0035, the cryptocurrency has broken through this price level since January 30th and has seen significant gains over the past few months.

    Currently trading at $0.032, CKB is close to its all-time high (ATH) of $0.043, which was reached in March 2021. The token has seen notable price increases of 47%, 69%, 75%, and 14% over the past fourteen days, seven days, and 24 hours, respectively.

    According to CoinGecko data, CKB has also seen a significant increase in trading volume, reaching $207 million in the last 24 hours, 9.7% from the previous day’s trading. 

    In addition, CKB’s market capitalization has increased significantly, nearly doubling from $740 million on April 2 to approximately $1.35 billion in just over a week.

    The price spike can be attributed to the announcement that Nervos Network’s CKB token will join the Bitcoin network. The token’s introduction of smart contract functionality, along with its interoperability and modularity features scheduled for 2024, has created excitement among investors.

    As Bitcoin approaches the Halving that has historically increased its value, Nervos Network is well-positioned to benefit from its strong ties to the largest cryptocurrency in the market. 

    With its continued bullish momentum and the predicted increase in BTC’s price, CKB may be poised to reach new all-time highs soon.

    The daily chart shows CKB’s price trending upwards. Source: CKBUSD on TradingView.com

    Featured image from iStock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters

    Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters

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    The Bitcoin network mining difficulty has surged nearly 4% to hit an all-time high just a few days before the highly anticipated Halving event. This adjustment, recorded at 86.4 trillion, marks a crucial milestone in the cryptocurrency’s history.

    Decrypting Bitcoin’s Mining Complexity

    Notably, Bitcoin mining difficulty measures miners’ complexity in solving mathematical puzzles to validate transactions and add new blocks to the blockchain.

    This latest surge reflects the increasing computational power dedicated to securing the network as miners brace themselves for the impending Halving event scheduled for April 20.

    As the mining difficulty continues to soar, miners ramp up their hash rate, representing the total computational power contributed to the network.

    This surge in hash rate underscores the growing interest and investment in Bitcoin mining infrastructure, highlighting miners’ commitment to secure the network and reap rewards amidst the evolving landscape of crypto mining.

    Bitcoin Hashrate and Difficulty Level. | Source: mempool

    Bitcoin Bullish Sentiment Amid Rising Mining Difficulty 

    The surge in mining difficulty and hash rate comes amidst a bullish sentiment surrounding Bitcoin’s price and its potential for further growth.

    The impending Halving event will see block subsidy rewards reduced from 6.25 BTC to 3.125 BTC, potentially impacting miner revenues and the overall network dynamics.

    Despite these uncertainties, as the halving event draws nearer, Bitcoin has demonstrated resilience, maintaining its upward trajectory. Over the past week, the cryptocurrency has surged approximately 2.5%, with a 1.5% increase in the last 24 hours alone.

    Bitcoin (BTC) BTC price chart on TradingView
    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    As of this writing, Bitcoin trades at $69,921, reflecting its bullish momentum. Amidst these slight positive price movements and the impending Halving, Bitcoin enthusiasts and analysts have continued to express optimism, instilling confidence in investors and traders awaiting a potential BTC price spike.

    Notably, prominent figures like Robert Kiyosaki, author of “Rich Dad, Poor Dad,” have recently echoed bullish sentiments, endorsing the price predictions put forth by Ark Invest founder Cathie Wood.

    Wood forecasted that Bitcoin’s price could skyrocket to $2.3 million, emphasizing the cryptocurrency’s potential amidst a global investment base valued at roughly $250 trillion. Kiyosaki expressed his confidence in Wood’s prediction, highlighting her intelligence and expertise.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s Why

    Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s Why

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    As the crypto space eagerly awaits the highly anticipated Bitcoin halving event, top crypto analyst Willy Woo has emerged with a bullish prediction that has stirred considerable excitement among enthusiasts.

    Woo particularly underscored the potential for Bitcoin’s price to surge dramatically, using the term “ballistic” to describe the expected trajectory post-Halving.

    Notably, Bitcoin’s Halving is an integral component of its protocol. It occurs approximately every four years and reduces miners’ reward for validating transactions on the blockchain.

    This event also effectively reduces the rate at which new BTC enters circulation, increasing the asset’s scarcity and potentially impacting its price dynamics.

    Bitcoin Would Go ‘Ballistic’ Based On This

    Woo’s analysis delves into the profound implications of the impending Halving, particularly regarding Bitcoin’s supply dynamics. The cryptocurrency experiences an annual supply growth rate of 1.7%, which will be halved to 0.85% following the upcoming event.

    This reduction favors Bitcoin’s supply growth rate compared to traditional assets like gold, which boasts an annual supply growth rate of approximately 1.6%.

