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Tag: crypto

  • 7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week

    7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week

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    There are a couple of events to watch out for this week, as they could prove pivotal in determining the future trajectory of the crypto market. These events could provide some certainty to the market or cause investors to wait on the sidelines for more favorable market conditions. 

    Events That Could Affect The Market This Week

    Some Federal Reserve officials are scheduled to speak at different events this week. One of them is Governor Lisa Cook, who will give a lecture on March 25. Fed Chair Jerome Powell will also participate in a discussion at the Monetary Policy Conference on March 29. 

    Their speeches are significant as they could provide valuable insights into the current state of the economy and what to expect from the Federal Reserve regarding interest rates in its fight against inflation. Macroeconomic factors like interest rates usually impact the crypto market and partly determine the sentiments among crypto traders.

    The crypto market is usually bullish whenever the Federal Reserve adopts a dovish stance on whether or not to hike interest rates. Therefore, these officials sounding positive in their speeches could help boost investors’ confidence in the crypto market since they would be less worried about things on the macro side. 

    Meanwhile, several economic data will be released this week, including the Consumer Confidence and Consumer Sentiment data and the Personal Consumption Expenditures (PCE) index. These releases offer insights into the economy’s strength and guide the Fed in deciding on future interest rate decisions. 

    Crypto Needs A Big Win This Week

    Stakeholders and investors in the industry will no doubt hope that the events lined up for this week will provide a momentum boost for the crypto market. Last week was one to forget as things cooled after weeks of seeing the flagship crypto, Bitcoin, and altcoins make significant runs. This downward trend is believed to have been due to some external factors.

    One of them is the net outflows that the Spot Bitcoin ETFs recorded throughout last week, with many investors taking profits from the various funds. These Bitcoin ETFs had previously seen an impressive amount of inflows into them, which positively affected Bitcoin’s price. As such, a trend of outflows was also expected to influence Bitcoin’s price, although negatively. 

    These Spot Bitcoin ETFs will again be in the spotlight this week, with the crypto community waiting to see if the sentiments among the ETF investors will change. A sustained trend of profit-taking this week could spark another decline in the crypto market. 

    Total market cap chart at $2.47 trillion | Source: Crypto Total Market Cap on Tradingview.com

    Featured image from CNBC, 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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  • Beyond Bitcoin ETFs: ‘There Are Other Players Controlling This Market’ – Says Analyst

    Beyond Bitcoin ETFs: ‘There Are Other Players Controlling This Market’ – Says Analyst

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    Recent observations by Eric Balchunas, a senior ETF analyst at Bloomberg, suggest that the movements in Bitcoin’s price are influenced by factors beyond just the flows of spot Bitcoin Exchange Traded Funds (ETFs).

    According to Balchunas, who shared his insights on X, “bigger forces at work” shape the largest cryptocurrency’s valuation. This indicates that the correlation between spot ETF flows and Bitcoin’s price action is less direct than some assume.

    The ETF Influence And Market Movements

    This analysis emerges amid a period of significant financial activity for Grayscale, which has seen substantial outflows, described by Balchunas as experiencing a “second wind” of departures.

    Yesterday, Grayscale reported outflows of $281.57 million, marking a notable decrease in its Bitcoin holdings by more than 40% since the inception of spot Bitcoin ETFs on January 11.

    This scenario highlights a broader narrative within the cryptocurrency investment sphere, where the relationship between ETF activities and Bitcoin’s market performance is complex and multifaceted.

    Despite the record outflows from Grayscale’s GBTC, Bitcoin’s market behavior has shown resilience. The cryptocurrency recently exceeded the $67,000 mark before experiencing a slight retracement, currently trading at a price of $66,106.

    BTC price is moving sideways on the 30-minute chart. Source: BTC/USD on TradingView.com

    This movement coincides with comments from Federal Reserve Chair Jerome Powell, which seemingly spurred a rally across various risk assets, including cryptocurrencies.

    Powell’s reassurances regarding the outlook on rate cuts prompted a slight recovery in Bitcoin’s price, demonstrating how external economic factors and sentiments can impact cryptocurrency markets. It is worth noting that Bitcoin traded below $65,000 before the announcement.

    On-Chain Insights And Bitcoin Future Prospects

    Further deepening the analysis, Charles Edwards, a crypto analyst, recently suggested that pullbacks are common in Bitcoin’s bull runs, with corrections of around 30% within the realm of possibility.

    In related news, data from the on-chain analysis platform CryptoQuant has recently indicated a nearly 40% reduction in Bitcoin’s supply on exchanges over the past four years.

    This trend points towards a bullish sentiment within the Bitcoin ecosystem, suggesting that investors are inclined to hold onto their assets in anticipation of future value increases.

    Moreover, CryptoQuant’s data reveals that Bitcoin’s demand has consistently outstripped its supply since 2020, a trend that supports the asset’s value on the premise that scarcity enhances perceived value.

    This dynamic is expected to intensify following the upcoming Bitcoin halving event, which will reduce the miners’ supply by half, potentially leading to further increases in Bitcoin’s price.

    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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  • Crypto exchange OKX ceases services in India | TechCrunch

    Crypto exchange OKX ceases services in India | TechCrunch

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    Crypto exchange OKX is ceasing services for users in India, it said in an email to customers Thursday, advising them to withdraw their funds by April-end.

    The move follows Apple and Google pulling the eponymous app of OKX in the country after an Indian government agency said many crypto exchanges were operating illegally in the South Asian market.

    Financial Intelligence Unit, the government agency, named Binance, Kraken, Huobi and Gate.io among apps operating “illegally” in India but hadn’t named OKX in its public statement.

    OKX has advised customers in India to close all their active margin positions and withdraw all funds by April 30. The crypto exchange cited “local regulations” for its action.

    Cryptocurrencies were brought into the ambit of anti-money laundering and counter financing of terrorism framework in India in March last year. Dozens of firms — including local exchanges CoinSwitch and CoinDCX — had registered with FIU, but several international exchanges remained in noncompliance with the law, FIU said late last year.

    Several traders in India had flocked to global cryptocurrency platforms in an apparent move to evade taxes. India began taxing virtual currencies in 2022, levying a 30% tax on the gains and a 1% deduction on each crypto transaction.

    While India-based crypto exchanges continued to require rigorous know-your-customer verifications before onboarding new users, the same hasn’t been true of many global platforms. Coinbase stopped signing up consumers in India last year.

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    Manish Singh

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  • Solana Captures Nearly 50% Of Global Crypto Attention

    Solana Captures Nearly 50% Of Global Crypto Attention

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    The Solana ecosystem has achieved a significant milestone by becoming the most popular blockchain ecosystem of the year. This is due to its ability to capture nearly half of the world’s crypto investor interest in the chain-specific theater.