    Moreover, Woo juxtaposes Bitcoin’s supply growth against the US dollar, characterized by a negative growth rate attributed to inflation.

    As the USD supply growth trends back to a standard range of 5% to 10%, Woo anticipates a momentous surge in Bitcoin’s price, driven by its inherent scarcity and growing recognition as a hedge against inflationary pressures.

    Diverging Perspectives On BTC Trajectory

    While Woo’s bullish forecast sets an optimistic tone for Bitcoin’s future, recent insights from a consumer survey conducted by Deutsche Bank present a more nuanced perspective.

    The survey findings reveal a palpable division among respondents regarding Bitcoin’s trajectory, with approximately one-third expressing negativity about its price prospects.

    These individuals anticipate Bitcoin’s value to plummet below $20,000 by year-end, representing a stark deviation from the prevailing bullish sentiment.

    Adding to the discourse, Authur Hayes, co-founder of BitMEX, offers a dissenting view characterized by a bearish outlook on Bitcoin’s post-halving performance. In a comprehensive analysis shared via a blog post, Hayes outlines his concerns regarding the potential for a significant price decline after the halving.

    While many analysts anticipate a bullish rally during the halving period, Hayes posits a scenario in which Bitcoin experiences a more subdued trajectory, emphasizing the need for careful consideration amid heightened market volatility.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst

    Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst

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    Global investor Dan Tapiero recently shared his optimistic outlook for Bitcoin (BTC), suggesting that the leading cryptocurrency soars above the $200,000 mark might be on the horizon.

    Tapiero, known for his investment insights and co-founding roles in Gold Bullion International and 10T Holdings, took to X to express this bullish sentiment.

    Catalyst That Could Drive Bitcoin To $200,000

    According to Tapiero, a significant macroeconomic factor is expected to drive Bitcoin’s price to new heights, offering investors an opportunity for substantial gains. Tapiero’s bullish stance on Bitcoin’s future price trajectory revolves around a unique correlation he observed in the market.

    Particularly, the expert highlighted concerns about “monetary debasement” driven by a notable 60% increase in the Treasury market over the past five years.

    This factor leads Tapiero to anticipate a surge beyond $200,000 for the digital gold, Bitcoin. While acknowledging the potential for gold to perform well in such a scenario, Tapiero remains particularly bullish on Bitcoin’s prospects.

    Bitcoin’s Recent Performance And Analyst Insights

    In the past 24 hours, Bitcoin has exhibited bullish momentum, surpassing and reclaiming the $71,000 price level. With a 2.6% increase over the week and a 3.1% surge in the last 24 hours, Bitcoin’s upward trajectory continues to attract attention from investors and analysts alike.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Notably, the current price performance of the asset coincides with a notable event: over 600 BTC of $100,000 strike call options have recently been traded in a Block trade. This significant development, as illuminated by Greek Live, carries a notional value of up to $45 million, with $8.5 million worth of premiums alone.

    Greeks Live further reported that this occurrence has propelled the entire market into a prolonged bullish momentum. In addition, with the halving event on the horizon, the prospect of reaching new all-time highs, including the milestone of $100,000, appears to be within reach.

    Echoing Tapiero’s optimism, analyst Michael Van De Poppe has also recently emphasized Bitcoin’s potential for unprecedented growth.

    According to Van De Poppe, despite encountering resistance, Bitcoin’s ability to break through key levels could pave the way for a surge towards new all-time highs, with projections reaching as high as $300,000 in the current bull run.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Altcoins Set For Explosive Growth With Potential 1,000x Returns

    Altcoins Set For Explosive Growth With Potential 1,000x Returns

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    A renowned crypto trader and analyst has recently shared bold predictions regarding the future of the cryptocurrency market. In a comprehensive analysis, Crypto Busy has pointed towards a potential boom in alternative cryptocurrencies (altcoins), suggesting the possibility of significant gains in the near future.

    According to him, altcoins could experience remarkable growth, with the potential for values to multiply by up to 1,000 times.

    Altcoins: Historical Trends & Market Dynamics

    Crypto Busy’s analysis draws upon historical observations of the cryptocurrency market, particularly during previous bullish phases. Notably, fluctuations in Bitcoin’s dominance have often corresponded with increases in the value of altcoins.

    This pattern suggests that as Bitcoin’s value surges, altcoins could witness substantial appreciation, providing astute investors with ample opportunities for diversification and profit.

    The market dynamics highlighted by Crypto Busy underscore the evolving nature of the cryptocurrency ecosystem. While Bitcoin remains the dominant force, its fluctuations can create openings for altcoins to emerge as significant players in driving market growth.

    This interplay between Bitcoin and altcoins presents investors with a dynamic landscape to navigate, where strategic decisions can yield substantial returns.

    Navigating Market Volatility And Seizing Opportunities

    In light of the market’s inherent volatility, the analyst emphasizes the importance of strategic investment approaches. By identifying undervalued altcoins during market downturns, investors may position themselves to capitalize on future rallies.

    This strategy aligns with timeless investment principles, reinforcing the notion that buying assets when they are undervalued can lead to significant returns when market conditions improve.

    Chart: TradingView

    Adapting To The Evolving Crypto Landscape

    Beyond individual profit potential, Crypto Busy’s analysis sheds light on the evolving dynamics of the cryptocurrency ecosystem. As Bitcoin solidifies its position as the dominant digital asset, its impact on the broader market, including altcoins, becomes increasingly significant.

    Total crypto market cap currently at $2.59 trillion. Chart: TradingView

    Crypto Busy’s analysis offers valuable insights into the potential for an altcoin boom in the cryptocurrency market. While the prospect of 1,000 times gains may seem ambitious, historical trends and market dynamics support the notion that altcoins could play a significant role in driving future market growth.

    Featured image from Pixabay, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Ancient Ethereum Whale With Over 12,000 ETH Creates Noise

    Ancient Ethereum Whale With Over 12,000 ETH Creates Noise

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    The Ethereum market is buzzing after a long-dormant “whale” – a major investor holding a vast amount of cryptocurrency – resurfaced and transferred a significant amount of ETH to the Kraken exchange. This move has sparked speculation about a potential price drop, but wider market trends suggest a more complex picture.

    On-chain analytics firm Spot On Chain has disclosed that the investor, who participated in Ethereum’s Initial Coin Offering (ICO) in 2014, recently deposited 1,069 ETH, valued at roughly $3.56 million, to Kraken.

    Traditionally, deposits to exchanges are seen as a sign of intent to sell, potentially putting downward pressure on the price of ETH.

    This whale’s activity is particularly noteworthy because of their participation in the Ethereum ICO. Back in 2014, they acquired 12,566 ETH at a meager $0.30 per token. The recent transfer represents just a fraction of their holdings, but the sale price – over $3,300 per ETH – signifies a massive profit for the early investor.

    Ethereum Market Shows Signs Of Accumulation

    While the whale’s move might suggest a potential sell-off, on-chain data reveals a broader trend that could offset its impact. According to IntoTheBlock, a blockchain analytics company, the past quarter witnessed a significant outflow of ETH from cryptocurrency exchanges, totaling a staggering $4 billion.

    This movement suggests that many investors are accumulating ETH, potentially anticipating future price increases.

    Ether market cap currently at $409 billion. Chart: TradingView.com

    Dencun Upgrade Fuels Ethereum Network Activity

    The news comes on the heels of Ethereum’s successful Dencun upgrade, implemented in March 2024. The upgrade aimed to address the network’s scalability issues, specifically targeting high transaction fees and slow processing times.

    Early signs appear positive, with IntoTheBlock reporting a surge in activity on the main optimistic rollups (Layer 2 scaling solutions) following the upgrade.

    Weekly transaction volume reached highs of 32 million, indicating increased network usage. While gas prices have risen recently, they were initially significantly lower on many Layer 2 solutions after the upgrade.

    Market Uncertainty Remains

    The combined effect of the whale’s sale, the wider accumulation trend, and the Dencun upgrade’s impact on network activity make it difficult to predict the short-term direction of the Ethereum market.

    While the whale’s sale could trigger a price dip, the broader accumulation trend suggests underlying bullish sentiment. The Dencun upgrade’s success in reducing transaction fees and increasing network usage could further bolster investor confidence.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Forget Q1 Slump: Solana Explodes Over 300% Amid DEX Boom

    Forget Q1 Slump: Solana Explodes Over 300% Amid DEX Boom

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    In the first quarter of 2024, Solana became the clear leader thanks to a notable increase in the amount of Decentralized Exchange (DEX) and Decentralized Finance (DeFi).

    In addition to its remarkable rise in DEX and DeFi sectors, Solana’s dominance was further solidified by its scalability, low transaction fees, and robust infrastructure.

    The massive increase in DEX volume signifies a substantial rise in trading activity within the SOL ecosystem. This trend aligns with the broader adoption of DeFi, with Solana establishing itself as a major player in the space.

    This remarkable increase is described in detail in a new report titled “State of Solana Q1 2024” by on-chain analytics company Messari.

    The research states that throughout the last three months, The altcoin’s average daily spot DEX volume increased by over 300% to $1.5 billion.