    Together with the outstanding performance of native meme coins like dogwifhat and important ecosystem project tokens like Pyth, Solana’s comeback to 2021 peaks show a revived faith in the network.

    Solana’s Dominance: Coingecko Study Insights

    According to a study by Coingecko, as a result of Solana’s nearly 50% share of global chain-specific interest, and its affiliated projects’ increasing popularity and performance, the ecosystem has a significant mindshare that reinforces its leadership in the cryptocurrency market.

    Currently priced at $191, Solana (SOL) has increased by 13% in value over the past 24 hours. The fifth-ranked cryptocurrency has a market capitalization of nearly $85 billion, and its 24-hour trading volume amounted to $9 billion.

    Bitcoin price action. Chart: TradingView

    The popularity of Solana’s meme coins and ecosystem initiatives are successful in attracting attention to the network’s lively and dynamic ecosystem. As long as Solana is drawing attention and capital, its ecosystem will continue to dominate the cryptocurrency investor scene, paving the way for network expansion and innovation.

    Ethereum, on the other hand, is the second most popular blockchain ecosystem this year, having garnered nearly 13% of investor interest. Ethereum is probably not a new, hot crypto narrative anymore as its ecosystem and investors are already familiar with it. The Ethereum ecosystem is also seeing its focus spread out among the layer 2 ecosystems that are developing on top of it.

    SOL seven-day price ascent. Source: Coingecko

    Factors Driving Solana’s TVL Increase

    Meanwhile, according to DefiLlama’s data, the Solana blockchain has demonstrated a remarkable performance, with its decentralized finance (DeFi) total value locked (TVL) rising by nearly 80% in the previous month alone.

    Related Reading: DeFi Turmoil: Over $5 Million Wiped Out In Liquidations Amid Ethereum Price Drop

    This incredible ascent represented a significant turning point for the network, with the Solana TVL reaching its highest point in the previous two years. According to the most recent report, Solana is among the top five with the fastest-rising TVL in DeFi, with nearly $4 billion.

    Source: Defillama

    Much of Solana’s TVL is based on the increase in trade volume, which is tracked by the Defi protocols and operates across its Layer 1 (L1) network.

    Just this past month, there was a 125% increase in the daily trading volume of these protocols; the level of trading reached a peak of nearly $3.7 billion.

    Additionally, the network achieved an all-time high of $1.6 million in total daily fees, with fee income of $3.61 million.

    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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  • FOMC Preview: Bitcoin and Crypto’s Fate Tied To Fed Rate Move

    FOMC Preview: Bitcoin and Crypto’s Fate Tied To Fed Rate Move

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    In the lead-up to the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, March 20, the Bitcoin and crypto market is experiencing a severe downtrend. BTC price has plunged roughly -10% in the past two days, and Ethereum (ETH) is down -12% in the same period.

    The anticipation surrounding the Fed’s stance on interest rates has heightened in the wake of recent economic indicators, including unexpected spikes in the  US Consumer Price Index (CPI) and Producer Price Index (PPI), stirring volatility across markets, including digital assets.

    The consensus, with a 99% probability according to the CME FedWatch tool, suggests interest rates will hold steady. Nonetheless, the spotlight turns to the Fed’s dot plot, a graphical representation of the individual members’ expectations for future interest rates, which could provide crucial insights into the monetary policy outlook for the coming months and years.

    Target Rate Probabilities | Source: CME FedWatch Tool

    Anna Wong, Chief US Economist for Bloomberg, remarked via X (formerly Twitter), “Another reason why FOMC [is] not ready to cut: members not yet of broad agreement of that need. Here’s visualizing the dispersion of FOMC views with the help of our new weekly NLP Fed spectrometer. “

    How Will Bitcoin And Crypto React?

    Macro analyst Ted, expressing his perspective on X, underscores the nuanced relationship between macroeconomic trends and the crypto market at the moment. Ted elucidated that spot Bitcoin ETF flows have taken the backseat while macro factors came to the foreground.

    He stated via X, “If BTC is to be considered digital gold, it’s expected to mirror gold’s market movements, albeit with a higher degree of volatility. In the current climate, with the market bracing for the Fed’s upcoming meeting, macroeconomic factors momentarily take precedence, driven by recent developments in PPI and CPI figures.”

    He further speculates that “Despite the eventual remarks from [Fed Chair] Powell, the market has already adopted a hawkish stance in anticipation of a ‘higher for longer’ interest rate scenario.”

    Michaël van de Poppe, a noted figure in the crypto analysis domain, provided his insights on the recent downward price movement of Bitcoin via X, citing a mix of factors including the anticipation of the FOMC meeting and significant capital outflows from Grayscale‘s Bitcoin Trust. Van de Poppe advises, “It’s typically in these pre-FOMC periods, perceived as risk-off intervals, that the savvy investor finds opportunities to ‘buy the dip’.”

    In a reflection of market sentiment adjustments, analyst @10delta on X pointed out the strategic positioning of investors in anticipation of the Fed’s rate decisions. “The market is currently pricing in a reversal to the November ’23 interest rate levels, a clear indication that investors are adjusting their expectations based on the Fed’s potential pivot signaled in the previous dot plot,” he noted.

    Accordingly, he argues that the FOMC & dot plot will be a “buy the news” event as the market expectations are being properly adjusted. “The macro worries […] should dissipate & crypto idiosyncratic bullish factors, such as the ETF inflows […] as well as the BTC halving take hold. All considered I think there’s a good R/R for ‘buying the dip’ heading into the March 20 event,” the analyst added.

    Goldman Sachs Predicts (Only) 3 Rate Cuts This Year

    Goldman Sachs Research recently provided a detailed analysis in their March FOMC Preview. The report highlights the nuanced balance the Fed seeks to achieve between controlling inflation and supporting economic growth.

    “Our revised forecast now anticipates three rate cuts in 2024, a slight adjustment from our previous prediction, primarily due to a modest uptick in the inflation trajectory,” Goldman Sachs analysts elucidated. They further speculate, “While the immediate focus is on maintaining current rate levels, the trajectory for rate cuts will hinge on inflation dynamics and economic performance indicators.”

    Goldman Sachs further predicts that the Fed will still target a first cut in June. “This combined with a default pace of one cut per quarter implies that the most natural outcome for the median dot is to remain unchanged at 3 cuts or 4.625% for 2024,” the banking giant remarked.

    As the crypto market and broader financial ecosystems await the outcomes of the FOMC meeting, the prevailing sentiment is one of cautious anticipation. Market participants are closely monitoring the Fed’s commentary for indications of future monetary policy directions via the dot plot.