    Solana DEX Volume Skyrockets

    Solana’s DeFi total value locked, a metric that represents the total value of cryptocurrency locked within DeFi protocols on a blockchain, surged by over 200% to nearly $5 billion, placing it fourth among all networks. This indicates a growing appetite from investors for DeFi projects built on Solana.

    Stablecoin Adoption On Solana On The Rise

    Another bright spot for Solana in Q1 was the significant growth in its stablecoin market capitalization, which jumped by 50% to nearly $3 billion. This surge was primarily driven by USDC, the leading stablecoin, whose market capitalization on Solana increased by an impressive 110% to slightly above $2 billion.

    This growth reflects a rise in trust and adoption of stablecoins on the Solana blockchain, which are cryptocurrencies pegged to the value of traditional assets like the US dollar, offering stability in a volatile market.

    SOL market cap currently at $77.5 billion. Chart: TradingView.com

    Solana Price Volatility A Concern

    Despite the positive indicators, the report also acknowledges some potential drawbacks. While the high trading volume is a positive sign, the fact that meme coins are a major contributor raises questions about the long-term sustainability of this growth.

    Meme coins are often known for their erratic price movements and lack of underlying utility. Their dominance in Solana’s DEX volume might indicate a speculative bubble rather than genuine growth based on solid projects.

    At the time of writing, SOL was trading at $174, reflecting a 12% decrease in the last seven days. This price volatility is a common concern in the cryptocurrency market, and Solana is not immune to it.

    Featured image from Pixabay, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation

    Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation

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    Renowned crypto analyst Jelle has caught the attention of the Bitcoin (BTC) community with his bold prediction of a target price of $82,000.

    Notably, despite recent challenges in breaking above the $66,000 mark, Bitcoin currently hovers around $67,780, showing resilience in the face of a short-term pullback.

    BTC To $82,000 Soon?

    In an X post uploaded earlier today, crypto analyst Jelle shared his latest view on Bitcoin. According to the analyst, the Bitcoin target “remains the same: $82,000”.

    It is worth noting that Jelle’s forecast is based on his observation of a “bullish pennant” formation, a technical pattern that suggests a potential surge in the price of BTC. According to the analyst, the asset might experience some volatility this month.

    Jelle emphasized that a bullish pattern is forming, coinciding with the upcoming BTC halving in a few weeks. This adds credibility to the emerged bullish pennant formation and the possibility of Bitcoin reaching $82,000 shortly.

    Notably, the Halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years or after every 210,000 blocks are mined to reduce the reward for mining new Bitcoin blocks, ultimately decreasing the supply of new coins.

    Historically, the event has triggered bullish price movements, as reduced supply often leads to increased demand and speculative buying. The Bitcoin halving is currently less than 20 days away.

    Bitcoin Latest Price Action

    While BTC has faced challenges in its upward trajectory over the past week, recent movements suggest a shift in momentum. Within the last 24 hours alone, the asset has shown a promising 2.7% increase, rising from a low of $65,135 to its current trading price of $67,628.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Despite this positive movement, BTC still reflects a decline of approximately 6.4% over the past 7 days. However, amid this fluctuation, analysts such as Captain Faibik foresee the potential for a significant rebound in Bitcoin’s value before April concludes.

    Captain Faibik’s analysis, mirroring the sentiments of fellow analyst Jelle, focuses on Bitcoin’s bullish pennant formation observed on the 12-hour timeframe chart. This formation suggests an imminent breakout towards the upside.

    If this breakout materializes successfully, BTC could soar to unprecedented levels, with projected price targets ranging from $88,000 to $90,000 by month’s end, according to Captain Faibik.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is Possible

    Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is Possible

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    A crypto analyst has identified a key technical indicator in the Shiba Inu price chart that suggests that the cryptocurrency is set to witness a major price rally to new highs. 

    Asymmetrical Triangle Signaling SHIB Price Surge Appears

    A crypto analyst identified as Captain Faibik on X (formerly Twitter) has unveiled a distinctive technical pattern in Shiba Inu’s price chart. Sharing a 6-hour chart of Shiba Inu’s native token, SHIB against Tether (USDT), the analyst revealed an asymmetrical triangle pattern, which indicated that the cryptocurrency may enter a bullish trend during the first two weeks of April. 

    The asymmetrical triangle pattern is a technical indicator which displays a period of consolidation before the price of a cryptocurrency is forced to break out or down. Oftentimes, the triangle patterns are interpreted as bullish, especially if the cryptocurrency is already in an uptrend. This is because the emergence of the technical pattern is a sign that the price of the token will continue moving upwards. 

    Regarding Shiba Inu, Faibik has interpreted the technical pattern as a potential bullish breakout, predicting an upcoming rally that could see the price of Shiba Inu doubling. The price chart has revealed that SHIB’s price could potentially rise between 0.00058 to 0.00062 around the second to third week of April.  

    At the time of writing SHIB is priced at $0.000271, reflecting a 0.45% dip in the last 24 hours. Over the past week, the cryptocurrency saw a decrease of more than 10%. The emergence of this new technical pattern may offer investors renewed optimism, viewing declines as buying opportunities. 

    Shiba Inu Surpasses Bitcoin In Trading Volume on Indian Exchange

    Prominent Indian crypto exchange, WizarX recently revealed its top five most traded cryptocurrencies in March 2024, with Shiba Inu dominating the pack as the platform’s most traded cryptocurrency. The doggy-themed meme coin claimed first position, surpassing Bitcoin (BTC), the world’s largest cryptocurrency, which took second place. 

    Ranking third to fifth place were Pepe (PEPE), Dogecoin (DOGE), and Floki (FLOK), respectively, which are some of the trendiest meme coins in the crypto space currently. 

    Shiba Inu’s accomplishment as the most traded cryptocurrency on this Indian crypto exchange underscores its growing popularity across various global regions. The meme coin recently made headlines for being one of the top most searched cryptocurrencies on Google. Moreover, SHIB has consistently experienced a notable increase in demand and interest from investors and traders alike within the crypto space. 

    SHIB price recovers to $0.000027 | Source: SHIBUSDT on Tradingview.com

    Featured image from Analytics Insight, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Cardano Rides The ETF Wave: Inflows Surge To $1.1 Million

    Cardano Rides The ETF Wave: Inflows Surge To $1.1 Million

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    Cardano (ADA) has recently emerged as a focal point of investor attention, experiencing both a surge in inflows and mounting concerns over its performance. According to the latest data from CoinShares, Cardano-centric investment products witnessed a staggering $1.1 million influx over the past week, marking a notable reversal from the $3.7 million outflows recorded just a week prior.

    Cardano Sees Massive Inflows

    This sudden influx catapults Cardano to the forefront of investor interest in similar products, reflecting a growing prominence for the cryptocurrency within the crypto investment landscape. Despite experiencing a reduction in positions in March, fresh data suggests a positive trajectory for Cardano by the end of the month, hinting at resilience amidst market fluctuations.

    The resurgence of investor interest in Bitcoin ETFs has also contributed to a broader increase in crypto investment activity, with total crypto investment inflows since the beginning of the year surpassing $13 billion. Bitcoin ETFs absorbed the majority of these inflows, totaling $12 billion, indicating robust investor confidence in the leading cryptocurrency.

    Source: Coinshares

    Amidst these developments, speculation looms regarding the possibility of a Cardano ETF. While Cardano’s ability to attract investment amid a competitive market landscape underscores its growing prominence, the prospect of a Cardano ETF remains speculative, particularly given the ongoing situation with Ethereum.

    However, as capital continues to flow into ADA-oriented investment products, Cardano’s position on the financial markets is likely to strengthen, positioning it as a notable contender in the ongoing crypto ETF boom.

    ADA market cap currently at $21 billion. Chart: TradingView.com

    ADA Tells A Different Narrative

    Despite the positive inflows, concerns linger over Cardano’s recent performance compared to other assets. ADA has seen sluggish performance, with losses of 3.50% and only 6.40% gains year-to-date, according to CoinMarketCap.

    Analysis reveals a drop in the percentage of ADA’s total supply in profit, from 80% to 75%, indicating a trend of selling activity and raising concerns about ADA’s trajectory amidst bullish market trends.

    Furthermore, there’s a notable decrease in the number of wallets holding substantial amounts of ADA, signaling a shift in investor behavior. This decrease could potentially reflect a lack of confidence in ADA’s future prospects or a desire among investors to reallocate their assets to other cryptocurrencies or investment vehicles.

    The juxtaposition of increased investor interest and concerns over performance paints a nuanced picture of Cardano’s current standing in the cryptocurrency market. While the surge in inflows highlights growing investor confidence and recognition of Cardano’s potential, the challenges posed by sluggish performance and shifting investor sentiments underscore the need for vigilance among ADA investors.

    Featured image from Jeremy Bishop/Unsplash, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Litecoin Soars Past $105 – Is LTC Set For Epic Rally This April?

    Litecoin Soars Past $105 – Is LTC Set For Epic Rally This April?

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    Litecoin (LTC), the “silver” to Bitcoin’s “gold,” has surged in recent weeks, buoyed by a combination of technical factors, strong investor interest, and strategic accumulation by miners.

    The LTC price jumped 12% in the past 24 hours, reaching $106.40. This uptick follows a 40% year-to-date gain, with most of the growth concentrated in the last week. Daily trading volume has also skyrocketed by 175%, indicating a significant influx of investors into the Litecoin market.