    The question for the Bitcoin and crypto market is whether there will be an unpleasant surprise or whether market participants were right with their “higher for longer” policy assumption.

    At press time, BTC found support at the $62,400 price level, trading at $63,118.

    Bitcoin price
    Bitcoin 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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  • Bitcoin Crash To $65,000 Triggers Over $400 Million Liquidation

    Bitcoin Crash To $65,000 Triggers Over $400 Million Liquidation

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    In a tumultuous turn of events, the cryptocurrency market has been rattled by a sharp decline in Bitcoin prices. After a sustained period of remarkable gains and record highs, Bitcoin has plunged to a weekly low of $65,000, marking a significant setback for investors.

    At the time of writing, Bitcoin numbers were all painted in red, and trading at $65,710, losing value in the 24-hour and weekly timeframes by 5.6% and 4.5%, respectively, according to data from Coingecko.

    A few days after its previous low of $68,000, Bitcoin plummeted to its present level, a figure not seen in a week, as bears persisted in their downward pressure.

    Bitcoin plunging in the last 24 hours. Source: Coingecko.

    Altcoins Also Take A Beating

    While Bitcoin bears the brunt of the downturn, altcoins are not spared from the fallout. Ethereum (ETH) and Binance Coin (BNB) have also witnessed substantial losses, shedding 10% of their value or more.

    Dogecoin and Shiba Inu, two popular meme coins, have experienced even steeper declines, plunging by 20% and nearly 30%, respectively. The broader altcoin market mirrors Bitcoin’s downward trajectory, amplifying the sense of unease among investors.

    BTC market cap currently at $1.29 trillion. Chart: TradingView.com

    Bitcoin: Impact On Market Dynamics

    The recent price correction in Bitcoin has reverberated across the cryptocurrency landscape, reshaping market dynamics and investor sentiment. The surge in liquidations, with over 151,000 traders facing margin calls in the past 24 hours, underscores the magnitude of the market upheaval. Bitcoin’s dominance in the market is evident as it accounts for the lion’s share of the total liquidations, highlighting its pivotal role in shaping overall market trends.

    As a result of the decline in value, the total market liquidations have reached $426 million, with Bitcoin taking the worst hit.

    Liquidation Spree

    The amount that the price of Bitcoin has liquidated over the last 24 hours has exceeded $104 million, with long traders losing the most money—they lost $86 million compared to $18 million for short sellers. Ethereum saw a $48 million overall liquidation, with $33 million going to long traders and $15 million going to short traders, as a result of the losing run.

    Analyst Sounds Alarm Siren

    Meanwhile, market analysts such as Markus Thielen, CEO of 10x Research, have sounded the alarm bells, warning of further downside risks for Bitcoin. Thielen’s prediction of a potential drop to $63,000 sends a sobering message to investors, urging caution and prudence in navigating the current market environment.

    His insights shed light on underlying concerns about Bitcoin’s market structure, including low trading volumes and liquidity, which exacerbate the risk of sharp price corrections.

    Amidst the market turbulence, investors are grappling with the implications of Thielen’s analysis and adjusting their strategies accordingly. The era of meme coin mania appears to be waning, prompting investors to reassess their positions and secure profits while they still can.

    Featured image from Kinesis Money, 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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  • Crypto Analyst Predicts Further Upside For Shiba Inu, Here’s The Target

    Crypto Analyst Predicts Further Upside For Shiba Inu, Here’s The Target

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    Shiba Inu is currently on a consolidation path after a strong upswing earlier in the month. Specifically, SHIB is currently down by 13% in the past seven days, although still up by 210% in a wider 30-day time frame. According to crypto analyst Javon Marks, Shiba Inu is on its way to another major breakout after the current consolidation. The analyst sees the meme coin surging to $0.000081, and then a further 90% increase to hit a new all-time high.

    Continued Uptrend For Shiba Inu

    Shiba Inu has seen massive gains recently, rallying 280% from $0.00001178 on the last day of February to $0.00004456 on March 5. This surge allowed the dog meme coin to outperform most cryptocurrencies amidst a wider bull market, taking a lot of traders by surprise. This price surge was accompanied by an increase in trading volume. Kaiko data reveals that Shiba Inu saw the largest volume among meme coins at $31 billion in just one week.

    However, according to social media posts, analyst Javon Marks had predicted a surge as far back as October 2023, with a SHIB price target of $0.000081. In a recent update to his prediction, Javon noted that the price is set for even more growth, with the breakout target of $0.000081 still valid. 

    It’s interesting to note that SHIB has done approximately a 531% increase since Javon’s prediction in October. Furthermore, according to his analysis, a break and hold above $0.000081 could set the stage for another 90% upside to $0.0001553, a new all-time high for the meme coin.

    Current State Of Shiba Inu

    Shiba Inu has reversed since reaching $0.00004456 and has majorly traded between $0.0000365 and $0.0000295 in the past week. On-chain data points to a surge in trading volume during this time period. Particularly, IntoTheBlock’s large trader flow metric, which measures transactions greater than $100,000 has surged, reaching $578.11 million (17.62 trillion SHIB) on March 11th. The last 24 hours saw 9.94 trillion SHIB ($300.55 million) in large transactions. 

    While this surge in trading volume could mean an increased accumulation from large traders, it could also mean a selloff, as indicated by the recent drop in price. However, the crypto looks poised to resume price gains, and on-chain signals from ITB point to a bullish sentiment. 

    Lola, a SHIB enthusiast, listed on X, key factors that could contribute to the meme coin’s growth in the near future. These factors range from SHIB’s decentralization, global accessibility and adoption, its strong community, and an efficient deflationary burn mechanism. Notably, over 25.6 million SHIB tokens have been burnt in the past 24 hours.

    SHIB price retraces to $0.0000288 | Source: SHIBUSDT on Tradingview.com

    Featured image from The Economic Times, 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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  • Solana’s Biggest Memecoin Gains $681,000 In 3 Days

    Solana’s Biggest Memecoin Gains $681,000 In 3 Days

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    Dogwifhat (WIF) has emerged as an unlikely hero, defying the odds and wagging its pixelated tail all the way to the top of the Solana meme coin food chain.

    From Humble Beginnings To Sin City Lights

    Dogwifhat, sporting a logo featuring a Shiba Inu sporting a stylish knit cap, started as just another meme coin vying for attention in the crowded digital landscape. However, a recent community-driven fundraising campaign propelled WIF into the spotlight.

    By collectively raising over $680,000, the Dogwifhat faithful secured a prime advertising spot – a giant image of their beloved canine mascot plastered across the dazzling Las Vegas Sphere. This audacious move, fueled by internet enthusiasm and a dash of canine cuteness, sent shockwaves through the crypto-verse.