    Will April Be A Good Month For Litecoin?

    Analysts are particularly excited by a potential breakout from a multi-year downtrend. If LTC can maintain its position above $94, some believe it could usher in a new era of sustained growth.

    A decisive break and hold above the $122 resistance level could trigger further gains, with some analysts predicting a surge towards $150 or even higher. This price pattern mirrors a successful breakout observed in 2020/2021, adding fuel to the bullish fire.

    Popular crypto analyst Rekt Capital has also chimed in, noting the historical significance of similar price breakouts for LTC. He believes a successful retest of the downtrend and subsequent establishment of support could be indicative of a promising uptrend for the cryptocurrency.

    Miners Fueling The Rally

    One of the key drivers behind the recent surge is the behavior of Litecoin miners. Data from IntoTheBlock reveals that miners have been accumulating LTC at a healthy pace throughout March. They’ve added a whopping 150,000 LTC to their reserves, bringing their total holdings to 2.2 million.

    This accumulation strategy reduces the selling pressure of newly minted coins and signals the miners’ confidence in the future price trajectory of LTC.

    Total crypto market cap is currently at $2.573 trillion. Chart: TradingView

    Open Interest On The Rise

    The Road Ahead

    Litecoin could be headed to a strong April performance, with strong technical indicators and bullish sentiment driving the current rally. However, responsible investors should always conduct their own research and exercise caution when navigating the ever-turbulent world of cryptocurrency.

    Featured image from Pixabay, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Top Altcoins With 50x Potential Not On Binance: Crypto Analyst

    Top Altcoins With 50x Potential Not On Binance: Crypto Analyst

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    Popular crypto analyst Xremlin, known on social platforms as @0x_gremlin, told his 104,000 followers that the altcoin season in 2024 could eclipse the monumental gains seen in 2021. Reflecting on the historical significance of major exchange listings, Xremlin emphasized, “Altseason 2024 > Altseason 2021. Your bags are headed to Valhalla.”

    During the 2021 altseason, altcoins such as Polygon (MATIC) and Solana (SOL) saw a staggering 300x increase, largely attributed to listings on Tier-1 centralized exchanges (CEXs) like Binance and Coinbase, according to him. “MATIC and SOL’s 300x was fueled by Tier-1 CEX listings. Binance/Coinbase listings = Billions in retail liquidity,” the crypto analyst remarked.

    The core of Xremlin’s analysis hinges on the demonstrable impact that listings on premier exchanges such as Binance and Coinbase have on the valuation of cryptocurrencies. According to the analyst, “These 8 altcoins [are] likely to be tradable there next → Pump by 10-50x,” highlighting the potential for immediate and substantial price increases.

    Listings often trigger price surges ranging from 3 to 10 times the pre-listing value, primarily due to the vast user bases of these platforms engaging with the newly available tokens. Xremlin further elucidated the critical role of liquidity for the long-term success of a cryptocurrency project, stating, “In the long run, having access to billions in liquidity is crucial for a project’s success.”

    Impact of Binance listing on price | Source: X @0x_gremlin

    This perspective underlines the strategic advantage gained from being listed on Tier 1 centralized exchanges (CEXs). Xremlin has identified eight altcoins that not only show promise of being listed on such exchanges but also possess the potential for dramatic value appreciation. Here’s a detailed look at the altcoins spotlighted by Xremlin:

    Top 8 Altcoins Not Listed On Tier-1 Crypto Exchanges

    NGL (ENTANGLE): Operating as an omnichain infrastructure, Entanglefi aims to revolutionize data provision to smart contracts across any blockchain. With a current market cap of $232 million and trading at $1.96, its position as a Layer 1 (L1) protocol underscores its foundational potential in the blockchain ecosystem.

    ALPH (ALEPHIUM): Priced at $2.75 with a market cap of $203 million, Alephium stands out as a Layer 1 blockchain solution tackling the critical issues of accessibility, scalability, and security faced by decentralized applications (dApps), according to the crypto analyst.

    NORMIE: As a memecoin designed for mainstream appeal, Normie carries a market valuation of $120 million, with its price at $0.1237. Notably, Normie is based on Coinase’s Base protocol, which is speculated to be ready to replicate the success of the Solana memcoin craze.

    CPOOL (CLEARPOOL): Clearpool distinguishes itself as a decentralized credit marketplace in the real-world-asset (RWA) sector focused on providing single borrower liquidity pools for institutional borrowers. It is currently valued at $140 million, with its tokens trading at $0.30.

    BALLZ (WOLFWIFBALLZ): Inspired by a daring wolf, this memecoin is trading at $0.045 with a market cap of $45 million. BALLZ is trying to ride the wave of success of Solana memcoins, especially Dogwifhat (WIF).

    IXS (IX SWAP): Ix Swap offers a secure platform for the trading of real-world assets and security tokens, supported by licensed custodians and broker-dealers. With a market cap of $140 million and a current price of $0.8425.

    DEGEN: Another meme-centric token, Degen also operates on the Base chain and is currently priced at $0.01696, boasting a market cap of $211 million. Its appeal lies in the vibrant culture of crypto enthusiasts who identify with the “degen” lifestyle.

    NMT (NETMIND): Netmind leverages blockchain technology to decentralize computing power for AI models globally. With a price of $6.96 and a market cap of $240 million, it aims to embody the cutting-edge intersection of artificial intelligence and blockchain.

    At press time, @0x_gremlin’s top pick NGL traded at $1.87.

    NGL price
    NGL price, 4-hour chart | Source: NGLUSDT on TradingView.com

    Featured image created with DALL·E, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally

    Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally

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    Shiba Inu has gone on various price spikes in the past few months amidst a surge in activity and interest in the meme coin. This price movement has prompted traders and analysts to ponder on when SHIB can reach the much coveted $0.0001 mark, a price level which it has largely failed to reach despite the impressive price action. 

    Micheal_EWPro, a crypto analyst, posted an analysis on when SHIB could potentially reach the $0.0001 price level. According to him, the current dynamics could push SHIB above $0.0001 in June. Interestingly, his price prediction is based on the Elliott Wave Theory.

    Analyst Reveals SHIB Is Going To $0.0001

    According to the SHIB chart shared by Michael on the 3-day candlestick formation, the meme coin’s price formation since 2022 has largely followed the Elliott Wave count. The Elliot Wave Theory is basically a technical analysis method that analyses price movement traditionally in terms of a 5-wave move in the direction of the larger trend and a 3-wave correction in the opposite trend.

    Each of these Elliott Wave can be further subdivided into various patterns of smaller degree impulses based on their formations. However, all the subdivisions add up to one larger wave impulse.

    Using this knowledge of Elliot Wave Theory, the analyst noted that SHIB has started the formation of the third of five larger degree waves since October 2023 albeit with smaller degree impulses which he labelled as i, ii, iii, iv, and v. Traditionally, the third Elliot Wave is usually the largest and most powerful wave in a trend where most of the price action takes place. As a result, his analysis points to the third wave ending at a price just above $0.0001 in the first week of June.

    The analyst did implore a take-profit at $0.00008854 and a final price target of $0.00010191, while also noting that the bulls still have some work to do before this price point can come to a reality. 

    What’s Next For Shiba Inu?

    Shiba Inu has reversed since reaching $0.00004456 and has majorly traded between $0.000030 and $0.0000275 since the beginning of the week. However, analysts and SHIB enthusiasts remain positive, especially with SHIB securing a listing on an Australian-based crypto exchange.

    This positive sentiment recently pushed SHIB to second place in crypto searches. At the same time, Shiba Inu’s layer-2 platform, Shibarium, has seen its TVL surging to a new high of $3.9 million.

    At the time of writing, SHIB is trading at $0.00003097, up by 14% in the past seven days. 

    SHIB price at $0.000031 | Source: SHIBUSDT on Tradingview.com

    Featured image from TronWeekly, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Bankman-Fried is sentenced to 25 years in prison over FTX collapse | Bank Automation News

    Bankman-Fried is sentenced to 25 years in prison over FTX collapse | Bank Automation News

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    FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing billions of dollars from customers, marking the final chapter in a case that has upended the crypto industry. US District Judge Lewis A. Kaplan delivered the sentence in federal court in Manhattan moments after Bankman-Fried said he was “sorry about what happened […]

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    Bloomberg News

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  • Triple-Digit Gains: Ondo Finance (ONDO) Explodes 122%

    Triple-Digit Gains: Ondo Finance (ONDO) Explodes 122%

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    Ondo Finance (ONDO), a decentralized finance (DeFi) protocol focused on tokenizing US treasuries, has witnessed a meteoric rise in its native token’s price over the past week. According to CoinMarketCap, although ONDO was only able to muster a meager 1.3% increase in the last day – yet pushing its value to a record-breaking $0.94 – the impressive feat comes on the heels of a 138% weekly gain, marking an impressive performance for the token.

    ONDO Marks Banner Week With Big Numbers

    ONDO doing things right on the weekly chart. Source: Coingecko

    Analysts attribute this surge to a confluence of factors. Whale investors, known for their significant holdings and market influence, have been accumulating ONDO at a substantial clip. Data from on-chain tracking platform Lookonchain reveals that three whale wallets recently withdrew over 9 million ONDOs, worth around $9 million, from various exchanges. This behavior suggests a long-term bullish outlook on the token’s potential, potentially inciting a follow-the-leader mentality among retail investors.