    As of today, the market cap of cryptocurrencies stood at $2.4 trillion. Chart: TradingView.com

    Memecoin Mania On Solana’s Speedy Blockchain

    Solana, a blockchain known for its blazing-fast transaction speeds and lower fees, has become a breeding ground for meme coins. Dogwifhat exemplifies this trend.

    Unlike its meme coin cousin Dogecoin, which operates on its own blockchain, WIF leverages Solana’s technological prowess. This translates to a smoother trading experience for users, with minimal transaction fees and the ability to seamlessly interact with other blockchain ecosystems.

    Industry experts like Ryan Selkis, CEO of Messari, point to these features as key differentiators for Solana, making it a prime playground for the next generation of meme coins.

    WIF seven-day price ascent. Source: Coingecko

    Dogwifhat: More Than Just A Pretty Shiba Inu?

    The astronomical rise of Dogwifhat has sparked conversations about its potential to transcend its meme coin origins.

    Proponents argue that WIF’s association with the fast-growing Solana network and its focus on community engagement could pave the way for a more substantial role in the world of decentralized finance (DeFi).

    The project itself claims to be “the most sophisticated meme coin ever made,” hinting at potential future developments beyond just viral appeal. However, skeptics remain cautious, highlighting the inherent volatility of meme coins.

    Featured image from Meme Arsenal, 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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  • Solana’s price rises to $160, highest level since January 2022 as memecoin mania rises | TechCrunch

    Solana’s price rises to $160, highest level since January 2022 as memecoin mania rises | TechCrunch

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    Dogwifhat and politically-inspired tokens of President Biden and Trump also see price spikes


    Jacquelyn Melinek

    7 hours

    The token behind Solana, a layer-1 blockchain that’s competitive with the Ethereum blockchain, has been through the wringer after it plummeted from a high of about $260 to a low around $8 in early 2023. But like every good movie with a character redemption arc, Solana has one too.

    The cryptocurrency passed $160 on Wednesday, marking its highest price since January 2022. It’s the fourth largest cryptocurrency (excluding stablecoins) by market cap behind bitcoin, ether and BNB, in that order, and it’s up 44.8% on the month and about 676% from the year-ago date, according to CoinMarketCap data.

    The blockchain behind the token is well known for its NFT marketplace, which is the second largest by all-time sales volume at $5.2 billion, as well as its decentralized finance (DeFi) ecosystem and more recently, developers’ ability to churn up memecoins on its chain faster than I can write this article. So it’s not surprising that the growth and traction on its blockchain is also being transpired through to its token.

    Since mid-December, a number of Shiba Inu dog-themed tokens on the Solana blockchain like Bonk and dogwifhat have taken off. The two tokens, which try to capitalize on the popularity of the original dog-based memecoin, Dogecoin, are up 150% and 600% on the month, respectively. The dogwifhat community also self-funded about $700,000 in less than four days to get the token shown on the external surface of the new Las Vegas Sphere – and people paid through USDC, the second-largest stablecoin, not dollars, to do it.

    And don’t worry, cat lovers: kitty-themed tokens like Popcat that are also showing crazy gains. For context, Popcat’s price increased 3,205% on the month.

    Bonk and Solana’s web3 smartphone Saga gained more attention after savvy crypto traders realized they could redeem 30 million tokens of BONK, worth between $500 to $800 in December, on the device. At current prices, the 30 million in free BONK tokens is worth almost a grand.

    In recent weeks, a number of politically inspired memecoins on the chain also have gained traction, like jeo boden, doland tremp and the crudely-named elizabath whoren, with market capitalizations of $71.8 million, $47.8 million and $8.8 million, respectively, at the time of publication. (If you’re wondering if I misspelled those tokens based on U.S. politician’s names, I didn’t.)

    Even Coinbase, the largest crypto exchange in America, shared steps on its website how to buy some of these tokens in the U.S., through other avenues off its own platform. In order to trade some of these cryptocurrencies on Solana, users need the native chain’s token to pay a nominal fee, fractions of a penny. (Please note none of this is financial advice, but one of the reasons that could point to Solana’s price increase.)

    Memecoins in general have seen a huge rally as the crypto market continues to thaw from its most recent winter. This, alongside airdrops from projects’ tokens, have sparked interest in Phantom, a crypto wallet heavily used across the Solana ecosystem, which has seen its active user base more than triple in the past year to 3.2 million monthly active users.

    While majority of these tokens have no underlying utility – dogwifhat is literally named after a dog wearing a knitted hat – people are still rallying behind them, arguably in hopes of getting rich quick or because they resonate with the eccentric, tsunami-like communities these assets create.

    But what goes up, often comes down, and the quick rise of some memecoins is often followed often extreme busts, sometimes within days of launching. While some may retain price support for months, as we’ve seen with a handful of tokens, it’s important to consider that not everything that shines like glitter is gold.

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    Jacquelyn Melinek

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  • How to talk to your parents about crypto  – MoneySense

    How to talk to your parents about crypto  – MoneySense

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    While younger investors tend to be more optimistic about and willing to invest in crypto, according to the Chartered Financial Analyst (CFA) Institute, their family members may have concerns about it—especially given the fall of a few major crypto firms, including FTX—last November, its founder was found guilty of stealing from customers. Crypto is a highly volatile asset type with wide-ranging risks, so it can be a divisive topic. How can you have conversations about crypto with your family members so that both sides feel comfortable? 

    Before you explain cryptocurrencies to anyone, make sure you understand them yourself. Here’s a quick guide.

    1. Start with crypto basics 

    Start with the basics: Crypto is both an asset and a new technology. It is meant to be a digital currency. (Some companies and contractors will get paid in bitcoin, for example.) However, at the moment, it’s more of a tradable asset, whether on crypto exchanges or as part of crypto exchange-traded funds (ETFs) listed on stock exchanges.

    2. Explain how it’s used

    Then, you can get into the more complicated bits. Cryptocurrencies are built on blockchain technology, which is a digital ledger (your parents should know what that is). It logs the ownership of the crypto, and it’s spread across a network of computers that permanently and transparently records transactions. No one can alter the blockchains, and anyone can view them. See, simple enough.

    3. Be open to their questions

    Don’t get flustered when questions come up. “Why the need for new money?” they might ask. What sets cryptocurrencies apart from traditional fiat currencies, besides being virtual, is that they’re not backed by a central bank or government. Explain that cryptocurrencies carry both benefits and risks. Crypto transactions can be faster and cheaper, but if something goes wrong—say, your digital coins end up in the wrong wallet—there’s no one to intervene (get back your money). And investors treat them more like assets than as actual currencies.

    Your parents might also ask about the differences between virtual coins. There are thousands of cryptocurrencies on the market, available via crypto exchanges and crypto trading platforms. Keep it simple by explaining that the three largest coins by market capitalization are bitcoin, ethereum and tether. (We cover more questions below.)

    4. Be aware (and communicate that you’re aware) of its volatility and risk

    For your own financial literacy and credibility with the fam, you need to know that crypto isn’t instant growth. There may be stories of investors who “got rich quick,” but there are many more stories of those who lost their money. If you express you understand how serious investing in crypto is, it’s more likely your parents will trust your knowledge.
    Taub cautions that cryptocurrencies are “alternative” investments, and even within that broad category, they are considered extremely volatile and high-risk. 
    And Simmons suggests researching Canadian crypto trading platforms and demonstrating how to use one. Showing your parents how you plan to invest may help ease any anxiety they feel about crypto scams, which are common (more on this below). Read our tips on choosing a crypto trading platform.

    5. Explain how you will (and won’t) use crypto

    Once you’ve started a family dialogue about crypto, Taub says, “As with any investment, the conversation should be about how it fits into your existing portfolio(s) and how it aligns with your goals and investment objectives, your time horizon and your appetite for risk.” 

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    Sandy Yong

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  • Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target

    Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target

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    Ethereum is currently looking to gain a strong footing above the $4,000 price level as bullish momentum continues to dominate. According to crypto analyst Ali Martinez, this bullish momentum could continue and Ethereum could as well reach $5,000 very soon.

    Ali Martinez made this known while citing data from IntoTheBlock, noting that the second biggest cryptocurrency still has room to run to $5,000, albeit a small resistance around $4,522 to $4,646. 

    Ethereum Path To $5,000 Looks Increasingly Clear As Resistance Dwindles

    Ethereum’s momentum has been building for weeks amidst a broader crypto market increase, which has seen many cryptocurrencies reach new highs. The price of Ethereum has increased by 53% in the past 30 days alone, leaving investors to wonder how high it can keep going and whether it can follow in Bitcoin’s footsteps and attain a new all-time high. 

    In a social media post on X, Martinez noted a $5,000 price point is in the books “as resistance thins.” However, a key hurdle remains at $4,522-$4,646, where 600,000 addresses hold 1.63 million ETH. Despite this resistance hurdle, Martinez believes a $5,000 price point is inevitable while noting that the only question left is when this will manifest.

    The analyst made this prediction using IntoTheBlock’s “In/Out of the Money Around Price” metric, which tracks the number of holders making money at the current price. Interestingly, the metric indicated that 7.64 million ETH, representing 75.95% of the volume bought between $3,428 and $4,646, are making money at the current price. 

    Ethereum is trading at $4,058 at the time of writing on the back of a minor correction after reaching a two-year high of $4,084. If bullish momentum continues and ETH can close the week above $4,175, that could pave the way for a quick move to $4,500 and potentially past its current all-time high of $4,891 to set a new one.

    Current price action shows Ethereum has created a support around $3,950 during its move up to $4,000. As long as this price level continues to hold, the overall bullish trend remains intact. But a break below $3,920 could signal a deeper correction to $3,800.

    Increased blockchain activity on layer-2 networks has pushed gas fees to new highs. As a result, developers are getting ready to roll in a Dencun upgrade, which is supposed to usher in a new era of cheaper fees. The Dencun upgrade is the first change to Ethereum’s blockchain code in over a year. 

    ETH price trending above $4,000 | Source ETHUSD on Tradingview.com

    Featured image from CNBC, 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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  • Crypto Institutional Investors Are Frontrunning Retail As Inflows Reach Record Highs

    Crypto Institutional Investors Are Frontrunning Retail As Inflows Reach Record Highs

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    Crypto investment products continue to shine in the middle of a strong bullish market sentiment. New data has shown institutional investors and traders are now going full speed on crypto investment products, allowing inflows to attain a new inflow record. According to CoinShares, a digital asset investment firm, digital investment products registered a record weekly inflow of $2.7 billion last week, pushing the year-to-date inflow near a new record.

    Crypto Institutional Investors Continue To Aim Higher

    The crypto market has attracted its fair share of rich visionaries and institutional traders over the years, with most just dabbling in and out. Recent market factors, however, have opened the industry and made it palatable to big traders. As a result, trading volume from this cohort of investors has ballooned to new highs.

    In its latest weekly report, CoinShares noted that investment products based on cryptocurrencies reached a new milestone of $2.7 billion inflow last week, bringing the run to six consecutive weeks of inflows. Hence, the total inflow year-to-date is now at $10.3 billion, just $300 million shy of the $10.6 billion inflows recorded in 2021.

    To put this into perspective, we’re less than three months into 2024, and inflows are already on par with those recorded throughout the bullish cycle in 2021.  At the same time, trading volume reached a new record of $43 billion for the week, smashing the $30 billion record set in the previous week.

    Unsurprisingly, most of this activity can be credited to Bitcoin, with the majority of inflow going into the cryptocurrency. According to CoinShares, Bitcoin remained the focus of investors to attract $2.6 billion in inflows last week, representing 96% of the total inflow. This comes despite a $1.65 billion outflow from Grayscale’s Spot Bitcoin ETF.

    Speaking of Spot Bitcoin ETFs, there’s no denying the fact that these investment vehicles have been the primary catalyst for Bitcoin’s recent growth. This has allowed Bitcoin to break over various price resistance to reach new all-time highs. Last week, the 10 ETFs in the US ended the week at a net inflow of $2.238 billion, with BlackRock and Fidelity leading the charge. Despite recent price rises, short Bitcoin products also recorded $11 million in inflows last week.

    On the other hand, Ethereum investment products witnessed an outflow of $2.1 million last week to reverse $84.7 million inflows recorded in the prior week. This is despite Ethereum crossing over the $4,000 price level for the first time in two years. The reverse case is for Solana, which witnessed $24 million inflows after an outflow of $11.9 million in the previous week. 

    Polkadot, Fantom, Chainlink, and Uniswap also saw inflows of $2.7 million, $2 million, $2 million, and $1.6 million, respectively.

    Total market cap climbs to $2.62 trillion | Source: Crypto Total Market Cap on Tradingview.com

    Featured image from CIM-Cyprus Business School, 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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  • Is Dogecoin About To Ditch The Hype? Top Traders Predict $1 Price

    Is Dogecoin About To Ditch The Hype? Top Traders Predict $1 Price

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    In a daring proclamation, cryptocurrency trader KALEO and two other top analysts, are shaking the foundations of the market with a bold assertion – the journey of Dogecoin to $1 is not a mere speculative venture but a palpable prospect within the current market cycle. Amidst the noise of market volatility, their confidence adds a fresh perspective to Dogecoin’s narrative.