    Indeed, Santiment data analyzed by NewsBTC shows a 30% increase in the total number of ONDO holders since March 19th, surpassing the 10,000 mark. This influx of new investors, likely influenced by the whales’ actions and the overall hype surrounding tokenization, has further fueled the token’s price rally.

    Total crypto market cap at $2.5 trillion on the daily chart: TradingView.com

    The recent surge in ONDO’s popularity coincides with a broader trend within the DeFi space. Last week, global investment giant BlackRock announced the creation of a tokenized fund on the Ethereum blockchain, allowing investors to earn US dollar yields through a decentralized platform. This move underscores the growing interest in tokenization, which involves representing real-world assets like securities, currencies, and real estate on a blockchain.

    TVL Not Impressive Despite Weekly Rise

    However, amidst the celebratory atmosphere surrounding the token’s price surge, a curious detail emerges. Despite the significant increase in ONDO’s value, the platform’s total value locked (TVL), a metric reflecting the total value of crypto assets deposited in its DeFi protocols, has remained relatively stagnant over the past week. While the reasons behind this discrepancy are unclear, it could be a cause for concern for some investors. A stagnant TVL might suggest that the recent price increase isn’t necessarily translating to increased usage of the Ondo Finance protocol itself.

    Overall, the past week has been undeniably positive for Ondo Finance. The token’s impressive price surge, coupled with the current tokenization hype and strategic alignment with BlackRock’s recent venture, paints a promising picture for the future. However, the stagnant TVL serves as a reminder that long-term sustainability hinges not just on speculation but also on real-world adoption and the continued development of the Ondo Finance ecosystem.

    Featured image from AlphaTradeZone/Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Join Bitget’s BWB Program: Web3 Collaboration!

    Join Bitget’s BWB Program: Web3 Collaboration!

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    Bitget Wallet Partners with Over 40 Projects Including Avalanche, Taiko to Launch the BWB Ecosystem Partner Program

    Introducing the BWB Ecosystem Partner Program

    In the dynamic landscape of Web3, collaboration and community are key drivers of innovation. Bitget Wallet, a leading player in the Web3 space, has recently unveiled its BWB Ecosystem Partner Program, heralding a new era of collaboration. This program brings together over 40 prominent blockchains and projects, including heavyweights like Avalanche, Taiko, Babylon, and Near, under one umbrella. The aim? To incentivize active participation and support for projects within the decentralized Web3 ecosystem.

    Empowering Users with BWB Tokens

    At the heart of Bitget Wallet’s ecosystem lies the BWB token. Serving as the core asset, BWB tokens unlock a world of exclusive rights for holders. Community governance, ecosystem airdrops, and dividends await those who hold BWB tokens as Bitget Wallet continues to expand its reach. With the launch of the BWB Ecosystem Partner Program, users have even more reason to engage actively within the Web3 space, as participation in various on-chain activities earns them BWB Points, which can later be redeemed for BWB tokens.

    Fostering Growth and Engagement

    Bitget Wallet isn’t just about providing a platform for transactions; it’s about fostering growth and engagement within the Web3 community. Through its support for over 100 popular blockchains, hundreds of EVM-compatible chains, and tens of thousands of DApps, Bitget Wallet serves as a bridge between projects and users. Moreover, initiatives like Task2Get, an incentivized Web3 exploration platform, encourage users to explore and interact with decentralized projects, creating a virtuous cycle of activity and interaction.

    Building the Decentralized Ecosystem Together

    In the words of Alvin Kan, COO of Bitget Wallet, “With over 20 million users worldwide and ranking fourth globally, we hope to leverage our user base and traffic to help emerging projects grow and develop.” The BWB Ecosystem Partner Program embodies this vision of collective growth, as Bitget Wallet joins hands with projects across Web3 to build a decentralized ecosystem that benefits all stakeholders. Through collaboration, innovation, and community support, Bitget Wallet and its partners are paving the way for a more inclusive and vibrant Web3 landscape.

    In conclusion, Bitget Wallet’s BWB Ecosystem Partner Program is not just a partnership initiative; it’s a catalyst for change within the Web3 space. By empowering users, fostering growth and engagement, and building a decentralized ecosystem together, Bitget Wallet and its partners are shaping the future of finance and technology. So, whether you’re a seasoned crypto enthusiast or just dipping your toes into the world of Web3, there’s never been a better time to get involved with the BWB Ecosystem Partner Program.

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    Al Hilal

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