    Dogecoin’s Dance With Bitcoin In The Market

    Crucial market data from IntoTheBlock reveals an intricate dance between Dogecoin and Bitcoin, boasting a substantial price correlation of 0.95. This numerical symbiosis underscores the sway of broader cryptocurrency trends on Dogecoin’s market movements. Despite the undulating market landscape, Dogecoin has notched up impressive transactions exceeding $100K, totaling a staggering $4.5 billion in the past week.

    Numbers Speak Of Inflows, Outflows, And Profits

    Scrutinizing Dogecoin’s exchanges offers a glimpse into its current battlefield. A detailed breakdown of Dogecoin addresses reveals a nuanced picture – 58% are “In the Money,” basking in profits, while 34% find themselves “Out of the Money,” nursing losses.

    DOGE market cap currently at $24.9 billion. Chart: TradingView.com

    Dogecoin: Wild Ride Unfolds

    In the annals of cryptocurrency history, Dogecoin’s trajectory has resembled a wild ride, marked by dizzying highs and abrupt descents. The meme coin’s ascent in early 2021, fueled by celebrity endorsements, hit a roadblock after Elon Musk’s lighthearted dismissal of Dogecoin as a “hustle” on “Saturday Night Live.”

    Since then, Dogecoin has struggled to reclaim its former glory, down by a staggering 70% from its all-time high, according to CoinGecko data.

    Analysts Ponder The Meteoric Ascent Of Dogecoin

    Ali Martinez’s Time-Stamped Proclamation

    A crypto luminary in his own right, Ali Martinez, with an ardent following of 50,700 on the X social media platform, is adding fuel to the Dogecoin fire. Pointing to historical patterns, Martinez prognosticates a potential surge, envisioning Dogecoin kissing the $1 mark by mid-April.

    His charts depict a meteoric rise, reminiscent of the crypto boom in 2017 and 2021, injecting a dose of enthusiasm into the market where Dogecoin currently stands at $0.167.

    Altcoin Sherpa’s Enigmatic Take

    The mysterious Altcoin Sherpa, commanding attention with 209,800 followers, joins the chorus of optimism. Foreseeing Dogecoin’s potential to soar to $1, Sherpa cites its enduring appeal in meme culture and the influential backing of Elon Musk.

    However, a note of caution resonates in Sherpa’s words – the timing remains an enigma. “When this happens? I have no idea. Could be now, could be six months from now,” muses Sherpa, embracing uncertainty in the volatile crypto space.

    Featured image from Cottonbro Studio/Pexels, chart from TradingView

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    Christian Encila

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  • Crypto Analyst Says Bitcoin Is Heavily Undervalued Despite ATH, What’s The Fair Value?

    Crypto Analyst Says Bitcoin Is Heavily Undervalued Despite ATH, What’s The Fair Value?

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    Despite Bitcoin recently hitting a new all-time high (ATH) of over $70,000, crypto analyst Michaël van de Poppe believes that there is still more room for significant moves to the upside. Interestingly, he also expects that this bull cycle will be one like no other.

    Bitcoin Still Heavily Undervalued

    Michaël van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin was still “heavily undervalued” despite hitting a new ATH. He added that the value is “way higher” and noted how the flagship crypto can help hedge against inflation and keep one’s purchasing power alive. Meanwhile, the crypto analyst believes there will be “way higher numbers” in this cycle.

    Michaël van de Poppe had previously hinted at Bitcoin rising to as high as $150,000 in this bull run. Other analysts have also given similar price predictions, with the consensus that BTC will surely rise above $100,000. Other crypto analysts, including MacronautBTC, have even gone as far as predicting that Bitcoin could rise above $200,000. 

    There is a growing belief that this bull cycle will be the mother of all past cycles, which could be the reason for such ambitious predictions. Moreover, this cycle has the Spot Bitcoin ETFs, something past bull runs didn’t have. These ETFs have ushered in more institutional demand for the flagship crypto, which has led to an overall increase in the demand for Bitcoin. 

    Interestingly, NewsBTC previously reported that the demand for Bitcoin is significantly exceeding Miners’ supply. This development is coming at a time when miners’ rewards are set to be cut in half during the Bitcoin Halving. This would likely lead to more imbalance between the demand and supply curve, potentially leading to an exponential surge in Bitcoin’s price. 

    BTC Still Has Enough Time To Hit New Highs 

    Bitcoin hitting a new ATH of $70,000 is just the beginning of this bull run, as there is reason to believe this bullish momentum could run into next year. Crypto analyst Ali Martinez noted in an X post that Bitcoin has “consistently taken about 8 to 11 months to hit a market top” whenever it has shattered its previous ATH.   

    With Bitcoin currently hitting new highs, the analyst added that historical patterns suggest that the next BTC market top “will be sometime between November 2024 and February 2025.” However,  Alex Thorn, Head of Research at Galaxy Digital, has warned that “bull markets are not straight lines up” and that sharp corrections should be expected along the way. 

    At the time of writing, Bitcoin is trading at around $68,300, up over 2% in the last 24 hours according to data from CoinMarketCap. 

    BTC price drops $68,400 | Source: BTCUSD on Tradingview.com

    Featured image from CNBC, 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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  • Making sense of the markets this week: March 10, 2024 – MoneySense

    Making sense of the markets this week: March 10, 2024 – MoneySense

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    Right now, the U.S. economy is strong. There is no reason to cut interest rates. In my view, this is a win-win situation. If the economy were to falter quickly, the Federal Reserve would cut rates to help businesses. If the economy continues to grow at 3% to 4%—which is the current prediction for the first quarter of 2024 in the U.S.—the central bank won’t have to act. In both cases, the stock market will go up. We’ll see on March 28, when the U.S. Bureau of Economic Analysis will announce the U.S. 2023 Q4 GDP.

    Bitcoin is skyrocketing thanks to the SEC

    Wow. Just wow. For a brief moment on March 5, 2024, bitcoin recently hit an all-time high slightly above USD$69,200, beating its previous peak of USD$69,010 in November 2021. The cryptocurrency has been rising since October 2023, but prices really started to surge in January after the U.S. Securities and Exchange Commission (SEC) approved bitcoin exchange-traded funds (ETFs). American retail investors have been waiting a long time for a way to invest in cryptocurrency without having to own the digital tokens themselves. Now they can choose from 10 bitcoin ETFs, including funds from investment giants BlackRock and Fidelity. Collectively, the new bitcoin ETFs have already attracted billions of dollars. An ethereum ETF is likely around the corner. (Canadian investors already had access to bitcoin ETFs—Purpose Investment’s bitcoin ETF launched in February 2021, and at least three ethereum ETFs were launched by various Canadian firms a few months later.)

    Source: Wall Street Journal

    For me, this is an asset class that is still speculative. I’m not alone. Executives from Vanguard say they are not offering crypto products because they don’t see an “enduring” role for them in long-term portfolios. SEC chair Gary Gensler made a point of saying the approval of bitcoin ETFs was not an endorsement, and that he views crypto as a “speculative, volatile asset.”

    Right now, there is no government body or country backing digital currencies—at least, not yet. Until this happens, I don’t know where they fit into the economy. My view: At this point, crypto represents too much risk for most investors. It’s certainly not a core holding for the investors I work with.

    Gold also has been rising of late, and I met with David Garofalo of Gold Royalty Corp. about the rise of gold on March 6, 2024.

    TSX significantly underperforming the S&P 500 

    The TSX Composite Index is up just 5% year over year compared to nearly 30% for the S&P 500. Why has the TSX fallen short? Primarily because of which economic sectors it focuses on. Specifically, there is a lack of high-growth technology stocks in Canada. The majority of the TSX is made up of banking, oil and gold stocks. For a while now, banking has been flat at best. Oil stocks have dropped in price. Even though gold is at an all-time high, gold stocks have not fared as well. Meanwhile, 40% of the companies on the S&P 500 are in the technology sector, which led to its strong performance. BMO senior economist Robert Kavcic points out that just “five [tech companies]—Nvidia, Microsoft, Amazon, Meta and Apple—have alone accounted for almost half of the net 1,200 point increase in the S&P 500 over the past year.” More than half the companies on the Nasdaq are also technology stocks. Even the Dow Jones Industrial Average has a growing number of technology stocks, including Apple, Salesforce and Amazon.

    Two tables show S&P 500 and TSX stock index performance as of March 1, 2024
    Source: BMO Global Equity Weekly

    The TSX did very well during the China-driven metals super-cycle, when that country was buying up all the copper, aluminum and iron ore it could to build infrastructure. Those days are over. China’s economy is slowing, and that’s impacting Canadian companies and the TSX. 

    Canada’s economy is the secondary reason the TSX isn’t doing as well as U.S. indexes. Canadian GDP grew by 1% over the last year, while U.S. GDP grew by 3.2%. As a result, Canada is not as attractive to foreign investment as the U.S. We discussed the TSX’s underperformance on the Allan Small Financial Show.

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    Allan Small

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  • Telegram CEO Responds To Concerns, Offers Solution To Restrict Company’s TON Stake To 10%

    Telegram CEO Responds To Concerns, Offers Solution To Restrict Company’s TON Stake To 10%

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    The popular messaging platform Telegram has revealed its plans to sell its surplus holdings of The Open Network (TON) tokens at below-market prices. This move comes after concerns were raised about the potential centralization of TON supply due to ad payments being exclusively accepted in TON tokens. 

    Telegram Addresses Concentration Concerns

    As NewsBTC reported on February 28, starting in March, channel owners will have the opportunity to receive financial compensation for their content. All transactions, including payments and withdrawals, will be handled on the TON blockchain.

    Telegram’s advertising platform will be available to advertisers in nearly one hundred new countries. With this expansion, channel owners will receive 50% of the revenue generated from ads displayed on their channels.

    In response to concerns about the concentration of TON tokens with this new feature, Telegram CEO Pavel Durov announced plans to sell the company’s surplus holdings. 

    With ad payments in TON tokens potentially accounting for more than 10% of the TON supply at Telegram, Durov acknowledged the need for a solution to avoid centralization. 

    Telegram aims to limit its share of TON by selling the surplus holdings to long-term investors, ensuring a “healthier distribution” and a decentralized ecosystem. The tokens sold will be subject to a lockup and vesting plan ranging from 1 to 4 years.

    To ensure a streamlined process for selling TON tokens, Telegram has set up a dedicated email address where interested large investors (with investments of $1 million or more) can express their interest, aiming to maintain stability and decentralization within the TON ecosystem. 

    TON Ecosystem Thrives

    Despite the growing concerns, the TON ecosystem is showing encouraging signs of growth, as evidenced by recent data provided by Token Terminal. Market capitalization, trading volume, fees, and revenue have all increased significantly over the past 30 days. Additionally, active users have consistently grown daily, weekly, and monthly. 

    Over the past 30 days, the fully diluted market capitalization of the TON ecosystem has reached $13.83 billion, marking a significant 31.0% increase. Moreover, the token’s trading volume has seen a modest but steady 1.4% rise, reaching $1.21 billion. 

    Fees generated within the ecosystem have also experienced substantial growth, with an 80.9% increase over the past 30 days, totaling $860,490. The annualized fees have also surged, reaching $10.47 million, reflecting a 45.3% growth rate.

    Furthermore, revenue generated within the ecosystem has followed a similar trajectory, with a significant 80.9% increase over the past month, amounting to $430,250. The annualized revenue stands at $5.23 million, indicating a promising revenue stream for the ecosystem.

    Last but not least, the TON ecosystem has seen consistent growth in its user base over different periods. Daily active users have increased by 1.5%, reaching 33.66k, while weekly active users have experienced a growth rate of 19.6%, reaching 178.62k. Monthly active users also showed a positive trend, with a growth rate of 10.3%, reaching 412.39k. 

    TON’s price uptrend on the daily chart. Source: TONUSD on TradingView.com

    TON is trading at $2,735, up 3% over the past 24 hours and extending its 34% rise over the past 30 days.

    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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  • FLOKI Grows Over 300% As Memecoin Breaches $400 Million TVL

    FLOKI Grows Over 300% As Memecoin Breaches $400 Million TVL

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    Floki Inu (FLOKI), a canine-themed cryptocurrency, has witnessed a remarkable surge in its price, capturing the attention of investors, traders, and enthusiasts alike. The coin’s value has experienced a sharp increase, with the past 24 hours alone seeing a surge of over 50%.

    FLOKI Tallies An Impressive 336% Weekly Gain

    However, it is the weekly timeframe that has truly astounded market observers, as FLOKI recorded an impressive rally of 336%. This surge in price comes on the heels of a community-backed proposal to burn 2% of the token’s supply.

    The proposal to burn tokens was met with overwhelming support from the community, with nearly 90% of votes favoring the initiative. The top voter staked a staggering 117 billion tokens, demonstrating the belief in the long-term security and stability of the Floki project.

    The burn event is scheduled to take place after a seven-day period, and its purpose is to minimize the risks associated with token exploitation and dumping, thereby ensuring the project’s sustainability.

    Social Media Buzz And Positive Sentiment 

    An investigation by NewsBTC has revealed a surge in social media mentions for Floki Inu in recent days, indicating the continued popularity of the meme coin within the cryptocurrency community.

    Moreover, a rise in weighted sentiment suggests that positive views towards the token prevail at the time of writing. This growing social media buzz and optimistic sentiment have played a role in attracting attention to Floki Inu and contributing to its meteoric rise in value.

    Source: Santiment

    FLOKI Total Value Locked Soars

    Meanwhile, Floki has reached a noteworthy accomplishment. Total Value Locked (TVL) across its ecosystem goods has exceeded $400 million. This accomplishment follows the cryptocurrency’s all-time high of $366 million, which showed its quick rise and investor appeal.

    As the crypto market continues to evolve, all eyes remain on Floki Inu and its future trajectory. Market participants eagerly await the outcome of the token burn event and closely monitor the impact of social media trends and cautionary indicators on the coin’s price.

    Total crypto market cap at $2.3 trillion on the daily chart: TradingView.com

    The coming days will shed more light on whether Floki Inu can sustain its current momentum or if a correction is on the horizon.

    Related Reading: Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?

    Floki Inu’s recent surge in price, driven by overwhelming community support for a token burn proposal, has captured widespread attention. The coin’s popularity on social media and positive sentiment within the cryptocurrency community further contribute to its rise.

    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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  • BlackRock Spot Bitcoin ETF Launches In Brazil, ETF Market Secures 4% Of Total BTC Supply

    BlackRock Spot Bitcoin ETF Launches In Brazil, ETF Market Secures 4% Of Total BTC Supply

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    BlackRock, the world’s largest asset manager, announced the iShares Bitcoin Trust ETF (IBIT39) launch in Brazil on Thursday. Starting today, Friday, March 1, shares of this index fund, which tracks the spot price of Bitcoin (BTC), will be traded on the Brazilian Commodities and Futures Exchange, known as B3.

    BlackRock Launches IBIT39 Bitcoin ETF In Brazil

    Karina Saade, president of BlackRock in Brazil, highlighted the company’s commitment to providing high-quality access vehicles to investors in the digital asset market. She stated:

    IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established so far in the digital asset market.

    Felipe Gonçalves, Superintendent of Interest and Currency Products at B3 discussed the growth of the listed crypto market in Brazil. He noted that the market, which started in 2021, now has 13 ETFs with total assets of R$2.5 billion, or about $505 million.

    While the market experienced fluctuations in its early years, it reached an eye-catching daily trading volume of R$30 million reais ($6.6 million) by the end of last year, according to local media reports in Brazil. 

    Gonçalves mentioned that investors in crypto ETFs include institutional investors, such as funds, and individual investors, with a current number of 170,000. Liquidity in the market is provided by non-residents investing in B3 as a whole.

    IBIT39 will reportedly have a management fee of 0.25%, with a one-year waiver that reduces the fee to 0.12% once the fund reaches its first $5 billion in assets under management (AUM). The product will be made available to the general public, allowing broader participation in the Bitcoin market.

    $7.5B Net Inflow In Bitcoin ETFs Since Launch In The US

    BlackRock’s IBIT (iShares Bitcoin Trust) ETF has emerged as a notable player in the US ETF race, countering a significant outflow from Grayscale’s Bitcoin Trust (GBTC).

    BitMEX research data shows that on February 29, 2024, positive flows amounted to $92 million for the day. Notably, BlackRock and GBTC offset each other, experiencing $600 million in opposite directions. The data shows that since the ETFs began trading on January 11, 2024, there has been an impressive net inflow of $7.5 billion.

    The overall holdings of spot funds, which directly hold Bitcoin, stood at 776,464 BTC (equivalent to $47.7 billion) on Friday morning, according to BitMEX Research. It’s essential to consider that the total BTC supply currently in circulation is 19.64 million, with a maximum limit of 21 million. 

    With this context, the fact that the ETFs have secured 4% of the total BTC supply is a significant milestone. It demonstrates the growing demand for Bitcoin among investors utilizing these index funds to gain exposure to the cryptocurrency.

    The daily chart shows the consolidation of BTC prices. Source: BTCUSD on TradingView.com

    BTC continues to consolidate above the $62,000 mark, rising 1.3% in the past 24 hours.

    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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  • Crypto Analyst Reveals Why Most Realistic XRP Price Lies Between $13 And $39

    Crypto Analyst Reveals Why Most Realistic XRP Price Lies Between $13 And $39

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    The future of the XRP price has been a hot topic of contention among crypto analysts for a while now. Most of these analyses focus on the possible movements of the price as the bull market unfolds, as well as possible price targets. In the same vein, crypto analyst CryptoBull has presented their own bull case for the altcoin, giving the most realistic price targets.

    Long Time Price Channel Shows Realistic Price

    In the analyst CryptoBull posted on X (formerly Twitter), he shows the historical price movement of the altcoin going as far back as 2014. The analyst uses this to deduce the possible trajectory of the XRP price in the coming months using the XRP price channel.

    According to CryptoBull, using this data, the most realistic price for the altcoin currently sits somewhere between $13 and $39. ”The long-term price channel shows the most realistic #XRP price between $13 and $39 in the coming months!” CryptoBull stated.

    While the lower end of this channel of $13 was more realistic, the upper end of $39 has drawn criticism from the community. In response to CryptoBull’s prediction, another X user, Ben McClymans, said it was “crazy talk.” This is because for XRP’s price to reach $39 per coin, then its market cap would have to be larger than that of Ethereum, which is currently the second-largest cryptocurrency in the market.

    However, other community members jumped to the defense of XRP, reminding Ben that the market cap of XRP had actually flipped Ethereum before. Given this, they believe that it is possible that it will end up flipping to Ethereum once again.

    XRP Price Performance Worries Investors

    The XRP price performance over the last few years has worried investors because while other altcoins were hitting new all-time highs, XRP continued to struggle. However, this is understandable given that the United States Securities and Exchange Commission (SEC) sued Ripple in 2020, which adversely affected XRP’s performance.

    The XRP price had crashed off the back of the announcement alone and did not recover as well as expected. There is a light at the end of the tunnel, though, as the lawsuit with the SEC seems to be coming to an end. The court looks to be leaning toward a settlement, which would put an end to the case once and for all.

    To get an idea of what could happen with the XRP price when the lawsuit is over, we can take a look at what happened when Ripple secured a partial victory over the SEC in 2023. After Judge Analisa Torres declared that XRP programmatic sales did not qualify as securities, XRP jumped more than 60% in a single day.

    The lawsuit is currently the biggest hindrance to the XRP price performance, and expectations are that the price will surge once it’s over. If it does so, then CryptoBull’s prediction could end up playing out.

    XRP trending at $0.58 | Source: XRPUSD on Tradingview.com

    Featured image from Bitcoinist, 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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